Document:

Exhibit 4.9

 

EXECUTION VERSION

 

CO-LENDER AGREEMENT

 

Dated as of July 13, 2017

 

by and between

 

CITI REAL ESTATE FUNDING INC.

(Initial Note A-1 Holder)

 

and

 

CITI REAL ESTATE FUNDING INC.

(Initial Note A-2 Holder)

 

Brookwood Self Storage LA-MS Mortgage
Loan

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

	Section 1.	 	Definitions	1
	Section 2.	 	Servicing of the Mortgage Loan	14
	Section 3.	 	Priority of Payments	25
	Section 4.	 	Workout	26
	Section 5.	 	Administration of the Mortgage Loan	26
	Section 6.	 	Appointment of Controlling Note Holder Representative and Non-Controlling Note Holder Representative	31
	Section 7.	 	Appointment of Special Servicer	33
	Section 8. 	 	Payment Procedure	34
	Section 9.	 	Limitation on Liability of the Note Holders	35
	Section 10.	 	Bankruptcy	35
	Section 11.	 	Representations of the Note Holders	36
	Section 12.	 	Independent Analysis of Each Note Holder	36
	Section 13.	 	No Creation of a Partnership or Exclusive Purchase Right	37
	Section 14.	 	Other Business Activities of the Note Holders	37
	Section 15.	 	Sale of the Notes	37
	Section 16.	 	Registration of the Notes and Each Note Holder	40
	Section 17.	 	Governing Law; Waiver of Jury Trial	41
	Section 18.	 	Submission to Jurisdiction; Waivers	41
	Section 19.	 	Modifications	42
	Section 20.	 	Successors and Assigns; Third Party Beneficiaries	42
	Section 21.	 	Counterparts	42
	Section 22.	 	Captions	42
	Section 23.	 	Severability	42
	Section 24.	 	Entire Agreement	42
	Section 25.	 	Withholding Taxes	43
	Section 26.	 	Custody of Mortgage Loan Documents	44
	Section 27.	 	Cooperation in Securitization	44
	Section 28.	 	Notices	45
	Section 29.	 	Broker	46
	Section 30.	 	Certain Matters Affecting the Agent	46
	Section 31.	 	Reserved	46
	Section 32.	 	Resignation of Agent	46
	Section 33.	 	Resizing	47

 

    -i-

     

    

 

THIS CO-LENDER AGREEMENT
(this “Agreement”), dated as of June 29, 2017 is by and between CITI REAL ESTATE FUNDING INC. (“CREFI”
and together with its successors and assigns in interest, in its capacity as initial owner of the Note A-1, the “Initial
Note A-1 Holder”, and in its capacity as the initial agent, the “Initial Agent”) and CREFI (together
with its successors and assigns in interest, in its capacity as initial owner of the Note A-2, the “Initial Note A-2 Holder”
and, together with the Initial Note A-1 Holder, the “Initial Note Holders”).

 

W I T N E S E T H:

 

WHEREAS, pursuant to
the Mortgage Loan Agreement (as defined herein), CREFI 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 a promissory
note, dated as of June 29, 2017, in the original principal amount of $80,000,000 (the “Original Note”) made
by the Borrower in favor of CREFI, and secured by a first mortgage (as amended, modified or supplemented, the “Mortgage”)
on certain real property located as described on the Mortgage Loan Schedule (the “Mortgaged Property”);

 

WHEREAS, CREFI and the
Mortgage Loan Borrower have agreed, pursuant to that certain Note Splitter and Loan Agreement Modification Agreement dated as of
July 13, 2017 between such parties, to split the Original Note into two promissory notes (as amended, modified or supplemented,
the “Notes”) and the Mortgage Loan Borrower has executed and delivered to CREFI (i) one promissory note in the
original principal amount of $40,000,000 (“Note A-1”) made by the Mortgage Loan Borrower in favor of the Initial
Note A-1 Holder and (ii) one promissory note in the original principal amount of $40,000,000 (“Note A-2”) made
by the Mortgage Loan Borrower in favor of the Initial Note A-2 Holder;

 

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

 

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

 

Section
1. Definitions. References to a “Section” or the “recitals” are, unless otherwise specified,
to a Section or the recitals of this Agreement. Capitalized terms not otherwise defined herein shall have the respective meanings
ascribed to such terms or any one or more analogous terms 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.

 

“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 assign or delegate its duties hereunder, and at any
time that the Lead Securitization Note is included in the Lead Securitization, shall mean the Master Servicer as of such time.

 

    

     

    

 

“Agent Office”
shall mean the designated office of the Agent, which office at 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 Co-Lender Agreement, the exhibits and schedule hereto and all amendments hereof and supplements hereto.

 

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

 

“Asset Representations
Reviewer” shall mean Park Bridge Lender Services LLC or its successor in interest, or any successor asset representations
reviewer appointed as provided in the Lead Securitization Servicing Agreement.

 

“Asset Review”
shall mean any review of representations and warranties conducted by the Non-Lead Asset Representations Reviewer, as contemplated
by Item 1101(m) of Regulation AB.

 

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

 

“Borrower Party”
shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

 

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

 

“Certificate
Administrator” shall mean Citibank, N.A. or its successor in interest, or any successor certificate administrator appointed
as provided in the Lead Securitization Servicing Agreement.

 

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

 

“Collection
Account” shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

 

“Commission”
shall have the meaning assigned to such term in Section 2(c)(ix).

 

“Conduit”
shall have the meaning assigned to such term in Section 15(d).

 

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“Conduit Credit
Enhancer” shall have the meaning assigned to such term in Section 15(d).

 

“Conduit Inventory
Loan” shall have the meaning assigned to such term in Section 15(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 “Controls”,
“Controlling” and “Controlled” shall have meanings correlative to the foregoing.

 

“Controlling
Note Holder” shall mean:

 

(a)       the
Note A-1 Holder, if and for so long as the Note A-1 Holder is not a Borrower Party; and

 

(b)       the
Note A-2 Holder, if and for so long as the Note A-1 Holder is a Borrower Party and the Note A-2 Holder is not a Borrower Party.

 

If each Note Holder is
a Borrower Party, no Person shall be entitled to exercise the rights of the Controlling Note Holder.

 

At any time that Note
A-1 is included in a Securitization, references to the “Controlling Note Holder” shall mean the Lead Securitization
Subordinate Class Representative or any other party assigned the rights to exercise the rights of the “Controlling Note Holder”
hereunder, as and to the extent provided in the related Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

“Depositor”
shall mean Citigroup Commercial Mortgage Securities Inc.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended.

 

“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.

 

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

 

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“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, however, that following any such
permitted transaction affecting the title to the Mortgaged Property, the Mortgage Loan Borrower for purposes of this Agreement
shall be defined to mean the successor owner of the Mortgaged Property from time to time as may be permitted pursuant to the Mortgage
Loan Documents; provided, further, however, that for the purposes of this definition, in the event that more
than one entity comprises the Mortgage Loan Borrower, the term “Mortgage Loan Borrower” shall refer to any such entity.

 

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

 

“Interested
Person” shall mean the Depositor, the Non-Lead Depositor, the Master Servicer, the Non-Lead Master Servicer, the Special
Servicer, the Non-Lead Special Servicer, the Non-Lead Trustee, any Mortgage Loan Borrower, any manager of any Mortgaged Property,
any independent contractor engaged by any of the foregoing parties, the Operating Advisor, the Non-Lead Operating Advisor, the
Controlling Note Holder Representative, the Non-Controlling Note Holder or the 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 which 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 Securitization of Note A-1 in a Securitization Trust to be designated by the Initial Note A-1 Holder.

 

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

 

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

 

“Lead Securitization
Servicing Agreement” shall mean the pooling and servicing agreement to be entered into in connection with the Securitization
of Note A-1 and issuance of the CD 2017-CD5 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2017-CD5, between
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer, the Certificate
Administrator and the Trustee. 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.

 

“Lead Securitization
Subordinate Class Representative” shall mean the “Controlling Class Representative” (or any term substantially
similar thereto) as defined in the Lead Securitization Servicing Agreement.

 

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

 

“Loan Combination
Custodial Account” shall mean the “Loan Combination Custodial Account” or analogous account established for
the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

 

“Major Decisions”
shall have the meaning given to such term or any analogous term in the Lead Securitization Servicing Agreement; provided that,
at any time that neither Note A-1 nor Note A-2 is included in the Lead Securitization, “Major Decision” shall mean,
collectively,

 

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

 

(ii)         any
modification, consent to a modification or waiver of a monetary term (other than Penalty Charges if the Mortgage Loan is not a
Specially Serviced Loan) or material non-monetary term (including, without limitation, a modification with respect to the timing
of payments and acceptance of discounted payoffs but excluding waiver of Penalty Charges) of the Mortgage Loan or any extension
of the Maturity Date of the Mortgage Loan;

 

(iii)         any
sale of the Mortgage Loan (when it is a Defaulted Mortgage Loan) or REO Property (other than in connection with the termination
of the Trust Fund) for less than the applicable Purchase Price;

 

(iv)        any
determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address Hazardous Materials
located at an REO Property;

 

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

 

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

 

(vii)       any
property management company changes or franchise changes (in each case, to the extent the lender is required to consent or approve
under the Mortgage Loan Documents);

 

(viii)      releases
of any escrow accounts, reserve accounts or letters of credit held as performance or “earn-out” escrows or reserves
other than those required pursuant to the specific terms of the Mortgage Loan and for which there is no lender discretion;

 

(ix)        any
acceptance of an assumption agreement or any other agreement permitting transfer of interests in the Mortgage Loan Borrower or
a guarantor releasing the Mortgage Loan Borrower or a guarantor from liability under the Mortgage Loan other than pursuant to the
specific terms of the Mortgage Loan and for which there is no lender discretion;

 

(x)          the
determination of the Special Servicer pursuant to clause (b) or clause (c) of the definition of “Specially Serviced Loan”
in the Lead Securitization Servicing Agreement;

 

(xi)         following
a default or an event of default with respect to the Mortgage Loan, any acceleration of the Mortgage Loan, or initiation of judicial,
bankruptcy or similar proceedings under the Mortgage Loan Documents or with respect to the Mortgage Loan Borrower or Mortgaged
Property;

 

(xii)       any
modification, waiver or amendment of an intercreditor agreement, co-lender agreement or similar agreement with any mezzanine lender
or subordinate debt holder related to the Mortgage Loan, or an action to enforce rights with respect thereto;

 

(xiii)       any
determination of an Acceptable Insurance Default;

 

(xiv)       any
proposed modification or waiver of any material provision in the Mortgage Loan Documents governing the type, nature or amount of
insurance

 

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coverage required to be obtained and maintained by the Mortgage Loan Borrower; and

 

(xv)       any
approval of any casualty insurance settlements or condemnation settlements, and any determination to apply casualty proceeds or
condemnation awards to the reduction of the debt rather than to the restoration of the Mortgaged Property.

 

“Master Servicer”
shall mean Wells Fargo Bank, National Association or its successor in interest, or any successor master servicer appointed as provided
in the Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

“Mortgage Loan
Agreement” shall mean the Loan Agreement, dated as of June 29, 2017, between the Mortgage Loan Borrower, as borrower,
and CREFI, as lender, 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 14.

 

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

 

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

 

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

 

“Non-Controlling
Note Holder” means the Note Holder that is not the Controlling Note Holder.

 

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

 

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

 

“Non-Lead Asset
Representations Reviewer” shall mean the party acting as “asset representations reviewer” (within the meaning
of Item 1101(m) of Regulation AB) under the Non-Lead Securitization Servicing Agreement.

 

“Non-Lead Certificate
Administrator” shall mean the certificate administrator or other analogous term under the Non-Lead Securitization Servicing
Agreement.

 

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

 

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

 

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

 

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

 

“Non-Lead Securitization
Determination Date” shall mean the “determination date” (or any term substantially similar thereto) as defined
in the Non-Lead Securitization Servicing Agreement.

 

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

 

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

 

“Non-Lead Securitization
Servicing Agreement” shall mean from and after the date the Non-Lead Securitization Note is included in the Non-Lead
Securitization, the servicing agreement, trust and servicing agreement or pooling and servicing agreement entered into in connection
with the Non-Lead Securitization.

 

“Non-Lead Securitization
Subordinate Class Representative” shall mean the holders of the majority of the class of securities issued in the Securitization
of the Non-Lead Securitization Note designated as the “controlling class” pursuant to the Non-Lead Securitization Servicing
Agreement or their duly appointed representative.

 

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“Non-Lead Securitization
Trust” shall mean the Securitization Trust that holds the Non-Lead Securitization Note.

 

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

 

“Non-Lead Sponsor”
shall mean the Note A-2 Holder in its capacity as the sponsor with respect to the Non-Lead Securitization Note in connection with
the Non-Lead Securitization.

 

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

 

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

 

“Note 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 15(c).

 

“Note Register”
shall have the meaning assigned to such term in Section 16.

 

“Notes”
shall mean, collectively, Note A-1 and Note A-2, as each such note is amended, modified, supplemented or split.

 

“Operating Advisor”
shall mean Park Bridge Lender Services LLC or its successor in interest, or any successor operating advisor appointed as provided
in the Lead Securitization Servicing Agreement.

 

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

 

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“P&I Advance”
shall mean an advance made by a party to either 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 15(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, Controlling or under common Control with, or either of, the Initial Note Holders, or

 

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

 

(c)          one
or more of the following:

 

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

 

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(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 at least two (2) of the Rating Agencies that assigned a rating to one or
more classes of securities issued in connection with a Securitization; (2) in the case of a Securitization Vehicle that is not
a CDO, the special servicer of such Securitization Vehicle has a Required Special Servicer Rating or is otherwise acceptable to
the Rating Agencies rating each Securitization (such entity, an “Approved Servicer”) and such Approved Servicer
is required to service and administer such Note or any interest therein in accordance with servicing arrangements for the assets
held by the Securitization Vehicle which require that such Approved Servicer act in accordance with a servicing standard notwithstanding
any contrary direction or instruction from any other Person; or (3) in the case of a Securitization Vehicle that is a CDO, the
CDO Asset Manager and, if applicable, each Intervening Trust Vehicle that is not administered and managed by a CDO Asset Manager
which is a Qualified Institutional Lender, are each a Qualified Institutional Lender under clauses (i), (ii), (iv) or (v) of this
definition, or

 

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

 

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

 

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(or mezzanine loans with respect thereto) or owning or operating commercial real estate properties;
provided that, in the case of the entity described in clause (iv)(B) above, the requirements of this clause (y) may be satisfied
by a general partner, managing member, or the fund manager responsible for the day-to-day management and operation of such entity;
or

 

(d)          any
entity Controlled by any of the entities described in clause (c)(i), (ii), (iv)(B) or (v) of this definition or approved by the
Rating Agencies hereunder as a Qualified Institutional Lender for purposes of this Agreement, or as to which the Rating Agencies
have stated they would not review such entity in connection with the subject transfer.

 

“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.

 

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

 

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

 

“Redirection
Notice” shall have the meaning assigned to such term in Section 15(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 

 

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time, and subject
to such clarification and interpretation as have been or may hereafter be from time to time provided by the Commission or by
the staff of the Commission, in each case as effective from time to time as of the compliance dates specified therein.

 

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

 

“Required Special
Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”,
(ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special
Servicer, (iii) in the case of Moody’s, such special servicer is acting as special servicer for one or more loans included
in a commercial mortgage loan securitization that was rated by Moody’s within the twelve (12) month period prior to the date
of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage
securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special
servicer of such commercial mortgage loans, (iv) in the case of Morningstar, such special servicer is currently acting as Special
Servicer on a deal or transaction-level basis for all or a significant portion of the related mortgage loans in one or more other
commercial mortgage-backed securitizations, and Morningstar has not, with respect to any such other transactions, qualified, downgraded
or withdrawn its rating or ratings on one or more classes of securities issued in such transactions, (v) in the case of DBRS, such
special servicer is currently acting as a servicer for one or more loans included in a commercial mortgage-backed 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 status citing the continuation of such special servicer as servicer of such commercial mortgage loans as the sole or a material
factor in any 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 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.

 

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

 

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

 

“Securitization
Date” shall mean the effective date on which the Lead Securitization is consummated.

 

“Securitization
Servicing Agreement” shall mean the Lead Securitization Servicing Agreement or the Non-Lead Securitization Servicing
Agreement, as the context may require.

 

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“Securitization
Trust” shall mean a trust formed pursuant to a Securitization.

 

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

 

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

 

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

 

“Special Servicer”
shall mean Rialto Capital Advisors, LLC or its successor in interest, or any successor special servicer appointed as provided in
the Lead Securitization Servicing Agreement and this 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 15.

 

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

 

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

 

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Lead Securitization Servicing Agreement (including a determination
of recoverability thereunder). Each Note Holder acknowledges that the 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, the Certificate Administrator,
the Operating Advisor and the Trustee under the Lead Securitization Servicing Agreement by the Depositor, and the appointment of
the Special Servicer as the initial Special Servicer under the Lead Securitization Servicing Agreement by the Depositor (subject
to replacement by the Controlling Note Holder as provided herein) and agrees to reasonably cooperate with the Master Servicer and
the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the Lead Securitization Servicing Agreement.
Each Note Holder hereby appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization as such Note
Holder’s attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the
Mortgage Loan on its behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights of the Note Holder
set forth herein and in the Lead Securitization Servicing Agreement). In no event shall the Lead Securitization Servicing Agreement
require the Servicer to enforce the rights of any Note Holder or limit the Servicer in enforcing the rights of one Note Holder
against the other Note Holder; however, this statement shall not be construed to otherwise limit the rights of one Note Holder
with respect to the other Note Holder. Each Servicer shall be required pursuant to the Lead Securitization Servicing Agreement
to service the Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the Lead Securitization
Servicing Agreement and applicable law, and shall not take any action or refrain from taking any action or follow any direction
inconsistent with the foregoing.

 

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 the Non-Lead Securitization Note is in a Securitization, then a written confirmation shall
have been obtained from each Rating Agency rating such Securitization that the appointment of the servicer(s) pursuant to such
servicing agreement would not, in and of itself, cause a downgrade, qualification or withdrawal of the then-current ratings assigned
to the securities issued in connection with such Securitization; provided, further, however, that until a
replacement servicing agreement has been entered into, the Lead Securitization Note Holder shall cause the Mortgage Loan to be
serviced pursuant to the provisions of the Lead Securitization Servicing Agreement as if such agreement was still in full force
and effect with respect to the Mortgage Loan, by the Servicer in the Lead Securitization or by any Person appointed by the Lead
Securitization Note Holder that is a qualified servicer meeting the requirements of the Lead Securitization Servicing Agreement
(and, in the case of the Special Servicer, that satisfies the Required Special Servicer Rating).

 

(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

 

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Servicing Agreement) (i) shall be required to make Property Advances with respect to the Mortgage
Loan, subject to the terms of the Lead Securitization Servicing Agreement and this Agreement, and (ii) may be required to make
P&I Advances on the Lead Securitization Note, if and to the extent provided in the Lead Securitization Servicing Agreement
and this Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement
for a Property Advance, first from funds on deposit in the Loan Combination Custodial Account for the Mortgage Loan that
(in any case) represent amounts received on or in respect of the Mortgage Loan in the manner provided in the Lead Securitization
Servicing Agreement, and then, in the case of Nonrecoverable Property Advances, if such funds on deposit in the Loan Combination
Custodial Account are insufficient, from general collections of the Lead Securitization as provided in the Lead Securitization
Servicing Agreement and from general collections of the Non-Lead Securitization as provided below. The Master Servicer, the Special
Servicer and the Trustee, as applicable, will be entitled to reimbursement for Advance Interest Amounts on a Property Advance or
a Nonrecoverable Property Advance, in the manner and from the sources provided in the Lead Securitization Servicing Agreement,
including from general collections of the Lead Securitization and, in the case of Property Advances, from general collections of
the Non-Lead Securitization as provided below. Notwithstanding the foregoing, to the extent the Master Servicer, the Special Servicer
or the Trustee, as applicable, obtains funds from general collections of the Lead Securitization as a reimbursement for a Nonrecoverable
Property Advance or any Advance Interest Amounts on a Property Advance or a Nonrecoverable Property Advance, the Non-Lead Securitization
Note Holder (including from general collections or any other amounts from the Non-Lead Securitization Trust) shall be required
to, promptly following notice from the Master Servicer, reimburse the Lead Securitization for its pro rata share of such Nonrecoverable
Property Advance or Advance Interest Amounts.

 

In addition, the Non-Lead
Securitization Note Holder (including, but not limited to, the Non-Lead Securitization Trust) shall be required to, promptly following
notice from the Master Servicer or the Special Servicer, pay or reimburse the Lead Securitization for the Non-Lead Securitization
Note Holder’s pro rata share of any Additional Trust Fund Expenses with respect to the Mortgage Loan or the Mortgaged Property,
any other fees, costs or expenses incurred in connection with the servicing and administration of the Mortgage Loan as to which
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Depositor,
as applicable, is entitled to be reimbursed pursuant to the Lead Securitization Servicing Agreement, and any fees, costs or expenses
related to obtaining a Rating Agency Confirmation, in each case to the extent amounts on deposit in the Loan Combination Custodial
Account that are allocated to the Non-Lead Securitization Note are insufficient for reimbursement of such amounts (which such reimbursement
shall be made, if the Non-Lead Securitization Note has been included in a Non-Lead Securitization, from general collections or
any other amounts from such Non-Lead Securitization Trust). The Non-Lead Securitization Holder agrees to indemnify (i) (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 Lead Securitization Servicing Agreement) each of the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and the Depositor (and any director, officer,
employee or agent of any of the foregoing, to the extent such parties are identified as indemnified parties in the Lead Securitization
Servicing Agreement in respect of other mortgage loans) and (ii) the Lead

 

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Securitization Trust (such parties in clause (i) and
the Lead Securitization Trust, collectively, 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 Operating Advisor,
incurred in connection with the provision of services for the Mortgage Loan) under the Lead Securitization Servicing Agreement
(collectively, the “Indemnified Items”) to the extent of its pro rata share of such Indemnified Items, and to
the extent amounts on deposit in the Loan Combination Custodial Account that are allocated to the Non-Lead Securitization Note
are insufficient for reimbursement of such amounts, the 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 (including, if the Non-Lead Securitization Note has been included in a Non-Lead Securitization,
from general collections or any other amounts from such Non-Lead Securitization Trust).

 

The Non-Lead Master Servicer
may be required to make P&I Advances on the Non-Lead Securitization Note, from time to time, subject to the terms of the 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. The Non-Lead Master Servicer and the Non-Lead Special Servicer and the Non-Lead Trustee, as
applicable, shall be entitled to make their own recoverability determination with respect to a P&I Advance to be made on the
Non-Lead Securitization Note based on the information that they have on hand and in accordance with the Non-Lead Securitization
Servicing Agreement. The Master Servicer and the Trustee, as applicable, and the Non-Lead Master Servicer or the Non-Lead Trustee
shall be required to notify each other servicer and trustee with respect to a Securitization 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 the Non-Lead Master Servicer, the Non-Lead Special Servicer or the Non-Lead Trustee,
as applicable (with respect to the Non-Lead Securitization Note), determines that a proposed P&I Advance, if made, would be
non-recoverable or an outstanding P&I Advance is or would be non-recoverable, or if the Master Servicer, the Special Servicer
or the Trustee, as applicable, subsequently determines that a proposed Property Advance would be non-recoverable or an outstanding
Property 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 the Non-Lead Master Servicer or the Non-Lead Trustee (as provided in the Non-Lead Securitization Servicing Agreement, in the
case of a determination of non-recoverability by the Non-Lead Master Servicer, the Non-Lead Special Servicer or the Non-Lead Trustee)
shall notify the Master Servicer and the Trustee, or the Non-Lead Master Servicer and the Non-Lead Trustee, as the case may be,
within two (2) Business Days of making such determination. Each of the Master Servicer, the Trustee, the Non-Lead Master Servicer
and the Non-Lead Trustee, as applicable, will only be entitled to reimbursement for a P&I Advance that becomes non-recoverable
and advance interest thereon first from the Loan Combination Custodial Account from amounts allocable to the Note for which
such P&I Advance was made, and then, if funds

 

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are insufficient, (i) in the case of the Lead Securitization Note, from
general collections of the Lead Securitization Trust, pursuant to the terms of the Lead Securitization Servicing Agreement and
(ii) in the case of the Non-Lead Securitization Note, from general collections of the related Securitization Trust, as and to the
extent provided in the Non-Lead Securitization Servicing Agreement.

 

(c)          The
Lead Securitization Note Holder agrees that it shall cause the Lead Securitization Servicing Agreement to provide as follows (and
to the extent such following provisions are not included in the Lead Securitization Servicing Agreement, they shall be deemed incorporated
therein and made a part thereof):

 

(i)           the
Master Servicer or Trustee shall be required to provide written notice to the Non-Lead Master Servicer and the Non-Lead Trustee
of any P&I Advance it has made with respect to the Lead Securitization Note within two (2) Business Days of making such advance;

 

(ii)          if
the Master Servicer determines that a proposed P&I Advance with respect to the Lead Securitization Note or Property Advance
with respect to the Mortgage Loan, if made, or any outstanding P&I Advance or Property Advance previously made, would be, or
is, as applicable, a Nonrecoverable Advance, the Master Servicer shall provide the Non-Lead Master Servicer written notice of such
determination promptly after such determination was made together with such reports that the Master Servicer delivered to the Special
Servicer or Trustee in connection with notification of its determination of nonrecoverability;

 

(iii)         the
Master Servicer shall remit all payments received with respect to the Non-Lead Securitization Note, net of the servicing fees payable
to the Master Servicer and Special Servicer with respect to such Non-Lead Securitization Note, and any other applicable fees and
reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to the Non-Lead Securitization Note Holder
by the earlier of (x) the Master Servicer Remittance Date (as defined in the Lead Securitization Servicing Agreement) and (y) the
Business Day following the “determination date” (or any term substantially similar thereto) as defined in the Non-Lead
Securitization Servicing Agreement (such determination date, the “Non-Lead Securitization Determination Date”),
in each case as long as the date on which remittance is required under this clause (iii) is at least one (1) Business Day after
the scheduled monthly payment date under the Mortgage Loan Agreement, provided, that any late collections received by the Master
Servicer after the related due date under the Mortgage Loan shall be remitted by the Master Servicer in accordance with Section
2(c)(x) below;

 

(iv)       with
respect to the Non-Lead Securitization Note that is held by a Securitization, the Master Servicer agrees to deliver or cause to
be delivered or to make available to the Non-Lead Master Servicer all reports required to be delivered by the Master Servicer to
the Certificate Administrator and the Trustee under the Lead Securitization Servicing Agreement (which shall include all loan-level
reports constituting the CREFC® Investor Reporting Package (IRP)) pursuant to the terms of the Lead Securitization
Servicing Agreement, to the extent related to the Mortgage Loan, the

 

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Mortgaged Property, the Non-Lead Securitization Note, the
Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, by the earlier of (x) the Master Servicer
Remittance Date and (y) the Business Day following the Non-Lead Securitization Determination Date, in each case so long as the
date on which delivery is required under this clause (iv) is at least one (1) Business Day after the scheduled monthly payment
date under the Mortgage Loan Agreement;

 

(v)          the
Master Servicer and the Special Servicer, as applicable, shall provide (in electronic media) to the Non-Lead Securitization Note
Holder all documents, certificates, instruments, notices, reports, operating statements, rent rolls and other information regarding
the Mortgage Loan provided by it to any other party to the Lead Securitization Servicing Agreement at the time provided to such
other party;

 

(vi)         the
servicing duties of each of the Master Servicer and Special Servicer under the Lead Securitization Servicing Agreement shall include
the duty to service the Mortgage Loan and all of the Notes on behalf of the Note Holders (including the respective trustees and
certificateholders) in accordance with the terms and provisions of this Agreement, the Lead Securitization Servicing Agreement
and the Servicing Standard;

 

(vii)        the
Non-Lead Securitization Note Holder shall be entitled to the same indemnity as the Lead Securitization Note Holder under the Lead
Securitization Servicing Agreement; each of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Custodian shall be required to (and shall require any Servicing Function Participant or Additional Servicer
engaged by it to) indemnify each Certifying Person and the Non-Lead Depositor, and their respective directors and officers and
controlling persons, to the same extent that they indemnify the Depositor (as depositor in respect of the Lead Securitization)
and each Certifying Person for (i) its failure to deliver the items in clause (viii) below in a timely manner, (ii) its failure
to perform its obligations to the Non-Lead Depositor or the related Non-Lead Trustee under Article X (or any article substantially
similar thereto) of the Lead Securitization Servicing Agreement by the time required after giving effect to any applicable grace
period or cure period, (iii) the failure of any Servicing Function Participant or Additional Servicer retained by it (other than
a Mortgage Loan Seller Sub-Servicer) to perform its obligations to such depositor or trustee under such Article X (or any article
substantially similar thereto) of the Lead Securitization Servicing Agreement by the time required and/or (iv) any Deficient Exchange
Act Deliverable regarding, and delivered by or on behalf of, such party;

 

(viii)       with
respect to the Non-Lead Securitization that is subject to reporting requirements under the Securities Act, the Exchange Act (including
Rule 15Ga-1), and Regulation AB, (a) the Master Servicer, any primary servicer, the Special Servicer, the Trustee, the Certificate
Administrator or other party acting as custodian for the Lead Securitization shall be required to deliver (and shall be required
to cause each other servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation
AB) retained or engaged by it to deliver; provided that such party shall only be required to use commercially reasonable efforts
to cause a Mortgage

 

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Loan Seller Sub-Servicer to deliver), in a timely manner (i) the reports, certifications, compliance statements,
accountants’ assessments and attestations, and information to be included in reports (including, without limitation, Form
ABS-15G, Form 10-K, Form 10-D and Form 8-K), and (ii) upon request, any other materials specified in the Non-Lead Securitization
Servicing Agreement, in the case of clauses (i) and (ii), as the Non-Lead Depositor or the Non-Lead Trustee reasonably believes,
in good faith, are required in order for the Non-Lead Depositor or the Non-Lead Trustee to comply with (1) its obligations under
the Securities Act, the Exchange Act (including Rule 15Ga-1), Regulation AB and Form SF-3 and (2) any applicable comment letter
from the United States Securities and Exchange Commission (the “Commission”) or its obligations with respect
to any Deficient Exchange Act Deliverable, (b) without limiting the generality of the foregoing (x) the
Depositor or the Lead Securitization Note Holder shall provide or cause to be provided to the Non-Lead Depositor (and to counsel
to the Non-Lead Depositor) and the Non-Lead Trustee (1) written notice (which may be by email) in a timely manner (but no later
than three (3) Business Days prior to closing) of the occurrence of the Lead Securitization, and (2) no later than the closing
date of the Lead Securitization, a copy of the Lead Securitization Servicing Agreement in an EDGAR-compatible format, and (y) the
Master Servicer and Special Servicer (or any replacement Master Servicer or Special Servicer, as applicable) shall, upon reasonable
prior written request, and subject to the right of the Master Servicer or the Special Servicer, as the case may be, to review and
approve such disclosure materials, permit a holder of the Non-Lead Securitization Note to use such party’s description contained
in the Lead Securitization prospectus (updated as appropriate by the Master Servicer or Special Servicer, as applicable, at the
cost of the Non-Lead Sponsor) or contained in a Lead Securitization Form 8-K), for inclusion in the disclosure materials or a Form
8-K relating to any securitization of the Non-Lead Securitization Note, and (z) the Master Servicer and the Special Servicer (or
any replacement Master Servicer or Special Servicer, as applicable), shall provide indemnification agreements, opinions and Regulation
AB compliance letters as were or are being delivered with respect to the Lead Securitization (in each case, at the cost of the
Non-Lead Sponsor), and (c) in connection with any amendment of the Lead Securitization Servicing Agreement, the Depositor shall
provide written notice (which may be by email) of such proposed amendment to the Non-Lead Depositor and the Non-Lead Trustee no
later than three (3) Business Days prior to the date of effectiveness of such amendment, and, on the date of effectiveness of such
amendment to the Lead Securitization Servicing Agreement, provide a copy of such amendment in an EDGAR-compatible format to the
Non-Lead Depositor and the Non-Lead Trustee. The Master Servicer and the Special Servicer shall each be required to provide certification
and indemnification to any Certifying Person with respect to any applicable Sarbanes-Oxley Certification with respect to a Non-Lead
Securitization;

 

(ix)       each
of the Master Servicer, the Special Servicer, the Custodian and the Trustee and each Affected Reporting Party shall cooperate (and
require each Servicing Function Participant and Additional Servicer retained by it to cooperate under the applicable Sub-Servicing
Agreement), with the Non-Lead Depositor (including, without limitation, providing all due diligence information, reports, written
responses, negotiations and coordination) to the same extent as such party is required to cooperate with the Lead Depositor under
Article X (or any article substantially similar thereto) of

 

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the Lead Securitization Servicing Agreement and in connection with
Deficient Exchange Act Deliverables. All respective reasonable out-of-pocket costs and expenses incurred by the Non-Lead Depositor
(including reasonable legal fees and expenses of outside counsel to such depositor) in connection with the foregoing (other than
those costs and expenses related to participation by the Non-Lead Depositor in any telephone conferences and meetings with the
Commission and other costs the Non-Lead Depositor must bear pursuant to Article X (or any article substantially similar thereto)
of the Lead Securitization Servicing Agreement) and any amendments to any reports filed with the Commission therewith shall be
promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice from such Non-Lead Depositor;

 

(x)          any
late collections received by the Master Servicer from the Mortgage Loan Borrower that are allocable to the Non-Lead Securitization
Note or reimbursable to the Non-Lead Master Servicer or the Non-Lead Trustee shall be remitted by the Master Servicer to the Non-Lead
Master Servicer within one (1) Business Day of receipt of properly identified funds; provided, however, that to the extent any
such amounts are received after 3:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable
efforts to remit such amounts to the Non-Lead Master Servicer within one (1) Business Day of receipt of properly identified funds
but, in any event, the Master Servicer shall remit such amounts within two (2) Business Days of receipt of properly identified
funds; and provided, further, that in the event the Master Servicer is in receipt of properly identified funds that are not available
to the Master Servicer, the Master Servicer may instead remit such amounts on the same Business Day that such properly identified
funds become available to the Master Servicer;

 

(xi)         the
Non-Lead Securitization Note Holder is an intended third-party beneficiary in respect of the rights afforded it under the Lead
Securitization Servicing Agreement and the Non-Lead Master Servicer shall be entitled to enforce the rights of the Non-Lead Securitization
Note Holder under this Agreement and the Lead Securitization Servicing Agreement;

 

(xii)        the
Non-Lead Master Servicer and the Non-Lead Special Servicer shall each be a third-party beneficiary of the Lead Securitization Servicing
Agreement with respect to all provisions therein expressly relating to compensation, reimbursement or indemnification of the Non-Lead
Master Servicer or the Non-Lead Special Servicer, as the case may be, and the provisions regarding coordination of Advances;

 

(xiii)       if
the Mortgage Loan becomes a Defaulted Mortgage Loan and the Special Servicer determines to sell the Lead Securitization Note in
accordance with the Lead Securitization Servicing Agreement, it shall have the right and the obligation to sell both of the Notes
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 provide notice to the Non-Lead Master Servicer who shall provide notice to the Non-Controlling
Note Holder of the planned sale and of the Non-Controlling Note Holder’s opportunity to submit an offer on the Mortgage Loan;

 

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(xiv)       the
Lead Securitization Servicing Agreement shall not be amended in any manner that materially and adversely affects the Non-Lead Securitization
Note Holder without the consent of the Non-Lead Securitization Note Holder;

 

(xv)       to
the extent related to the Mortgage Loan, the Master Servicer or the Special Servicer, Rating Agency Confirmation shall be provided
with respect to the commercial mortgage pass-through certificates issued in connection with the Non-Lead Securitization to the
same extent provided with respect to the commercial mortgage pass-through certificates issued in connection with the Lead Securitization;

 

(xvi)       Servicer
Termination Events with respect to the Master Servicer and the Special Servicer shall include: (i) solely with respect to the Master
Servicer, the failure to timely remit payments to the Non-Lead Securitization Note Holder, which failure continues unremedied for
one (1) Business Day following the date on which such payment was to be made; (ii) solely with respect to the Special Servicer,
the failure to deposit into any REO Account any amount required to be so deposited within two (2) Business Days after the date
such deposit was to be made, or the failure to remit to the Master Servicer for deposit into the Collection Account or the related
Loan Combination Custodial Account, as applicable, any amount required to be so remitted by the Special Servicer within one (1)
Business Day after the date such remittance was to be made; (iii) the qualification, downgrade or withdrawal, or placing on “watch
status” in contemplation of a rating downgrade or withdrawal of the ratings of any class of certificates issued in connection
with the Non-Lead Securitization by the Rating Agencies rating such securities (and such qualification, downgrade, withdrawal or
“watch status” placement shall not have been withdrawn by such rating agencies within sixty (60) days of actual knowledge
of such event by the Master Servicer or the Special Servicer, as the case may be), and publicly citing servicing concerns with
the Master Servicer or Special Servicer, as applicable, as the sole or a material factor in such rating action; and (iv) the failure
to provide to the Non-Lead Securitization Note Holder (if and to the extent required under the Non-Lead Securitization) reports
required under the Exchange Act, and the rules and regulations thereunder, in a timely fashion. Upon the occurrence of such a Servicer
Termination Event with respect to the Master Servicer affecting the Non-Lead Securitization Note Holder and the Master Servicer
is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon the direction of the
Non-Lead Securitization Note Holder, require the appointment of a subservicer with respect to the Non-Lead Securitization Note.
Upon the occurrence of a Servicer Termination Event with respect to the Special Servicer affecting the Non-Lead Securitization
Note Holder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee
shall, upon direction of the Non-Lead Securitization Note Holder, terminate the Special Servicer with respect to, but only with
respect to, the Mortgage Loan;

 

(xvii) upon
any resignation of the Master Servicer or the Special Servicer, any termination of the Master Servicer or Special Servicer and/or
any replacement thereof, any appointment of a successor to the Master Servicer or Special Servicer, or the effectiveness of any
designation of a new Special Servicer, the Trustee or Certificate Administrator shall promptly (and in any event no later than
three (3) Business Days

 

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prior to the effective date of such resignation, termination, replacement and/or appointment of a Master
Servicer or Special Servicer) provide written notice thereof to the Non-Lead Trustee, the Non-Lead Master Servicer, and the Non-Lead
Depositor, together with any information reasonably required (including, without limitation, any disclosure required under Item
1108 of Regulation AB) for the related Non-Lead Securitization to comply with any applicable reporting obligations under the Exchange
Act; provided, that such notice shall not be deemed to be provided unless receipt thereof has been confirmed in writing (which
may be by email) from the Non-Lead Depositor;

 

(xviii)     if
the Non-Lead Securitization Note becomes the subject of an Asset Review pursuant to the Non-Lead Securitization Servicing Agreement,
the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the Non-Lead Asset Representations
Reviewer in connection with such Asset Review by providing the Non-Lead Asset Representations Reviewer with any documents reasonably
requested by the Non-Lead Asset Representations Reviewer, but only to the extent (x) such documents are in the possession of the
Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, and (y) the Non-Lead Asset Representations
Reviewer has not been able to obtain such documents from the related mortgage loan seller; and

 

(xix)        any
conflict between the Lead Securitization Servicing Agreement and this Agreement shall be resolved in favor of this Agreement.

 

(d)          The
Non-Lead Securitization Note Holder agrees that it shall cause the Non-Lead Securitization Servicing Agreement to provide as follows
(and to the extent such following provisions are not included in the Non-Lead Securitization Servicing Agreement, they shall be
deemed incorporated therein and made a part thereof):

 

(i)           the
Non-Lead Securitization Note Holder shall be responsible for its pro rata share of any Nonrecoverable Property 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 Property Advances or Additional Trust Fund Expenses, (A) the Non-Lead Master Servicer will be required to, promptly
following notice from the Master Servicer or the Special Servicer, pay or reimburse the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee or the Lead Securitization Trust, as applicable, out of general funds in the collection
account (or equivalent account) established under the Non-Lead Securitization Servicing Agreement for the Non-Lead Securitization
Note Holder’s pro rata share of any such Nonrecoverable Property Advances (together with advance interest thereon) and/or
other Additional Trust Fund Expenses (including compensation due to the Master Servicer and the Special Servicer to the extent
related to the servicing and administration of the Mortgage Loan and the Mortgaged Property), and (B) 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 account, then the

 

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Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as applicable, may do so, and the Non-Lead Master Servicer will be required to, promptly following
notice from the Master Servicer, the Special Servicer or the Trustee, reimburse the Lead Securitization Trust out of general funds
in the collection account (or equivalent account) established under the Non-Lead Securitization Servicing Agreement for the Non-Lead
Securitization Note Holder’s pro rata share of any such Nonrecoverable Property Advances (together with advance interest
thereon) and/or Additional Trust Fund Expenses (including compensation due to the Master Servicer and the Special Servicer to the
extent related to the servicing and administration of the Mortgage Loan and the Mortgaged Property);

 

(ii)          each
of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify
each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of the
Lead Securitization Servicing Agreement and, in the case of the Lead Securitization Trust, to the extent of any Additional Trust
Fund Expenses with respect to the Mortgage Loan) by the Non-Lead Securitization Trust, against any of the Indemnified Items to
the extent of its pro rata share of such Indemnified Items and, to the extent amounts on deposit in the Loan Combination Custodial
Account that are allocated to the Non-Lead Securitization Note are insufficient for reimbursement of such amounts, the Non-Lead
Master Servicer will be required to reimburse each of the applicable Indemnified Parties for the Non-Lead Securitization Note’s
pro rata share of the insufficiency out of general funds in the collection account (or equivalent account) established under the
Non-Lead Securitization Servicing Agreement;

 

(iii)         the
Non-Lead Master Servicer, Non-Lead Trustee or Non-Lead Certificate Administrator will be required to deliver to the Trustee, the
Certificate Administrator, the Special Servicer, the Master Servicer and the Operating Advisor (i) promptly following the Non-Lead
Securitization, notice of the deposit of the Non-Lead Securitization Note into a Securitization Trust (which notice may be (x)
in the form of delivery (which may be by email) of a copy of the Non-Lead Securitization Servicing Agreement, or (y) by email notification
together with contact information for the Non-Lead Trustee, the Non-Lead 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 copy of the executed Non-Lead Securitization Servicing Agreement, and (ii) notice of any
subsequent change in the identity of the Non-Lead Master Servicer, the Non-Lead Trustee or the party designated to exercise the
rights of the “Non-Controlling Note Holder” under this Agreement (together with the relevant contact information) (which
may be in the form of email delivery of a copy of any revised Non-Lead Securitization Servicing Agreement); and

 

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

 

(e)          The
Initial Note A-1 Holder shall:

 

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(i)           give
the other Note Holder notice of the Securitization of the Lead Securitization Note in writing (which may be by email) not less
than three (3) Business Days prior to the applicable pricing date for the Lead Securitization, together with contact information
for each of the parties to the Lead Securitization Servicing Agreement;

 

(ii)          on
the closing date of the Lead Securitization, send a copy (in EDGAR-compatible format) of the Lead Securitization Servicing Agreement
to the other Note Holder; and

 

(iii)         give
the other Note Holder written notice (which may be by email) in a timely manner (but no later than one (1) Business Day prior to
the applicable filing date) of any re-filing (other than a filing made in connection with a formal amendment of the Lead Securitization
Servicing Agreement) by the Depositor of the Lead Securitization Servicing Agreement subsequent to the Securitization Date if such
filing contains revisions or changes that are material to the other Note Holder.

 

Section
3.         Priority of Payments. Each Note shall be of equal
priority, and no portion of either Note shall have priority or preference over any portion of the other Note or security
therefor.

 

All amounts tendered
by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan
or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of Monthly Payments, the Balloon
Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument securing the Mortgage
Loan, Condemnation Proceeds, or Insurance Proceeds (other than proceeds, awards or settlements to be applied to the restoration
or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan
Documents), but excluding (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents (to the extent,
in accordance with the terms of the Mortgage Loan Documents) to be held as reserves or escrows or received as reimbursements on
account of recoveries in respect of property protection expenses or Property Advances then due and payable or reimbursable to the
Trustee or any Servicer under the Lead Securitization Servicing Agreement and (y) all amounts that are then due, payable or reimbursable
(except for (i) any reimbursements of P&I Advances previously made (and interest thereon) on the Lead Securitization Note,
and (ii) any Servicing Fees due to the Master Servicer in excess of the Non-Lead Securitization Note’s pro rata share of
that portion of such Servicing Fees calculated at the “primary servicing fee rate” (or analogous term) applicable to
the Mortgage Loan as set forth in the Lead Securitization Servicing Agreement) to any Servicer or the Trustee, with respect to
the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement (including without limitation, any Additional Trust Fund
Expenses relating to the Mortgage Loan (but subject to second paragraph of Section 5(e) hereof) reimbursable to, or payable to,
such parties and any Special Servicing Fees, Liquidation Fees, Workout Fees, Assumption Fees, Modification Fees, Penalty Charges
(to the extent provided in the immediately following paragraph) and any other additional compensation payable pursuant to the Lead
Securitization Servicing Agreement), shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes on
a Pro Rata and Pari Passu Basis.

 

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For clarification purposes,
Penalty Charges (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 Property Advances and reimbursement of any Property 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, Non-Lead Master Servicer or Non-Lead Trustee 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 the 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, be paid to the Master Servicer and/or the Special Servicer as additional servicing compensation as provided
in the Lead Securitization Servicing Agreement.

 

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

 

Section
5.      Administration of the Mortgage Loan.

 

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

 

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

 

Each Note Holder hereby
acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead
Securitization Note Holder), upon the Mortgage Loan becoming a Defaulted Mortgage Loan, to sell the Notes 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 in such manner as will be reasonably likely to realize a fair price. Subject
to the other provisions of this paragraph and the two following paragraphs and the applicable provisions of the Lead Securitization
Servicing Agreement, the Special Servicer shall accept the first (and, if multiple offers are contemporaneously received, the highest)
cash offer received from any Person that constitutes a fair price for such Defaulted Mortgage Loan. The Special Servicer shall
notify the Controlling Note Holder Representative and the Non-Controlling Note Holder Representative of any inquiries or offers
received regarding the sale of such Defaulted Mortgage Loan.

 

Whether any cash offer
constitutes a fair price for the Mortgage Loan shall be determined by the Special Servicer, if the highest offeror is a Person
other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person (provided that the Trustee
may not be an offeror) unless (i) the offer is equal to or greater than the applicable Purchase Price, (ii) the offer is the highest
offer received and (iii) at least two other offers are received from independent third parties; provided, however, that
no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at least
two other offers are received from independent third parties. In all cases under this Agreement (except to the extent the Trustee
is not required to determine whether any cash offer constitutes a fair price for the Mortgage Loan pursuant to the immediately
preceding sentence), in determining whether any offer received from an Interested Person represents a fair price for the Mortgage
Loan, the Trustee shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance
with the Lead Securitization Servicing Agreement within the preceding 9-month period or, in the absence of any such Appraisal,
on a new Appraisal. The appraiser conducting any such new Appraisal shall be an Appraiser selected by (i) the Special Servicer
if no Interested Person is making an offer with respect to the Mortgage Loan and (ii) the Trustee if an Interested Person is so
making an offer. The cost of any such Appraisal shall be covered by, and shall be reimbursable as, a Property Advance. In determining
whether any such offer from a Person other than an Interested Person constitutes a fair price for the Mortgage Loan, the Special
Servicer shall take into account (in addition to the results of any Appraisal, updated Appraisal or narrative Appraisal that it
may have obtained pursuant to the Lead Securitization Servicing Agreement within the prior 9 months), and in determining whether
any

 

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offer from an Interested Person constitutes a fair price for the Mortgage Loan, any Appraiser shall be instructed to take into
account, as applicable, among other factors, the period and amount of any delinquency on the Mortgage Loan, the occupancy level
and physical condition of the related Mortgaged Property and the state of the local economy. The Purchase Price for the Mortgage
Loan shall in all cases be deemed a fair price; provided, however, that with respect to Interested Parties, the requirements
of the first sentence of this paragraph must be satisfied. Notwithstanding anything contained in this paragraph to the contrary,
if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee may
(at its option and at the expense of the Interested Person) designate an independent third party expert in real estate or commercial
mortgage loan matters with at least 5 years’ experience in valuing or investing in loans similar to the Mortgage Loan that
has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for the Mortgage
Loan. If the Trustee designates such a third party to make such determination, the Trustee will be entitled to rely conclusively
upon such third party’s determination. The reasonable costs of all appraisals, inspection reports and broker opinions of
value incurred by any such third party pursuant to this paragraph will be covered by, and will be reimbursable by the Interested
Person; provided that the Trustee will not engage a third party expert whose fees exceed a commercially reasonable amount
as determined by the Trustee.

 

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 if it becomes a Defaulted Mortgage Loan without the written consent of the Non-Controlling
Note Holder (provided that such consent is not required if the Non-Controlling Note Holder is the Mortgage Loan Borrower or an
Affiliate of the Mortgage Loan Borrower) unless the Special Servicer has delivered to the Non-Controlling Note Holder: (a) at least
15 Business Days’ prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least 10 days prior to
the proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the
Special Servicer in connection with any such proposed sale, (c) at least 10 days prior to the proposed sale date, a copy of the
most recent Appraisal for the Mortgage Loan, and any documents in the Servicing File reasonably requested by the Non-Controlling
Note Holder that are material to the price of the Mortgage Loan and (d) until the sale is completed, and a reasonable period of
time (but no less time than is afforded to other offerors and the Lead Securitization Subordinate Class Representative) prior to
the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents
that are approved by any Servicer in connection with the proposed sale; provided, that such Non-Controlling Note Holder
may waive any of the delivery or timing requirements set forth in this sentence. Subject to the terms of the Lead Securitization
Servicing Agreement, each of the Controlling Note Holder, the Controlling Note Holder Representative, the Non-Controlling Note
Holder and the Non-Controlling Note Holder Representative shall be permitted to submit an offer at any sale of the Mortgage Loan
unless such Person is the Mortgage Loan Borrower or an agent or Affiliate of the Mortgage Loan Borrower.

 

The Non-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 the Non-Lead Securitization Note. The Non-Lead Securitization Note Holder further agrees that, upon
the request of the

 

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

 

The authority of the
Lead Securitization Note Holder to sell the Non-Lead Securitization Note, and the obligations of the Non-Lead Securitization Note
Holder to execute and deliver instruments or deliver the Non-Lead Securitization 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 Person that sold such Lead Securitization Note into the Lead Securitization from the Lead Securitization
Trust 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 the Non-Lead Securitization
Note Holder the benefit of any representation or warranty made by the Person 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 both
Note Holders as a collective whole. 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 and/or the Trustee on behalf of the Lead Securitization Note Holder. The Lead
Securitization Servicing Agreement shall not be amended in any manner that may materially and adversely affect the Non-Lead Securitization
Note Holder without the Non-Lead Securitization Note Holder’s prior written consent. The Non-Lead Securitization Note Holder
(unless it is the same Person as or an Affiliate of the Mortgage Loan Borrower) shall be a third-party beneficiary to the Lead
Securitization Servicing Agreement with respect to its rights as specifically provided for therein.

 

(c)          The
Controlling Note Holder (or its Controlling Note Holder Representative) shall have, with respect to the Mortgage Loan, all of the
same rights and powers of the Controlling Class Representative under the Lead Securitization Servicing Agreement with respect to
the other mortgage loans included in the Lead Securitization, without limitation, the

 

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right to consent and/or consult regarding
Major Decisions and other servicing matters, the right to advise (1) the Special Servicer with respect to all Specially Serviced
Loans and (2) the Special Servicer with respect to non-Specially Serviced Loans as to all matters for which the Master Servicer
must obtain the consent or deemed consent of the Special Servicer, and the right to direct the Special Servicer to take, or to
refrain from taking, such other actions with respect to the Mortgage Loan as the Controlling Class Representative may deem advisable
or as to which provision is otherwise made therein, in each case subject to the terms and conditions of the Lead Securitization
Servicing Agreement.

 

(d)          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
Subordinate Class Representative pursuant to the Lead Securitization Servicing Agreement with respect to any Major Decisions or
the implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, to the Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative), within the same time frame it is required to provide such notice,
information or report to the Lead Securitization Subordinate Class Representative (for this purpose, without regard to whether
such items are actually required to be provided to the Lead Securitization Subordinate Class Representative under the Lead Securitization
Servicing Agreement due to the occurrence of a Control Termination Event or a Consultation Termination Event) 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, the 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 the 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 the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) by the Lead
Securitization Note Holder of written notice of a proposed action, together with copies of the notice, information and report that
would be required to be provided to the Lead Securitization Subordinate Class Representative as set forth above, 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
the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative), whether or not the Non-Controlling Note Holder
(or its Non-Controlling Note Holder Representative) has responded within such ten (10) Business Day period (unless, the Lead Securitization
Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) proposes a new course of action that is materially
different from the action previously proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from
the date of such proposal and delivery of all information relating thereto). Notwithstanding the consultation rights of the Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative) set forth in the immediately preceding sentence, the Lead Securitization
Note Holder (or Master Servicer or Special Servicer, acting on its behalf) may make any Major Decision or take 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

 

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Note Holder (or Master Servicer or Special
Servicer, acting on its behalf) be obligated at any time to follow or take any alternative actions recommended by the Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative).

 

In addition to the consultation
rights provided in the immediately preceding paragraph, the Non-Controlling Note Holder shall have the right to attend annual meetings
(which may be held telephonically or in person, at the discretion of the Servicer) 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.

 

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

 

Anything herein or in
the Lead Securitization Servicing Agreement to the contrary notwithstanding, in the event that one of the Notes is included in
a REMIC and the other 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 the other Note
Holder be reduced to offset or make-up any such payment or deficit.

 

Section
6.          Appointment of Controlling Note Holder Representative
and Non-Controlling Note Holder Representative.

 

(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

 

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

 

(b)          Neither
the Controlling Note Holder Representative nor the Controlling Note Holder will have any liability to the 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 the other Note Holder, and that the Controlling
Note Holder Representative may have special relationships and interests that conflict with the interests of a Note Holder and,
absent willful misfeasance, bad faith or gross negligence on the part of the Controlling Note Holder Representative or the Controlling
Note Holder, as the case may be, agree to take no action against the Controlling Note Holder Representative, the Controlling Note
Holder or any of their respective officers, directors, employees, principals or agents as a result of such special relationships
or interests, and that neither the Controlling Note Holder Representative nor the Controlling Note Holder will be deemed to have
been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance or to have recklessly disregarded
any exercise of its rights by reason of its 

 

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

 

(c)          The
Non-Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its
rights and obligations with respect to the Mortgage Loan (the “Non-Controlling Note Holder Representative”).
All of the provisions relating to Controlling Note Holder and the Controlling Note Holder Representative set forth in Section 6(a)
(except those contained in the last sentence thereof) and Section 6(b) shall apply to the Non-Controlling Note Holder and the Non-Controlling
Note Holder Representative mutatis mutandis. The Non-Controlling Note Holder Representative, as of the date of this Agreement
and until the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer) is notified otherwise, shall be
the Initial Note A-2 Holder, provided that at any time Note A-2 is included in a Securitization, references to the “Non-Controlling
Note Holder” herein shall mean the Non-Lead Securitization Subordinate Class Representative or any other party assigned the
rights to exercise the rights of the “Non-Controlling Note Holder” hereunder, as and to the extent provided in the
related Non-Lead Securitization Servicing Agreement and as to the identity of which the Lead Securitization Note Holder (and the
Master Servicer and the Special Servicer) has been given written notice.

 

Section
7.         Appointment of Special Servicer. The Controlling
Note Holder (or its Controlling Note Holder Representative) shall have the right at any time and from time to time, with or without
cause, subject to the terms and conditions of the Lead Securitization Servicing Agreement, 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 the other Note Holder, the Master Servicer, the then existing Special Servicer and other parties to the Lead Securitization
Servicing Agreement a written notice stating such designation and satisfying the other conditions to such replacement as set forth
in the Lead Securitization Servicing Agreement (including, without limitation, a Rating Agency Confirmation, if required by the
terms of the Lead Securitization Servicing Agreement), if any; provided, that in the event the replacement Special Servicer does
not have the Required Special Servicer Rating from any Rating Agency rating the Non-Lead Securitization, a Rating Agency Confirmation
will be required to be obtained with respect to such Rating Agency and delivered to the Non-Lead Securitization Note Holder. The
Controlling Note Holder shall be solely responsible for any expenses incurred in connection with any such replacement without
cause. The Controlling Note Holder shall notify the other parties hereto of its termination of the then currently serving Special
Servicer and its appointment of a replacement Special Servicer in accordance with this Section 7. If the Controlling Note Holder
has not appointed a Special Servicer with respect to the Mortgage Loan as of the consummation of the securitization under the
Lead Securitization Servicing Agreement, then the initial Special Servicer designated in the Lead Securitization Servicing Agreement
shall serve as the initial Special Servicer but this shall not limit the right of the Controlling Note Holder (or its Controlling
Note Holder Representative) to designate a replacement Special Servicer for the Mortgage Loan as aforesaid. If a Servicer Termination
Event on the part of the Special Servicer has occurred that affects the Non-Controlling Note Holder, the 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

 

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Servicing Agreement (or at
any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the successor
servicing agreement pursuant to which the Mortgage Loan is being serviced) solely with respect to the Mortgage Loan pursuant to
and in accordance with the terms of 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, the successor servicing agreement pursuant to which
the Mortgage Loan is being serviced). The Controlling Note Holder and the Non-Controlling Note Holder acknowledge and agree that
any successor special servicer appointed to replace the Special Servicer with respect to the Mortgage Loan that was terminated
for cause at the Non-Controlling Note Holder’s direction cannot at any time be the person (or an Affiliate thereof) that
was so terminated without the prior written consent of the Non-Controlling Note Holder. The Non-Controlling Note Holder shall
be solely responsible for reimbursing the Trustee’s or the Controlling Note Holder’s, as applicable, costs and expenses,
if not paid within a reasonable time by the terminated special servicer and, in the case of the Trustee, that would otherwise
be reimbursed to the Trustee from amounts on deposit in the Collection Account.

 

Section
8.         Payment Procedure.

 

(a)          The
Lead Securitization Note Holder, in accordance with the priorities set forth in Section 3 and subject to the terms of the Lead
Securitization Servicing Agreement, shall deposit or cause to be deposited all payments allocable to the Notes to the Loan Combination
Custodial Account pursuant to and in accordance with the Lead Securitization Servicing Agreement. The Lead Securitization Note
Holder (or the Master Servicer acting on its behalf) shall deposit such amounts to the applicable account within one (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, however, that to the extent any such amounts are received after 2:00
p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to deposit such amounts
into the applicable account within one (1) Business Day of receipt thereof but, in any event, the Master Servicer shall deposit
such amounts into the applicable account within two (2) Business Days of receipt thereof; and provided, further, that in the event
the Master Servicer is in receipt of properly identified funds that are not available to the Master Servicer, the Master Servicer
may instead deposit such amounts into the related Loan Combination Custodial Account on the same Business Day that such properly
identified funds become available to the Master Servicer.

 

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

 

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Securitization Note Holder shall have been required
to pay to any Mortgage Loan Borrower, Master Servicer, Special Servicer or such other Person with respect thereto.

 

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

 

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

 

Section
9.           Limitation on Liability of the Note Holders. Each Initial Note Holder shall have no liability to the 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 Initial Note Holder.

 

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

 

Section
10.          Bankruptcy. Subject to Section 5(d), each Note Holder
hereby covenants and agrees that only the Servicer has the right to institute, file, commence, acquiesce, petition under Bankruptcy
Code Section 303 or otherwise or join any Person in any such petition or otherwise invoke or cause any other Person to invoke
an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official with respect to the Mortgage Loan Borrower or all or any part of its
property or assets or ordering the winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Each Note Holder further
agrees that only the

 

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Servicer, and not the Non-Lead Securitization Note Holder or any of its representatives, 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 Servicer as their agent, and grant to the Servicer an irrevocable power of attorney coupled with an interest,
and their proxy, for the purpose of exercising any and all rights and taking any and all actions available to the Non-Lead Securitization
Note Holder in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency
Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote to accept or reject a plan, to make
any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file a motion to modify, lift
or terminate the automatic stay with respect to the Mortgage Loan. The Note Holders hereby agree that, upon the request of the
Servicer, the Non-Lead Securitization Note Holder shall execute, acknowledge and deliver to the Servicer all and every such further
deeds, conveyances and instruments as the Servicer may reasonably request for the better assuring and evidencing of the foregoing
appointment and grant. All actions taken by the Servicer in connection with any Insolvency Proceeding are subject to and must
be in accordance with the Servicing Standard.

 

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

 

Section
12.          Independent Analysis of Each Note Holder. Each Note
Holder acknowledges that, except for the representations made in Section 11, it has, independently and without reliance upon any
other Note Holders and based on such documents and information as such Note Holder has deemed appropriate, made its own credit
analysis and decision to purchase its respective Note. Each Note Holder hereby acknowledges that the other Note Holders shall
have no responsibility for (i) the collectability of the Mortgage Loan, (ii) the validity, enforceability or legal effect of any
of the Mortgage Loan Documents or the title insurance policy or policies or any survey furnished or to be furnished in connection
with the origination of

 

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the Mortgage Loan, (iii) the validity, sufficiency or effectiveness of the lien created or to be created
by the Mortgage Loan Documents, or (iv) the financial condition of the Mortgage Loan Borrower. Each Note Holder assumes all risk
of loss in connection with its respective Note for reasons other than gross negligence, willful misconduct or breach of this Agreement
by any other Note Holder or gross negligence, willful misconduct or bad faith by any Servicer.

 

Section
13.          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. Neither
Note Holder shall have any obligation whatsoever to offer to the other Note Holder the opportunity to purchase a
participation interest in any future loans originated by such Note Holder or its Affiliates and if either Note Holder chooses
to offer to the other Note Holder the opportunity to purchase a participation interest in any future mortgage loans
originated by such Note Holder or its Affiliates, such offer shall be at such purchase price and interest rate as such Note
Holder chooses, in its sole and absolute discretion. Neither Note Holder shall have any obligation whatsoever to purchase
from the other Note Holder a participation interest in any future loans originated by such Note Holder or its Affiliates.

 

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

 

Section
15.          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 (a “Transfer”) except to a Qualified Institutional Lender. Promptly
after the Transfer, the non-transferring Note Holder shall be provided with (x) a representation from a transferee or the applicable
Note Holder certifying that such transferee is a Qualified Institutional Lender (except in the case of a Transfer in accordance
with the immediately following sentence) and (y) a copy of the assignment and assumption agreement referred to in Section 16 (unless
the transferee is a Securitization Trust and the related pooling and servicing agreement requires the parties thereto to comply
with this Agreement). 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 the non-transferring Note Holder and, if such non-transferring
Note Holder’s Note is held in a Securitization Trust, a confirmation in writing from each Rating Agency that such Transfer
will not result in a qualification, downgrade or withdrawal of its then current rating of the securities issued pursuant to the
related Securitization. Notwithstanding the foregoing, without the non-transferring Note Holder’s prior consent (which will
not be unreasonably withheld), and, if such non-transferring Note Holder’s Note is held in a Securitization Trust, without
a confirmation in writing from each Rating Agency that such

 

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Transfer will not result in a qualification, downgrade or withdrawal
of its then current rating of the securities issued pursuant to the related Securitization, no Note Holder shall Transfer all or
any portion of its Note (or a participation interest in such Note) to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related
Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee. The transferring
Note Holder agrees that it shall pay the expenses of the non-transferring Note Holder (including all expenses of the Master Servicer,
the Special Servicer and the Trustee) and all expenses relating to the confirmation from the Rating Agencies in connection with
any such Transfer. Notwithstanding the foregoing, each Note Holder shall have the right, without the need to obtain the consent
of the 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 15(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 confirmation
hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade or withdrawal of its then
current rating of the securities issued pursuant to the related Securitization, such waiver, declination, or refusal shall be deemed
to eliminate, for such request only, the condition that such confirmation by such Rating Agency (only) be obtained for purposes
of this Agreement. For purposes of clarity, any such waiver, declination or refusal to review or otherwise engage in any request
for such confirmation hereunder shall not be deemed a waiver, declination or refusal to review or otherwise engage in any subsequent
request for such Rating Agency confirmation hereunder and the condition for such Rating Agency confirmation pursuant to this Agreement
for any subsequent request shall apply regardless of any previous waiver, declination or refusal to review or otherwise engage
in such prior request.

 

(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 facility to such Note Holder and that is either a Qualified
Institutional Lender or a financial institution whose long-term unsecured debt is rated at least “A” (or the equivalent)
or better by each Rating Agency (a “Note Pledgee”), on terms and

 

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conditions set forth in this Section 15(c),
it being further agreed that a financing provided by a Note Pledgee to a Note Holder or any person which Controls such Note that
is secured by its Note and is structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder, provided
that a Note Pledgee which is not a Qualified Institutional Lender may not take title to the pledged Note without a Rating Agency
Confirmation. Upon written notice by the applicable Note Holder to the other Note Holder and any Servicer that a Pledge has been
effected (including the name and address of the applicable Note Pledgee), the other Note Holder agrees to acknowledge receipt of
such notice and thereafter agrees: (i) to give such 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 the other Note Holder
hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver
or termination of this Agreement shall be effective against such Note Pledgee without the written consent of such Note Pledgee,
which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such other Note Holder shall give to such Note
Pledgee copies of any notice of default under this Agreement simultaneously with the giving of same to the pledging Note Holder;
(v) that such other Note Holder shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request,
provided that any such certificate(s) shall be in a form reasonably satisfactory to such other Note Holder; and (vi) that,
upon written notice (a “Redirection Notice”) to the 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 the 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
15(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.

 

    39

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
16.          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 16, 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 the 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 16 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

 

    40

     

    

 

applicable restriction on Transfers set forth in Section 15, from and after the date of such assignment. No transfer of a Note
may be made unless it is registered on the Note Register, and the Agent shall not recognize any attempted or purported transfer
of any Note in violation of the provisions of Section 15 and this Section 16. 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 the other Note Holder against any liability that may result if the transfer is not made
in accordance with the provisions of this Agreement.

 

Section
17.          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
18.          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

 

    41

     

    

 

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

 

Section
19.          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
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, the Certificate Administrator, the Master Servicer, the Special Servicer, the Non-Lead Master Servicer,
the Non-Lead Special Servicer and the 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 15 and Section 16, each Note Holder may assign or delegate its
rights or obligations under this Agreement. Upon any such assignment, the assignee shall be entitled to all rights and benefits
of the applicable Note Holder hereunder.

 

Section
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.

 

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.

 

    42

     

    

 

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 the Non-Lead Securitization Note Holder with respect to the Mortgage Loan as a result of the Non-Lead Securitization
Note Holder constituting a Non-Exempt Person, the Lead Securitization Note Holder, in its capacity as servicer, shall be entitled
to do so with respect to the 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 the 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 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

 

    43

     

    

 

Borrower is treated for United States income tax purposes as derived in whole or part from sources within the
United States, such Note Holder shall satisfy the requirements of the preceding sentence by furnishing to the Lead Securitization
Note Holder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms,
as may be required from time to time, duly executed by such Note Holder, as evidence of such Note Holder’s exemption from
the withholding of United States tax with respect thereto. The Lead Securitization Note Holder shall not be obligated to make any
payment hereunder with respect to the Non-Lead Securitization Note or otherwise until the Non-Lead Securitization Note Holder shall
have furnished to the Lead Securitization Note Holder requested forms, certificates, statements or documents.

 

Section
26.          Custody of Mortgage Loan Documents. The originals of
all of the Mortgage Loan Documents (other than the Non-Lead Securitization Note) (a) prior to the Lead Securitization will be
held by the Initial Agent (or a custodian on its behalf) and (b) after the Lead Securitization, will be held by the Lead Securitization
Note Holder (in the name of the Trustee and held by a duly appointed custodian therefor in accordance with the Lead Securitization
Servicing Agreement), in each case, on behalf of the registered holders of the Notes.

 

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,
the Non-Lead Securitization Note Holder shall use reasonable efforts, at the Lead Securitization Note Holder’s expense, to
satisfy, and to cooperate with the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy,
the market standards to which the Lead Securitization Note Holder customarily adheres or that may be reasonably required in the
marketplace or by the Rating Agencies in connection with the Securitization, including, entering into (or consenting to, as applicable)
any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the Lead Securitization Note Holder in
attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case,
as may be reasonably requested by the Rating Agencies to effect the Securitization; provided, however, that either
in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Lead Securitization
Note Holder shall not 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, the Non-Lead Securitization Note Holder or (ii) materially increase the
Non-Lead Securitization Note Holder’s obligations or materially decrease the Non-Lead Securitization Note Holder’s
rights, remedies or protections. In connection with the Lead Securitization, the Non-Lead Securitization Note Holder agrees to
provide for inclusion in any disclosure document relating to the Lead Securitization such information concerning the Non-Lead Securitization
Note Holder and the Non-Lead Securitization Note as the Lead Securitization Note Holder reasonably determines to be necessary or
appropriate, and the Non-Lead Securitization Note Holder covenants and agrees that it shall, at the Lead Securitization Note Holder’s
expense, cooperate with the reasonable

 

    44

     

    

 

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 the Non-Lead Securitization Note
Holder and the Non-Lead Securitization Note in any Securitization document. The Non-Lead Securitization 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, the Non-Lead Securitization Note Holder. The Lead Securitization Note Holder will reasonably cooperate
with the Non-Lead Securitization Note Holder by providing all information reasonably requested that is in the Lead Securitization
Note Holder’s possession in connection with the Non-Lead Securitization Note Holder’s preparation of disclosure materials
in connection with a Securitization.

 

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

 

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

 

Prior to Securitization
of the Non-Lead Securitization Note (including any New Notes), all notices, reports, information or other deliverables required
to be delivered to the Non-Lead Securitization Note Holder or the Non-Controlling 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 Non-Controlling Note Holder Representative and, when so delivered to the
Non-Controlling Note Holder Representative, 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 Securitization of the Non-Lead Securitization Note, all notices, reports,
information or other deliverables required to be delivered to the Non-Lead Securitization Note Holder or the Non-Controlling 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 Non-Lead Master Servicer and the Non-

 

    45

     

    

 

Lead
Special Servicer (who then may forward such items to the party entitled to receive such items as and to the extent provided in
the Non-Lead Securitization Servicing Agreement) and, when so delivered to the Non-Lead Master Servicer and the Non-Lead 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.

 

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

 

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 15 and Section 16;

 

(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 16;

 

(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 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. The Initial Agent may transfer its rights and obligations to a

 

    46

     

    

 

 

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 the Initial Agent or any successor thereto prior to such Securitization
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.

 

Section
33.          Resizing. Notwithstanding any other provision of this
Agreement, for so long as CREFI or an affiliate thereof (a “CREFI Entity”) is the owner of the Non-Lead Securitization
Note (the “Owned Note”), such CREFI Entity shall have the right, subject to the terms of the Mortgage Loan
Documents, to cause the Mortgage Loan Borrower to execute amended and restated notes or additional notes (in either case, “New
Notes”) reallocating the principal of the Owned Note to such New Notes or severing the Owned Note into one or more further
“component” notes in the aggregate principal amount equal to the then outstanding principal balance of the Owned Note
provided that (i) the aggregate principal balance of all outstanding New Notes following such amendments is no greater than the
aggregate principal of the Owned Note prior to such amendments, (ii) all Notes continue to have the same weighted average interest
rate as the Notes prior to such amendments, (iii) all Notes pay pro rata and on a pari passu basis (including after
a default and in connection with a condemnation or prepayment) and such reallocated or component notes shall be automatically
subject to the terms of this Agreement, and (iv) the CREFI 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. Except for the foregoing reallocation or severance and for modifications pursuant to the Lead Securitization
Servicing Agreement (as discussed in Section 5), no Note may be modified or amended without the consent of its holder and the
consent of the holder of the other Note. In connection with the foregoing (provided the conditions set forth in (i) through (iv)
above are satisfied, as certified by the CREFI 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 (which may include
the amendment or addition of applicable defined terms to reflect the New Notes) or such severing of the Owned Note. If an Owned
Note is severed into “component” notes, such component notes shall each have the same rights as the related Owned
Note. For the avoidance of doubt, Rating Agency Confirmation shall not be required for any amendments to this Agreement required
to facilitate the terms of this Section 33.

 

[SIGNATURE PAGE FOLLOWS] 

 

    47

     

    

 

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

  

 

	 	CITI REAL ESTATE FUNDING INC., as Initial Note A-1 Holder
	 	 	 
	 	By:	/s/ Richard W. Simpson 
	 		Name: Richard W. Simpson
	 	 	Title: Authorized Signatory
	 	 	 
	 	CITI REAL ESTATE FUNDING INC., as Initial Note A-2 Holder
	 	 	 
	 	By:	/s/ Richard W. Simpson
	 	 	 Name: Richard W. Simpson
	 	 	Title: Authorized Signatory

 

(Co-Lender Agreement – Brookwood
Self Storage LA-MS Loan)

 

    

     

    

 

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

Description of Mortgage Loan

 

	Mortgage Loan Borrower:	Brookwood Holdings LA, L.L.C and Brookwood Holding MS, L.L.C.
	Date of Mortgage Loan:	June 29, 2017
	Date of Original Note:	June 29, 2017
	Original Principal Amount of Mortgage Loan:	$80,000,000
	Principal Amount of Mortgage Loan as of the date hereof:	$80,000,000
	Date of Note A-1 and Note A-2	July 13, 2017
	Initial Note A-1 Principal Balance:	$40,000,000
	Initial Note A-2 Principal Balance:	$40,000,000
	Location of Mortgaged Property:	Louisiana and Mississippi
	Initial Maturity Date:	July 6, 2027

 

 

     A-1

     

    

 

EXHIBIT B

 

1.     Initial
Note A-1 Holder:

 

(Prior to Securitization of Note A-1):

 

Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile number: (212) 723-8599

 

with copies to:

Citi Real Estate Funding Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile number: (646) 328-2943

with an electronic copy emailed to: richard.simpson@citi.com

 

 

and

 

Citi Real Estate Funding Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Facsimile number: (646) 862-8988

 

with an electronic copy emailed to: ryan.m.oconnor@citi.com

 

(Following Securitization of Note A-1):

 

(i)     Depositor:

Citigroup Commercial Mortgage Securities Inc. 

390 Greenwich Street, 5th Floor 

New York, New York 10013 

Attention: Paul Vanderslice 

Facsimile number: (212) 723-8599

 

with copies to:

 

Citigroup Commercial Mortgage Securities Inc. 

390 Greenwich Street, 7th Floor 
  

    B-1

     

    

 

New York, New York 10013 

Attention: Richard Simpson 

Facsimile number: (646) 328-2943

 

with an electronic copy emailed to: richard.simpson@citi.com

 

and

 

Citigroup Commercial Mortgage Securities Inc. 

388 Greenwich Street, 17th Floor

 

New York, New York 10013 

Attention: Ryan M. O’Connor 

Facsimile number: (646) 862-8988

 

with an electronic copy emailed to: ryan.m.oconnor@citi.com

 

(ii)    Master
Servicer

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo, MAC D1050-084

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: CD 2017-CD5 Asset Manager

fax number: (704) 715-0036

Email: Commercial.servicing@wellsfargo.com

 

with a copy to

 

Wells Fargo Bank, National Association

Legal Department

301 South College Street

TW-30, D1053-300

Charlotte, North Carolina 28202-6000

Attention: Commercial Mortgage Servicing Legal Support

fax number: (704) 383-3663

 

with a copy to

 

K&L Gates LLP

Hearst Tower

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

fax number: (704) 353-3190

 

    B-2

     

    

 

(iii)   Special
Servicer:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com

 

with copies to

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Jeff Krasnoff, Niral Shah and Adam Singer

Facsimile number: (305) 229-6425

E-mail: niral.shah@rialtocapital.com, adam.singer@rialtocapital.com and jeff.krasnoff@rialtocapital.com

 

(iv)  Certificate
Administrator:

 

Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention: Citibank Agency & Trust - CD 2017-CD5

fax number: (212) 816-5527

 

(v)   Trustee

 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – CD 2017-CD5

fax number (302) 636-4140

Email: cmbstrustee@wilmingtontrust.com

 

    B-3

     

    

 

(vi)  Asset
Representations Reviewer and Operating Advisor:

 

Park
Bridge Lender Services LLC 

600
Third Avenue, 40th Floor 

New
York, New York 10016 

Attention:
CD 2017-CD5 -- Surveillance Manager

  

with
copies sent contemporaneously via email to:

  

cmbs.notices@parkbridgefinancial.com

 

2.     Initial
Note A-2 Holder:

 

Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice 

Facsimile number: (212) 723-8599

 

with copies to:

  

Citi Real Estate Funding Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson 

Facsimile number: (646) 328-2943

 

with an electronic copy emailed to: richard.simpson@citi.com

 

and

 

Citi Real Estate Funding Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor 

Facsimile number: (646) 862-8988

 

with an electronic copy emailed to: ryan.m.oconnor@citi.com

 

    B-4

     

    

 

 

EXHIBIT C

 

PERMITTED FUND MANAGERS

 

	 	1.	Westbrook Partners
	 	2.	DLJ Real Estate Capital Partners
	 	3.	iStar Financial Inc.
	 	4.	Capital Trust, Inc.
	 	5.	Lend-Lease Real Estate Investments
	 	6.	Archon Capital, L.P.
	 	7.	Whitehall Street Real Estate Fund, L.P.
	 	8.	The Blackstone Group International Ltd.
	 	9.	Apollo Real Estate Advisors
	 	10.	Colony Capital, Inc.
	 	11.	Praedium Group
	 	12.	J.E. Robert Companies
	 	13.	Fortress Investment Group LLC
	 	14.	Lonestar Opportunity Fund
	 	15.	Clarion Partners
	 	16.	Walton Street Capital, LLC
	 	17.	Starwood Financial Trust
	 	18.	BlackRock, Inc.
	 	19.	Rialto Capital Management, LLC
	 	20.	Rialto Capital Advisors, LLC
	 	21.	 Raith Capital Partners,
LLC
	 	22.	Eightfold Real Estate Capital, L.P.
	 	23.	Perella Weinberg Partners
	 	24.	Square Mile Capital Management LLC

 

    C-1Exhibit 4.10 

 

EXECUTION VERSION

 

 

 

INTERCREDITOR AGREEMENT

 

Dated as of August
29, 2017

 

by and between

 

MORGAN
STANLEY bank, N.A.

(Note A Holder)

 

and

 

MORGAN
STANLEY bank, N.A. 

(Note B Holder)

 

 

 

TKG 4 Retail
Portfolio

 

     

     

    

 

This
INTERCREDITOR AGREEMENT (this “Agreement”), dated as of August 29, 2017, by and between MORGAN STANLEY BANK,
N.A. (“Morgan Stanley Bank”), as holder of Note A (in such capacity, together with its successors and assigns,
the “Note A Holder”), and Morgan Stanley Bank, as holder of Note B (in such capacity, together with its successors
and assigns, the “Note B Holder”).

 

W I T N E S S E T
H:

 

WHEREAS,
on October 25, 2016, Morgan Stanley Bank made a certain mortgage loan in the aggregate original principal amount of $27,262,500
(the “Mortgage Loan”) to TKG Beavercreek Plaza, LLC, 425 N. Maple, L.L.C. and TKG Lincoln Crossing, L.L.C.,
each a Delaware limited liability company, each having an address at c/o The Kroenke Group, 211 North Stadium Blvd., Suite 201,
Columbia, Missouri 65203 (each, together with its respective successors and assigns, a “Mortgage Loan Borrower”)
pursuant to a Loan Agreement dated as of October 25, 2016 (as amended, supplemented or modified from time to time, the “Loan
Agreement”);

 

WHEREAS,
the Mortgage Loan is secured by a first mortgage lien (the “Mortgage”), as more particularly described in the
Mortgage Loan Schedule attached as Exhibit A hereto, on multiple parcels of real property at the locations set forth in the Mortgage
Loan Schedule (each, a “Mortgaged Property”);

 

WHEREAS,
the Mortgage Loan was originally evidenced by one promissory note in the original principal amount of $27,262,500 (the “Original
Note”), dated October 25, 2016 and made by the Mortgage Loan Borrowers in favor of Morgan Stanley Bank, as lender;

 

WHEREAS,
as of August 1, 2017, the Original Note was amended, restated and severed pursuant to that certain Note Splitter and Loan Modification
Agreement, and replacement promissory notes were issued as follows: (i) Promissory Note A, in the original principal amount of
$24,536,250 (as amended, supplemented or modified, “Note A”), and (ii) Promissory Note B, in the original principal
amount of $2,726,250 (as amended, supplemented or modified, “Note B”);

 

WHEREAS,
Morgan Stanley Bank expects to transfer all or a controlling portion of Note A to a securitization depositor for inclusion in
a securitization trust that may also include one or more other mortgage loans (such securitization, the “Note A Securitization”
and the closing date of such securitization, the “Note A Securitization Date”);

 

WHEREAS,
the Mortgage Loan is currently being serviced under a certain servicing agreement, dated as of May 11, 2016 (as amended, supplemented
or modified, the “Interim Servicing Agreement”), between Morgan Stanley Mortgage Capital Holdings LLC and Wells
Fargo Bank, National Association (the “Interim Servicer”);

 

WHEREAS,
from and after the Note A Securitization Date, the Mortgage Loan will be serviced pursuant to the pooling and servicing agreement
or trust and servicing agreement

 

     

     

    

 

entered into in connection with the related securitization of Note A (or portion thereof) (the
“Note A PSA”); and

 

WHEREAS,
the Holders desire to enter into this Agreement to memorialize the terms under which they, and their respective successors and
assigns, shall hold the Notes;

 

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

 

1.          Definitions;
Conflicts. References to a “Section” or the “recitals” are, unless otherwise specified, to a Section
or the recitals of this Agreement. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in
the Servicing Agreement. To the extent of any inconsistency between terms defined in this Agreement and the Servicing Agreement,
this Agreement shall control. Whenever used in this Agreement, the following terms shall have the respective meanings set forth
below unless the context clearly requires otherwise. In addition, for so long as the Note A Securitization Date has not occurred,
any capitalized terms defined herein by reference to the Note A PSA or provisions referring to the operation of the Note A PSA
shall be disregarded have no effect, and this Agreement shall be interpreted without regard to such provisions.

 

“Additional
Servicing Compensation” shall mean any servicing compensation that a Servicer is entitled to retain under the Servicing
Agreement, other than Servicing Fees, Special Servicing Fees, Workout Fees and Liquidation Fees.

 

“Advance”
shall mean any advance of a Scheduled Payment by the Master Servicer or Trustee or any property advance or other similar servicing
advance by any Servicer or Trustee under the Note A PSA with respect to Note A, the Mortgage Loan or a Mortgaged Property.

 

“Advance
Rate” shall (a) prior to the Note A Securitization Date, and following the Note A Securitization Date, if Note A is
no longer included in such Securitization, mean the “Prime Rate” as published in the “Money Rates” section
of the New York City edition of The Wall Street Journal (or, if such section or publication is no longer available, such
other comparable publication as determined by the Servicer in its reasonable discretion) as may be in effect from time to time,
or, if the “Prime Rate” no longer exists, such other comparable rate (as determined by the Servicer in its reasonable
discretion) as may be in effect from time to time, and (b) on and after the Note A Securitization Date, and while Note A is included
in such Securitization, have the meaning assigned to such term in the Note A PSA.

 

“Affiliate”
shall mean with respect to any specified Person, (a) any other Person controlling or controlled by or under common control with
such specified Person (each a “Common Control Party”), (b) any other Person owning, directly or indirectly,
twenty-five percent (25%) or more of the beneficial interests in such Person or (c) any other Person in which such Person or a
Common Control Party owns, directly or indirectly, twenty-five percent (25%) or more of the beneficial interests. For the purposes
of this definition, “control” when used with respect to any specified Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract,

 

    	-2- 

     

    

 

relation
to individuals or otherwise, and the terms “controlling” and “controlled” have meanings correlative to
the foregoing.

 

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

 

“Appraisal”
shall mean the most recent appraisal of a Mortgaged Property or REO Property, or update thereof, prepared by an Independent Appraiser,
in accordance with 12 C.F.R 225.64 and conducted in accordance with the standards of the Appraisal Institute.

 

“Appraisal
Reduction” shall: (x) prior to the Note A Securitization Date, and following the Note A Securitization Date, if Note
A is no longer included in such Securitization, mean, subject to the delivery of Threshold Event Collateral, as of any date of
determination, an amount equal to the excess, if any, of (A) the sum of (i) the Mortgage Loan Principal Balance on such date,
(ii) to the extent not previously advanced by a Servicer, all accrued and unpaid interest (exclusive of any default rate interest)
on the Mortgage Loan, (iii) without duplication with respect to the items set forth in clauses (i) and (ii) above, all unreimbursed
Advances (and unpaid interest thereon at the Advance Rate) in respect of the Mortgage Loan and (iv) all currently due and unpaid
real estate taxes and assessments, ground rents and insurance premiums (net of escrow payments or other reserve funds or letters
of credit held by a Servicer in respect of such amounts), over (B) (i) the Appraised Value of the Mortgaged Property plus (ii)
the amount of any escrows or reserves held by a Servicer (other than reserves for real estate taxes, ground rents, assessments
and insurance premiums (x) then due and payable, or (y) due and payable in the next three (3) months), letters of credit and other
cash equivalents which may, pursuant to the Mortgage Loan Documents, be used to pay down the principal balance of the Mortgage
Loan, and minus (iii) the amount of any monetary liens (other than liens for items described in clause (A)(iv) above) on the Mortgaged
Property that are prior (and not subordinate) to the lien of the related Mortgage and are not (1) insured over or bonded in accordance
with the Mortgage Loan Documents or (2) assumed in determining the Appraised Value of such Mortgaged Property, and (y) on and
after the Note A Securitization Date, and while Note A is included in such Securitization, have the meaning assigned to such term
in the Note A PSA.

 

“Appraised
Value” means, as of any date of determination, the appraised value of a Mortgaged Property based upon the most recent
Appraisal prepared by an Independent Appraiser that is contained in the related servicing file under the Servicing Agreement.

 

“Asset
Representations Reviewer” means the asset representations reviewer appointed as provided in the Note A PSA and any successor
appointed as provided thereunder.

 

“Borrower
Party” (i) prior to the Note A Securitization Date, shall mean the Mortgage Loan Borrower, any property manager or any
Affiliate of the foregoing, and (ii) on and after the Note A Securitization Date, shall have the meaning assigned to the term
“Borrower Party” or other analogous term in the Note A PSA; provided that in all cases, each Mortgage Loan
Borrower shall be a “Borrower Party”.

 

“Business
Day” shall have the meaning assigned to such term (or other analogous term) in the Servicing Agreement or, if not defined
therein, shall mean any day other than a

 

    	-3- 

     

    

 

Saturday, Sunday or any other day on which national banks in New York, New York are not
open for business.

 

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

 

“Certificate
Administrator” shall mean the certificate administrator under the Note A PSA and any successor appointed as provided
thereunder.

 

“Closing
Date” shall mean the date of this Agreement.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended, by applicable temporary or final regulations of the U.S. Department
of Treasury issued thereunder.

 

“Collection
Account” shall mean, the “collection account” or similar account established under the Servicing Agreement
for the purpose of servicing the Mortgage Loan, including, with respect to amounts payable to the Note B Holder, the “whole
loan custodial account” or similar account (which may be a sub-account of the “collection account”).

 

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

 

A
“Control Appraisal Event” shall exist with respect to Note B, if and for so long as:

 

(a)
(1) the Note B Principal Balance as of the Closing Date, together with any Threshold Event Collateral, minus (2) the sum
of (i) any payments of principal (whether as scheduled amortization, Prepayments or otherwise) allocated to, and received on Note
B, (ii) any Appraisal Reductions allocated to Note B and (iii) any Realized Principal Losses (without duplication of any Appraisal
Reductions),

 

is
less than

 

(b)
25% of (i) the Note B Principal Balance as of the Closing Date, minus (ii) any payments of principal (whether as scheduled
amortization, Prepayments or otherwise) allocated to and received on Note B.

 

“Control
Note” shall have the meaning assigned to such term in Section 20(d) of this Agreement.

 

    	-4- 

     

    

 

“Controlling
Class” shall have the meaning assigned to such term or other analogous term in the Note A PSA.

 

“Controlling
Holder” shall have the meaning assigned to such term in Section 20(d) of this Agreement.

 

“Costs”
shall mean all out-of-pocket costs, fees, expenses, Advances, interest, payments, losses, liabilities, judgments and/or causes
of action reasonably suffered or incurred or reasonably paid by a Holder (or any Servicer, the Operating Advisor, the Trustee,
the Certificate Administrator, the Asset Representations Reviewer or the Trust) pursuant to or in connection with the enforcement
and administration of the Mortgage Loan, the Mortgage Loan Documents, the Mortgaged Properties, this Agreement or otherwise in
connection with the enforcement and administration of the Mortgage Loan, including, without limitation, reasonable attorneys’
fees and disbursements, taxes, assessments, insurance premiums and other protective advances as more particularly provided in
the Mortgage Loan Documents, except for those resulting from the negligence or willful misconduct of such Holder (or such Servicer,
Operating Advisor, Trustee, Certificate Administrator or the Asset Representations Reviewer); provided, that “Costs”
shall exclude (i) the costs and expenses relating to the origination of the Mortgage Loan or the closing of the Securitization
of Note A, (ii) the Servicing Fee, the Special Servicing Fee and any fees of the Operating Advisor, Trustee, Certificate Administrator
or Asset Representations Reviewer and (iii) the day-to-day customary and usual, ordinary costs of servicing and administration
of the Mortgage Loan.

 

“Cure
Event” shall have the meaning assigned to such term in Section 9(b) hereof.

 

“Cure
Right” shall have the meaning assigned to such term in Section 9(b) hereof.

 

“Custodial
Agreement” shall mean that certain custodial agreement, dated July 21, 2010, between Morgan Stanley Bank, as lender
and Wells Fargo Bank, N.A., as custodian.

 

“Custodian”
shall mean Wells Fargo Bank, N.A. and its successors in interest.

 

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

 

“Defaulted
Mortgage Loan” shall have the meaning given to the term “Defaulted Loan” (or other analogous term) in the
Servicing Agreement.

 

“Depositor”
shall mean the depositor under the Note A PSA.

 

“Directing
Certificateholder” shall have the meaning assigned to such term or other analogous term in the Note A PSA.

 

“Eligibility
Requirements” means, with respect to any Person, that such Person (i) has total assets (in name or under management)
in excess of $600,000,000 and (except with respect to a pension advisory firm or similar fiduciary) capital/statutory surplus
or shareholder’s equity of at least $200,000,000 and (ii) is regularly engaged in the business of making or owning commercial
real estate loans (or interests therein, including mezzanine loans with respect to

 

    	-5- 

     

    

 

commercial real estate) or owning or operating
commercial real estate properties (or interests therein).

 

“Event
of Default” shall have the meaning given to the term “Event of Default” (or other analogous term) as defined
in the Loan Agreement.

 

“Final
Recovery Determination” shall mean a determination with respect to the Mortgage Loan by the Servicer, in its good faith
discretion, consistent with the Servicing Standard, that all insurance proceeds, condemnation proceeds, Liquidation Proceeds and
other payments or recoveries that the Servicer expects to be finally recoverable on the Mortgage Loan, without regard to any obligation
of any Holder, Servicer or Trustee, as the case may be, to make payments from its own funds, have been recovered.

 

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

 

“Holder”
shall mean the respective holder of a Note under this Agreement.

 

“Independent”
means a person who (i) does not have any direct financial interest or any material indirect financial interest, in any of the
Holders, the Servicer, Mortgage Loan Borrower, any party to the Note A PSA, while Note A is included in such Securitization, or
any Affiliate thereof, (ii) is not connected with any of the foregoing as an officer, employee, trustee, partner, member, director
or person performing similar functions.

 

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

 

“Initial
Note A Holder” shall mean Morgan Stanley Bank.

 

“Initial
Note B Holder” shall mean Morgan Stanley Bank.

 

“Interest
Rate” shall mean, with respect to Note A and Note B, the Note A Interest Rate and the Note B Interest Rate, respectively.

 

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

 

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

 

“Intervening
Trust Vehicle” with respect to any Securitization Vehicle that is a CDO, shall mean a trust vehicle or entity which
holds a 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.

 

    	-6- 

     

    

 

“Liquidation
Fee” shall have the meaning assigned to such term or other analogous term in the Note A PSA.

 

“Liquidation
Proceeds” shall have the meaning assigned to such term or other analogous term in the Note A PSA.

 

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

 

“Major
Decision” shall have the meaning given to such term (or other analogous term) in the Servicing Agreement or, if not
defined therein, shall mean any of the following actions:

 

(i)           any
proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of an REO Property by deed in lieu
of foreclosure) of the ownership of any Mortgaged Property if the Mortgage Loan comes into and continues in default;

 

(ii)          any
amendment or modification, consent to a modification or waiver of a monetary term of the Mortgage Loan (other than Penalty Charges,
but including the timing of payments and acceptance of discounted payoffs) or material non-monetary term of the Mortgage Loan
or any extension of the Maturity Date thereof;

 

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

 

(iv)        any
sale of the Mortgage Loan if it is a Defaulted Loan or REO Property for less than the sum of (A) the outstanding principal balance
of the Mortgage Loan, (B) accrued and unpaid interest (exclusive of default interest), (C) outstanding servicing advances plus
interest thereon at the Advance Rate, (D) unreimbursed Costs, (E) special servicing fees, and (F) liquidation fees;

 

(v)          any
determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address hazardous materials
located at a Mortgaged Property or at an REO Property;

 

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

 

(vii)        any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the Mortgage Loan or, if lender
consent is required, any consent to such waiver or consent to a transfer of any Mortgaged Property or interests (direct or indirect)
in any Mortgage Loan Borrower, other than any such transfer or incurrence of debt as may be effected without the consent of the
lender under the related Mortgage Loan Documents;

 

    	-7- 

     

    

 

(viii)      any
incurrence of additional debt by any Mortgage Loan Borrower or of any mezzanine financing by any beneficial owner of a Mortgage
Loan Borrower (to the extent that the lender has consent rights pursuant to the related Mortgage Loan Documents (for purposes
of the determination whether a lender has such consent rights pursuant to the related Mortgage Loan Documents, any Mortgage Loan
Document provision that requires that an intercreditor agreement be reasonably or otherwise acceptable to the lender will constitute
such consent rights));

 

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

 

(x)          any
franchise changes or brand management changes (in either case with respect to the Mortgage Loan if the lender is required to consent
or approve under the related Mortgage Loan Documents) or any material property management company changes, including approval
of the termination of a manager and appointment of a new property manager;

 

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

 

(xii)        any
requests for the funding or disbursement of “performance,” “earn-out,” holdback or similar escrows and
reserves (including those evidenced by letters of credit) regardless of whether (or not) such funding or disbursement may be characterized
as routine and/or customary and regardless of whether the Mortgage Loan has a primary servicer other than the Master Servicer;

 

(xiii)       any
acceptance of an assumption agreement or any other agreement permitting a transfer of direct or indirect interests in any Mortgage
Loan Borrower, guarantor or other obligor, or releasing any Mortgage Loan Borrower, guarantor or other obligor from liability
under the Mortgage Loan, or modifying any of the Mortgage Loan Borrowers, guarantor or other obligor’s monetary liability
under the Mortgage Loan, other than pursuant to the specific terms thereof and for which there is no lender discretion;

 

(xiv)       any
forbearance by the Servicer from taking any enforcement action with respect to (A) any failure by the Mortgage Loan Borrower to
maintain with respect to the Mortgaged Property specific insurance coverage with respect to, or an all-risk casualty insurance
policy that does not specifically exclude, terrorist or similar acts, and/or (B) any failure on the part of the Mortgage Loan
Borrower to maintain with respect to the Mortgaged Property insurance coverage with respect to damages or casualties caused by
terrorist or similar acts upon terms not materially less favorable than those in place as of the origination date;

 

    	-8- 

     

    

 

(xv)        the
determination of any use of proceeds of a hazard insurance claim to restore any Mortgaged Property if the amount of such proceeds
exceeds the Restoration Threshold (as defined in the Loan Agreement);

 

(xvi)       the
modification, waiver, amendment, execution, termination or renewal of any lease, to the extent lender approval is required under
the related Mortgage Loan Documents and if such lease (a) involves a ground lease, (b) is for over 50,000 square feet, or (c)
otherwise constitutes a “major lease” or “material lease,” if applicable, under the related Mortgage Loan
Documents, including entering into any related subordination, non-disturbance and attornment agreement, subject to any deemed
approval expressly set forth in the related lease;

 

(xvii)      any
adoption or implementation of a budget submitted by any Mortgage Loan Borrower with respect to the Mortgage Loan (to the extent
lender approval is required under the related Mortgage Loan Documents);

 

(xviii)     the
filing of any bankruptcy petition against Mortgage Loan Borrower, any operating lessee, or any guarantor of the Mortgage Loan
or seeking the appointment of a receiver, conservator or trustee for any Mortgage Loan Borrower, any operating lessee, guarantor
or the Mortgaged Property, voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of any Mortgage
Loan Borrower, operating lessee or guarantor, or any adoption or approval of a plan in bankruptcy, reorganization, restructuring
or similar event in any bankruptcy or insolvency proceeding with respect to any Mortgage Loan Borrower, operating lessee, or guarantor
or any other party required to be an special purpose entity under the Mortgage Loan Documents;

 

(xix)        the
exercise of the rights and powers granted under this Agreement or any related mezzanine loan intercreditor agreement to the Note
A Holder, the “Senior Lender” or such other similar term as may be set forth in any such agreement, as applicable,
and/or the “Servicer” referred to therein, if and to the extent such rights or powers affect the priority, payments,
consent rights, or security interest with respect to the Note A Holder, the “Senior Lender” or such other similar
term;

 

(xx)         consent
or approval of (or denial of consent or approval of), to the extent lender approval or consent is required or requested under
any such lease, the Mortgage Loan Documents or otherwise) to any sale or encumbrance of any fee interest (whether or not owned
by Mortgage Loan Borrower) encumbered by a ground lease or other lease to Mortgage Loan Borrower;

 

(xxi)        any
determination to exercise (or not exercise) any renewal option under any lease in circumstances in which lender has been granted
a right to exercise such renewal option;

 

(xxii)       any
determination to exercise (or not exercise) any rights of lender pursuant to any ‘comfort letter’ provided by a franchisor
in connection with the Mortgaged Property (including, without limitation, whether or not to assume or otherwise enter into a franchise
agreement with such franchisor pursuant to such comfort letter);

 

    	-9- 

     

    

 

(xxiii)      any
proposed modification, amendment or waiver of any terms of any guarantees, letters of credit or rate cap or swap agreements;

 

(xxiv)      any
extension or shortening of the Maturity Date of the Mortgage Loan or any Note, other than in accordance with the express provisions
of the Loan Agreement or the Note;

 

(xxv)       any
renewal or replacement of the then existing insurance policies (to the extent that such renewal or replacement policy does not
comply with the terms of the Mortgage Loan);

 

(xxvi)      approval
of material alterations or capital expenditures unless required or permitted pursuant to the specific terms of the related Mortgage
Loan Documents and for which there is no material lender discretion; and

 

(xxvii)     following
a foreclosure of the Mortgage or acceptance of a deed in lieu of foreclosure, any approval of a recommended course of action for
the Mortgaged Property, any approval of a selling agent, and any approval of the sale price of the Mortgaged Property.

 

As
used above, the terms “material lender discretion” and “lender discretion” require mortgagee discretion
in making the relevant decision regarding the release of collateral or the acceptance of substitute or additional collateral,
as applicable, and such decision need not be based upon the satisfaction of specified objective conditions, the satisfactory delivery
of certain factual evidence or opinions or the satisfaction of any other specified objective criteria that is set forth in the
related Mortgage Loan Documents.

 

“Majority
Note Holder” shall have the meaning to such term in Section 20(d) hereof.

 

“Master
Servicer” shall mean the master servicer under the Note A PSA and any successor appointed as provided thereunder.

 

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

 

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

 

“Morgan
Stanley Bank” shall have the meaning assigned to such term in the preamble.

 

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

 

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

 

    	-10- 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Mortgage
Loan Schedule” shall mean the Mortgage Loan Schedule attached as Exhibit A hereto.

 

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

 

“Net
Interest Rate” shall mean, with respect to Note A and Note B, the Note A Interest Rate and the Note B Interest Rate,
respectively, minus the Servicing Fee Rate.

 

“Non-Control
Note” shall have the meaning assigned to such term in Section 20(d) of this Agreement.

 

“Non-Controlling
Holder” shall have the meaning assigned to such term in Section 20(d) hereof.

 

“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 Servicer
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 to make such payments free of any obligation to withhold taxes; provided, that duly executed form(s) provided to
the Servicer pursuant to Section 33(c) hereof shall be sufficient to evidence that such providing Holder is not a Non-Exempt
Person or liability for withholding.

 

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

 

“Note
A Default Interest Rate” shall have the meaning assigned to such term in the Mortgage Loan Schedule.

 

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

 

    	-11- 

     

    

 

“Note
A Holder Advance” shall mean any monthly debt service payment advance or any property advance or other servicing advance
by the Note A Holder (or the Master Servicer or Trustee on its behalf) with respect to Note A, the Mortgage Loan or a Mortgaged
Property.

 

“Note
A Interest Rate” shall have the meaning assigned to such term in the Mortgage Loan Schedule.

 

“Note
A Percentage Interest” shall mean, as of any date, the ratio of the Note A Principal Balance to the Mortgage Loan Principal
Balance.

 

“Note
A Principal Balance” shall mean, at any time of determination, the Closing Date Note A Principal Balance as set forth
in the Mortgage Loan Schedule, less (i) any payments of principal (including the principal portion of any cure payment made by
the Note B Holder pursuant to Section 9(b) hereof) thereon received by the Note A Holder and (ii) any reductions in such
amount pursuant to Section 5.

 

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

 

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

 

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

 

“Note
B Default Interest Rate” shall have the meaning assigned to such term in the Mortgage Loan Schedule.

 

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

 

“Note
B Holder Advance” shall mean any monthly debt service payment advance or any property advance or other servicing advance
by the Note B Holder with respect to Note B, the Mortgage Loan or a Mortgaged Property (including, without limitation, any cure
payment made by the Note B Holder pursuant to Section 9(b) hereof).

 

“Note
B Holder Purchase Notice” shall have the meaning assigned to such term in Section 9(a) hereof.

 

“Note
B Interest Rate” shall have the meaning assigned to such term in the Mortgage Loan Schedule.

 

“Note
B Percentage Interest” shall mean, as of any date, the ratio of the Note B Principal Balance to the Mortgage Loan Principal
Balance.

 

“Note
B Principal Balance” shall mean at any time of determination, the Closing Date Note B Principal Balance as set forth
in the Mortgage Loan Schedule, less (i) any payments of principal thereon received by the Note B Holder and (ii) any reductions
in such amount pursuant to Section 5 hereof.

 

“Notes”
shall mean, collectively, Note A and Note B.

 

    	-12- 

     

    

 

“Operating
Advisor” shall mean the operating advisor under the Note A PSA and any successor appointed as provided thereunder.

 

“Payment
Date” shall mean the “Monthly Payment Date” as such term is defined in the Loan Agreement.

 

“Penalty
Charges” shall mean any amounts actually collected on the Mortgage Loan from the Mortgage Loan Borrowers that represent
late payment charges, other than a Prepayment Premium or default interest.

 

“Percentage
Interest” shall mean, with respect to the Note A Holder and the Note B Holder, the Note A Percentage Interest and the
Note B Percentage Interest, respectively.

 

“Permitted
Fund Manager” shall mean any Person that on the date of determination is (i)(a) one of the entities listed on Exhibit
B, or the successor-in-interest thereto or a Person Controlling, Controlled by or under Common Control with, any such entity,
or any other nationally-recognized manager of investment funds investing in debt or equity interests relating to commercial real
estate or (b) an entity that is otherwise a Qualified Institutional Lender under clauses (a), (b), (c) or
(d) of the definition thereof, (ii) investing through a fund with committed capital of at least $250,000,000 and (iii)
not subject to a proceeding or other action, whether voluntary or involuntary, of any case arising under any existing or future
law of any jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors.

 

“Person”
shall mean any individual, sole proprietorship, corporation, general partnership, limited partnership, limited liability company
or partnership, joint venture, association, joint stock company, bank, trust, estate unincorporated organization, any federal,
state, county or municipal government (or any agency or political subdivision thereof) endowment fund or any other form of entity.

 

“Pledge”
shall have the meaning assigned to such term in Section 17 hereof.

 

“Pledgee”
shall have the meaning assigned to such term in Section 17 hereof.

 

“Prepayment”
shall mean any payment of principal made by the Mortgage Loan Borrowers with respect to the Mortgage Loan which is received in
advance of its scheduled Maturity Date, whether made by reason of a casualty or condemnation, due to the acceleration of the maturity
of such Mortgage Loan or otherwise.

 

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

 

“Principal
Balance” shall mean, with respect to Note A and Note B, the Note A Principal Balance and the Note B Principal Balance,
respectively.

 

“Purchase
Option Notice” shall have the meaning assigned to such term in Section 9(a) hereof.

 

    	-13- 

     

    

 

“Purchase
Option Cut-Off Date” shall mean the earliest date to occur of (1) thirty (30) days after delivery to the Note B Holder
of the Purchase Option Notice, (2) the cure of the event or circumstance resulting in the Mortgage Loan being a Defaulted Mortgage
Loan, (3) the consummation of a foreclosure sale, sale by power of sale or delivery of a deed in lieu of foreclosure with respect
to any Mortgaged Property, except that if the Servicer intends to accept a deed in lieu of foreclosure, it shall notify the Note
B Holder, and such Holder shall have the option, within ten (10) Business Days from the date of receipt of notice to such effect,
to deliver a Note B Holder Purchase Notice to the Note A Holder and, provided that such notice has been delivered within such
time period, to consummate the purchase within ten (10) Business Days after such purchase notice is so delivered, and (4) the
modification of the Mortgage Loan Documents effected in accordance herewith and with the terms of the Servicing Agreement (and
subject to the approval rights of the Controlling Holder set forth herein and therein).

 

“Purchase
Option Price” shall mean, with respect to Note A, the sum of the following, without duplication: (i) the Principal Balance
of such Note (as of the date of purchase), (ii) accrued and unpaid interest on the Principal Balance of such Note at the Interest
Rate applicable to such Note, up to (but excluding) the date of purchase (or, if such Note has been deposited into a Securitization,
if such date of purchase is not a Payment Date, up to (but excluding) the Payment Date next succeeding the date of purchase),
provided payment is made in good funds by 3:00 p.m. New York local time, (iii) any unreimbursed Note A Holder Advances made by
or on behalf of the Holder of such Note and interest thereon at the Advance Rate, (iv) any accrued and unpaid Servicing Fees,
(v) any Special Servicing Fees and Liquidation Fees (but excluding any such Liquidation Fees if such Note is purchased within
90 days of the purchasing Holder’s receipt of the applicable Purchase Option Notice) and (vi) any unreimbursed Costs incurred
by the Holder of such Note. In determining the Purchase Option Price, amounts payable by the Mortgage Loan Borrowers as a Prepayment
Premium, default interest, Penalty Charges and other similar fees and the value of such amounts shall not be included; provided,
that such amounts shall be included if the Person exercising the purchase option is a Borrower Party.

 

“Qualified
Conduit Lender” shall mean, with respect to a Pledge by a Holder of its Note, a commercial paper conduit program (a
“Conduit”) as to which the following conditions are satisfied:

 

(a)          the
terms of the loan (a “Conduit Inventory Loan”) made by the Conduit to such Holder require the Conduit to maintain
a third party (“Conduit Credit Enhancer”) to provide credit enhancement;

 

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

 

(c)          such
Holder pledges its interest in such Note to the Conduit as collateral for the Conduit Inventory Loan; and

 

(d)          the
Conduit Credit Enhancer and the Conduit agree that, if such 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 Holder, the Conduit Credit Enhancer
will purchase the Conduit Inventory Loan from the Conduit, and the

 

    	-14- 

     

    

 

Conduit will assign the pledge of such Holder’s interest
in such Note to the Conduit Credit Enhancer, and unless the Conduit is in fact then a Qualified Institutional Lender, the Conduit
will not, without obtaining the written consent of the other Holder, have any greater right to acquire the interests in such Note
pledged by such Holder, by foreclosure or otherwise, than would any other purchaser that is not a Qualified Institutional Lender
at a foreclosure sale conducted by a Pledgee.

 

“Qualified
Institutional Lender” means (i) the Initial Note A Holder, (ii) the Initial Note B Holder and (iii) any one or more
of the following (other than a Borrower Party):

 

(a)          a
real estate investment trust, bank, savings and loan association, investment bank, insurance company, trust company, commercial
credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, provided that
any such Person referred to in this clause (a) satisfies the Eligibility Requirements;

 

(b)          an
investment company, money management firm or “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of 1933, as amended, or an institutional “accredited investor” within the meaning of Regulation
D under the Securities Act of 1933, as amended, provided that any such Person referred to in this clause (b) satisfies
the Eligibility Requirements;

 

(c)          an
institution substantially similar to any of the foregoing entities described in clauses (a) or (b) of this definition
that satisfies the Eligibility Requirements;

 

(d)          any
entity Controlled by any of the entities described in clauses (a), (b) or (c) of this definition;

 

(e)          a
Qualified Trustee (or in the case of a CDO, a single purpose bankruptcy remote entity that contemporaneously pledges its interest
in a Note to a Qualified Trustee) in connection with (A) a securitization of, (B) the creation of mortgage pass-through certificates
backed by, or other securitization of, a Note (any such securitization, “CMBS”) or the creation of collateralized
debt obligations (“CDO”) secured by, or (C) a financing through an “owner trust” of a Note (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 also assigned a rating
to one or more classes of securities issued in connection with the Securitization of Note A (if applicable) ; (2) the special
servicer or manager of such Securitization Vehicle is a Qualified Servicer and such Qualified Servicer is required to service
and administer such Note 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 that is a Qualified Institutional Lender, are each a
Qualified Institutional Lender under clauses (a), (b), (c) or (d) of this definition;

 

    	-15- 

     

    

 

(f)          the
Trustee, in connection with the transactions contemplated by the Note A PSA; or

 

(g)          an
investment fund, limited liability company, limited partnership or general partnership where a Permitted Fund Manager acts as
the managing member, general partner or fund manager and at least 50% of the equity interests in such investment vehicle are owned,
directly or indirectly, by one or more entities that are otherwise Qualified Institutional Lenders under clauses (a), (b),
(c) or (d) of this definition.

 

“Qualified
Servicer” shall mean (i) any nationally recognized commercial mortgage loan servicer (A) that is rated at least “CMS3”
(in the case of a master servicer) or “CSS3” (in the case of a special servicer), by Fitch; (B) that appears on the
S&P Select Servicer List as a U.S. Commercial Mortgage Master Servicer, in the case of a master servicer, and the S&P
Select Servicer List as a U.S. Commercial Mortgage Special Servicer, in the case of a special servicer; (C) in the case of Moody’s,
(1) a servicer that confirms in writing that it was appointed to act as, and currently serves as, master servicer or special servicer,
as applicable, on a transaction-level basis on the closing date of a commercial mortgage loan securitization with respect to which
Moody’s rated one or more classes of certificates and one or more of such classes of certificates are still outstanding
and rated by Moody’s, and (2) Moody’s has not cited servicing concerns with respect to such servicer as the sole or
a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in
contemplation of a ratings downgrade or withdrawal) of securities rated by Moody’s in any other commercial mortgage-backed
securities transaction serviced by such servicer prior to the time of determination; (D) in the case of Morningstar, a servicer
that has a ranking by Morningstar equal to or higher than “MOR CS3” as a master servicer or special servicer, as applicable,
provided that if Morningstar has not issued a ranking with respect to such servicer, such servicer is acting as master servicer
or 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
servicer as master servicer or special servicer, as applicable, of such commercial mortgage securities; (E) in the case of KBRA,
(1) a servicer acting as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization that
was rated by KBRA within the twelve (12) month period prior to the date of determination that has not been downgraded or caused
the withdrawal of the then current rating on any class of commercial mortgage securities or placement of any class of commercial
mortgage securities on watch citing the continuation of such servicer, as master servicer or special servicer, as applicable,
of such commercial mortgage securities, as the sole or a material reason for such downgrade or withdrawal (or placement on watch)
or (2) a servicer that has not acted as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization
that was rated by KBRA in such twelve (12) month period but has received a Rating Agency Confirmation from KBRA; and (F) in the
case of DBRS, a servicer currently acting as master servicer or special servicer, as applicable, in a CMBS transaction rated by
DBRS (as to which CMBS transaction there are outstanding CMBS rated by DBRS) and that has not been cited by DBRS as having servicing
concerns that are the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on
“watch status” in contemplation of a

 

    	-16- 

     

    

 

ratings downgrade or withdrawal) of securities in a CMBS transaction serviced
by such servicer prior to the time of determination.

 

“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 $100,000,000 and subject to supervision or
examination by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an
institution whose long-term senior unsecured debt is rated either of the then in effect top two rating categories of each of the
Rating Agencies.

 

“Rating
Agencies” shall mean S&P, Moody’s, Fitch, KBRA, DBRS and Morningstar; provided, that at any time during
which Note A is an asset of a Securitization, “Rating Agencies” shall mean the rating agencies that from time to time
rate the securities issued in connection with such Securitization.

 

“Realized
Principal Loss” shall mean any reduction in the Mortgage Loan Principal Balance that does not result in an accompanying
payment of principal to any of the Holders, which may result from, but is not limited to, one of the following circumstances:
(i) the cancellation or forgiveness of any portion of the Mortgage Loan Principal Balance in connection with a bankruptcy or similar
proceeding or a modification or amendment of the Mortgage Loan granted by the Servicer pursuant to the terms of the Servicing
Agreement and this Agreement; or (ii) a reduction in the mortgage interest rate in connection with a bankruptcy or similar proceeding
involving the related Mortgage Loan Borrower or a modification or amendment of the Mortgage Loan agreed to by the Servicer in
accordance with the terms of the Servicing Agreement and this Agreement, that as a result of the application of Section 5,
results in the application of principal to pay interest to one or more Holders (each such Realized Principal Loss described in
this clause (ii) shall be deemed to have been incurred on the Payment Date for each affected Scheduled Payment).

 

“Redirection
Notice” shall have the meaning assigned to such term in Section 17 hereof.

 

“REMIC”
shall mean a “real estate mortgage investment conduit” as defined in section 860D of the Code.

 

“REO
Property” shall mean a Mortgaged Property (or an interest therein) acquired by the lender through foreclosure, deed-in-lieu
of foreclosure, abandonment or reclamation from bankruptcy in connection with a Defaulted Mortgage Loan or otherwise treated as
foreclosure property under the REMIC provisions of the Code.

 

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

 

“Scheduled
Payment” shall mean the monthly debt service payment of scheduled principal and/or interest (but excluding default interest)
due and payable in accordance with the terms of the Mortgage Loan Documents.

 

    	-17- 

     

    

 

“Securitization”
shall mean the sale by a Holder of all or a portion of its respective Note to the Depositor who will in turn include all or a
portion of such Note as part of a securitization of one or more mortgage loans, as the context requires.

 

“Servicer”
shall mean (i) prior to the Note A Securitization Date, the Interim Servicer, (ii) on and after the Note A Securitization Date,
(a) if the Mortgage Loan is a non-Specially Serviced Mortgage Loan, the Master Servicer, and (b) if the Mortgage Loan is a Specially
Serviced Mortgage Loan, the Special Servicer (provided, that if the Note A PSA allocates a specific function, right or obligation
with respect to the Mortgage Loan to the Master Servicer or Special Servicer, “Servicer” shall mean the party so designated)
and (iii) at any time the Mortgage Loan is not serviced pursuant to the Interim Servicing Agreement and Note A is not included
in a Securitization, the servicer approved pursuant to Section 2 hereof.

 

“Servicer
Remittance Date” (i) with respect to Note A, shall have the meaning assigned to the term “Master Servicer Remittance
Date” or other analogous term in the Servicing Agreement, and (ii) with respect to Note B, shall mean the third Business
Day after the applicable Payment Date; provided, that if any delinquent payments are received by the Servicer after the
related Payment Date, the Servicer Remittance Date with respect to Note B shall mean the third Business Day after the date of
receipt.

 

“Servicing
Agreement” shall mean (i) prior to the Note A Securitization Date, the Interim Servicing Agreement, and (ii) on and
after the Note A Securitization Date, the Note A PSA; provided, that after the Note A Securitization Date, if Note A is
no longer an asset of the Trust, or at any other time when the Mortgage Loan is not serviced pursuant to the Interim Servicing
Agreement and the Note A Securitization Date has not occurred, the term “Servicing Agreement” shall mean the subsequent
servicing agreement entered into pursuant to Section 2 of this Agreement.

 

“Servicing
Fee” (i) prior to the Note A Securitization Date, shall mean the “Servicing Fee” as defined in the Interim
Servicing Agreement and (ii) on and after the Note A Securitization Date, shall have the meaning assigned to the term “Servicing
Fee” or other analogous term in the Note A PSA.

 

“Servicing
Fee Rate” (i) prior to the Note A Securitization Date, shall mean the rate per annum at which the “Servicing
Fee” (as defined in the Interim Servicing Agreement) accrues and (ii) on and after the Note A Securitization Date, shall
have the meaning assigned to the term “Servicing Fee Rate” or other analogous term in the Note A PSA.

 

“Servicing
Standard” shall mean the standard of care that is to be applied by the Servicer in servicing and administering the Mortgage
Loan, the Mortgaged Properties and any REO Property, as set forth in the Servicing Agreement.

 

“Servicing
Transfer Event” means an event under the Note A PSA that results in servicing of the Mortgage Loan being transferred
from the Master Servicer to the Special Servicer.

 

“Special
Servicer” shall mean the special servicer under the Note A PSA and any successor appointed as provided thereunder.

 

    	-18- 

     

    

 

“Special
Servicing Fee” shall have the meaning assigned to such term or other analogous term in the Note A PSA.

 

“Specially
Serviced Mortgage Loan” shall mean a mortgage loan serviced by the Special Servicer following a Servicing Transfer Event.

 

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

 

“Threshold
Event Collateral” shall have the meaning assigned to such term in Section 20(c)
hereof.

 

“Threshold
Event Cure” shall have the meaning assigned to such term in Section 20(c) hereof.

 

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

 

“Triggering
Event of Default” shall mean (i) any Event of Default with respect to an obligation of a Mortgage Loan Borrower to pay
money due under the Mortgage Loan or (ii) so long as Note A is included in such Securitization (and only on and after the Note
A Securitization Date) any non-monetary Event of Default (other than any imminent Event of Default) resulting in the Mortgage
Loan becoming a Specially Serviced Mortgage Loan. A Triggering Event of Default shall not exist if the Note B Holder is exercising
its cure rights in accordance with Section 9 of this Agreement and the applicable cure period has not expired.

 

“Trust”
shall mean the trust established pursuant to the Note A PSA.

 

“Trustee”
shall mean the trustee under the Note A PSA and any successor appointed as provided thereunder.

 

“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 law 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. Person 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).

 

“Workout
Fee” shall have the meaning assigned to such term or other analogous term in the Note A PSA.

 

2.          Administration
of the Mortgage Loan Generally.

 

    	-19- 

     

    

 

(a)          From
and after the date hereof, administration of the Mortgage Loan shall be governed by this Agreement and the Servicing Agreement,
which Servicing Agreement shall not be amended or modified in any manner materially adverse to the Note B Holder or in any manner
that adversely affects such Holder’s rights under this Agreement or under the Mortgage Loan Documents without the prior
written consent of such Holder. The Note A Holder shall have the right to appoint any Master Servicer in accordance with the terms
of the Servicing Agreement. The Note B Holder shall have the right from and after the date of this Agreement to appoint the Special
Servicer with respect to the Mortgage Loan in accordance with the terms of this Agreement.

 

(b)          Subject
to the terms and provisions of this Agreement, the right of the Note B Holder to receive payments of interest, principal and other
amounts with respect to Note B shall at all times be junior, subject and subordinate to Note A and the rights of the Note A Holder
to receive payments of interest, principal and other amounts with respect to Note A.

 

(c)          Following
the Note A Securitization Date, if at any time Note A ceases to be an asset of the Trust, the Note A Holder shall cause the Mortgage
Loan to be serviced for the benefit of all Holders pursuant to a servicing agreement that has been agreed upon by the Holders,
and that is substantially similar to the servicing provisions of the Note A PSA, and all references herein to the “Servicing
Agreement” shall mean such subsequent servicing agreement; provided, that until a replacement servicing agreement
has been entered into, the Note A Holder shall cause the Mortgage Loan to be serviced for the benefit of all Holders pursuant
to the provisions of the Note A PSA as if such agreement were still in full force and effect with respect to the Mortgage Loan;
provided, further, that until a replacement servicing agreement is in place, the actual servicing of the Mortgage
Loan may be performed by any Qualified Servicer appointed by the Note A Holder and does not have to be performed by the servicers
under the Note A PSA. Consent of the Note B Holder to any replacement Servicing Agreement proposed by the Note A Holder shall
not be unreasonably withheld, conditioned or delayed. Notwithstanding anything to the contrary contained herein (including Sections
5 and 20(a) hereof), in accordance with the Servicing Agreement, the Servicer shall be required to service and administer
the Mortgage Loan in accordance with the Servicing Standard, taking into account the interests of each Holder (unless such Holder
is a Borrower Party), with a view to maximizing the realization for all such Holders as a collective whole (it being understood
that the interest of the Note B Holder is a junior interest subject to the terms and conditions of this Agreement). Each Holder
that is not a Borrower Party shall be deemed a third party beneficiary of such provisions of the Servicing Agreement.

 

(d)          The
Note B Holder hereby irrevocably appoints the Depositor as such Holder’s attorney in fact to sign the Note A PSA on its
behalf with respect to such provisions that relate to the servicing of the Mortgage Loan and Note B.

 

(e)          The
Holders acknowledge (x) that the Servicer is to comply with this Agreement and the Mortgage Loan Documents in the servicing of
the Mortgage Loan and (y) that the rights of the holder of the Mortgage Loan, and consequently those of the Holders, are subject
to the terms and provisions of the Mortgage Loan Documents and the laws applicable to the Mortgage Loan. The Holders further acknowledge
that this Agreement shall constitute

 

    	-20- 

     

    

 

an “Intercreditor Agreement” as such term or other analogous term is defined
under the Note A PSA.

 

(f)          Prior
to the Note A Securitization Date, the Servicer shall be entitled to the Servicing Fee, and the engagement of Servicer for any
Special Services (as such term is defined in the Interim Servicing Agreement), and the fees therefor, shall require the consent
of all of the Holders. From and after the Note A Securitization Date, (i) the applicable Servicer shall be entitled to the Servicing
Fee, the Special Servicing Fee, the Liquidation Fee and the Workout Fee, in each case at the times and in the amounts set forth
in the Servicing Agreement, and (ii) the Holders acknowledge that pursuant to the Servicing Agreement, a Servicer may be entitled
to receive Additional Servicing Compensation, and to the extent any such Additional Servicing Compensation is actually received
by a Servicer in accordance with the Servicing Agreement, such Servicer shall be entitled to retain the same.

 

(g)          The
parties hereto acknowledge that Note A or interests therein may be included as assets of a REMIC, and any provision of this Agreement
to the contrary notwithstanding, for so long as any interest in Note A remains an asset of a REMIC: (i) the Mortgage Loan shall
be administered such that it 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 Holder of Note A pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure of the
Mortgage or otherwise or lien on such property following a default on the Mortgage Loan shall be administered so that the interest
of each Holder therein shall at all times qualify as “foreclosure property” within the meaning of Section 860G(a)(8)
of the Code, and (iii) no Holder may modify, waive or amend any provision of the Mortgage Loan, consent to or withhold consent
from any action of the Mortgage Loan Borrowers, or exercise or refrain from exercising any powers or rights which the Holders
may have under the Mortgage Loan Documents, if any such action would constitute a “significant modification” of the
Mortgage Loan, within the meaning of Treasury Regulation Section 1.860G-2(b), more than three (3) months after the earliest startup
day of the REMIC which includes Note A (or any portion thereof) or would otherwise cause the REMIC to fail to qualify as a REMIC.
The Holders agree that the provisions of this paragraph shall be effected by compliance by the Note A Holder or its assignee with
this Agreement, the Servicing Agreement or any other servicing agreement that governs the administration of the Mortgage Loan
or the Holders’ interest therein.

 

3.          Subordination
of Note B; Payments Prior to a Triggering Event of Default. Note B and the rights of the Note B Holder to receive payments
of principal, interest and other amounts in respect of Note B shall at all times be junior, subject and subordinate to Note A
and the rights of the Note A Holder to receive payments of principal, interest and other amounts in respect of Note A. Subject
to the application of Section 5, if no Triggering Event of Default shall have occurred and be continuing, then all amounts
tendered by the Mortgage Loan Borrowers or otherwise available for payment on the Mortgage Loan (including, without limitation,
payments received in connection with any guaranty or indemnity agreement), whether received in the form of Scheduled Payments,
Prepayments, balloon payments, Liquidation Proceeds, Note B Holder Advances, Penalty Charges, cure payments, proceeds under title,
hazard or other insurance policies or awards or settlements in respect of condemnation

 

    	-21- 

     

    

 

proceedings or similar exercise of the
power of eminent domain (other than any amounts for required reserves or escrows required by the Mortgage Loan Documents and proceeds,
awards or settlements to be applied to the restoration or repair of a Mortgaged Property or released to the Mortgage Loan Borrowers
in accordance with the Servicing Standard or the Mortgage Loan Documents) shall be distributed by the Servicer (or, after the
Note A Securitization Date, the Master Servicer) and applied in the following order of priority, subject to any deduction, reimbursement,
recovery or other payment required or permitted under this Agreement with respect to the Mortgage Loan or a Mortgaged Property
(and payments shall be made at such times as are set forth in the Servicing Agreement), in each case to the extent of available
funds:

 

(a)          first,
to the Note A Holder (or a Servicer or the Trustee, as applicable), up to the amount of any unreimbursed Costs paid by the Note
A Holder (or paid or advanced by a Servicer or the Trustee, as applicable) with respect to the Mortgage Loan pursuant to this
Agreement or the Servicing Agreement, including, without limitation, unreimbursed Note A Holder Advances and interest thereon
at the applicable Advance Rate, to the extent such Costs and Note A Holder Advances and interest thereon are then payable hereunder
or under the Servicing Agreement;

 

(b)          second,
to the Servicer and any Special Servicer, the applicable accrued and unpaid Servicing Fee, Special Servicing Fee and any Workout
Fee, earned by them with respect to the Mortgage Loan under this Agreement or the Servicing Agreement;

 

(c)          third,
pro rata, to each Holder, in an amount equal to the accrued and unpaid interest on its respective Principal Balance at
the Net Interest Rate applicable to such Note;

 

(d)          fourth,
pro rata, to the Holders in accordance with their respective initial Percentage Interests, any principal payments received
on the Mortgage Loan for the related interest accrual period, which amounts shall be applied in reduction of the Principal Balance
of each Note;

 

(e)          fifth,
if the proceeds of any foreclosure sale or any liquidation of the Mortgage Loan or a Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(d), first, to Note A, an amount equal to the aggregate of unreimbursed
Realized Principal Losses previously allocated to Note A in accordance with the terms of Section 5 or Section 6,
plus interest thereon at the Note A Net Interest Rate compounded monthly from the date the related Realized Principal Loss was
allocated to Note A, and second, to Note B, an amount equal to the aggregate of unreimbursed Realized Principal Losses
previously allocated to Note B in accordance with the terms of Section 5 or Section 6, plus interest thereon at
the Note B Net Interest Rate compounded monthly from the date the related Realized Principal Loss was allocated to Note B;

 

(f)          sixth,
to the Note B Holder (or any Person acting on its behalf), up to the amount of any unreimbursed Note B Holder Advances made by
the Note B Holder and any applicable interest thereon at the Advance Rate and unreimbursed Costs paid by the Note B Holder (or
such Person acting on its behalf) with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement;

 

    	-22- 

     

    

 

(g)          seventh,
any interest accrued at the Mortgage Loan Default Rate on the Mortgage Loan Principal Balance to the extent such default interest
amount is (i) actually paid by the Mortgage Loan Borrowers and (ii) in excess of interest accrued on the Mortgage Loan Principal
Balance at the Mortgage Interest Rate, (x) first, to the Note A Holder (subject to the allocation of such amount pursuant
to the terms of the Servicing Agreement) in an amount calculated on the Note A Principal Balance on such Payment Date prior to
the application of funds contemplated in this Section 3 at the excess of (A) the Note A Default Interest Rate over (B)
the Note A Interest Rate, and (y) second, to the Note B Holder in an amount calculated on the Note B Principal Balance
on such Payment Date prior to the application of funds contemplated in this Section 3 at the excess of (A) the Note B Default
Interest Rate over (B) the Note B Interest Rate;

 

(h)          eighth,
pro rata, to each Holder, its Percentage Interest (prior to the application of funds contemplated in this Section 3)
of any Prepayment Premium, in each case, to the extent actually paid by the Mortgage Loan Borrowers;

 

(i)          ninth,
pro rata, to the extent not payable to any Servicer as Additional Servicing Compensation, to each Holder, its Percentage
Interest (prior to the application of funds contemplated in this Section 3) of any extension fees, assumption fees and
Penalty Charges, in each case, to the extent actually paid by the Mortgage Loan Borrowers; and

 

(j)          tenth,
pro rata, to the Holders in accordance with their respective initial Percentage Interests, any excess amount not otherwise
applied pursuant to the foregoing clauses (a) through (i) of this Section 3.

 

4.          Payments
Following a Triggering Event of Default. Subject to the application of Section 5, after the occurrence of a Triggering
Event of Default and for so long as such Triggering Event of Default is continuing, then all amounts tendered by the Mortgage
Loan Borrowers or otherwise available for payment on the Mortgage Loan (including, without limitation, payments received in connection
with any guaranty or indemnity agreement), whether received in the form of Scheduled Payments, Prepayments, balloon payments,
Liquidation Proceeds, Note B Holder Advances, Penalty Charges, cure payments, proceeds under title, hazard or other insurance
policies or awards or settlements in respect of condemnation proceedings or similar exercise of the power of eminent domain (other
than any amounts for required reserves or escrows required by the Mortgage Loan Documents and proceeds, awards or settlements
to be applied to the restoration or repair of a Mortgaged Property or released to the Mortgage Loan Borrowers in accordance with
the Servicing Standard or the Mortgage Loan Documents) shall be distributed by the Servicer (or, after the Note A Securitization
Date, the Master Servicer) and applied in the following order of priority, subject to any deduction, reimbursement, recovery or
other payment required or permitted under this Agreement with respect to the Mortgage Loan or a Mortgaged Property (and payments
shall be made at such times as are set forth in the Servicing Agreement), in each case to the extent of available funds:

 

(a)          first,
to the Note A Holder (or a Servicer or the Trustee, as applicable), up to the amount of any unreimbursed Costs paid by the Note
A Holder (or paid or advanced by a Servicer or the Trustee, as applicable) with respect to the Mortgage Loan pursuant to this
Agreement or the Servicing Agreement, including, without limitation, unreimbursed Note A

 

    	-23- 

     

    

 

Holder Advances and interest thereon
at the applicable Advance Rate, to the extent such Costs and Note A Holder Advances and interest thereon are then payable hereunder
or under the Servicing Agreement;

 

(b)          second,
to the Servicer and any Special Servicer, the applicable accrued and unpaid Servicing Fee, Special Servicing Fee and any Workout
Fee, earned by them with respect to the Mortgage Loan under this Agreement or the Servicing Agreement;

 

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

 

(d)          fourth,
to the Note A Holder, in an amount equal to the Note A Principal Balance, until such principal amount has been paid in full;

 

(e)          fifth,
if the proceeds of any foreclosure sale or any liquidation of the Mortgage Loan or a Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(d), to Note A, an amount equal to the aggregate of unreimbursed Realized
Principal Losses previously allocated to Note A in accordance with the terms of Section 5 or Section 6, plus interest
thereon at the Note A Net Interest Rate compounded monthly from the date the related Realized Principal Loss was allocated to
Note A;

 

(f)          sixth,
to the Note B Holder (or any Person acting on its behalf), up to the amount of any unreimbursed Note B Holder Advances made by
the Note B Holder and any applicable interest thereon at the Advance Rate and unreimbursed Costs paid by the Note B Holder (or
such Person acting on its behalf) with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement;

 

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

 

(h)          eighth,
to the Note B Holder in an amount equal to the Note B Principal Balance, until such principal amount has been paid in full;

 

(i)          ninth,
if the proceeds of any foreclosure sale or any liquidation of the Mortgage Loan or a Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(h), to Note B, an amount equal to the aggregate of unreimbursed Realized
Principal Losses previously allocated to Note B in accordance with the terms of Section 5 or Section 6, plus interest
thereon at the Note B Net Interest Rate compounded monthly from the date the related Realized Principal Loss was allocated to
Note B;

 

(j)          tenth,
any interest accrued at the Mortgage Loan Default Rate on the Mortgage Loan Principal Balance to the extent such default interest
amount is (i) actually paid by the Mortgage Loan Borrowers and (ii) in excess of interest accrued on the Mortgage Loan Principal
Balance at the Mortgage Interest Rate, (x) first, to the Note A Holder (subject to the allocation of such amount pursuant
to the terms of the Servicing Agreement) in an amount calculated on the Note A Principal Balance on such Payment Date prior to
the application of

 

    	-24- 

     

    

 

funds contemplated in this Section 4 at the excess of (A) the Note A Default Interest Rate over (B)
the Note A Interest Rate, and (y) second, to the Note B Holder in an amount calculated on the Note B Principal Balance
on such Payment Date prior to the application of funds contemplated in this Section 4 at the excess of (A) the Note B Default
Interest Rate over (B) the Note B Interest Rate;

 

(k)          eleventh,
pro rata, to each Holder, its Percentage Interest (prior to the application of funds contemplated in this Section 4)
of any Prepayment Premium, in each case, to the extent actually paid by the Mortgage Loan Borrowers;

 

(l)          twelfth,
pro rata, to the extent not payable to any Servicer as Additional Servicing Compensation, to each Holder, its Percentage
Interest (prior to the application of funds contemplated in this Section 4) of any extension fees, assumption fees and
Penalty Charges, in each case, to the extent actually paid by the Mortgage Loan Borrowers; and

 

(m)          thirteenth,
pro rata, to the Holders in accordance with their respective initial Percentage Interests, any excess amount not otherwise
applied pursuant to the foregoing clauses (a) through (l) of this Section 4.

 

5.          Workout.
Notwithstanding anything to the contrary contained herein, if the Servicer after obtaining the consent of the Controlling Holder
to the extent the same is required under this Agreement, in connection with a workout or proposed workout of the Mortgage Loan,
modifies the terms thereof such that (i) the Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is
reduced, (iii) payments of interest or principal on the Mortgage Loan are waived, reduced or deferred, other than a deferral of
the balloon payment resulting solely from the extension of the Maturity Date of the Mortgage Loan pursuant to the terms of the
Servicing Agreement or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, the full adverse economic
effect of such modification, waiver or amendment of amounts due on the Mortgage Loan shall be borne, first, by the Note
B Holder (up to the Note B Principal Balance, together with accrued interest thereon at the Note B Interest Rate and any other
amounts due the Note B Holder), and second, by the Note A Holder (up to the Note A Principal Balance, together with accrued
interest thereon at the Note A Interest Rate and any other amounts due the Note A Holder), and all distributions pursuant to Section
3 and Section 4 hereunder shall be made accordingly. The preceding statement shall not be construed to limit the rights
or benefits of any Person under Section 19 or Section 20 of this Agreement or the provisions of the Servicing Agreement,
including the Servicer’s obligation to act in accordance with the Servicing Standard. If any Mortgaged Property becomes
an REO Property, (a) the Holders shall have beneficial ownership of such REO Property notwithstanding the manner in which title
may be taken under the Servicing Agreement, (b) the Mortgage Loan shall be deemed to remain outstanding, with the same terms and
conditions as in effect immediately prior to foreclosure or the acceptance of a deed in lieu of foreclosure, for purposes of the
relative rights of the Holders between each other under this Agreement and the Servicing Agreement and (c) all revenues from and
proceeds of such REO Property shall be allocated and distributed under Section 4 of this Agreement. In no event shall a
purchase of Note A by the Note B Holder be construed as a workout for purposes of the calculation of the Workout Fee, nor shall
both a Liquidation Fee and a Workout Fee be payable to one or more Servicers, whether individually or in the aggregate, with respect
to the same proceeds or collections.

 

    	-25- 

     

    

 

6.          Collection
Accounts; Payment Procedure. Pursuant to the terms of the Servicing Agreement, the Note A Holder shall cause the Servicer
(and, after the Note A Securitization Date, the Master Servicer) to establish and maintain the Collection Account or Collection
Accounts, as applicable. Each Holder hereby directs the Master Servicer, in accordance with the priorities set forth in Section
3 or 4 hereof, as applicable, and subject to the terms of the Servicing Agreement and this Agreement (which shall control
to the extent set forth herein in the event of any conflict between the Servicing Agreement and this Agreement), (i) to deposit
into the applicable Collection Account within one Business Day of receipt of properly identified funds all payments received with
respect to the Mortgage Loan (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 payments into the Collection
Account within one (1) Business Day of receipt of such payments but, in any event, the Master Servicer is required to deposit
such payments into the applicable Collection Account within two (2) Business Days of receipt of such payments) and (ii) to remit
from the applicable Collection Account for deposit or credit on each Servicer Remittance Date all payments of any kind received
with respect to and allocable to each Note, by wire transfer to accounts maintained by each Holder and designated to the Servicer
in writing. Amounts on deposit in the Collection Account shall be applied at the times and for the purposes specified in the Servicing
Agreement. If the Servicer holding or having distributed any amount received or collected in respect of any Note 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 Borrowers or
paid to another Holder, the Servicer or any other Person, then, notwithstanding any other provision of this Agreement, the Servicer
shall not be required to distribute any portion thereof to the Holder of such Note, and such Holder, as applicable, shall promptly
on demand repay to the Servicer the portion thereof which shall have been theretofore distributed to such Holder together with
interest thereon at such rate, if any, as the Servicer shall have been required to pay to the Mortgage Loan Borrowers, another
Holder, the Servicer or such other Person with respect thereto, or, if the amount in question had been advanced by the Servicer,
then with interest thereon at the Advance Rate. Each 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 Servicer. The Servicer shall have the right to offset any amounts due hereunder from a Holder, as applicable, with respect
to the Mortgage Loan against any future payments due to such Holder under the Mortgage Loan, provided, that the obligations of
each Holder under this Section 6 are separate and distinct obligations from one another and in no event shall the Servicer
enforce the obligations of one Holder against another Holder. The obligations of each Holder under this Section 6 constitute
absolute, unconditional and continuing obligations and the Servicer shall be deemed a third party beneficiary of these provisions.

 

The
Servicer shall distribute (or cause to be distributed) to the Holders all payments due to the Holders in accordance with Section
3 and Section 4 hereof; provided, however, prior to calculating any amount of interest or principal due
on such date to the Holders, the Servicer shall reduce the Note B Principal Balance (not below zero) by any Realized Principal
Loss with respect to the Mortgage Loan, and after the Note B Principal Balance has been reduced to zero, the Servicer shall reduce
the Note A Principal Balance (not below zero) by any Realized Principal Loss with respect to the Mortgage Loan.

 

    	-26- 

     

    

 

7.          Advances.

 

(a)          The
parties acknowledge that the Master Servicer, the Special Servicer and/or the Trustee may make (and in certain circumstances,
shall be required to make) Advances under the Note A PSA, in which case interest may accrue on such Advances at the Advance Rate.
The right of the Master Servicer, the Special Servicer and the Trustee to reimbursement for such Advances and interest accrued
thereon is prior to the rights of the Holders to receive any distributions or amounts recovered with respect to the Mortgage Loan
or the Mortgaged Properties to the extent provided in this Agreement and the Note A PSA.

 

(b)          Unless
otherwise agreed between the parties hereto, the Note B Holder shall not be entitled to any Note A Holder Advance made in respect
of all or any portion of the debt service due on the Mortgage Loan.

 

(c)          Notwithstanding
any other provisions contained herein or in the Servicing Agreement to the contrary, the Note B Holder shall not be required to
reimburse the Note A Holder or any other Person for a payment of any REMIC or grantor trust taxes or Advances therefor or interest
accrued thereon at the Advance Rate or for deficits in other items of disbursement or income resulting from the use of funds for
payment of REMIC or grantor trust taxes (other than such Holder’s pro rata share (based on its Percentage Interest)
of taxes imposed in connection with the grantor trust created pursuant to this Agreement)), nor shall any disbursement or payment
otherwise distributable to the Note B Holder be reduced to offset or make up any such payment or deficit or any fees payable to
the Trustee or the Certificate Administrator under the Servicing Agreement.

 

8.          Limitation
on Liability. Subject to Section 20(e) hereof and the terms of the Servicing Agreement, no Holder shall have any liability
to any other Holder with respect to such other Holder’s Note, except with respect to losses actually suffered due to the
bad faith, gross negligence, willful misconduct or breach of this Agreement on the part of such Holder;
provided, that nothing herein shall be deemed to contravene any provisions relating to liability of the Servicer or the
Trustee under the Servicing Agreement. No Holder shall have any fiduciary responsibilities to any other Holder.

 

9.          Note
Purchase Option; Cure Rights

 

(a)          If
the Mortgage Loan becomes and remains a Defaulted Mortgage Loan, upon written notice from the Note A Holder (a “Purchase
Option Notice”) of such occurrence (which notice the Servicer shall be required to give to the Note B Holder), the Note
B Holder shall have the right, subject to the last sentence of this Section 9(a), by written notice to the Note A Holder
(a “Note B Holder Purchase Notice”), given prior to the Purchase Option Cut-Off Date to purchase Note A at
the related Purchase Option Price.

 

In
the case of an exercise of the purchase option by the Note B Holder, upon the delivery of the Note B Holder Purchase Notice to
the Note A Holder, the Note A Holder shall sell (and the Note B Holder shall purchase) Note A (without recourse or warranty, except
that such selling Holder shall represent and warrant that it owns 100% of the economic and beneficial interests in its respective
Note free and clear of liens, encumbrances and any participations therein) at the

 

    	-27- 

     

    

 

related Purchase Option Price on a date not
less than five (5) Business Days nor more than ten (10) Business Days after the date of the Note B Holder Purchase Notice on a
date mutually designated by the Note B Holder and such selling Holder. The Note B Holder shall also pay all reasonable out-of-pocket
costs and expenses of the Note A Holder (and the Servicer or Trustee on its behalf) in connection with such purchase.

 

The
applicable Purchase Option Price shall be calculated by the Servicer three (3) Business Days prior to the date upon which a Holder
is to consummate the purchase described above (and such calculation shall be accompanied by reasonably detailed back-up documentation
explaining how such price was determined) and shall, absent manifest error, be binding upon each Holder.

 

The
right of the Note B Holder to exercise the purchase option hereunder shall automatically terminate upon the related Purchase Option
Cut-Off Date, subject to the possibility that such right will be reinstated after the occurrence of the events described in clauses
(2) or (4) in the definition of “Purchase Option Cut-Off Date” if another event which causes the Mortgage
Loan to become a Defaulted Mortgage Loan subsequently occurs. Upon the consummation of a sale pursuant to the purchase option
contemplated by this Section 9(a), the Note A Holder (or the Servicer or Trustee on its behalf) shall deliver all original
Mortgage Loan Documents and other applicable materials in its possession to the Note B Holder. Notwithstanding the foregoing,
if a Borrower Party holds any interest in Note B, the purchase option set forth in this Section 9(a) shall be exercisable
by the remainder, if any, of the interest in Note B that is not so held.

 

(b)          The
Note B Holder (provided that such Holder is not a Borrower Party) shall have the right (but not the obligation) to cure a monetary
Event of Default or a non-monetary Event of Default; provided, that if such Holder elects to cure any Event of Default,
the Event of Default must be cured, in the case of a monetary Event of Default, within ten (10) Business Days following receipt
of the first notice of such Event of Default, and in the case of a non-monetary Event of Default, thirty (30) days following receipt
of the first notice of such Event of Default; provided if such non-monetary Event of Default is susceptible of cure but
cannot reasonably be cured within such period and if curative action was promptly commenced and is being diligently pursued by
the Note B Holder, the Note B Holder shall be given an additional period of time as reasonably necessary to enable the Note B
Holder in the exercise of due diligence to cure such non-monetary Event of Default for so long as (i) the Note B Holder diligently
and expeditiously proceeds to cure such non-monetary Event of Default, (ii) the Note B Holder makes all cure payments, if any,
that it is permitted to make in accordance with the terms and provisions of this clause (b) (exclusive of any default interest,
late fees and/or late charges), (iii) such additional period of time does not exceed ninety (90) days, (iv) such non-monetary
Event of Default is not caused by an insolvency proceeding of a Mortgage Loan Borrower, operating lessee or any other obligor
under the Loan Agreement or an insolvency proceeding of a Mortgage Loan Borrower, operating lessee or any other obligor under
the Loan Agreement does not occur during such cure period and (v) there is no material impairment to the value, use or operation
of the Mortgaged Properties taken as a whole, or the value of the Mortgage Loan, as reasonably determined by Servicer in good
faith as a result of such non-monetary default or the attempted cure (each such cure right, the “Cure Right”
and the exercise of such right, a “Cure Event”); provided the right to cure such Event of Default shall
be limited as follows: (i) there shall not be more than six Cure Events over the life of the Mortgage Loan,

 

    	-28- 

     

    

 

(ii) there shall not
be more than four consecutive Cure Events and (iii) there shall not be more than four Cure Events, whether or not consecutive,
in any 12-month period. For purposes of the foregoing, an individual Cure Event shall, in the event of a delinquent Scheduled
Payment, terminate on the date that such payment is made unless Note A has been securitized, in which case it shall terminate
on the next Payment Date. If a Holder elects to exercise a Cure Right, it shall make the applicable cure payment as directed by
the Note A Holder (or the Servicer on its behalf), and each such cure payment shall include all Costs, expenses, losses, liabilities,
obligations, damages, penalties, and disbursements imposed on, incurred by or asserted against the Note A Holder (including, without
limitation, all unreimbursed Advances (without regard to whether such Advance would be a non-recoverable advance) and any interest
charged thereon at the Advance Rate, and any unpaid Special Servicing Fees with respect to the Mortgage Loan) related to the Event
of Default and incurred during the period of time from such Event of Default until such cure payment is made. The right of the
Note B Holder to reimbursement of any cure payment shall be as set forth in Section 3 and Section 4, as applicable.
So long as a default exists that is being cured by the Note B Holder pursuant to this Section 9(b) and the cure period
has not expired and the Note B Holder is permitted to cure under the terms of this Section 9(b), the Note A Holder, the
Servicer and the Trustee shall not treat such default as a default or a Triggering Event of Default for purposes of (i) accelerating
the Mortgage Loan, (ii) modifying, amending or waiving any provisions of the Mortgage Loan Documents, (iii) commencing proceedings
for foreclosure or the taking of title by deed-in-lieu of foreclosure or other similar legal proceedings with respect to any Mortgaged
Property, (iv) treating the Mortgage Loan as a Specially Serviced Mortgage Loan or (v) Section 3 or Section 4 hereof;
provided, that such limitations shall not prevent the Note A Holder, the Servicer or the Trustee from sending notices of
the default to any related Mortgage Loan Borrower or any related guarantor or making demands on the related Mortgage Loan Borrower
or any related guarantor or from collecting default interest or late payment charges from the Mortgage Loan Borrowers. Additional
Cure Events shall only be permitted with the consent of each Holder.

 

10.          Additional
Understanding. For as long as the Mortgage Loan remains outstanding:

 

(a)          Financial
Statements Etc. Promptly upon receipt thereof, the Note A Holder (or the Servicer acting on its behalf) shall provide the
Note B Holder copies of each financial statement and any other reports or notices delivered to the Note A Holder (or any Servicer
acting on its behalf) pursuant to the terms of the Mortgage Loan Documents. Subject to the terms of the Mortgage Loan Documents,
promptly upon receipt thereof so long as the Note B Holder is not a Borrower Party, the Note A Holder (or the Servicer acting
on its behalf) shall also deliver to such Holder copies of any other documents relating to the Mortgage Loan (to the extent in
the Note A Holder’s or Servicer’s possession), including, without limitation, property inspection reports and loan
servicing statements.

 

(b)          Copies.
Any copies of financial statements, reports or statements to be furnished by a Servicer under this Agreement may be furnished
by hard copy or electronic means.

 

11.          Representations.
Each of the Initial Note A Holder and the Initial Note B Holder hereby represents and warrants as of the date hereof that:

 

    	-29- 

     

    

 

(a)          Such
Holder is duly organized, validly existing and in good standing as a legal entity under the laws of its jurisdiction of organization;

 

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

 

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

 

(d)          This
Agreement is its legal, valid and binding obligation, enforceable against such Holder in accordance with its terms, except as
the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other
laws relating to or affecting the enforcement of creditors’ rights or by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law);

 

(e)          Such
Holder has the right to enter into this Agreement without the consent of any third party;

 

(f)          Such
Holder is holding its Note for its own account in the ordinary course of its business;

 

(g)          Such
Holder has not dealt with any broker, investment banker, agent or other person that is entitled to any commission or compensation
in connection with the execution and delivery of this Agreement; and

 

(h)          Such
Holder is a Qualified Institutional Lender.

 

12.          [Reserved].

 

13.          Independent
Analyses of the the Note B Holder. The Initial Note B Holder acknowledges that it has, independently and without reliance
upon the Note A Holder and based on such documents and information as such Holder has deemed appropriate, made its own credit
analysis and decision to purchase its Note. The Note B Holder hereby acknowledges that the Note A Holder has not made any representations
or warranties with respect to the Mortgage Loan and that the Note A Holder shall have no responsibility for (i) the collectability
of the Mortgage Loan, (ii) the validity, enforceability or legal effect of any of the Mortgage Loan Documents or the title insurance
policy or policies or any survey furnished or to be furnished in connection with the origination of the Mortgage Loan, (iii) the
validity, sufficiency or effectiveness of the lien created or to be created by the Mortgage Loan Documents, or (iv) the financial
condition of any Mortgage Loan Borrower. The Note B Holder assumes all risk of loss

 

    	-30- 

     

    

 

in connection with Note B for reasons other
than gross negligence, willful misconduct or breach of this Agreement by the Note A Holder or negligence, willful misconduct or
bad faith or breach of the Servicing Agreement by the Servicer or the Trustee.

 

14.          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 Note A Holder (or the Servicer or Trustee on its behalf) and the Note B Holder as a partnership,
association, joint venture or other entity. None of the Holders (or, in the case of the Note A Holder, the Servicer or Trustee
on its behalf) shall have any obligation whatsoever to offer to any other party the opportunity to purchase notes or interests
relating to any future loans originated by either party or their respective Affiliates, and if any such party chooses to offer
to another party the opportunity to purchase notes or interests in any future mortgage loans originated by it or its Affiliates,
such offer shall be at such purchase price and interest rate as the applicable party chooses in its sole and absolute discretion.
No Holder shall have any obligation whatsoever to purchase from the Note A Holder any notes or interests in any future loans originated
by the Note A Holder or any of its Affiliates.

 

15.          Not
a Security. None of the Notes shall be deemed to be a security within the meaning of the Securities Act of 1933 or the Securities
Exchange Act of 1934.

 

16.          Transfer
of Notes.

 

(a)          Each
Holder may Transfer 49% or less in the aggregate (in one or more transactions) of its beneficial interest in its Note, whether
or not the related transferee is a Qualified Institutional Lender without the consent or approval of the other Holder, the Servicer
or any other Person, provided that any such Transfer shall be made in accordance with the conditions in the second succeeding
sentence below. No Holder shall Transfer more than 49% (in one or more transactions) of its beneficial interest in its Note, unless
(i) the other Holder has consented (which consent shall not be unreasonably withheld, conditioned, or delayed) to such Transfer
(and the transferring Holder shall have paid all reasonable out-of-pocket costs and expenses of the non-transferring Holder in
connection with obtaining any such consent), in which case the related transferee shall thereafter be deemed to be a “Qualified
Institutional Lender” for all purposes under this agreement, or (ii) such Transfer is to a Qualified Institutional Lender,
provided any such Transfer made pursuant to clauses (i) or (ii) of this sentence shall be made in accordance with the conditions
in the next sentence of this Section 16(a). Each Holder agrees that each Transfer to be made by it under clauses (a)
or (b) of this Section 16 is subject to the following conditions: (i) all such Transfers shall be made upon
at least three (3) Business Days’ prior written notice to the other Holder, (ii) a transferee of any interest in such Note
shall (x) execute an assignment and assumption agreement whereby such transferee assumes all or a ratable portion, as the case
may be, of the obligations of the transferring Holder hereunder with respect to the transferred Note from and after the date of
such assignment (or, in the case of a pledge, collateral assignment or other encumbrance by the transferring Holder of its Note
solely as security for a loan to such transferring Holder, made by a third-party lender whereby the transferring Holder remains
fully liable under this Agreement, such third party lender executes an agreement that such lender shall be bound by the terms
and provisions of this Agreement and the obligations of the transferring Holder hereunder on and after the date on which such
lender succeeds to the rights of the transferring

 

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Holder hereunder by foreclosure or otherwise) and (y) agree in writing to be
bound by the Servicing Agreement, unless the Servicing Agreement is not then in effect with respect to the Mortgage Loan, in which
event the parties will enter into or agree to be bound by any replacement servicing agreement therefor in accordance with the
provisions of Section 2 and (iii) the proposed transferee remakes each of the representations and warranties contained
herein for the benefit of the other Holder (other than the representation that the transferee is a Qualified Institutional Lender
for transfers made pursuant to subsection (i) of the second sentence of this Section 16(a)). Notwithstanding anything
to the contrary contained herein, no Holder shall in any event Transfer all or any portion of its Note to a Borrower Party unless
the other Holder has consented to such Transfer, and any such Transfer without having obtained such prior consent shall be void
ab initio. Upon the consummation of a Transfer of all or any portion of a Note, the transferring Person shall be released
from all liability arising under this Agreement with respect to such Note (or the portion thereof that was the subject of such
Transfer), for the period after the effective date of such Transfer (it being understood and agreed that the foregoing release
shall not apply in the case of a sale, assignment, transfer or other disposition of a participation interest in a Note as described
in clause (b) below).

 

(b)          In
the case of any sale, assignment, transfer or other disposition of a participation interest in a Note, (i) the obligations of
the Holder of such Note under this Agreement shall remain unchanged, (ii) such Holder shall remain solely responsible for the
performance of such obligations, and (iii) the non-transferring Holder and any Persons acting on its behalf shall continue to
deal solely and directly with such Holder in connection with its rights and obligations under this Agreement and the Servicing
Agreement, and all amounts payable hereunder shall be determined as if such Holder had not sold such Note interest; provided,
that if the applicable participant is a Qualified Institutional Lender (and delivers to the non-transferring Holder a certification
from an authorized officer confirming its status as a Qualified Institutional Lender), then, the transferring Holder by written
notice to the non-transferring Holder, may delegate to such participant such transferring Holder’s right (if any) to exercise
the rights of the Controlling Holder hereunder and under the Servicing Agreement.

 

17.          Pledge.
Notwithstanding anything to the contrary contained herein, a Holder may pledge, transfer, collaterally assign or otherwise encumber
(a “Pledge”) its Note or any interest therein to any entity (other than any Borrower Party) which has extended
a credit facility to such Holder and that is (i) a Qualified Institutional Lender, (ii) a financial institution whose long-term
unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency or (iii) a Qualified Conduit
Lender (each such entity, a “Pledgee”), on terms and conditions set forth in this Section 17, it being
further agreed that a financing provided by a Pledgee to such pledging Holder or any person that Controls such Holder that is
secured by such Holder’s interest in its Note and is structured as a repurchase arrangement, shall constitute a “Pledge”
hereunder; provided all applicable terms and conditions of this Section 17 are complied with; provided, further,
that a Pledgee of Note B that is not a Qualified Institutional Lender may not take title to the related Note after the Note
A Securitization Date without the prior written consent of the Note A Holder; provided, further, that no Pledgee
may take title to a Note without satisfying the requirements for transfer set forth in Section 16 and this Section 17.
Upon written notice by the pledging Holder to the non-pledging Holder and the Servicer that a Pledge has been effected (including
the name and address of the applicable Pledgee), the Servicer will be required: (i) to give the Pledgee written notice of any
default by the pledging Holder in respect

 

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of its obligations under this Agreement of which default the Servicer has actual knowledge
and which notice shall be given simultaneously with the giving of such notice to the pledging Holder; (ii) to allow such Pledgee
a period of ten (10) days to cure a default by the pledging Holder in respect of its obligations to the non-pledging Holder hereunder,
but such Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination
of this Agreement or the Servicing Agreement, if the pledging Holder had the right to consent to such amendment, modification,
waiver or termination pursuant to the terms hereof or the Servicing Agreement, as applicable, shall be effective against such
Pledgee without the written consent of such Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed
and which consent shall be deemed to be given if Pledgee shall fail to respond to any request for consent to any such amendment,
modification, waiver or termination within 10 days after request therefor; (iv) that the Servicer shall give to such Pledgee copies
of any notice of default under the Mortgage Loan simultaneously with the giving of same to the pledging Holder and accept any
cure thereof by such Pledgee which such pledging Holder has the right (but not the obligation) to effect hereunder, as if such
cure were made by such pledging Holder; (v) that the Servicer shall deliver to Pledgee such estoppel certificate(s) as Pledgee
shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory to the Servicer;
and (vi) that, upon written notice (a “Redirection Notice”) to the non-pledging Holder and the Servicer by
such Pledgee that the pledging Holder is in default, beyond any applicable cure periods with respect to the pledging Holder’s
obligations to such Pledgee pursuant to the applicable credit agreement or repurchase agreement, as applicable, between the pledging
Holder and such Pledgee (which notice need not be joined in or confirmed by the pledging Holder), and until such Redirection Notice
is withdrawn or rescinded by such Pledgee, Pledgee shall be entitled to receive any payments that the Servicer would otherwise
be obligated to pay to the pledging Holder from time to time pursuant to this Agreement or the Servicing Agreement. Any pledging
Holder hereby unconditionally and absolutely releases the non-pledging Holder and the Servicer from any liability to the pledging
Holder on account of the Servicer’s or non-pledging Holder’s compliance with any Redirection Notice believed by the
Servicer or the non-pledging Holder, as applicable, to have been delivered by a Pledgee. A Pledgee shall be permitted to exercise
fully its rights and remedies against the pledging Holder to such 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 Servicer shall recognize such Pledgee
(and any transferee (other than any Borrower Party) which is also a Qualified Institutional Lender at any foreclosure or similar
sale held by such Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, which are Qualified Institutional
Lenders as the successor to the pledging Holder’s rights, remedies and obligations under this Agreement, and any such Pledgee
or Qualified Institutional Lender shall assume in writing the obligations of the pledging Holder hereunder accruing from and after
such Transfer (i.e., realization upon the collateral by such Pledgee) and agree to be bound by the terms and provisions
of this Agreement. The rights of a Pledgee under this Section 17 shall remain effective as to the non-pledging Holder (and
the Servicer) unless and until such Pledgee shall have notified such Holder (and the Servicer, as applicable) in writing that
its interest in the pledged Note has terminated.

 

18.          Other
Business Activities of the Holders. Each Holder acknowledges that each other Holder and/or any of its Affiliates may make
loans or otherwise extend credit to, and generally engage in any kind of business with, any Borrower Party and/or any entity that
is a holder of debt secured by direct or indirect ownership interests in any Borrower Party or any

 

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entity that is a holder of
a preferred equity interest in any Borrower Party, and receive payments on such other loans or extensions of credit to any Borrower
Party 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.

 

19.          Exercise
of Remedies by the Servicer.

 

(a)          Subject
to Section 20 of this Agreement, and except as otherwise provided in this Agreement or the Servicing Agreement and subject
to the applicable limitations set forth in this Agreement or the Servicing Agreement, the Servicer (or other party entitled in
accordance with the Servicing Agreement to act on behalf of the Holders) shall have the sole and exclusive authority with respect
to the administration of, and exercise of all rights and remedies with respect to, the Mortgage Loan granted under this Agreement
or the Servicing Agreement, including, without limitation, the sole and exclusive authority to (i) modify or waive any of the
terms of the Mortgage Loan Documents, (ii) consent to any action or failure to act by any Mortgage Loan Borrower or any party
to the Mortgage Loan Documents, (iii) vote all claims with respect to the Mortgage Loan in any bankruptcy, insolvency or other
similar proceedings and (iv) to take legal action to enforce or protect the Holders’ interests with respect to the Mortgage
Loan or to refrain from exercising any powers or rights under the Mortgage Loan Documents, including the right at any time to
declare or waive any Events of Default, or accelerate or refrain from accelerating the Mortgage Loan or institute any foreclosure
action, and subject to the terms and conditions of this Agreement, including, without limitation, Section 20 hereof, the
Note B Holder shall not have any voting, consent or other rights whatsoever with respect to the Servicer’s administration
of, or exercise of its rights and remedies with respect to, the Mortgage Loan on behalf of the Note A Holder. Subject to the terms
and conditions of the Servicing Agreement, and subject to the terms and conditions of Section 9(b) hereof, the Servicer
on behalf of the Note A Holder shall have the sole and exclusive authority to make servicing advances with respect to the Mortgage
Loan. Except as otherwise provided in this Agreement, the Note B Holder agrees that it shall have no right to, and hereby presently
and irrevocably assigns and conveys to the Servicer (or other party entitled in accordance with the Servicing Agreement to act
on behalf of the Holders), the rights, if any, that such Holder has (A) to declare or cause the Note A Holder or the Servicer
to declare an Event of Default under the Mortgage Loan, (B) to exercise any remedies with respect to the Mortgage Loan or any
Mortgage Loan Borrower, including, without limitation, filing or causing the Note A Holder or the Servicer to file any bankruptcy
petition against any Mortgage Loan Borrower or (C) to vote any claims with respect to the Mortgage Loan in bankruptcy, insolvency
or similar type of proceeding of any Mortgage Loan Borrower. The Note B Holder shall, from time to time, execute such documents
as the Note A Holder or the Servicer shall reasonably request to evidence such assignment with respect to the rights described
in clause (iii) of the first sentence in this Section 19(a). The Note B Holder acknowledges that the Servicer on
behalf of Note A Holder may in its sole discretion (subject to the terms of this Agreement, the Mortgage Loan Documents, and the
Servicing Agreement) exercise, or omit to exercise, any rights that the Servicer on behalf of Note A Holder may have under this
Agreement or the Servicing Agreement in a manner that may be adverse to the interest of the Note B Holder, and that the Servicer
on behalf of Note A Holder shall have no liability whatsoever to the Note B Holder (or a servicer on its behalf), other than as
set forth in Section 8 hereof, in connection with exercise of rights by the Servicer on behalf of the Note A

 

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Holder or
any omission by the Servicer on behalf of the Note A Holder to exercise such rights. The foregoing provisions of this Section
19(a) shall not limit the rights of the Note B Holder hereunder, or the right of the Note B Holder or any Affiliate thereof
to be the Special Servicer or to exercise its rights as Controlling Holder under this Agreement or Controlling Holder under the
Servicing Agreement. The Note B Holder expressly and irrevocably waives for itself and any Person claiming through or under such
Holder any and all rights that it may have under Section 1315 of the New York Real Property Actions and Proceedings Law or the
provisions of any similar law that purports to give a junior noteholder, mortgagee or loan participant the right to initiate any
loan enforcement or foreclosure proceedings.

 

(b)          Notwithstanding
anything to the contrary contained herein, the exercise by the Note A Holder (or the Servicer or the Trustee on its behalf) of
its rights under this Section 19 shall be subject in all respects to any section of the Servicing Agreement governing REMIC
administration, and in no event shall the Note A Holder (or the Servicer or the Trustee on its behalf) be permitted to take any
action or refrain from taking any action which would violate the laws of any applicable jurisdiction, breach the Mortgage Loan
Documents or be inconsistent with the Servicing Standard or violate any other provisions of the Servicing Agreement or this Agreement
or cause the arrangement evidenced hereby not to be treated as a “grantor trust” for federal income tax purposes.

 

(c)          The
Note A Holder (or the Servicer or the Trustee on its behalf) shall exercise such rights and powers described in this Section
19 on the understanding that the Note A Holder (or the Servicer or the Trustee on its behalf) shall administer the Mortgage
Loan in a manner consistent with the Servicing Agreement and this Agreement. Without limiting the generality of the foregoing,
the Note A Holder (or the Servicer or the Trustee on its behalf) may rely on the advice of legal counsel, accountants and other
experts (including those retained by any Mortgage Loan Borrower) and upon any written communication or telephone conversation
which the Note A Holder or such Servicer or Trustee believes to be genuine and correct or to have been signed, sent or made by
the proper Person.

 

20.          Certain
Powers of the Controlling Holder.

 

(a)          The
Servicer shall consult with and obtain the prior written consent of the Controlling Holder with respect to any Major Decision
and, notwithstanding anything in this Agreement or the Servicing Agreement to the contrary, such Servicer will not be permitted
to take any Major Decision unless and until it has notified the Controlling Holder in writing by a notice in capitalized, bold
faced 14 point type containing the following statement at the top of the first page: “THIS IS A REQUEST FOR MAJOR DECISION
APPROVAL. IF THE CONTROLLING HOLDER FAILS TO APPROVE OR DISAPPROVE THE ENCLOSED MAJOR DECISION WITHIN TEN (10) BUSINESS DAYS,
THE SERVICER OR THE SPECIAL SERVICER, AS THE CASE MAY BE, MAY DELIVER A DEEMED APPROVAL NOTICE,” and if the Controlling
Holder fails to either approve or reject said Major Decision within such ten (10) business day period after receipt of the first
notice, and having been provided with all reasonably requested information with respect thereto, then the Controlling Holder’s
approval will be deemed to have been given.

 

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Furthermore,
the Servicer shall be required (subject to the Servicer’s prevailing duties under Section 20(e)) to deliver to the
Directing Certificateholder (if and for as long as Note A is held by the Trust) reasonable (as determined by the Servicer) prior
notice of any final decision with respect to any Major Decision, together with the information then in the possession of the Servicer
(other than correspondence with or information furnished by or on behalf of the Controlling Holder) and obtained or prepared by
the applicable Servicer in connection with such proposed action.

 

On
and after the Note A Securitization Date, and solely while Note A is included in such Securitization, notwithstanding the foregoing
provisions of this Section 20(a), if the Servicer determines in accordance with the Servicing Standard that immediate action is
necessary to protect the interests of the Holders (as a collective whole), the Servicer may take any such action without waiting
for the Controlling Holder’s response.

 

Upon
reasonable request, the Note A Holder shall provide, or cause the Special Servicer to provide, the Controlling Holder with any
information in the possession of the Note A Holder or the Special Servicer with respect to such matters, including, without limitation,
its reasons for a proposed action.

 

The
Note A Holder or the applicable Servicer shall notify the Holders of any release or substitution of collateral for the Mortgage
Loan even if such release or substitution is in accordance with the Mortgage Loan.

 

Any
amounts funded by any Servicer or Trustee on behalf of any Holder pursuant hereto, under the Mortgage Loan Documents as a result
of (1) the making of any protective Advances or (2) interest accruals or accretions and any compounding thereof (including default
interest) with respect to the Note shall not at any time be deemed to contravene this subsection.

 

(b)          Appraisal
Reductions shall be allocated to reduce first, the Note B Principal Balance, and second, the Note A Principal Balance,
in each case up to the outstanding amount thereof, for purposes of determining the identity of the Controlling Holder. The Special
Servicer shall give written notice to the Controlling Holder of any Appraisal Reductions calculated with respect to the Mortgage
Loan and any allocation thereof to reduce the Principal Balance of such Holder. If at any time an Appraisal Reduction exists that
would result in a Control Appraisal Event, the Holder that is being replaced as the Controlling Holder shall have the right to
obtain and deliver, or direct the Servicer (or Special Servicer, as the case may be) to obtain and deliver, to the Servicer, the
Controlling Holder and the Trustee (if applicable) an appraisal that satisfies the requirements for any such appraisal as set
forth in the Servicing Agreement and upon receipt of such new appraisal, the Servicer (or Special Servicer, as the case may be)
shall recalculate the Appraisal Reduction in respect of the Mortgage Loan based on such new appraisal obtained by the Servicer
(or Special Servicer, as the case may be) and shall notify the Trustee (if applicable), the Master Servicer (if applicable) and
the applicable Controlling Holder of such recalculated Appraisal Reduction. If, as a result of such calculation based on the new
appraisal, a Control Appraisal Event then in effect shall no longer be deemed to exist, then the Note B Holder shall be reinstated
as Controlling Holder. Until such time as such new appraisal is obtained by the Special Servicer and the recalculation of the
Appraisal Reduction has been made (it being agreed that such

 

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recalculation shall be done no later than three (3) Business Days
following receipt of such new appraisal), the original Control Appraisal Event shall remain in effect.

 

(c)          Notwithstanding
the foregoing, the Controlling Holder shall be entitled to avoid a Control Appraisal Event caused by application of an Appraisal
Reduction upon satisfaction of the following (which must be completed within thirty (30) days of the receipt of a third party
Appraisal (or an update thereto) that indicates such Control Appraisal Event has occurred): (i) such Controlling Holder shall
have delivered as a supplement to the Appraised Value of the Mortgaged Properties, in the amount specified in clause (ii)
below, to the Master Servicer or the Special Servicer (in each case together with documentation reasonably acceptable to the Master
Servicer or the Special Servicer in accordance with the Servicing Standard to create and perfect a first priority security interest
in favor of the Trust in such collateral) (A) cash collateral for the benefit of the Trustee, and acceptable to the Master Servicer
or the Special Servicer, as the case may be, or (B) an unconditional and irrevocable standby letter of credit payable on sight
demand (with the Trustee as beneficiary), in form acceptable to the Master Servicer or Special Servicer, as the case may be, issued
by a domestic bank or other financial institution the long term unsecured debt obligations of which are rated at least “AA”
by S&P and “Aa2” by Moody’s or the short term obligations of which are rated at least “A-1+”
by S&P and “P-1” by Moody’s (either (A) or (B), the “Threshold Event Collateral”), and
(ii) the Threshold Event Collateral shall be in an amount which, when added to the Appraised Value of the Mortgaged Properties
as determined pursuant to the Servicing Agreement, would cause the applicable Control Appraisal Event not to occur. If the requirements
of this paragraph are satisfied by the Controlling Holder (a “Threshold Event Cure”), no Control Appraisal
Event caused by application of an Appraisal Reduction shall be deemed to have occurred. If a letter of credit is furnished as
Threshold Event Collateral, the applicable Controlling Holder shall be required to renew such letter of credit not later than
30 days prior to expiration thereof or to replace such letter of credit with a substitute letter of credit or other Threshold
Event Collateral with an expiration date that is greater than 45 days from the date of substitution or if the long or short term
ratings of the letter of credit provider fall below the minimum requirements provided above, replace such letter of credit within
30 days of such downgrade with a replacement letter from an issuer meeting the rating requirements; provided, that, if a letter
of credit is not renewed prior to 30 days prior to the expiration date of such letter of credit or replaced within 30 days of
such downgrade, the letter of credit shall provide that the Master Servicer or the Special Servicer, as the case may be, may (and
at the direction of the applicable Controlling Holder, shall) draw upon such letter of credit and hold the proceeds thereof as
Threshold Event Collateral. The Threshold Event Cure shall continue until (i) the Appraised Value of the Mortgaged Properties
plus the value of the Threshold Event Collateral would not be sufficient to prevent a Control Appraisal Event from occurring;
or (ii) the occurrence of a Final Recovery Determination. If the Appraised Value of the Mortgaged Properties, upon any redetermination
thereof, is sufficient to avoid the occurrence of a Control Appraisal Event without taking into consideration any, or some portion
of, Threshold Event Collateral previously delivered by the Controlling Holder, any or such portion of Threshold Event Collateral
held by the Trustee, the Master Servicer or the Special Servicer shall promptly be returned to such Controlling Holder (at its
sole expense). Upon a Final Recovery Determination with respect to the Mortgage Loan, such Threshold Event Collateral shall be
available to reimburse the Note A Holder and the Trust for any realized loss with respect to the Mortgage Loan after application
of the net proceeds of

 

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liquidation, not in excess of the Note A Principal Balance, plus accrued and unpaid interest thereon at
the applicable interest rate and all other Costs reimbursable under this Agreement and under the Servicing Agreement, and to the
extent not so utilized, such Threshold Event Collateral shall be returned to the Holder that delivered such Threshold Event Collateral.
Any Threshold Event Collateral shall be treated as an “outside reserve fund” for purposes of the REMIC Provisions,
and such property (and the right to reimbursement of any amounts with respect thereto from a REMIC) shall be beneficially owned
by the Controlling Holder that posted such Threshold Event Collateral, who shall be taxable on all income with respect thereto.
The entire amount of Threshold Event Collateral, without a haircut or other reduction, shall be considered in determining the
sufficiency of such Threshold Event Collateral to avoid a Control Appraisal Event.

 

(d)          The
terms “Controlling Holder” and “Control Note” shall mean as of any date of determination,
the Note B Holder and Note B, unless (i) a Control Appraisal Event has occurred or (ii) the Note B Holder is a Borrower Party,
in which case the “Controlling Holder” and “Control Note” shall be the Note A Holder and Note A, respectively.
Notwithstanding anything to the contrary herein, if the Note A Principal Balance has been reduced to zero pursuant to application
of distributions pursuant to Sections 3 and/or 4 hereof, as the case may be, “Controlling Holder” and “Control
Note” shall mean the Note B Holder and Note B and thereafter no change in the Controlling Holder shall be effected by
reason of a Control Appraisal Event. The terms “Non-Controlling Holder” and “Non-Control Note”
shall mean the Holder that is not the Controlling Holder and the Note that is not the Control Note, respectively.

 

If
more than one Person shall hold a direct interest in a Non-Control Note, the holder(s) of more than 50% of the principal amount
of such Note shall designate by written notice to the other Holders one of such Persons (with respect to such Non-Control Note,
the “Majority Note Holder”) to act on behalf of all such Persons holding an interest in such Note. The Majority
Note Holder with respect to any Non-Control Note shall have the sole right to receive any notices which are required to be given
or which may be given to the Holder of such Note pursuant to this Agreement and to exercise the rights and power given to the
Holder of such Note hereunder subject to Section 9 of this Agreement, including any approval rights of the Holder of such
Note; provided, that until the Majority Note Holder has been so designated, the last Person known to Note A Holder or the
Controlling Holder, as the case may be, to hold more than a 50% direct interest in any Non-Control Note, as applicable, shall
be deemed to be the Majority Note Holder with respect to such Note. Once the Majority Note Holder has been designated hereunder
with respect to any Non-Control Note, each Holder shall be entitled to rely on such designation until it has received written
notice from the holder(s) of more than 50% of the principal amount of such Note of the designation of a different Person to act
as the Majority Note Holder with respect thereto. If any Borrower Party owns the entirety of any Note, then the Holder of such
Note shall not qualify as the Control Note. If any Borrower Party owns any portion of a Note, then for purposes of determining
the Controlling Holder, the ownership interest of such Borrower Party shall be deemed to be zero, and the owners of more than
50% of the remaining interests in such Note shall be deemed to be the Holder of such Note. No reference set forth in this Agreement
to the ownership of any interest in a Note by any Borrower Party shall be construed to limit Section 16(a) of this Agreement.
In no event may any Borrower Party be the Controlling Holder.

 

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(e)          Notwithstanding
anything herein to the contrary, no advice, direction or objection from or by the Controlling Holder, as contemplated by Section
20(a) hereof, may (and the Note A Holder and any Servicer shall ignore and act without regard to any such advice, direction or
objection that the Note A Holder or a Servicer has determined, in its reasonable, good faith judgment, will) require or cause
the Note A Holder or Servicer to violate any provision of this Agreement, the Mortgage Loan Documents or the Servicing Agreement
(and, on and after the Note A Securitization Date, and solely while Note A is included in such Securitization, including any REMIC
provisions), including each Servicer’s obligation to act in accordance with the Servicing Standard.

 

(f)          No
Controlling Holder shall have any liability to the Trustee, the Servicer, the Special Servicer, any certificateholder in a Securitization
or any other Holder for any action taken, or for refraining from the taking of any action or the giving of any consent or for
errors in judgment; provided, that the Controlling Holder will not be protected against any liability which would otherwise
be imposed by reason of bad faith, willful misconduct or gross negligence or breach of this Agreement on the part of such party.
By its acceptance of a Mortgage Note, each Holder shall be deemed to have confirmed its understanding that (i) a Controlling Holder
may take or refrain from taking actions that favor its interests or those of its affiliates over those of any other Holder, (ii)
a Controlling Holder may have special relationships and interests that conflict with the interest of another Holder and shall
be deemed to have agreed to take no action against a Controlling Holder or any of its officers, directors, employees, principals
or agents as a result of such special relationships or conflicts, and (iii) no Controlling Holder shall be liable by reason of
its having acted or refrained from acting solely in its interest or in the interest of its affiliates.

 

(g)          Subject
to the terms of the applicable Servicing Agreement, the Controlling Holder may designate, in writing, a representative (other
than a Borrower Party) to exercise its rights and powers under this Section 20 or otherwise under this Agreement (with
copies of such writing to be delivered to each of the other parties hereto). Such designation shall remain in effect until it
is revoked by the Controlling Holder by a writing delivered to each of the other parties hereto.

 

(h)          If
the Controlling Holder is comprised of more than one Person such Persons may designate, by written notice to the Non-Controlling
Holder and each party to the Servicing Agreement, a representative to act on its behalf. Such notice shall include the name, address
and other contact information of such representative. Such representative shall have the sole right to receive any notices which
are required to be given or which may be given to the Controlling Holder pursuant to this Agreement and to exercise the rights
and power given to the Controlling Holder hereunder, including any approval rights of the Controlling Holder. Once such a representative
has been designated hereunder, the Non-Controlling Holder shall be entitled to rely on such designation until it has received
written notice from the Controlling Holder of the designation of a different Person to act as its representative.

 

(i)          The
Non-Controlling Holder shall be entitled to receive, upon request made to the appropriate party, a copy of any notice or report
required to be delivered (upon request or otherwise) by such party to the Controlling Holder. Any such party shall be

 

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permitted
to require payment of a sum sufficient to cover the reasonable costs and expenses of providing such copies.

 

(j)          Upon
determining that a Servicing Transfer Event has occurred with respect to the Mortgage Loan, the Master Servicer shall promptly
notify each Holder.

 

(k)          The
Controlling Holder may at any time and from time to time replace any existing Special Servicer with respect to the Mortgage Loan
with any other person that is a Qualified Servicer and that makes the representations, warranties, and covenants set forth in
such Note A PSA. The Controlling Holder shall designate a person to serve as replacement Special Servicer by delivering to the
other Holders, the Master Servicer and the existing Special Servicer a written notice stating such designation and by satisfying
the other conditions required under the Note A PSA; provided, that if Note A ceases to be an asset of the Trust created
pursuant to the Note A PSA, the Note A Holder shall have the right to approve such replacement Special Servicer if such replacement
Special Servicer is not a Qualified Servicer. The Controlling Holder shall promptly pay any expenses incurred by the Note A Holder
in connection with such replacement. The Controlling Holder shall notify the other parties hereto of any termination of the Special
Servicer and appointment of a new Special Servicer in accordance with this Section 20. If the Controlling Holder has not
appointed a Special Servicer with respect to the Mortgage Loan, then the Special Servicer designated in the Note A PSA shall be
the Special Servicer.

 

(l)          If
the Note A Holder is required to act as Controlling Holder under this Agreement or the Servicing Agreement, the Special Servicer
will (i) notify the Note A Holder that such action is required, (ii) provide written direction to the Note A Holder to vote on
such action and (iii) provide any information which is reasonably requested by the Note A Holder and is in the possession of the
Special Servicer to enable the Note A Holder to vote.

 

21.          No
Pledge or Loan. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by any Holder
to another Holder, or a loan from any Holder to any other Holder. Except as otherwise provided in this Agreement and the Servicing
Agreement, the Note B Holder shall not have a separate interest in any property taken as security for the Mortgage Loan except
by virtue of being a lender under the Loan Agreement; provided, that if any such property or the proceeds thereof shall
be applied in respect of payments due under the Mortgage Loan, then the Note B Holder shall be entitled to receive its share of
such application in accordance with the terms of this Agreement and/or the Servicing Agreement. The Holders acknowledge and agree
that the Mortgage Loan represents a single “claim” under Section 101 of the Bankruptcy Code, and the Note B Holder
shall not be a separate creditor of any Mortgage Loan Borrower under the Bankruptcy Code, or that if Note B is construed to represent
a single or separate such “claim,” that the Holder of such Note shall be deemed to have assigned such claim to Note
A Holder.

 

22.          Governing
Law; Waiver of Jury Trial. The parties agree that the State of New York has a substantial relationship to the parties and
to the underlying transaction embodied hereby, and in all respects, including, without limitation, matters of construction, validity
and performance, this Agreement and the obligations arising hereunder shall be governed by, and construed in accordance with,
the laws of the State of New York applicable to contracts made

 

    	-40- 

     

    

 

and performed in such State and any applicable law of the United
States of America. 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.

 

23.          Modifications,
Waiver in Writing.

 

(a)          This
Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by the parties hereto. The
party seeking modification of this Agreement shall be solely responsible for any and all expenses that may arise in order to modify
this Agreement. Additionally, from and after a Securitization, this Agreement shall not be amended or modified without first (a)
receiving an opinion of counsel experienced in REMIC matters that such amendment or modification will not adversely affect the
REMIC status of any Note in such Securitization and this Agreement, except for amendments pursuant to Section 23(b), and
(b) if such modification, cancellation or termination would adversely affect the rights or materially affect the duties of the
Servicer or Trustee, receiving the written consent of such affected party. The Servicer shall provide each Rating Agency with
a copy of any amendment or modification of this Agreement.

 

(b)          For
so long as Morgan Stanley Bank or an affiliate thereof (a “Morgan Stanley Bank Entity”) is the owner of Note
A, such Morgan Stanley Bank Entity shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the lender
to execute amended and restated or additional notes reallocating the principal of Note A among each other or to such new notes,
provided that (i) the aggregate principal balance and notional balance of all outstanding notes following such amendments is no
greater than the aggregate principal balance and notional balance of Note A prior to such amendments, (ii) all notes representing
the new notes continue to have the same weighted average interest rate as the weighted average interest rate of the notes representing
Note A prior to such amendments, (iii) the Morgan Stanley Bank Entity holding the applicable Notes notifies the Trustee, the Master
Servicer, the Special Servicer and the other Holders in writing of such modified allocations and principal amounts (it being understood
that no consent by such parties is required for any such allocations), (iv) such modifications shall not affect the definition
of Control Appraisal Event and shall not change the provisions relating to when the Note A Holder would become the Controlling
Party and (v) the execution of such amendments and new notes does not have an adverse effect on any other Notes or on any REMIC
or grantor trust created by the Note A PSA.

 

24.          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; provided, that no successors or assigns of the Initial Note A Holder (other
than any assignee that becomes a party to this Agreement following a Transfer that is not pursuant to the Securitization) shall
have any liability for a breach of representation or warranty set forth in this Agreement. Each of the Master Servicer, Special
Servicer and Trustee under the Note A PSA is an intended third-party beneficiary of this Agreement. Except as provided in the
preceding sentence, none of the provisions of this Agreement shall be for the benefit of or enforceable by any Person not a party
hereto or a successor or assign of a party hereto.

 

    	-41- 

     

    

 

25.          Counterparts.
This Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute one and the
same instrument. This Agreement may be executed and delivered by the parties by electronic means (including without limitation
facsimile, pdf or other electronic means) and such execution and delivery shall have the same effect as original ink signatures.

 

26.          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.

 

27.          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.

 

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

 

29.          Notices.
All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective
for all purposes if sent by (a) hand delivery, with proof of attempted delivery, (b) certified or registered United States mail,
postage prepaid, (c) expedited delivery service, either commercial or United States Postal Service, with proof of attempted delivery,
or (d) by fax provided that such fax notice must also be delivered by one of the means set forth in (a), (b) or (c) above, addressed
as follows: (A) if to the Note A Holder, 1585 Broadway, New York, New York 10036, Attention: Jane Lam (with a copy to Morgan Stanley
Bank, N.A., 1221 Avenue of the Americas, New York, New York 10020, Attention: Legal Compliance Division), and (B) if to the Note
B Holder, 1585 Broadway, New York, New York 10036, Attention: Jane Lam (with a copy to Morgan Stanley Bank, N.A., 1221 Avenue
of the Americas, New York, New York 10020, Attention: Legal Compliance Division), or, in each of the foregoing cases, at such
other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a written notice
to the other parties hereto in the manner provided for in this Section. A copy of all notices, consents, approvals and requests
directed to any Holder shall be delivered concurrently to each Person (not to exceed four (4) in the aggregate) designated by
such Holder. A notice shall be deemed to have been given: (a) in the case of hand delivery, at the time of delivery; (b) in the
case of registered or certified mail, when delivered or the first attempted delivery on a Business Day; (c) in the case of expedited
prepaid delivery upon the first attempted delivery on a Business Day; or (d) in the case of fax, upon receipt of answerback confirmation,
provided that such fax notice was also delivered as required in this Section. A party receiving a notice which does not comply
with the technical requirements for notice under this Section may elect to waive any deficiencies and treat the notice as having
been properly given.

 

30.          Custody
of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than the original Note B but including
a copy of Note B) will

 

    	-42- 

     

    

 

be held by the Trustee or other applicable Person under the Servicing Agreement. The original Note B shall
be held by the Note B Holder.

 

31.          Termination.
This Agreement and the respective obligations and responsibilities of the parties under this Agreement shall terminate upon (a)
mutual agreement by the parties hereto, evidenced in writing; (b) thirty (30) days after each of the Notes is paid in full; or
(c) payment (or provision for payment) to the Holders of all amounts held by or on behalf of the Servicer and required under the
Servicing Agreement, to be so paid on the last Servicer Remittance Date following final payment or other liquidation (or any advance
with respect thereto) of the Mortgage Loan or the Mortgaged Properties.

 

32.          Statement
of Intent. It is the intention of the parties hereto that, for purposes of federal income taxes, state and local income and
franchise taxes and any other taxes imposed upon, measured by or based upon gross or net income, this Agreement shall be treated
as a grantor trust. Each Holder agrees that, unless otherwise required by appropriate tax authorities, such noteholder shall file
or cause to be filed its own annual or other necessary returns, reports and other forms consistent with such intended characterization.
If the Internal Revenue Service characterizes this Agreement as a partnership for federal income tax purposes, the Note B Holder
authorizes and directs the Note A Holder to elect out of partnership accounting pursuant to Treasury Regulations Section 1.761-2,
and agrees to file its own tax returns and reports in a manner consistent with such election and the Holders agree that any Taxes,
penalty, interest or other obligation imposed under the Code, as amended, with respect to the income tax items arising from such
partnership shall be the sole obligation of the Holder to whom such items are allocated and not of such partnership.

 

33.          Withholding
Taxes.

 

(a)          If
the Servicer or a Mortgage Loan Borrower shall be required by law to deduct and withhold Taxes from interest, fees or other amounts
payable to a Holder with respect to the Mortgage Loan as a result of such Holder constituting a Non-Exempt Person, the Servicer
shall be entitled to do so with respect to such Holder’s interest in such payment (all withheld amounts being deemed paid
to such Holder), provided that the Servicer shall furnish such 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 Holder to seek any
allowable credits or deductions for the Taxes so withheld in each jurisdiction in which such Holder is subject to tax.

 

(b)          Each
Holder shall and hereby agrees to indemnify the Servicer against and hold the Servicer harmless from and against any Taxes, interest,
penalties and attorneys’ fees and disbursements arising or resulting from any failure of the Servicer to withhold Taxes
from payment made to such Holder in reliance upon any representation, certificate, statement, document or instrument made or provided
by such Holder in connection with the withholding of Taxes from payments made to such Holder, it being expressly understood and
agreed that (i) the Servicer 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,

 

    	-43- 

     

    

 

except as otherwise required under applicable law, and (ii) such Holder shall, upon request of the Servicer and at its sole
cost and expense, defend any claim or action relating to the foregoing indemnification using counsel selected by such Holder and
reasonably acceptable to the Servicer. The Person that is the Holder at any particular time shall not be liable under this Section
33 with respect to any predecessor or successor Holder.

 

(c)          Each
Holder represents to the Servicer as of the date hereof that it is not a Non-Exempt Person and that neither the Servicer nor any
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 Holder shall deliver to the Servicer evidence satisfactory to the Servicer substantiating
that it is not a Non-Exempt Person and that the Servicer 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, unless there is a change in law after the date that
such Holder became a party hereto. Without limiting the effect of the foregoing, (a) if a 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 Servicer an Internal Revenue Service Form W-9, or successor form, and (b) if a 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 Borrowers is treated for United States income tax purposes as derived in whole or part from
sources within the United States, such Holder shall satisfy the requirements of the preceding sentence by furnishing to the Servicer
Internal Revenue Service Form W-8EXP, W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms, as
may be required from time to time, duly executed by such Holder, as evidence of such Holder’s entitlement to exemption from
or reduction in the withholding of United States tax with respect thereto. Except in the case of the Initial Note A Holder and
the Initial Note B Holder, the Servicer shall not be obligated to make any payment hereunder to any Holder until such Holder shall
have furnished to the Servicer the requested forms, certificates, statements or documents.

 

[NO FURTHER TEXT
ON THIS PAGE]

 

    	-44- 

     

    

 

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

 

	 	Note
    A Holder:
	 	 
	 	MORGAN
    STANLEY BANK, N.A.
	 	 	 
	 	By:	/s/
    Cynthia Eckes
	 	 	Name:
    Cynthia Eckes
	 	 	Title:
    Executive Director
	 	 	 
	 	Note
    B Holder:
	 	 
	 	MORGAN
    STANLEY BANK, N.A.
	 	 	 
	 	By:	/s/
    Cynthia Eckes
	 	 	Name:
    Cynthia Eckes
	 	 	Title:
    Executive Director

 

TKG
4 Retail Portfolio – Intercreditor Agreement

 

     

     

    

EXHIBIT
A

 

MORTGAGE
LOAN SCHEDULE

 

A.       Description
of Mortgage Loan

 

	Mortgage
    Loan Borrowers:	TKG
        Beavercreek Plaza, LLC;

        425 N. Maple, L.L.C.;

        TKG Lincoln Crossing, L.L.C.

         

	Date
    of Mortgage Loan:	October
    25, 2016
	Initial
        Principal Amount of Mortgage Loan:

         
	$27,262,500
	Closing
        Date Mortgage Loan Principal Balance:

         
	$27,262,500
	Location
    of Mortgaged Properties:	Lincoln
        Crossing

        

        4720–5210
        N. 27th Street 

        Lincoln,
        Nebraska 68521

         

        Beavercreek
        Plaza

        

        3195
        Dayton-Xenia Road 

        Beavercreek,
        Ohio 45435

         

	Current
    Use of Mortgaged Properties:	Retail
	Mortgage
        Interest Rate:

         
	4.19%

         

	Mortgage
        Loan Default Rate:

         
	Lesser
        of (a) the maximum rate permitted by law or (b) 5% above the Mortgage Interest Rate

         

	Maturity
        Date:

         
	November
        1, 2026 (subject to one three-month extension option)

         

 

B.
Description of Notes 

	Closing
        Date Note A Principal Balance:

         
	$24,536,250
	Closing
        Date Note B Principal Balance:

         
	$2,726,250
	Closing
        Date Note A Percentage Interest:

         
	90.0%

 

    A-1 

     

    

 

	Closing
        Date Note B Percentage Interest:

         
	10.0%
	Note
        A Interest Rate:

         
	4.19%

         

	Note
        B Interest Rate:

         
	4.19%

         

	Note
    A Default Interest Rate:	Lesser
        of (a) the maximum rate permitted by law or (b) 5% above the Note A Interest Rate

         

	Note
    B Default Interest Rate:	Lesser
        of (a) the maximum rate permitted by law or (b) 5% above the Note B Interest Rate

         

 

    A-2 

     

    

 

EXHIBIT
B

 

PERMITTED
FUND MANAGERS

 

1.       Westbrook
Partners

2.       DLJ
Real Estate Capital Partners 

3.       iStar
Financial Inc.

4.       Capital
Trust, Inc. 

5.       Lend-Lease
Real Estate Investments

6.       Archon
Capital, L.P. 

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

8.       The
Blackstone Group International Ltd. 

9.       Apollo
Real Estate Advisors

10.     Colony
Capital, LLC 

11.     Praedium
Group

12.     JER
Partners

13.     Fortress
Investment Group LLC 

14.     Lone
Star Funds

15.     Clarion
Partners 

16.     Walton
Street Capital, L.L.C.

17.     Starwood
Property Trust, Inc. 

18.     BlackRock,
Inc.

19.     Rialto
Capital Management, LLC 

20.     Raith
Capital Partners, LLC

21.     Eightfold
Real Estate Capital, L.P. 

22.     Principal
Real Estate Investors, LLC

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

 

    B-1

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