Document:

Exhibit 4.1

 

 

EXECUTION VERSION

	 

 

DEUTSCHE MORTGAGE & ASSET RECEIVING
CORPORATION,

Depositor,

 

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

Master Servicer,

 

RIALTO
CAPITAL ADVISORS, LLC,

Special Servicer,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Trustee,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator, Paying Agent and Custodian,

 

PARK
BRIDGE LENDER SERVICES LLC,

Operating Advisor,

 

and

 

PARK
BRIDGE LENDER SERVICES LLC,

Asset Representations Reviewer

 

 

 

POOLING AND SERVICING AGREEMENT

Dated as of August 1, 2016

 

 

 

CD 2016-CD1 Mortgage
Trust

Commercial Mortgage Pass-Through Certificates,

Series 2016-CD1 

	 

 

    

     

    

 

TABLE OF CONTENTS

	 
	 		
        Page 

	 	 	 
	ARTICLE I
	 	 	 
	DEFINITIONS
	 	 	 
	Section 1.01	Defined Terms	5
	Section 1.02	Certain Calculations	118
	Section 1.03	Certain Constructions	122
	Section 1.04	Certain Matters Relating to the Non-Serviced Mortgage Loans	123
	 	 	 
	Article II
	
         

        CONVEYANCE
        OF MORTGAGE LOANS;

        

        ORIGINAL
ISSUANCE OF CERTIFICATES 

	 
	Section 2.01	Conveyance of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements	124
	Section 2.02	Acceptance by Custodian and the Trustee	134
	Section 2.03	Representations, Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans	136
	Section 2.04	Representations, Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and the Asset Representations Reviewer	153
	Section 2.05	Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests	161
	Section 2.06	Miscellaneous REMIC and Grantor Trust Provisions	162
	 
	Article III
	 
	
        ADMINISTRATION
        AND SERVICING

        OF
THE TRUST FUND 

	 
	Section 3.01	The Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage Loans and the Serviced Companion Loans	163
	Section 3.02	Liability of the Master Servicer and the Special Servicer When Sub-Servicing	169
	Section 3.03	Collection of Mortgage Loan and Serviced Companion Loan Payments	169
	Section 3.04	Collection of Taxes, Assessments and Similar Items; Escrow Accounts	170
	Section 3.05	Collection Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Collection Accounts	172

 

    -i-

     

    

 

	Section 3.06	Permitted Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution Accounts; Trust Ledger	181
	Section 3.07	Investment of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and the Reserve Accounts	201
	Section 3.08	Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage	203
	Section 3.09	Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions	209
	Section 3.10	Appraisals; Realization upon Defaulted Loans	215
	Section 3.11	Custodian to Cooperate; Release of Mortgage Files	221
	Section 3.12	Servicing Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation	223
	Section 3.13	Reports to the Certificate Administrator; Collection Account Statements	231
	Section 3.14	Access to Certain Documentation	238
	Section 3.15	Title and Management of REO Properties and REO Accounts	247
	Section 3.16	Sale of Specially Serviced Loans and REO Properties	251
	Section 3.17	Additional Obligations of the Master Servicer and the Special Servicer; Inspections	257
	Section 3.18	Authenticating Agent	258
	Section 3.19	Appointment of Custodians	259
	Section 3.20	Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts	260
	Section 3.21	Servicing Advances	260
	Section 3.22	Appointment and Replacement of Special Servicer	264
	Section 3.23	Transfer of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report	270
	Section 3.24	Special Instructions for the Master Servicer and/or Special Servicer	276
	Section 3.25	Certain Rights and Obligations of the Master Servicer and/or the Special Servicer	277
	Section 3.26	Modification, Waiver, Amendment and Consents	279
	Section 3.27	Certain Intercreditor Matters Relating to the Whole Loans	284
	Section 3.28	Directing Holder Contact with the Master Servicer and the Special Servicer	288
	Section 3.29	Controlling Class Certificateholders and the Controlling Class Representative; Certain Rights and Powers of the Directing Holder	288
	Section 3.30	Rating Agency Confirmation	293
	Section 3.31	Appointment and Duties of the Operating Advisor	296
	Section 3.32	Delivery of Excluded Information to the Certificate Administrator	301

 

 

    -ii-

     

    

 

	ARTICLE IV
	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS
	 
	Section 4.01	Distributions	302
	Section 4.02	Statements to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others	311
	Section 4.03	Compliance with Withholding Requirements	324
	Section 4.04	REMIC Compliance	324
	Section 4.05	Imposition of Tax on the Trust Fund	327
	Section 4.06	Remittances	329
	Section 4.07	P&I Advances	329
	Section 4.08	Appraisal Reductions; Collateral Deficiency Amounts	336
	Section 4.09	Grantor Trust Reporting	339
	Section 4.10	Secure Data Room	340
	 	 	 
	ARTICLE
    V
	 
	THE CERTIFICATES
	 
	Section 5.01	The Certificates	342
	Section 5.02	Registration, Transfer and Exchange of Certificates	346
	Section 5.03	Mutilated, Destroyed, Lost or Stolen Certificates	356
	Section 5.04	Appointment of Paying Agent	356
	Section 5.05	Access to Certificateholders’ Names and Addresses; Special Notices	357
	Section 5.06	Actions of Certificateholders	358
	Section 5.07	Rule 144A Information	358
	Section 5.08	Voting Procedures	359
	 	 	 
	ARTICLE
    VI
	THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE 

DIRECTING HOLDER, THE OPERATING ADVISOR AND THE ASSET

 REPRESENTATIONS REVIEWER
	 	 	 
	Section 6.01	Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer	360
	Section 6.02	Merger or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer or the Operating Advisor	360
	Section 6.03	Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and Others	361
	Section 6.04	Limitation on Resignation of the Master
    Servicer, the Special Servicer and the Operating Advisor; Termination of the Master Servicer, the Special Servicer and the
    Operating Advisor	364

 

    -iii-

     

    

  

	Section 6.05	Rights of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer	366
	Section 6.06	The Master Servicer or Special Servicer as Owners of a Certificate	367
	Section 6.07	The Directing Holder	368
	Section 6.08	Rights of Non-Directing Holders	371
	 	 	 
	ARTICLE VII
	 
	SERVICER AND OPERATING ADVISOR TERMINATION
	 
	Section 7.01	Servicer Termination Events	372
	Section 7.02	Trustee to Act; Appointment of Successor	380
	Section 7.03	Notification to Certificateholders and Other Persons	382
	Section 7.04	Other Remedies of Trustee	382
	Section 7.05	Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination	383
	Section 7.06	Trustee as Maker of Advances	383
	Section 7.07	Termination of the Operating Advisor	384
	 	 	 
	ARTICLE
    VIII
	 	 	 
	CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR
	 
	Section 8.01	Duties of Trustee and Certificate Administrator	387
	Section 8.02	Certain Matters Affecting the Trustee and the Certificate Administrator	389
	Section 8.03	Trustee and Certificate Administrator Not Liable for Certificates or Mortgage Loans	392
	Section 8.04	Trustee and Certificate Administrator
    May Own Certificates	394
	Section 8.05	Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification	394
	Section 8.06	Eligibility Requirements for Trustee and Certificate Administrator	397
	Section 8.07	Resignation and Removal of Trustee and Certificate Administrator	398
	Section 8.08	Successor Trustee and Certificate Administrator	400
	Section 8.09	Merger or Consolidation of Trustee or Certificate Administrator	401
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	401
	 	 	 
	ARTICLE IX
	 	 	 
	TERMINATION
	 
	Section 9.01	Termination	402

 

    -iv-

     

    

 

	ARTICLE X
	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB
    COMPLIANCE
	 
	Section 10.01	Intent of the Parties; Reasonableness	408
	Section 10.02	Notification Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan	409
	Section 10.03	Information to be Provided by the Master Servicer and the Special Servicer	411
	Section 10.04	Information to be Provided by the Trustee	411
	Section 10.05	Filing Obligations	412
	Section 10.06	Form 10-D Filings	413
	Section 10.07	Form 10-K Filings	417
	Section 10.08	Sarbanes-Oxley Certification	420
	Section 10.09	Form 8-K Filings	421
	Section 10.10	Suspension of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports	423
	Section 10.11	Annual Compliance Statements	424
	Section 10.12	Annual Reports on Assessment of Compliance with Servicing Criteria	425
	Section 10.13	Annual Independent Public Accountants’ Servicing Report	427
	Section 10.14	Exchange Act Reporting Indemnification	428
	Section 10.15	Amendments	431
	Section 10.16	Exchange Act Report Signatures; Delivery of Notices	431
	Section 10.17	Termination of the Certificate Administrator	433
	 	 	 
	ARTICLE
    XI
	 	 	 
	THE ASSET REPRESENTATIONS REVIEWER
	 
	Section 11.01	Asset Review	433
	Section 11.02	Payment of Asset Representations Reviewer Asset Review Fees and Expenses; Limitation of Liability	439
	Section 11.03	Resignation of the Asset Representations Reviewer	440
	Section 11.04	Restrictions of the Asset Representations Reviewer	441
	Section 11.05	Termination of the Asset Representations Reviewer	441
	 	 	 
	ARTICLE
    XII
	 	 	 
	MISCELLANEOUS PROVISIONS
	 
	Section 12.01	Counterparts	444
	Section 12.02	Limitation on Rights of Certificateholders	444
	Section 12.03	Governing Law	445
	Section 12.04	Waiver of Jury Trial; Consent to Jurisdiction	445
	Section 12.05	Notices	446
	Section 12.06	Severability of Provisions	452

 

    -v-

     

    

 

	Section 12.07	Notice to the Depositor and Each Rating Agency	452
	Section 12.08	Amendment	454
	Section 12.09	Confirmation of Intent	459
	Section 12.10	No Intended Third-Party Beneficiaries	459
	Section 12.11	Entire Agreement	460
	Section 12.12	Third Party Beneficiaries	460
	Section 12.13	PNC Bank, National Association	461

  

    -vi-

     

    

 

TABLE OF EXHIBITS

	Exhibit A-1	Form of Class A-1 Certificate
	Exhibit A-2	Form of Class A-2 Certificate
	Exhibit A-3	Form of Class A-SB Certificate
	Exhibit A-4	Form of Class A-3
    Certificate
	Exhibit A-5	Form of Class A-4 Certificate
	Exhibit A-6	Form of Class A-M Certificate
	Exhibit A-7	Form of Class B Certificate
	Exhibit A-8	Form of Class C Certificate
	Exhibit A-9	Form of Class D Certificate
	Exhibit A-10	Form of Class E Certificate
	Exhibit A-11	Form of Class F Certificate
	Exhibit A-12	Form of Class G Certificate
	Exhibit A-13	Form of Class X-A
    Certificate
	Exhibit A-14	Form of Class X-B Certificate
	Exhibit A-15	Form of Class X-C Certificate
	Exhibit A-16	Form of Class X-D Certificate
	Exhibit A-17	Form of Class X-E Certificate
	Exhibit A-18	Form of Class X-F
    Certificate
	Exhibit A-19	Form of Class R Certificate
	Exhibit A-20	Form of Class V Certificate
	Exhibit B	Mortgage Loan Schedule
	Exhibit C-1	Form of Transferee Affidavit
	Exhibit C-2	Form of Transferor Letter
	Exhibit D-1	Form of Investment Representation Letter
	Exhibit D-2	Form of ERISA Representation Letter
	Exhibit E	Form of Request for Release
	Exhibit F	Securities Legend
	Exhibit G	Form of Regulation S Transfer Certificate
	Exhibit H	Form of Transfer Certificate for
    Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global Certificate during the Restricted
    Period
	Exhibit I	Form of Transfer Certificate for
    Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global Certificate after the Restricted
    Period
	Exhibit J	Form of Transfer Certificate for
    Exchange or Transfer from Regulation S Global Certificate to Rule 144A Global Certificate during the Restricted
    Period
	Exhibit K	Form of Distribution Date Statement
	Exhibit L-1A	Form of Investor Certification for Non-Borrower Party (for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1B	Form of Investor Certification for Non-Borrower Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1C	Form of Investor Certification for Borrower Party (for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1D	Form of Investor Certification for Borrower Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1E	Form of Notice of Excluded Controlling Class Holder

 

    -vii-

     

    

 

	Exhibit L-1F	Form of Notice of Excluded Controlling Class Holder to Certificate Administrator
	Exhibit L-1G	Form of Certification of the Controlling Class Representative
	Exhibit L-2	Form of Financial Market Publisher Certification
	Exhibit M	Form of Notification from Custodian
	Exhibit N-1	Form of Closing Date Custodian Certification
	Exhibit N-2	Form of Post-Closing Custodian Certification
	Exhibit O	Form of Trustee Backup Certification
	Exhibit P	Form of Custodian Backup Certification
	Exhibit Q	Form of Certificate Administrator Backup Certification
	Exhibit R	Form of Operating Advisor Backup Certification
	Exhibit S	Prudential Plaza Loan REMIC Declaration
	Exhibit T	Form of Master Servicer Backup Certification
	Exhibit U	Form of Special Servicer Backup Certification
	Exhibit V	Form of Sub-Servicer Backup Certification
	Exhibit W	Form of Sarbanes Oxley Certification
	Exhibit X	Mortgage Loan Seller Sub-Servicers
	Exhibit Y	Mortgage Loans with Earnout/Holdback Provisions
	Exhibit Z	Form of NRSRO Certification
	Exhibit AA-1	Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit AA-2	Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit BB	Form of Operating Advisor Annual Report
	Exhibit CC	Additional Disclosure Notification
	Exhibit DD-1	Form of Power of Attorney by Trustee for Master Servicer
	Exhibit DD-2	Form of Power of Attorney by Trustee to the Special Servicer
	Exhibit EE	Form of Non-Serviced Mortgage Loan Notification
	Exhibit FF	Form of Companion Loan Noteholder Certification
	Exhibit GG	[Reserved]
	Exhibit HH	Form of Asset Review Report by the Asset Representations Reviewer
	Exhibit II	Form of Asset Review Report Summary by the Asset Representations Reviewer
	Exhibit JJ	Asset Review Procedures
	Exhibit KK	Form of Certification to Certificate Administrator Requesting Access to Secure Data Room
	Exhibit LL	Form of Notice of [Additional Delinquent Mortgage Loan][Cessation of Delinquent Mortgage
    Loan][Cessation of Asset Review Trigger]
	 	 
	TABLE OF SCHEDULES
	 
	Schedule I	Directing Holders
	Schedule II	Servicing Criteria to be Addressed in Assessment of Compliance
	Schedule III	Class A-SB Planned Principal Balance Schedule
	Schedule IV	Additional Form 10-D Disclosure
	Schedule V	Additional Form 10-K Disclosure
	Schedule VI	Form 8-K Disclosure Information
	Schedule VII	Initial Serviced Companion Loan Noteholders
	Schedule VIII	Contact Information for the Other 17g-5 Information Provider

 

    -viii-

     

    

 

Pooling and Servicing
Agreement, dated as of August 1, 2016, between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Midland Loan
Services, a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors LLC, as Special Servicer, Wells
Fargo Bank, National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, Paying Agent
and Custodian, Park Bridge Lender Services LLC, as Operating Advisor, and Park Bridge Lender Services LLC, as Asset Representations
Reviewer.

 

PRELIMINARY STATEMENT:

 

(Terms used but not defined in this Preliminary
Statement shall have

the meanings specified in Article I hereof)

 

The Depositor intends
to sell pass-through certificates to be issued hereunder in multiple Classes which in the aggregate will evidence the entire beneficial
ownership interest in the Trust Fund consisting primarily of the Mortgage Loans.

 

The Lower-Tier REMIC
will hold the Mortgage Loans (exclusive of Excess Interest) and certain other related assets subject to this Agreement, and will
issue (i) the Lower-Tier Regular Interests set forth in the table below (the “Lower-Tier Regular Interests”),
as classes of regular interests in the Lower-Tier REMIC and (ii) the Class LTR Interest as the sole class of residual interests
in the Lower-Tier REMIC, which will be represented by the Class R Certificates.

 

The Upper-Tier REMIC
will hold the Lower-Tier Regular Interests and certain other related assets subject to this Agreement and will issue (i) the Class
A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class A-M,
Class B, Class C, Class D, Class E, Class F and Class G Certificates, which are designated as classes of regular interests in the
Upper-Tier REMIC and (ii) the Class UTR Interest as the sole class of residual interests in the Upper-Tier REMIC, which will be
represented by the Class R Certificates.

 

In addition, a REMIC
election has been designated to be made (and shall be made by the Certificate Administrator as described herein) with respect to
the Prudential Plaza Mortgage Loan and certain of the Prudential Plaza Companion Loans evidenced by the promissory notes designated
as Note A-2-2, Note A-3 and Note A-4, the proceeds thereof and any property that secured such notes that was acquired by foreclosure
or deed in lieu of foreclosure (to the extent of the Prudential Plaza Loan REMIC’s interest in such property securing the
Prudential Plaza Mortgage Loan) pursuant to a REMIC Declaration dated July 26, 2016 and attached to this Agreement as Exhibit
S (the “REMIC Declaration”). Pursuant to the REMIC Declaration, the Prudential Plaza Loan REMIC has issued (i)
the Prudential Plaza Loan REMIC Regular Interest, which constitutes the “regular interest” in such REMIC, and (ii)
the Prudential Plaza Loan REMIC Residual Interest as the sole class of “residual interests” in such REMIC, which will
be held in the Grantor Trust, beneficial ownership of which will be represented by the Class R Certificates. The Prudential Plaza
Mortgage Loan represents a 16.6667% interest in the Prudential Plaza Loan REMIC Regular Interest corresponding to the outstanding
principal balance of the Prudential Plaza Mortgage Loan. For federal income tax

 

    

     

    

 

purposes, payments made, and amounts deposited
into the Collection Account, in respect of the Prudential Plaza Mortgage Loan and the Prudential Plaza Companion Loans evidenced
by Note A-2-2, Note A-3 and Note A-4 will be deemed to be made on the Prudential Plaza Loan REMIC Regular Interest represented
by such Mortgage Loan and Companion Loans as set forth in the REMIC Declaration.

 

The portions of the Trust
Fund consisting of (i) the Class V Specific Grantor Trust Assets and (ii) the Class R Specific Grantor Trust Assets shall be treated
as a grantor trust under subpart E, part I of subchapter J of the Code (the “Grantor Trust”) for federal income
tax purposes. As provided herein, the Certificate Administrator shall not take any actions that would cause the Grantor Trust to
either (i) lose its status as a “grantor trust” or (ii) be treated as part of either Trust REMIC or the Prudential
Plaza Loan REMIC.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 1 on the Mortgage Loan Schedule (the “10 Hudson Yards Mortgage Loan”)
also secures 10 companion loans to the same Borrower, which are pari passu in right of payment to the 10 Hudson Yards Mortgage
Loan (the “10 Hudson Yards Pari Passu Companion Loans”) and two companion loans, which are subordinate in right
of payment to the 10 Hudson Yards Mortgage Loan (the “10 Hudson Yards Subordinate Companion Loans” and, together
with the 10 Hudson Yards Pari Passu Companion Loans, the “10 Hudson Yards Companion Loans”). The 10 Hudson Yards
Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization
designated as the Hudson Yards 2016-10HY Mortgage Trust and (ii) the related Intercreditor Agreement. The 10 Hudson Yards Companion
Loans and all amounts attributable thereto will not be assets of the Trust Fund, the Trust REMICs or the Prudential Plaza Loan
REMIC and will be beneficially owned by the related Companion Loan Noteholders.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 3 on the Mortgage Loan Schedule (the “Westfield San Francisco Centre
Mortgage Loan”) also secures 20 companion loans to the same Borrower, which are pari passu in right of payment
to the Westfield San Francisco Centre Mortgage Loan (the “Westfield San Francisco Centre Pari Passu Companion Loans”)
and four companion loans, which are subordinate in right of payment to the Westfield San Francisco Centre Mortgage Loan (the “Westfield
San Francisco Centre Subordinate Companion Loans” and, together with the Westfield San Francisco Centre Pari Passu Companion
Loans, the “Westfield San Francisco Centre Companion Loans”). The Westfield San Francisco Centre Whole
Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization designated
as the DBJPM 2016-SFC Mortgage Trust and (ii) the related Intercreditor Agreement. The Westfield San Francisco Centre Companion
Loans and all amounts attributable thereto will not be assets of the Trust Fund, the Trust REMICs or the Prudential Plaza Loan
REMIC and will be beneficially owned by the related Companion Loan Noteholders.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 4 on the Mortgage Loan Schedule (the “Prudential Plaza Mortgage
Loan”) also secures four companions loans to the same Borrower, which are pari passu in right of payment to the
Prudential Plaza Mortgage Loan (the “Prudential Plaza Companion Loans”). The Prudential Plaza Whole Loan
is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization designated
as the COMM 2015-CCRE26

  

    -2- 

     

    

 

Mortgage Trust and (ii) the related Intercreditor Agreement. The Prudential Plaza Companion Loans and all
amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs but will be assets of the Prudential Plaza
Loan REMIC and will be beneficially owned by the related Companion Loan Noteholders (for federal income tax purposes through their
respective ownership of the Prudential Plaza Loan REMIC Regular Interest).

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 5 on the Mortgage Loan Schedule (the “U-Haul AREC Portfolio Mortgage
Loan”) also secures one (1) companion loan to the same Borrower, which is pari passu in right of payment to the
U-Haul AREC Portfolio Mortgage Loan (the “U-Haul AREC Portfolio Companion Loan”). The U-Haul AREC Portfolio
Whole Loan is serviced pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement. The U-Haul AREC Portfolio
Companion Loan and all amounts attributable thereto will not be assets of the Trust Fund, the Trust REMICs or the Prudential Plaza
Loan REMIC and will be beneficially owned by the related Companion Loan Noteholder.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 6 on the Mortgage Loan Schedule (the “Birch Run Premium Outlets
Mortgage Loan”) also secures four companion loans to the same Borrower, which are pari passu in right of payment
to the Birch Run Premium Outlets Mortgage Loan (the “Birch Run Premium Outlets Companion Loans”). The Birch
Run Premium Outlets Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to
the Other Securitization designated as the COMM 2016-DC2 Mortgage Trust (however, servicing of the Birch Run Premium Outlets Whole
Loan will shift once the controlling note, Note A-3, is securitized) and (ii) the related Intercreditor Agreement. The Birch Run
Premium Outlets Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund, the Trust REMICs or
the Prudential Plaza Loan REMIC and will be beneficially owned by the related Companion Loan Noteholders.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 8 on the Mortgage Loan Schedule (the “Gas Company Tower & World
Trade Center Parking Garage Mortgage Loan”) also secures five companion loans to the same Borrower, which are pari
passu in right of payment to the Gas Company Tower & World Trade Center Parking Garage Mortgage Loan (the “Gas
Company Tower & World Trade Center Parking Garage Pari Passu Companion Loans”) and two companion loans, which are
subordinate in right of payment to the Gas Company Tower & World Trade Center Parking Garage Mortgage Loan (the “Gas
Company Tower & World Trade Center Parking Garage Subordinate Companion Loans” and, together with the Gas Company
Tower & World Trade Center Parking Garage Pari Passu Companion Loans, the “Gas Company Tower & World Trade Center
Parking Garage Companion Loans”). The Gas Company Tower & World Trade Center Parking Garage Whole Loan is currently
serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization designated as the COMM
2016-GCT Mortgage Trust and (ii) the related Intercreditor Agreement. The Gas Company Tower & World Trade Center Parking Garage
Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund, the Trust REMICs or the Prudential
Plaza Loan REMIC and will be beneficially owned by the related Companion Loan Noteholders.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 9 on the Mortgage Loan Schedule (the “Vertex Pharmaceuticals HQ
Mortgage Loan”) also secures ten companion loans to the same Borrower, which are pari passu in right of payment
to the

 

    -3- 

     

    

 

Vertex
Pharmaceuticals HQ Mortgage Loan (the “Vertex Pharmaceuticals HQ Companion Loans”). The Vertex
Pharmaceuticals HQ Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the
Other Securitization designated as the Wells Fargo Commercial Mortgage Trust 2016-BNK1 and (ii) the related Intercreditor
Agreement. The Vertex Pharmaceuticals HQ Companion Loans and all amounts attributable thereto will not be assets of the Trust
Fund, the Trust REMICs or the Prudential Plaza Loan REMIC and will be beneficially owned by the related Companion Loan
Noteholders.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 15 on the Mortgage Loan Schedule (the “401 South State Street Mortgage
Loan”) also secures one companion loan to the same Borrower, which are pari passu in right of payment to the 401
South State Street Mortgage Loan (the “401 South State Street Companion Loan”). The 401 South State Street
Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization
designated as the Citigroup Commercial Mortgage Trust 2016-P4 and (ii) the related Intercreditor Agreement. The 401 South State
Street Companion Loan and all amounts attributable thereto will not be assets of the Trust Fund, the Trust REMICs or the Prudential
Plaza Loan REMIC and will be beneficially owned by the related Companion Loan Noteholders.

 

The following table sets
forth the Class designation and initial Certificate Balance or initial Notional Amount of each Class of Regular Certificates (collectively,
the “Corresponding Certificates”), and the corresponding Lower-Tier Regular Interest(s) (the “Corresponding
Lower-Tier Regular Interest”) and the Corresponding Component of the Class X Certificates (the “Corresponding
Component”) for each Class of Corresponding Certificates.

 

	
        Corresponding

        Certificates

        
	 	
        Initial
        Certificate 

Balance or Notional 

Amount

        
	 	
        Corresponding

        Lower-Tier 

Regular Interests(1)

        
	 	
        Initial
        Lower-Tier 

Principal Balance

        
	 	
        Corresponding

        Class X 

Component(1)

        

	Class A-1	 	$ 30,826,000	 	LA-1	 	$ 30,826,000	 	XA-1
	Class A-2	 	$ 40,000,000	 	LA-2	 	$ 40,000,000	 	XA-2
	Class A-SB	 	$ 46,236,000	 	LA-SB	 	$ 46,236,000	 	XA-SB
	Class A-3	 	$ 168,000,000	 	LA-3	 	$ 168,000,000	 	XA-3
	Class A-4	 	$ 207,191,000	 	LA-4	 	$ 207,191,000	 	XA-4
	Class X-A	 	$ 566,092,000(2)	 	N/A	 	N/A	 	N/A
	Class X-B	 	$ 59,773,000(2)	 	N/A	 	N/A	 	N/A
	Class X-C	 	$ 31,645,000(2)	 	N/A	 	N/A	 	N/A
	Class X-D	 	$ 15,823,000(2)	 	N/A	 	N/A	 	N/A
	Class X-E	 	$ 6,153,000(2)	 	N/A	 	N/A	 	N/A
	Class X-F	 	$ 23,733,985(2)	 	N/A	 	N/A	 	N/A
	Class A-M	 	$ 73,839,000	 	LA-M	 	$ 73,839,000	 	XA-M
	Class B	 	$ 31,644,000	 	LB	 	$ 31,644,000	 	XB
	Class C	 	$ 28,129,000	 	LC	 	$ 28,129,000	 	XC
	Class D	 	$ 31,645,000	 	LD	 	$ 31,645,000	 	XD
	Class E	 	$ 15,823,000	 	LE	 	$ 15,823,000	 	XE
	Class F	 	$ 6,153,000	 	LF	 	$ 6,153,000	 	XF
	Class G	 	$ 23,733,985	 	LG	 	$ 23,733,985	 	XG

 

		(1)	The Lower-Tier Regular Interest and the Component of the Class X-A, Class X-B, Class X-C, Class
X-D, Class X-E or Class X-F Certificates that correspond to any particular Class of Regular Certificates also correspond to each
other and, accordingly, constitute the (i) Corresponding Lower-Tier Regular Interest and (ii) Corresponding Component, respectively,
with respect to each other. The Class X Component Notional Amount for such Corresponding Component of the Class X-A, Class X-B,
Class X-C, Class X-D, Class X-E or

 

    -4- 

     

    

 

Class X-F Certificates shall at all times equal the then Lower-Tier Principal Balance of the
Corresponding Lower-Tier Regular Interest.

 

		(2)	Notional Amount.

 

The Class X-A, Class
X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class V and Class R Certificates do not have Certificate Balances. Additionally,
the Class V and Class R Certificates do not have Notional Amounts. The Certificate Balance of any Class of Sequential Pay Certificates
outstanding at any time represents the maximum amount which holders thereof are entitled to receive as distributions allocable
to principal from the cash flow on the Mortgage Loans and the other assets in the Trust Fund; provided that if amounts previously
allocated as Realized Losses, to a Class of Certificates in reduction of the Certificate Balance thereof are subsequently recovered
(including without limitation after the reduction of the Certificate Balance of such Class to zero), such Class may receive distributions
in respect of such recoveries in accordance with the priorities set forth in Section 4.01 of this Agreement.

 

As of the Cut-off Date,
the Mortgage Loans have an aggregate Stated Principal Balance equal to approximately $703,219,865.99.

 

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

 

Article
I

DEFINITIONS

 

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

 

“8-K Filing
Deadline”: As defined in Section 10.09 of this Agreement.

 

“10-K Filing
Deadline”: As defined in Section 10.07 of this Agreement.

 

“17g-5 Information
Provider”: The Certificate Administrator.

 

“17g-5 Information
Provider’s Website”: The internet website of the 17g-5 Information Provider, initially located at www.ctslink.com,
under the “NRSRO” tab or other applicable tab of the respective transaction, access to which is limited to the Depositor
and to NRSROs who have provided an NRSRO Certification to the 17g-5 Information Provider.

 

“10 Hudson Yards
Companion Loans”: As defined in the Preliminary Statement.

 

“10 Hudson Yards
Pari Passu Companion Loans”: As defined in the Preliminary Statement.

 

    -5- 

     

    

  

 

“10 Hudson Yards
Subordinate Companion Loan”: As defined in the Preliminary Statement.

 

“10 Hudson Yards
Mortgage Loan”: As defined in the Preliminary Statement.

 

“10 Hudson Yards
Trust and Servicing Agreement”: The trust and servicing agreement, dated as of August 6, 2016 among Deutsche Mortgage
& Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, AEGON USA Realty Advisors,
LLC, as special servicer, Wilmington Bank, National Association, as trustee and Wells Fargo Bank, National Association, as certificate
administrator, paying agent and custodian, and entered into in connection with the Hudson Yards 2016-10HY Mortgage Trust.

 

“10 Hudson Yards
Service Providers”: With respect to the 10 Hudson Yards Companion Loans, the related Other Trustee, Other Servicer, Other
Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or interest advances
in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“10 Hudson Yards
Whole Loan”: The 10 Hudson Yards Companion Loans, together with the 10 Hudson Yards Mortgage Loan. References herein
to the 10 Hudson Yards Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes with respect
to the 10 Hudson Yards Mortgage Loan and the 10 Hudson Yards Companion Loans.

 

“401 South State
Street Companion Loan”: As defined in the Preliminary Statement.

 

“401 South State
Street Mortgage Loan”: As defined in the Preliminary Statement.

 

“401 South State
Street Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of July 1, 2016, among Citigroup
Commercial Mortgage Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, CWCapital Asset
Management LLC, as special servicer, Deutsche Bank Trust Company Americas, as trustee, Citibank, N.A., as certificate administrator,
Park Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset representations reviewer,
and entered into in connection with the CGCMT 2016-P4 Mortgage Trust.

 

“401 South State
Street Service Providers”: With respect to the 401 South State Street Companion Loan, the related Other Trustee, Other
Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or
interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“401 South State
Street Whole Loan”: The 401 South State Street Companion Loan, together with the 401 South State Street Mortgage Loan.
References herein to the 401 South State Street Whole Loan shall be construed to refer to the aggregate indebtedness under

 

    -6- 

     

    

  

the
related promissory notes with respect to the 401 South State Street Mortgage Loan and the 401 South State Street Companion Loan.

 

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

 

“Acceptable
Insurance Default”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan,
any Default arising when the related Loan Documents require that the related Borrower must maintain standard extended coverage
casualty insurance or other insurance that covers acts of terrorism and the Special Servicer has determined, in accordance with
the Servicing Standard and, unless a Control Termination Event has occurred and is continuing, with the consent of the Directing
Holder, that either (i) such insurance is not available at commercially reasonable rates and the subject hazards are not at the
time commonly insured against for properties similar to the Mortgaged Property and located in or around the geographic region in
which such Mortgaged Property is located (but only by reference to such insurance that has been obtained by such owners at current
market rates), or (ii) such insurance is not available at any rate; provided that the Directing Holder will not have more
than 30 days to respond to the Special Servicer’s request for such consent; provided, further, that upon the
Special Servicer’s determination, consistent with the Servicing Standard, that exigent circumstances do not allow the Special
Servicer to consult with the Directing Holder, the Special Servicer will not be required to do so. In making this determination,
the Special Servicer, to the extent consistent with the Servicing Standard, may rely on the opinion of an insurance consultant.

 

“Accrued AB
Loan Interest”: with respect to any AB Modified Loan and any date of determination, the accrued and unpaid interest that
remains unpaid with respect to the junior note(s) of such AB Modified Loan.

 

“Act”:
The Securities Act of 1933, as it may be amended from time to time.

 

“Action Notice
Response”: As defined in Section 2.03(l)(i).

 

“Actual/360
Basis”: The accrual of interest calculated on the basis of the actual number of days elapsed during any calendar month
(or other applicable accrual period) in a year assumed to consist of 360 days.

 

“Actual/360
Loans”: The Mortgage Loans indicated as such in the Mortgage Loan Schedule and any related Serviced Companion Loan.

 

“Additional
Form 10-D Disclosure”: As defined in Section 10.05(c) of this Agreement.

 

    -7- 

     

    

  

“Additional
Form 10-K Disclosure”: As defined in Section 10.07 of this Agreement.

 

“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the
Mortgage Loan Sellers or the Underwriters (other than an Affiliate of any such party acting in the capacity of a Mortgage Loan
Seller Sub-Servicer), that Services any of the Mortgage Loans, and each Person, other than the Special Servicer, who is not an
Affiliate of any of the Master Servicer, the Certificate Administrator, the Trustee, the Mortgage Loan Sellers or the Underwriters,
who Services 10% or more of the Mortgage Loans (based on their Stated Principal Balance).

 

“Additional
Trust Fund Expense”: Any expense incurred with respect to the Trust Fund and not otherwise included in the calculation
of a Realized Loss that would result in the Holders of Regular Certificates receiving less than the full amount of principal and/or
the Interest Accrual Amount to which they are entitled on any Distribution Date.

 

“Administrative
Cost Rate”: As of any date of determination and with respect to each Mortgage Loan, a per annum rate equal to
the sum of the Servicing Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Operating Advisor Fee Rate and the CREFC®
Intellectual Property Royalty License Fee Rate.

 

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

 

“Advance Interest
Amount”: Interest at the Reimbursement Rate on the aggregate amount of P&I Advances and Servicing Advances for which
the Master Servicer or the Trustee, as applicable, has not been reimbursed for the number of days from the date on which such Advance
was made to the date of payment or reimbursement of the related Advance or other such amount, less any amount of interest previously
paid on such Advance; provided that if, during any Collection Period in which an Advance was made, the related Borrower
makes payment of an amount in respect of which such Advance was made with interest at the Default Rate, the Advance Interest Amount
payable to the Master Servicer or the Trustee shall be paid first, from the amount of Default Interest on the related Mortgage
Loan (or Whole Loan, with respect to Servicing Advances) actually paid by such Borrower, second, from late payment fees
on the related Mortgage Loan (or Whole Loan, with respect to Servicing Advances) actually paid by the related Borrower, and third,
upon determining in accordance with the Servicing Standard that such Advance Interest Amount is not recoverable from the amounts
described in first or second, from other amounts on deposit in the Collection Account or the Serviced Whole Loan
Collection Account, as applicable.

 

“Adverse REMIC
Event”: Any action, that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) cause either
Trust REMIC or the Prudential Plaza Loan REMIC to fail to qualify as a REMIC or (ii) result in the imposition of a tax upon any
Trust REMIC, the Prudential Plaza Loan REMIC or the Trust Fund (including but not limited to the tax on “prohibited transactions”
as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code,
but not including the tax on “net income from foreclosure property”).

 

    -8- 

     

    

 

“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. The Trustee and the Certificate Administrator may obtain and rely on an Officer’s Certificate of the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer or the Depositor to determine whether any Person
is an Affiliate of such party.

 

“Affiliated
Person”: Any Person (other than a Rating Agency) involved in the organization or operation of the Depositor or an affiliate,
as defined in Rule 405 of the Act, of such Person.

 

“Affirmative
Asset Review Vote”: As defined in Section 11.04(a).

 

“Agent Member”:
Members of, or Depository Participants in, the Depository.

 

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

 

“Allocated Loan
Amount”: With respect to each Mortgaged Property, the portion of the principal amount of the related Mortgage Loan allocated
to such Mortgaged Property in the applicable Mortgage, Loan Agreement or the Mortgage Loan Schedule.

 

“A.M. Best”:
A.M. Best Company, or its successor in interest.

 

“Anticipated
Repayment Date”: With respect to any Mortgage Loan that is indicated on the Mortgage Loan Schedule as having a Revised
Rate, the date upon which such Mortgage Loan commences accruing interest at such Revised Rate.

 

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

 

“Applicable
Law”: As defined in Section 8.02(f) of this Agreement.

 

“Applicable
Procedures”: As defined in Section 5.02(c)(ii)(A) of this Agreement.

 

“Applicable
State and Local Tax Law”: For purposes hereof, the Applicable State and Local Tax Law shall be (a) the tax laws of the
State of New York and Illinois and (b) such state or local tax laws whose applicability shall have been brought to the attention
of the Certificate Administrator by either (i) an opinion of counsel delivered to it or (ii) written notice from the appropriate
taxing authority as to the applicability of such state or local tax laws.

 

“Appraised-Out
Class”: As defined in Section 4.08(b) of this Agreement.

 

“Appraisal”:
An appraisal prepared by an Independent MAI appraiser with at least five years’ experience in properties of like kind and
in the same area.

 

    -9- 

     

    

 

“Appraisal Reduction
Amount”: For any Distribution Date and for any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or any Serviced
Whole Loan as to which an Appraisal Reduction Event has occurred, an amount calculated by the Master Servicer (and, if no Consultation
Termination Event has occurred, in consultation with the Directing Holder, and, if a Control Termination Event has occurred and
is continuing, in consultation with the Operating Advisor to the extent set forth in Section 3.31(f) of this Agreement)
as of the first Determination Date that is at least 10 Business Days following the date the Master Servicer receives from the Special
Servicer the related Appraisal (and any information reasonably requested by the Master Servicer from the Special Servicer, to the
extent such information is in the possession of the Special Servicer, necessary to calculate the Appraisal Reduction Amount) or
the Special Servicer’s Small Loan Appraisal Estimate (and thereafter by the first Determination Date following any material
change in the amounts set forth in the following equation) equal to the excess, if any, of (a) the Stated Principal Balance of
such Mortgage Loan or Serviced Whole Loan over (b) the excess of (i) the sum of: (A) 90% of the appraised value of the related
Mortgaged Property as determined (1) by one or more Appraisals obtained by the Special Servicer with respect to that Mortgage Loan
or Serviced Whole Loan with an outstanding principal balance equal to or in excess of $2,000,000 (the costs of which shall be paid
by the Master Servicer as a Servicing Advance), minus such downward adjustments as the Special Servicer may make (without implying
any obligation to do so) based upon its review of the Appraisals and any other information it deems relevant, or (2) by an internal
valuation performed by the Special Servicer with respect to any Mortgage Loan or Serviced Whole Loan with an outstanding principal
balance less than $2,000,000, plus (B) all escrows and reserves (other than escrows and reserves for taxes and insurance), plus
(C) all insurance and casualty proceeds and condemnation awards that constitute collateral for the related Mortgage Loan or Serviced
Whole Loan (whether paid or then payable by any insurance company or government authority), over (ii) the sum as of the Due Date
occurring in the month of the date of determination of (without duplication) (A) to the extent not previously advanced by the Master
Servicer or the Trustee, all unpaid interest on such Mortgage Loan or Serviced Whole Loan at a per annum rate equal to the
Mortgage Rate (or with respect to the applicable Serviced Whole Loan, the weighted average of the Mortgage Rates for the related
Mortgage Loan and related Serviced Companion Loans), (B) all unreimbursed Servicing Advances and the principal portion of all unreimbursed
P&I Advances, and all unpaid interest on Advances at the Reimbursement Rate, in respect of such Mortgage Loan or Serviced Whole
Loan, (C) any other unpaid Additional Trust Fund Expenses in respect of such Mortgage Loan or Serviced Whole Loan (but subject
to the provisions of Section 1.02(e)), (D) all currently due and unpaid real estate taxes, ground rents and assessments
and insurance premiums (net of any escrows or reserves therefor) that have not been the subject of an Advance by the Master Servicer
or the Trustee, as applicable, and (E) all other amounts due and unpaid with respect to such Mortgage Loan or Serviced Whole Loan
that, if not paid by the related Borrower, would result in a shortfall in distributions to the Certificateholders, except for Prepayment
Premiums and Yield Maintenance Charges payable due to an acceleration of such Mortgage Loan or Serviced Whole Loan following a
default thereunder; provided, without limiting the Special Servicer’s obligation to order and obtain such Appraisal,
if the Special Servicer has not obtained an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate, as applicable, referred
to above within 60 days of the Appraisal Reduction Event (or in the case of an Appraisal Reduction Event occurring by reason of
clause (ii) of the definition thereof, within 30 days of such Appraisal Reduction Event), the Appraisal Reduction Amount shall
be deemed to be an amount equal to 25% of the current Stated Principal Balance of the related Mortgage

 

    -10- 

     

    

 

Loan or the applicable Serviced
Whole Loan until such time as such Updated Appraisal or Small Loan Appraisal Estimate referred to above is received and the Appraisal
Reduction Amount is recalculated.

 

Notwithstanding anything
herein to the contrary, the aggregate Appraisal Reduction Amount related to a Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or a Serviced Whole Loan or the related REO Property will be reduced to zero as of the date the related Mortgage Loan or
Serviced Whole Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust Fund. In addition, with respect
to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan as to which an Appraisal Reduction Event
has occurred, such Mortgage Loan or Serviced Whole Loan shall no longer be subject to the Appraisal Reduction Amount if (a) such
Mortgage Loan or Serviced Whole Loan has become a Corrected Mortgage Loan (if a Servicing Transfer Event had occurred with respect
to the related Mortgage Loan) and (b) no other Appraisal Reduction Event has occurred and is continuing.

 

Each Serviced Whole Loan
will be treated as a single mortgage loan for purposes of calculating an Appraisal Reduction Amount with respect to the mortgage
loans that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount in respect of a Serviced Whole Loan shall be allocated
pro rata, to the related Mortgage Loan and the related Serviced Pari Passu Companion Loan that is pari passu in right
of payment with such Mortgage Loan, if any.

 

For any Distribution
Date and for any Non-Serviced Mortgage Loan as to which an Appraisal Reduction Event has occurred, the Appraisal Reduction Amount
shall be an amount calculated by the applicable servicer in accordance with and pursuant to the terms of the related Other Pooling
and Servicing Agreement.

 

“Appraisal Reduction
Event”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan, the earliest
of (i) the date on which such Mortgage Loan or Serviced Whole Loan becomes a Modified Mortgage Loan, (ii) the 90th day following
the occurrence of any uncured Delinquency in Periodic Payments with respect to such Mortgage Loan or Serviced Whole Loan, (iii)
receipt of notice that the related Borrower has filed a bankruptcy petition or the date on which a receiver is appointed and continues
in such capacity in respect of a Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan or the 60th day after the
related Borrower becomes the subject of involuntary bankruptcy proceedings and such proceedings are not dismissed in respect of
a Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan, (iv) the date on which the Mortgaged Property securing
such Mortgage Loan or Serviced Whole Loan becomes a Serviced REO Property and (v) with respect to a Balloon Loan, a payment default
shall have occurred with respect to the related Balloon Payment; provided, if (a) the related Borrower is diligently seeking
a refinancing commitment (and delivers a statement to that effect to the Master Servicer within 30 days after the default, who
shall promptly deliver a copy to the Special Servicer, the Operating Advisor and the Directing Holder (but only if no Consultation
Termination Event has occurred and is continuing)), (b) the related Borrower continues to make its Assumed Scheduled Payment, (c)
no other Appraisal Reduction Event has occurred with respect to such Mortgage Loan or Serviced Whole Loan and (d) for so long as
no Control Termination Event has occurred and is continuing, the Directing Holder consents, an Appraisal Reduction Event will not
occur until 60 days beyond the related Maturity Date, unless extended by the Special Servicer in accordance with the Loan

 

    -11- 

     

    

 

Documents
or this Agreement; and provided, further, if the related Borrower has delivered to the Master Servicer, who shall
promptly deliver a copy to the Special Servicer, the Operating Advisor and the Directing Holder (but only for so long as no Consultation
Termination Event has occurred), on or before the 60th day after the related Maturity Date, a refinancing commitment reasonably
acceptable to the Special Servicer, and the Borrower continues to make its Assumed Scheduled Payments (and no other Appraisal Reduction
Event has occurred with respect to such Mortgage Loan or Serviced Whole Loan), an Appraisal Reduction Event will not occur until
the earlier of (1) 120 days beyond the related Maturity Date (or extended maturity date) and (2) the termination of the refinancing
commitment. The Special Servicer shall notify the Master Servicer promptly upon the occurrence of any of the foregoing events with
respect to any Specially Serviced Loan.

 

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

 

“ARD Loan”:
Any Mortgage Loan the terms of which provide that if, after an Anticipated Repayment Date, the related Borrower has not prepaid
such Mortgage Loan in full, any principal outstanding on that date will accrue interest at the Revised Rate rather than the Initial
Rate.

 

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

 

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

 

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

 

“Asset Representations
Reviewer Surveillance Personnel”: The divisions and individuals of the Asset Representations Reviewer who are involved
in the performance of the duties of the Asset Representations Reviewer under this Agreement.

 

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

 

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

 

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

 

“Asset Review
Quorum”: In connection with any solicitation of votes to authorize an Asset Review as described in Section 12.01(a),
the Certificateholders evidencing at least 5% of the aggregate Voting Rights represented by all Certificates.

 

“Asset Review
Report”: A report setting forth the results of an Asset Review substantially in the form attached hereto as Exhibit
HH.

 

    -12- 

     

    

 

“Asset Review
Report Summary”: As defined in Section 11.01(a)(ix), a summary report setting forth the conclusions of an Asset
Review Report substantially in the form attached hereto as Exhibit II.

 

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

 

“Asset Review
Trigger”: Any time that either (1) Mortgage Loans having an aggregate outstanding principal balance of 25.0% or more
of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan
in the case of a Whole Loan)) held by the Trust as of the end of the applicable Collection Period are Delinquent Mortgage Loans
or (2)(A) prior to and including the second anniversary of the Closing Date, at least 10 Mortgage Loans are Delinquent Mortgage
Loans as of the end of the applicable Collection Period and the outstanding principal balance of such Delinquent Mortgage Loans
in the aggregate constitutes at least 15.0% of the aggregate outstanding principal balance of all of the Mortgage Loans (including
any REO Loans (or a portion of any REO Loan in the case of a Whole Loan)) held by the issuing entity as of the end of the applicable
Collection Period, or (B) after the second anniversary of the Closing Date, at least 15 Mortgage Loans are Delinquent Mortgage
Loans as of the end of the applicable Collection Period and the aggregate outstanding principal balance of such Delinquent Mortgage
Loans in the aggregate constitutes at least 20.0% of the aggregate outstanding principal balance of all of the Mortgage Loans (including
any REO Loans) (or a portion of any REO Loan in the case of a Whole Loan) held by the Trust as of the end of the applicable Collection
Period.

 

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

 

“Asset Status
Report”: As defined in Section 3.23(e) of this Agreement.

 

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

 

“Assignment
of Mortgage”: An assignment of Mortgage without recourse, notice of transfer or equivalent instrument, in recordable
form, which is sufficient under the laws of the jurisdiction in which the related Mortgaged Property is located to reflect of record
the sale of the Mortgage, which assignment, notice of transfer or equivalent instrument may be in the form of one or more blanket
assignments covering Mortgages encumbering Mortgaged Properties located in the same jurisdiction, if permitted by law and acceptable
for recording.

 

“Assumed Scheduled
Payment”: For any Collection Period with respect to any Mortgage Loan (including the Non-Serviced Mortgage Loan) that
is delinquent in respect of its

 

    -13- 

     

    

 

Balloon Payment or any REO Loan (excluding, for purposes of any P&I Advances, the portion allocable
to any related Companion Loan), is an amount equal to the sum of (a) the principal portion of the Periodic Payment that would have
been due on such Mortgage Loan or REO Loan on the related Due Date based on the constant Periodic Payment or the original amortization
schedule of the Mortgage Loan (as calculated with interest at the related Mortgage Rate) (if any), assuming such Balloon Payment
had not become due, after giving effect to any prior modification, a default or a bankruptcy modification (or similar proceeding),
and (b) interest on the Stated Principal Balance of the Mortgage Loan or REO Loan (excluding, for purposes of any P&I Advances,
the portion allocable to any related Companion Loan) at its Mortgage Rate (net of the related Servicing Fee Rate (other than, in
the case of any Non-Serviced Mortgage Loan, the servicing fee rate pursuant to the related Other Pooling and Servicing Agreement)).

 

“Assumption
Fees”: Any fees (other than assumption application fees) collected by the Master Servicer or the Special Servicer in
connection with an assumption of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan or related substitution
of a Borrower (or an interest therein) thereunder (in each case, as permitted or set forth in the related Loan Documents or under
the provisions of this Agreement).

 

“Authenticating
Agent”: Any authenticating agent appointed by the Certificate Administrator pursuant to Section 3.18 of this Agreement.

 

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

 

(a)           the aggregate
amount of all cash received on the Mortgage Loans (in the case of any Non-Serviced Mortgage Loan, only to the extent received by
the Trust pursuant to the related Other Pooling Agreement and/or the related Non-Serviced Intercreditor Agreement) (including the
portion of Loss of Value Payments deposited into the Collection Account pursuant to Section 3.06(e) of this Agreement) and
any REO Property (including Compensating Interest Payments with respect to the Mortgage Loans required to be deposited by the Master
Servicer pursuant to Section 3.17(c)) on deposit in the Collection Account (in each case, exclusive of any amount on deposit
in the Collection Account that is held for the benefit of the Companion Loan Noteholders), as of the Master Servicer Remittance
Date, exclusive of (without duplication):

 

(i)        
  all Periodic Payments and Balloon Payments paid by the Borrowers that are due on a Due Date (without regard to grace
periods) after the end of the related Collection Period (without regard to grace periods);

 

(ii)         
all unscheduled payments of principal (including Principal Prepayments (together with any related payments of interest allocable
to the period following the Due Date for the related Mortgage Loan during the related Collection Period)), unscheduled interest,
Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds and other unscheduled recoveries received subsequent to the
related Determination Date (or, with respect to voluntary prepayments of principal of each Mortgage Loan with a Due Date occurring
after the related Determination Date, subsequent to the related Due Date) allocable to the Mortgage Loans;

 

    -14- 

     

    

  

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

 

(iv)         with
respect to each Actual/360 Loan and any Distribution Date in (1) each February and (2) any January occurring in a year that is
not a leap year (unless, in either case, such Distribution Date is the final Distribution Date), an amount equal to one day of
interest on the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date in the month
preceding the month in which the subject Distribution Date occurs at the related Net Mortgage Rate, to the extent such amounts
are to be deposited in the Interest Reserve Account and held for future distribution pursuant to Section 3.05(e) of this
Agreement;

 

(v)          all Excess
Interest allocable to the Mortgage Loans;

 

(vi)          all
Yield Maintenance Charges and prepayment premiums;

 

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

 

(viii)        all
Penalty Charges retained in the Collection Account pursuant to Section 3.05(a)(vii) of this Agreement; and

 

(b)          if and
to the extent not already included in clause (a) hereof, the aggregate amount transferred on or before the applicable Determination
Date from the REO Account allocable to the Mortgage Loans to the Collection Account for such Distribution Date pursuant to Section
3.15(b);

 

(c)          P&I
Advances made by the Master Servicer or the Trustee, as applicable, for such Distribution Date (net of the related Certificate
Administrator/Trustee Fee with respect to the Mortgage Loans for which such P&I Advances are made); and

 

(d)          with
respect to each Actual/360 Loan and for the Distribution Date occurring in each March (or February if the final Distribution Date
occurs in such month), the Withheld Amounts remitted to the Lower-Tier Distribution Account pursuant to Section 3.05(e)
of this Agreement.

 

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

 

“Balloon Loan”:
Any Mortgage Loan or Serviced Whole Loan that requires a payment of principal on the maturity date in excess of its constant Periodic
Payment.

 

“Balloon Payment”:
With respect to each Balloon Loan, the scheduled payment of principal due on the Maturity Date (less principal included in the
applicable amortization schedule or scheduled Periodic Payment).

 

    -15- 

     

    

  

“Base Interest
Fraction”: With respect to any Principal Prepayment on any Mortgage Loan and any of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-M, Class B, Class C and Class D Certificates, a fraction (not greater than one) (a) whose numerator
is the greater of zero and the amount, if any, by which (i) the Pass-Through Rate on such Class of Certificates exceeds (ii) the
yield rate (as provided by the Master Servicer) used in calculating the Prepayment Premium or Yield Maintenance Charge, as applicable,
with respect to such Principal Prepayment and (b) whose denominator is the amount, if any, by which (i) the Mortgage Rate on such
Mortgage Loan exceeds (ii) the yield rate (as provided by the Master Servicer) used in calculating the Prepayment Premium or Yield
Maintenance Charge, as applicable, with respect to such Principal Prepayment; provided that if such yield rate is greater
than or equal to the Mortgage Rate on such Mortgage Loan, then the Base Interest Fraction shall be zero; provided, further,
that if such yield rate is greater than or equal to the Mortgage Rate on such Mortgage Loan, but less than the Pass-Through Rate
described in clause (a)(i) above, then the Base Interest Fraction shall be one.

 

To the extent that the
“yield rate” referred to in the immediately preceding paragraph to be provided by the Master Servicer is not provided
in the related Loan Documents, such “yield rate” shall be, when compounded monthly, equivalent to the yield, on the
U.S. Treasury primary issue with a maturity date closest to the Maturity Date or Anticipated Repayment Date, as applicable, for
the prepaid Mortgage Loan. In the event that there are: (a) two or more U.S. Treasury issues with the same coupon the issue with
the lower yield shall be selected and (b) two or more U.S. Treasury issues with maturity dates equally close to the Maturity Date
or Anticipated Repayment Date, as applicable, for such prepaid Mortgage Loan, the issue with the earlier maturity date shall be
selected.

 

“Bid Allocation”:
With respect to the Master Servicer and each Sub-Servicer therefor and the proceeds of any bid pursuant to Section 7.01(a)
of this Agreement, the amount of such proceeds (net of any expenses incurred in connection with such bid and the transfer of servicing),
multiplied by a fraction equal to (a) the Servicing Fee Amount for the Master Servicer or such Sub-Servicer therefor, as the case
may be, as of such date of determination, over (b) the aggregate of the Servicing Fee Amounts for the Master Servicer and all Sub-Servicers
therefor as of such date of determination.

 

“Birch Run Premium
Outlets Companion Loans”: As defined in the Preliminary Statement.

 

“Birch Run Premium
Outlets Mortgage Loan”: As defined in the Preliminary Statement.

 

“Birch Run Premium
Outlets Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of March 1, 2016 among Deutsche
Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, CWCapital
Asset Management LLC, as special servicer, Wilmington Trust, National Association, as trustee, Deutsche Bank Trust Company Americas,
as certificate administrator, paying agent and custodian, Park Bridge Lender Services LLC, as operating advisor, and Park Bridge
Lender Services LLC, as asset representations reviewer, and entered into in connection with the COMM 2016-DC2 Mortgage Trust; provided,
however, upon the securitization of the

 

    -16- 

     

    

 

controlling note, Note A-3, the Birch Run Premium Outlets Pooling and Servicing
Agreement shall mean the servicing agreement entered into in connection with such securitization.

 

“Birch Run Premium
Outlets Service Providers”: With respect to the Birch Run Premium Outlets Companion Loans, the related Other Trustee,
Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or
interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Birch Run Premium
Outlets Whole Loan”: The Birch Run Premium Outlets Companion Loans, together with the Birch Run Premium Outlets Mortgage
Loan. References herein to the Birch Run Premium Outlets Whole Loan shall be construed to refer to the aggregate indebtedness under
the related notes with respect to the Birch Run Premium Outlets Mortgage Loan and the Birch Run Premium Outlets Companion Loans.

 

“Book-Entry
Certificate” shall mean any Certificate registered in the name of the Depository or its nominee.

 

“Borrower”:
With respect to any Mortgage Loan, Companion Loan or Serviced Whole Loan, any obligor or obligors on any related Mortgage Note
or Mortgage Notes, including in connection with a Mortgage Loan, Companion Loan or Serviced Whole Loan that utilizes an indemnity
deed of trust (“IDOT”) structure, the borrower and the Mortgaged Property owner / payment guarantor / mortgagor,
individually and collectively, as the context may require.

 

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

 

“Borrower Party”:
A borrower, a mortgagor, a manager of a Mortgaged Property, Restricted Mezzanine Holder or any Borrower Party Affiliate.

 

“Borrower Party
Affiliate”: With respect to a borrower, a mortgagor, a manager of a Mortgaged Property or a Restricted Mezzanine Holder,
(a) any other person controlling or controlled by or under common control with such borrower, mortgagor, manager or Restricted
Mezzanine Holder, as applicable, (b) solely with respect to the 10 largest Mortgage Loans by Stated Principal Balance, any other
person owning, directly or indirectly, 25% or more of the beneficial interests in such borrower, mortgagor or manager, as applicable,
or (c) any other person owning, directly or indirectly, 25% or more of the beneficial interests in such Restricted Mezzanine Holder.
For the purposes of this definition, “control” when used with respect to any specified person means the power to direct
the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

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

 

“Business Day”:
Any day other than (i) a Saturday or a Sunday, (ii) a legal holiday in New York, New York or the principal cities in which the
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee or the Certificate
Administrator conduct servicing, trust administration or surveillance operations or (iii) a day on which the Federal Reserve Bank
of New York or banking institutions or savings

 

    -17- 

     

    

 

associations in New York, New York, Charlotte, North Carolina, Oakland, California,
Kansas City, Missouri, Pittsburgh, Pennsylvania, Overland Park, Kansas, Missouri, Minneapolis, Minnesota, or Columbia, Maryland,
or the principal cities in which the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Trustee or the Certificate Administrator conduct servicing, trust administration or surveillance operations are authorized
or obligated by law or executive order to be closed.

 

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

 

“Cash Collateral
Account”: With respect to any Mortgage Loan or Serviced Whole Loan that has a Lock-Box Account, any account or accounts
created pursuant to the related Mortgage, Loan Agreement, Cash Collateral Account Agreement or other Loan Document into which the
Lock-Box Account monies are swept on a regular basis for the benefit of the Trustee, on behalf of the Certificateholders, as successor
to the related Mortgage Loan Seller. Any Cash Collateral Account shall be beneficially owned for federal income tax purposes by
the Person who is entitled to receive all reinvestment income or gain thereon in accordance with the terms and provisions of the
related Loan Documents and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain
thereon in accordance with the terms of the related Mortgage Loan or Serviced Whole Loan. The Master Servicer shall be permitted
to make withdrawals therefrom for deposit into the Collection Account or the applicable Serviced Whole Loan Collection Account,
as applicable. To the extent not inconsistent with the terms of the related Loan Documents, each such Cash Collateral Account shall
be an Eligible Account.

 

“Cash Collateral
Account Agreement”: With respect to any Mortgage Loan or Serviced Whole Loan, the cash collateral account agreement,
if any, between the related Originator and the related Borrower, pursuant to which the related Cash Collateral Account, if any,
may have been established.

 

“Certificate”:
Any Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class
A-M, Class B, Class C, Class D, Class E, Class F, Class G, Class V or Class R Certificate issued, authenticated and delivered hereunder.

 

“Certificate
Administrator”: Wells Fargo Bank, National Association, a national banking association, in its capacity as Certificate
Administrator, or its successor in interest, or any successor Certificate Administrator appointed as herein provided. Wells Fargo
Bank, National Association will perform its obligations as Certificate Administrator hereunder through its Corporate Trust Services
division.

 

    -18- 

     

    

  

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

 

“Certificate
Administrator/Trustee Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount per Interest
Accrual Period equal to the product of (i) the Certificate Administrator/Trustee Fee Rate (adjusted to a monthly rate) multiplied
by (ii) the Stated Principal Balance of such Mortgage Loan as of the Due Date in the immediately preceding Collection Period (without
giving effect to payments of principal on such Mortgage Loan on such Due Date). The Certificate Administrator/Trustee Fee shall
be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt, the Certificate
Administrator/Trustee Fee with respect to each Mortgage Loan shall be payable from the Lower-Tier REMIC.

 

“Certificate
Administrator/Trustee Fee Rate”: A rate equal to 0.0085% per annum.

 

“Certificate
Administrator’s Website”: The internet website of the Certificate Administrator, initially located at www.ctslink.com.

 

“Certificate
Balance”: With respect to any Class of Sequential Pay Certificates (a) on or prior to the first Distribution Date, an
amount equal to the aggregate initial Certificate Balance of such Class, as specified in the Preliminary Statement to this Agreement
and (b) as of any date of determination after the first Distribution Date, the Certificate Balance of such Class on the Distribution
Date immediately prior to such date of determination less any distributions allocable to principal and any allocations of Realized
Losses made thereon on such prior Distribution Date.

 

“Certificate
Custodian”: Initially, the Certificate Administrator; thereafter, any other Certificate Custodian acceptable to the Depository
and selected by the Certificate Administrator.

 

“Certificate
Owner”: With respect to a Global Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly as a Depository
Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository) with respect to such
Classes. Each of the Trustee, the Certificate Administrator and the Master Servicer shall have the right to require, as a condition
to acknowledging the status of any Person as a Certificate Owner under this Agreement, that such Person execute an Investor Certification.

 

“Certificate
Register” and “Certificate Registrar”: The register maintained and the registrar appointed pursuant
to Section 5.02 of this Agreement.

 

“Certificateholder”:
The Person in whose name a Certificate is registered in the Certificate Register; provided, however, that solely
for the purposes of giving any consent, approval, waiver or taking any action pursuant to this Agreement, any Certificate registered
in the name of or beneficially owned by (i) the Master Servicer, the Special Servicer, any Excluded Special Servicer, the Trustee,
the Certificate Administrator, the Depositor, any Mortgage Loan

 

    -19- 

     

    

 

Seller or any Affiliate of any of such Persons or (ii) any Borrower
Party, in each case shall be deemed not to be outstanding (provided that notwithstanding the foregoing, any Controlling
Class Certificates owned by an Excluded Controlling Class Holder shall not be deemed to be outstanding as to such Excluded Controlling
Class Holder solely with respect to any related Excluded Controlling Class Loan; and provided, further, that any
Controlling Class Certificates owned by the Special Servicer or an Affiliate thereof shall not be deemed to be outstanding as to
the Special Servicer or such Affiliate solely with respect to any related Excluded Special Servicer Loan), and the Voting Rights
to which it is entitled shall not be taken into account in determining whether the requisite percentage of Voting Rights necessary
to effect any such consent, approval, waiver or take any such action has been obtained; provided, however, that the
foregoing restrictions shall not apply in the case of the Master Servicer, the Special Servicer, any Excluded Special Servicer,
the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate of any of such Persons unless
such consent, approval or waiver sought from such party would in any way increase its compensation or limit its obligations in
the named capacities hereunder or waive a Servicer Termination Event or trigger an Asset Review with respect to such Mortgage Loan;
provided, further that so long as there is no Servicer Termination Event with respect to the Master Servicer or the
Special Servicer, the Master Servicer and the Special Servicer or such Affiliate of either shall be entitled to exercise such Voting
Rights with respect to any issue which could reasonably be believed to adversely affect such party’s compensation or increase
its obligations or liabilities hereunder; and provided, further that such restrictions shall not apply to (i) the
exercise of the Special Servicer’s, the Master Servicer’s or any Mortgage Loan Seller’s rights, if any, or any
of their Affiliates as a member of the Controlling Class or (ii) any Affiliate of the Depositor, the Master Servicer, the Special
Servicer, the Trustee or the Certificate Administrator that has provided an Investor Certification in which it has certified as
to the existence of certain policies and procedures restricting the flow of information between it and the Depositor, the Master
Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, and any Certificates beneficially
owned by such Affiliate shall be deemed to be outstanding. The Trustee and the Certificate Administrator shall each be entitled
to request and rely upon a certificate of the Master Servicer, the Special Servicer or the Depositor in determining whether a Certificate
is registered in the name of an Affiliate of such Person. All references herein to “Holders” or “Certificateholders”
shall reflect the rights of Certificate Owners as they may indirectly exercise such rights through the Depository and the Depository
Participants, except as otherwise specified herein; provided, however, that the parties hereto shall be required
to recognize as a “Holder” or “Certificateholder” only the Person in whose name a Certificate is registered
in the Certificate Register.

 

“Certificateholder
Quorum”: In connection with any solicitation of votes in connection with the replacement of the Special Servicer pursuant
to Section 3.22(d) of this Agreement or the Asset Representations Reviewer pursuant to Section 11.05(b) of this Agreement,
the holders of Sequential Pay Certificates evidencing at least 50% of the aggregate Voting Rights (taking into account the application
of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Certificates pursuant to Section 4.08
of this Agreement, except in the case of the termination of the Asset Representations Reviewer pursuant to Section 11.05(b)
of this Agreement) of all Sequential Pay Certificates on an aggregate basis.

 

    -20- 

     

    

 

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

 

“Certification
Parties”: As defined in Section 10.08 of this Agreement.

 

“Certifying
Certificateholder”: A Certificateholder or Certificate Owner of a Certificate that has provided the Certificate Administrator
with an executed Investor Certification.

 

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

 

“Certifying
Servicer”: As defined in Section 10.11 of this Agreement.

 

“CGMRC”:
Citigroup Global Markets Realty Corp., in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“CGMRC Indemnification
Agreement”: The agreement dated as of the Pricing Date, among CGMRC, the Depositor, the Underwriters and the Initial
Purchasers.

 

“CGMRC Mortgage
Loans”: Each Mortgage Loan transferred and assigned to the Depositor pursuant to the CGMRC Purchase Agreement.

 

“CGMRC Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated and effective the Pricing Date, between CGMRC and the Depositor.

 

“Class”:
All of the Certificates that collectively bear the same alphabetical or alphanumeric Class designation and each Lower-Tier Regular
Interest.

 

“Class A-1 Certificate”:
Any one of the Certificates with a “Class A-1” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-1 Pass-Through
Rate”: A per annum rate equal to 1.4430%.

 

“Class A-2 Certificate”:
Any one of the Certificates with a “Class A-2” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-2 Pass-Through
Rate”: A per annum rate equal to 2.4530%.

 

“Class A-3 Certificate”:
Any one of the Certificates with a “Class A-3” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-3 Pass-Through
Rate”: A per annum rate equal to 2.4590%.

 

    -21- 

     

    

  

“Class A-4 Certificate”:
Any one of the Certificates with a “Class A-4” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-4 Pass-Through
Rate”: A per annum rate equal to 2.7240%.

 

“Class A-M Certificate”:
Any one of the Certificates with a “Class A-M” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-M Pass-Through
Rate”: A per annum rate equal to 2.9260%.

 

“Class A-SB
Certificate”: Any one of the Certificates with a “Class A-SB” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-SB
Pass-Through Rate”: A per annum rate equal to 2.6220%.

 

“Class A-SB
Planned Principal Balance”: With respect to any Distribution Date, the planned principal amount for such Distribution
Date specified in Schedule III hereto relating to the Class A-SB Certificates.

 

“Class B Certificate”:
Any one of the Certificates with a “Class B” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class B Pass-Through
Rate”: A per annum rate equal to the lesser of (i) Weighted Average Net Mortgage Pass-Through Rate and (ii) 3.0770%.

 

“Class C Certificate”:
Any one of the Certificates with a “Class C” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class C Pass-Through
Rate”: A per annum rate equal to the lesser of (i) Weighted Average Net Mortgage Pass-Through Rate and (ii) 3.6310%.

 

“Class D Certificate”:
Any one of the Certificates with a “Class D” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class D Pass-Through
Rate”: A per annum rate equal to the Weighted Average Net Mortgage Pass-Through Rate minus 1.250%.

 

    -22- 

     

    

 

“Class E Certificate”:
Any one of the Certificates with a “Class E” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class E Pass-Through
Rate”: A per annum rate equal to 2.5500%.

 

“Class F Certificate”:
Any one of the Certificates with a “Class F” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class F Pass-Through
Rate”: A per annum rate equal to 2.5500%.

 

“Class G Certificate”:
Any one of the Certificates with a “Class G” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class G Pass-Through
Rate”: A per annum rate equal to 2.5500%.

 

“Class LA-1
Interest,” “Class LA-2 Interest,” “Class LA-3 Interest,” “Class LA-SB
Interest,” “Class LA-4 Interest,” “Class LA-M Interest,” “Class LB Interest,”
“Class LC Interest,” “Class LD Interest,” “Class LE Interest,” “Class
LF Interest” and “Class LG Interest”: Each, a regular interest in the Lower-Tier REMIC entitled to
monthly distributions payable thereto pursuant to Section 4.01 of this Agreement.

 

“Class LTR Interest”:
The sole class of “residual interest” in the Lower-Tier REMIC, which will be represented by the Class R Certificates.

 

“Class R Certificate”:
Any one of the Certificates with a “Class R” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement. The Class R Certificates have no Pass-Through Rate, Certificate
Balance or Notional Amount. The Class R Certificates represent (i) the Class LTR Interest and the Class UTR Interest and (ii) undivided
beneficial interests in the Class R Specific Grantor Trust Assets.

 

“Class R Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Prudential Plaza Loan REMIC Residual Interest,
and which for the avoidance of doubt, represents 100% of the residual interest in the Prudential Plaza Loan REMIC Regular Interest,
not merely a proportion of such residual interest relating to the portion of the Prudential Plaza Loan REMIC Regular Interest represented
by the Prudential Plaza Mortgage Loan that will be held in the Lower-Tier REMIC and (ii) the Prudential Plaza Loan REMIC Residual
Interest Distribution Account.

 

“Class UTR Interest”:
The sole class of “residual interest” in the Upper-Tier REMIC, which will be represented by the Class R Certificate.

 

    -23- 

     

    

  

“Class V Certificate”:
Any one of the Certificates with a “Class V” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement. The Class V Certificates represent undivided beneficial interests
in the Class V Specific Grantor Trust Assets.

 

“Class V Investment
Representation Letter”: As defined in Section 5.02(i) of this Agreement.

 

“Class V Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Excess Interest and (ii) the Excess Interest
Distribution Account.

 

“Class X Certificates”:
The Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates, collectively.

 

“Class X Component”:
Each of the Class X-A Components, Class X-B Components, Class X-C Component, Class X-D Component, Class X-E Components and Class
X-F Component.

 

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

 

“Class X Notional
Amount”: The Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-C Notional Amount, the Class X-D Notional
Amount, the Class X-E Notional Amount or the Class X-F Notional Amount, as applicable and as the context may require.

 

“Class X-A Certificate”:
Any one of the Certificates with a “Class X-A” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class X-A Components”:
Each of Component XA-1, Component XA-2, Component XA-SB, Component XA-3, Component XA-4 and Component XA-M.

 

“Class X-A Notional
Amount”: As of any date of determination, the sum of the then Class X Component Notional Amounts of all of the Class
X-A Components.

 

“Class X-A Pass-Through
Rate”: With respect to any Distribution Date, the weighted average of the Class X-A Strip Rates for the respective Class
X-A Components for such Distribution Date, weighted on the basis of the respective Class X Component Notional Amounts of such Components
outstanding immediately prior to such Distribution Date. The Class X-A Pass-Through Rate for the initial Distribution Date is 1.5820%
per annum.

 

“Class X-A Strip
Rate”: With respect to any Class of Class X-A Components for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

    -24- 

     

    

  

“Class X-B Certificate”:
Any one of the Certificates with a “Class X-B” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class X-B Components”:
Each of the Component XB and Component XC.

 

“Class X-B Notional
Amount”: As of any date of determination, the sum of the then Class X Component Notional Amounts of all of the Class
X-B Components.

 

“Class X-B Pass-Through
Rate”: With respect to any Distribution Date, the weighted average of the Class X-B Strip Rates for the respective Class
X-B Components for such Distribution Date, weighted on the basis of the respective Class X Component Notional Amounts of such Components
outstanding immediately prior to such Distribution Date. The Class X-B Pass-Through Rate for the initial Distribution Date is 0.8180%
per annum.

 

“Class X-B Strip
Rate”: With respect to any Class of Class X-B Components for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class X-C Certificate”:
Any one of the Certificates with a “Class X-C” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class X-C Component”:
The Component XD.

 

“Class X-C Notional
Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-C Component.

 

“Class X-C Pass-Through
Rate”: With respect to any Distribution Date, the Class X-C Strip Rate for the Class X-C Component for such Distribution
Date. The Class X-C Pass-Through Rate for the initial Distribution Date is 1.2500% per annum.

 

“Class X-C Strip
Rate”: With respect to the Class X-C Component for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class X-D Certificate”:
Any one of the Certificates with a “Class X-D” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class X-D Component”:
The Component XE.

 

“Class X-D Notional
Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-D Component.

 

    -25- 

     

    

 

“Class X-D Pass-Through
Rate”: With respect to any Distribution Date, the Class X-D Strip Rate for the Class X-D Component for such Distribution
Date. The Class X-D Pass-Through Rate for the initial Distribution Date is 1.6060% per annum.

 

“Class X-D Strip
Rate”: With respect to the Class X-D Component for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class X-E Certificate”:
Any one of the Certificates with a “Class X-E” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class X-E Components”:
The Component XF.

 

“Class X-E Notional
Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-E Component.

 

“Class X-E Pass-Through
Rate”: With respect to any Distribution Date, the weighted average of the Class X-E Strip Rates for the respective Class
X-E Components for such Distribution Date weighted on the basis of the respective Class X Component Notional Amounts of such Components
outstanding immediately prior to such Distribution Date. The Class X-E Pass-Through Rate for the initial Distribution Date is 1.6060%
per annum.

 

“Class X-E Strip
Rate”: With respect to any Class of Class X-E Components for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class X-F Certificate”:
Any one of the Certificates with a “Class X-F” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class X-F Component”:
The Component XG.

 

“Class X-F Notional
Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-F Component.

 

“Class X-F Pass-Through
Rate”: With respect to any Distribution Date, the Class X-F Strip Rate for the Class X-F Component for such Distribution
Date. The Class X-F Pass-Through Rate for the initial Distribution Date is 1.6060% per annum.

 

“Class X-F Strip
Rate”: With respect to the Class of Class X-F Component for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Clearstream”:
Clearstream Banking Luxembourg, a division of Clearstream International, société anonyme.

 

    -26- 

     

    

 

“Closing Date”:
August 25, 2016.

 

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

 

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

 

“Collection
Account”: The trust account or accounts created and maintained by the Master Servicer pursuant to Section 3.05(a)
of this Agreement, which shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Master
Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage
& Asset Receiving Corporation, CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-CD1 Collection
Account” and which must be an Eligible Account.

 

“Collection
Period”: With respect to any Distribution Date and each Mortgage Loan (including any Companion Loan), the period that
begins on the day immediately following the Due Date for such Mortgage Loan (including any Companion Loan) in the month preceding
the month in which that Distribution Date occurs or the date that would have been the Due Date if such Mortgage Loan (including
any Companion Loan) had a Due Date in such preceding month and ending on and including the Due Date for such Mortgage Loan (including
any related Companion Loan) occurring in the month in which that Distribution Date occurs. Notwithstanding the foregoing, in the
event that the last day of a Collection Period (or applicable grace period) is not a business day, any Periodic Payments received
with respect to Mortgage Loans (including any Companion Loan) relating to such Collection Period on the business day immediately
following such day shall be deemed to have been received during such Collection Period and not during any other Collection Period.

 

“Commission”:
The Securities and Exchange Commission.

 

“Communication
Request”: As defined in Section 5.05(a) of this Agreement.

 

    -27- 

     

    

 

“Companion Loan”:
A Serviced Companion Loan or Non-Serviced Companion Loan, as applicable and as the context may require.

 

“Companion Loan
Noteholder”: A holder of a Companion Loan.

 

“Compensating
Interest Payment”: An amount as of any Distribution Date equal to the lesser of (i) the aggregate amount of Prepayment
Interest Shortfalls incurred in connection with voluntary Principal Prepayments received in respect of the Mortgage Loans or Serviced
Pari Passu Companion Loans (in each case, other than (a) a Non-Serviced Mortgage Loan, (b) a Specially Serviced Loan or (c) a Mortgage
Loan or Serviced Companion Loan with respect to which the Special Servicer has waived or amended the prepayment restrictions such
that the related Borrower is not required to prepay on a Due Date or pay interest that would have accrued on the amount prepaid
through and including the last day of the interest accrual period occurring following the date of such prepayment) for the related
Distribution Date, and (ii) the aggregate of (A) the portion of its Master Servicing Fee (calculated for this purpose at 0.0025%
(0.25 basis points per annum)) that is being paid in such Collection Period with respect to the Mortgage Loans or Serviced Pari
Passu Companion Loans serviced by it (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan), (B) all Prepayment
Interest Excess received by the Master Servicer during the related Collection Period on the Mortgage Loans or Serviced Pari Passu
Companion Loans (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan) and (C) to the extent earned on principal
prepayments, net investment earnings payable to the Master Servicer for such Collection Period received by the Master Servicer
during such Collection Period with respect to the Mortgage Loan or any related Serviced Pari Passu Companion Loan, as applicable,
subject to such prepayment; provided that if any Prepayment Interest Shortfall occurs with respect to any Mortgage Loan as a result
of the Master Servicer’s failure to enforce the related Loan Documents (a “Prohibited Prepayment”) regarding
principal prepayments (other than in connection with (a) a Specially Serviced Loan, (b) a Non-Serviced Mortgage Loan, (c) subsequent
to a default under the related Loan Documents (provided that the Master Servicer reasonably believes that acceptance of such prepayment
is consistent with the Servicing Standard), (d) at the request of or with the consent of the Special Servicer or, so long as a
Control Termination Event has not occurred or is not continuing (other than with respect to the Mortgage Loans other than an Excluded
Loan or a Servicing Shift Whole Loan), the Directing Holder, (e) pursuant to applicable law or a court order, (f) in connection
with the payment of Insurance and Condemnation Proceeds unless the Master Servicer did not apply the proceeds thereof in accordance
with the terms of the related Loan Documents and such failure caused the shortfall or (g) a previously Specially Serviced Loan
with respect to which the Special Servicer has waived or amended the prepayment restriction such that the related Borrower is not
required to prepay on a Due Date or pay interest that would have accrued on the amount prepaid through and including the last day
of the interest accrual period occurring following the date of such prepayment), then for purposes of calculating the Compensating
Interest Payment for the related Distribution Date, the Master Servicer shall pay, without regard to clause (ii) above, the aggregate
amount of Prepayment Interest Shortfalls with respect to such Mortgage Loan or Serviced Companion Loan, otherwise described in
clause (i) above in connection with such Prohibited Prepayments. The Master Servicer’s obligation to pay the Compensating
Interest Payment, and the rights of the Certificateholders to offset of the aggregate Prepayment Interest Shortfalls against those
amounts, shall not be cumulative.

 

    -28- 

     

    

 

 

“Component XA-1”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-1 Interest as of any date of determination.

 

“Component XA-2”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-2 Interest as of any date of determination.

 

“Component XA-3”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-3 Interest as of any date of determination.

 

“Component XA-4”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-4 Interest as of any date of determination.

 

“Component XA-SB”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-SB Interest as of any date of determination.

 

“Component XA-M”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-M Interest as of any date of determination.

 

“Component XB”:
One of the components of the Class X-B Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LB Interest as of any date of determination.

 

“Component XC”:
One of the components of the Class X-B Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LC Interest as of any date of determination.

 

“Component XD”:
The component of the Class X-C Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal
Balance of the Class LD Interest as of any date of determination.

 

“Component XE”:
The component of the Class X-D Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal
Balance of the Class LE Interest as of any date of determination.

 

“Component XF”:
The component of the Class X-E Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal
Balance of the Class LF Interest as of any date of determination.

 

“Component XG”:
The component of the Class X-F Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal
Balance of the Class LG Interest as of any date of determination.

 

    -29- 

     

    

 

“Condemnation
Proceeds”: Any awards resulting from the full or partial condemnation or any eminent domain proceeding or any conveyance
in lieu or in anticipation thereof with respect to a Mortgaged Property by or to any governmental, quasi-governmental authority
or private entity with condemnation powers (other than amounts to be applied to the restoration, preservation or repair of such
Mortgaged Property or released to the related Borrower in accordance with the terms of the REMIC Provisions and the applicable
Loan Documents for the related Mortgage Loan or Serviced Whole Loan) or, if applicable, with respect to the Mortgaged Property
securing a Serviced Whole Loan, any portion of such amounts payable to the holders of the applicable Mortgage Loan. With respect
to the Mortgaged Property securing any Non-Serviced Mortgage Loan or Non-Serviced Companion Loan, only the portion of such amounts
payable to the holder of the related Non-Serviced Mortgage Loan shall be included in Condemnation Proceeds).

 

“Consultation
Termination Event”: At any date at which (i) no Class of Control Eligible Certificates exists where such Class’s
aggregate Certificate Balance is at least equal to 25% of the initial Certificate Balance of that Class, in each case, without
regard to the application of any Cumulative Appraisal Reduction Amounts or (ii) a Holder of the Class E Certificates is the majority
Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling
Class Certificateholder, and such rights have not been reinstated to a successor Controlling Class Certificateholder pursuant to
Section 3.29(g); provided that prior to the applicable Servicing Shift Securitization Date, no Consultation Termination
Event may occur with respect to the Loan-Specific Directing Holder related to the related Servicing Shift Whole Loan and the term
“Consultation Termination Event” shall not be applicable to the Loan-Specific Directing Holder related to such Servicing
Shift Whole Loan; provided, further that no Consultation Termination Event resulting solely from the operation of
clause (ii) shall be deemed to have existed or be in continuance with respect to a successor Holder of Class E Certificates that
has not irrevocably waived its right to exercise any of the rights of the Controlling Class Certificateholder; provided
that a Consultation Termination Event shall not be deemed to be continuing in the event the Certificate Balances of all Classes
of Sequential Pay Certificates other than the Control Eligible Certificates have been reduced to zero. With respect to Excluded
Loans, a Consultation Termination Event shall be deemed to exist.

 

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

 

“Control Termination
Event”: The occurrence of (i) the Certificate Balance of the Class E Certificates (taking into account the application
of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section
4.08(a) hereof) being reduced to less than 25% of the initial Certificate Balance of such Class or (ii) a Holder of the Class
E Certificates becoming the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise
any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor Controlling
Class Certificateholder pursuant to Section 3.29(g); provided that prior to the applicable Servicing Shift Securitization
Date, no Control Termination Event may occur with respect to the Loan-Specific Directing Holder related to the related Servicing
Shift Whole Loan and the term “Control Termination Event” shall not be applicable to the Loan-Specific Directing

 

    -30- 

     

    

 

Holder
related to such Servicing Shift Whole Loan; provided, further that a Control Termination Event shall not be deemed
to be continuing in the event the Certificate Balances of all Classes of Sequential Pay Certificates other than the Control Eligible
Certificates have been reduced to zero. With respect to Excluded Loans, a Control Termination Event shall be deemed to exist.

 

“Controlling
Class”: As of any date of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has a then aggregate Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to
such Class in accordance with Section 4.08(a) of this Agreement) at least equal to 25% of the initial Certificate Balance
of that Class or if no Class of Control Eligible Certificates meets the preceding requirement, the most senior Class of Control
Eligible Certificates. The Controlling Class as of the Closing Date will be the Class G Certificates; provided that if,
at any time, the Certificate Balances of all Control Eligible Certificates, as notionally reduced by any Cumulative Appraisal Reduction
Amounts allocable to such Classes, have been reduced to zero, the Controlling Class shall be the most subordinate Class of Control
Eligible Certificates that has a principal balance greater than zero; provided, further that if at any time the Certificate
Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-M, Class B, Class C and Class D certificates have
been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then the “Controlling Class”
shall be the most subordinate class of Control Eligible Certificates that has an aggregate Certificate Balance greater than zero
without regard to the application of Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such
Class.

 

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

 

“Controlling
Class Representative”: The Controlling Class Certificateholder (or a representative thereof) selected by more than 50%
of the Controlling Class Certificateholders, by Certificate Balance, as determined by the Certificate Registrar from time to time;
provided, that (i) absent such selection, (ii) until a Controlling Class Representative is so selected, or (iii) upon receipt
of a written notice from a majority of the Controlling Class Certificateholders, by Certificate Balance, that a Controlling Class
Representative is no longer designated, then, in each case, the Controlling Class Certificateholder that represents that it owns
the largest aggregate Certificate Balance of the Controlling Class shall, subject to the terms of Section 3.29(b) of this
Agreement, be the Controlling Class Representative; provided, however, that, in the case of this clause (iii),
in the event that no one Certificateholder represents that it owns the largest aggregate Certificate Balance of the Controlling
Class, then there will be no Controlling Class Representative until appointed in accordance with the terms of this Agreement.

 

The initial Controlling
Class Representative on the Closing Date shall be RREF III Debt AIV, LP on behalf of one or more managed funds or accounts. The
replacement of a Controlling Class Representative shall be governed by the provisions of Section 3.29 of this Agreement.
At any time that no Controlling Class Representative has been identified to the Certificate Registrar and the other parties hereto,
then there will be deemed to be no Controlling Class Representative for purposes of this Agreement until such time as the Certificate
Registrar and the other parties to this Agreement receive notice of a successor Controlling Class Representative.

 

    -31- 

     

    

 

“Controlling
Companion Loan”: With respect to any Servicing Shift Whole Loan, the related Pari Passu Companion Loan which upon the
securitization of such Pari Passu Companion Loan, servicing is expected to shift to the pooling and servicing agreement entered
into in connection with such securitization. For the avoidance of doubt, there are no Controlling Companion Loans relating to the
Trust.

 

“Corporate Trust
Office”: The offices of the Trustee and Certificate Administrator are located, (i) with respect to the Trustee and with
respect to the Certificate Administrator, at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services
– CD 2016-CD1 and (ii) in the case of any surrender, transfer or exchange, at Wells Fargo Center, Sixth Street and Marquette
Avenue, Minneapolis, Minnesota 55479-0113, Attention: CD 2016-CD1, or the principal trust office of any successor certificate administrator
qualified and appointed pursuant to this Agreement.

 

“Corrected Mortgage
Loan”: As defined under the definition of Specially Serviced Loan.

 

“Corresponding
Certificates”: As defined in the Preliminary Statement with respect to any Corresponding Lower-Tier Regular Interest
or Corresponding Class X Component.

 

“Corresponding
Class X Components”: As defined in the Preliminary Statement with respect to any Corresponding Certificates or any Corresponding
Lower-Tier Regular Interest.

 

“Corresponding
Lower-Tier Regular Interests”: As defined in the Preliminary Statement with respect to any Corresponding Certificates
or Corresponding Class X Component.

 

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

 

    -32- 

     

    

 

“CREFC®
Appraisal Reduction Template”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Appraisal Reduction Template” available and effective from time to time on the CREFC®
Website.

 

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

 

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

 

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

 

“CREFC®
Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report”
format substantially in the form of and containing the information called for therein for the Mortgage Loans or Serviced Whole
Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC®
for commercial mortgage securities transactions generally. In connection with preparing the CREFC®
Comparative Financial Status Report, the Master Servicer shall process (a) interim financial statements beginning with interim
financial statements for the fiscal quarter ending September 30, 2016, and (b) annual financial statements beginning with annual
financial statements for the 2016 fiscal year.

 

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

 

“CREFC®
Financial File”: The data file in the “CREFC® Financial File” format substantially
in the form of and containing the information called for therein for the Mortgage Loans or Serviced Whole Loans, or such other
form for the presentation of such information as may be approved from time to time by the CREFC® for commercial
mortgage securities transactions generally. The initial data for this report shall be provided by each Mortgage Loan Seller.

 

“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template”: A report substantially in the form of, and containing
the information called for in, the downloadable

 

    -33- 

     

    

 

form of the “Historical
Bond/Collateral Realized Loss Reconciliation Template” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Historical Liquidation Loss Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Historical Liquidation Loss Template” available and effective from time to time
on the CREFC® Website.

 

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

 

“CREFC®
Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan (other than the portion of an REO
loan related to any Serviced Companion Loan) and for any related Interest Accrual Period, the amount of interest accrued during
such Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on the same principal
balance, in the same manner, and for the same number of days as any related interest payment with regards to the Mortgage Loan
during which such Interest Accrual Period is computed. Any payments of the CREFC® Intellectual Property Royalty
License Fee shall be made to “CRE Finance Council” and delivered by wire transfer pursuant to the following instructions
(or such other instructions as may hereafter be furnished by CREFC® to the Master Servicer in writing at least
two Business Days prior to the Master Servicer Remittance Date):

 

Account Name: Commercial
Real Estate Finance Council (CREFC®)

Bank Name: JPM Morgan
Chase Bank, National Association

Bank Address: 80 Broadway,
New York, NY 10005

Routing Number: 021000021

Account Number: 213597397

 

“CREFC®
Intellectual Property Royalty License Fee Rate”: A rate equal to 0.0005% per annum.

 

“CREFC®
Interest Shortfall Reconciliation Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Interest Shortfall Reconciliation Template” available and effective from time
to time on the CREFC® Website.

 

“CREFC®
Investor Reporting Package (CREFC® IRP)”:

 

(a)          
The following seven electronic files: (i) CREFC® Loan Setup File, (ii) CREFC® Loan Periodic Update
File, (iii) CREFC® Property File, (iv) CREFC® Bond Level File, (v) CREFC® Financial
File, (vi) CREFC® Collateral Summary File and (vii) CREFC® Special Servicer Loan File;

 

(b)
         The following eleven supplemental reports: (i) CREFC®
Delinquent Loan Status Report, (ii) CREFC® Historical Loan Modification and Corrected Mortgage Loan

 

    -34- 

     

    

 

Report, (iii) CREFC® REO Status Report, (iv) CREFC® Operating Statement Analysis
Report, (v) CREFC® Comparative Financial Status Report, (vi) CREFC® Servicer
Watch List, (vii) CREFC® Loan Level Reserve/LOC Report, (viii) CREFC®
NOI Adjustment Worksheet, (ix) CREFC® Advance Recovery Report, (x) CREFC® Total
Loan Report and (xi) CREFC® Reconciliation of Funds Report;

 

(c)    
     the following eight templates: (i) CREFC® Appraisal Reduction Template, (ii)
CREFC® Servicer Realized Loss Template, (iii) CREFC® Reconciliation of Funds
Template, (iv) CREFC® Historical Bond/Collateral Realized Loss Reconciliation Template, (v)
CREFC® Historical Liquidation Loss Template, (vi) CREFC® Interest Shortfall
Reconciliation Template, (vii) CREFC® Servicer Remittance to Trustee Template and (viii)
CREFC® Significant Insurance Event Template; and

 

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

 

“CREFC®
License Agreement”: The License Agreement, in the form set forth on the website of CREFC® on the Closing
Date, relating to the use of the CREFC® trademarks and trade names.

 

“CREFC®
Loan Level Reserve/LOC Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Loan Level Reserve/LOC Report” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Loan Periodic Update File”: The monthly data file substantially in the form of, and containing the information called
for in, the downloadable form of the “CREFC® Loan Periodic Update File” available and effective
from time to time on the CREFC® Website and, provided that each CREFC® Loan
Periodic Update File shall be accompanied by a CREFC® Advance Recovery Report, if such report is required
for a particular month, and all references herein to “CREFC® Loan Periodic Update File” shall
be construed accordingly.

 

“CREFC®
Loan Setup File”: The data file substantially in the form of, and containing the information called for in, the downloadable
form of the “CREFC® Loan Setup File” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
NOI Adjustment Worksheet”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “NOI Adjustment Worksheet” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Operating Statement Analysis Report”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Operating Statement Analysis Report” available and effective from time to time on
the CREFC® Website.

 

“CREFC®
Property File”: The monthly data file substantially in the form of, and containing the information called for, in the
downloadable form of the “CREFC® Property File” available and effective from time to time on
the CREFC® Website.

 

    -35- 

     

    

 

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

 

“CREFC®
REO Status Report”: A monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “REO Status Report” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Servicer Realized Loss Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Servicer Realized Loss Template” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Servicer Watch List”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “Servicer Watch List” available and effective from time to time on the CREFC® Website.

 

“CREFC®
Special Servicer Loan File”: The monthly data file substantially in the form of, and containing the information called
for in, the downloadable form of the “Special Servicer Loan File” available and effective from time to time on the
CREFC® Website.

 

“CREFC®
Supplemental Servicer Reports”: The CREFC® Delinquent Loan Status Report, the CREFC®
Historical Loan Modification and Corrected Mortgage Loan Report, the CREFC® REO Status Report, the CREFC®
Servicer Watch List, the CREFC® NOI Adjustment Worksheet, the CREFC® Comparative Financial
Status Report, the CREFC® Operating Statement Analysis Report, the CREFC® Loan Level
Reserve/LOC Report, the CREFC® Advance Recovery Report and the CREFC® Total Loan Report.

 

“CREFC®
Total Loan Report”: The monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “Total Loan Report” available and effective from time to time on the CREFC®
Website.

 

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

 

“Cross-Over
Date”: The Distribution Date, if any, on which the Certificate Balance of each Class of Sequential Pay Certificates is
(or will be) reduced to zero.

 

“Cumulative
Appraisal Reduction Amount”: As of any date of determination for any Mortgage Loan, the sum of (i) all Appraisal Reduction
Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The Certificate
Administrator shall be entitled to conclusively rely on the Master Servicer’s calculation or determination of any Cumulative
Appraisal Reduction Amount.

 

“Custodial Agreement”:
The Custodial Agreement, if any, from time to time in effect between the Custodian named therein and the Certificate Administrator,
in the form agreed

 

    -36- 

     

    

 

to by the Certificate Administrator and the Custodian, as the same may be amended or modified from time to time
in accordance with the terms thereof. No Custodial Agreement will be required if the Custodian is the same party as the Certificate
Administrator.

 

“Custodian”:
Any Custodian appointed pursuant to Section 3.19 of this Agreement. If a Custodian is not so appointed, then the Custodian
shall be the Certificate Administrator. The Custodian may (but need not) be the Certificate Administrator, the Trustee or the Master
Servicer or any Affiliate of the Certificate Administrator, the Trustee or the Master Servicer. Wells Fargo Bank, National Association
will perform its obligations as Custodian hereunder through its Document Custody division.

 

“Cut-off Date”:
With respect to each Mortgage Loan, the later of the related Due Date of such Mortgage Loan in August 2016 and the date of origination
of such Mortgage Loan.

 

“DBRS”:
DBRS, Inc., or its successor in interest. If neither such rating agency nor any successor remains in existence, “DBRS”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of DBRS herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Debt Service
Coverage Ratio”: With respect to any Mortgage Loan or Serviced Whole Loan as of any date of determination and for any
period, the ratio calculated by dividing the net operating income or net cash flow, as applicable, of the related Mortgaged Property
or Mortgaged Properties, as the case may be, for the most recently ended 12-month trailing or one-year period for which data is
available from the related Borrower (or year-to-date until such time that data for the trailing 12-month period is available),
before payment of any scheduled payments of principal and interest on such Mortgage Loan or Serviced Whole Loan but after funding
of required reserves and “normalized” information from the CREFC® NOI Adjustment Worksheet for
such Mortgaged Property by the Master Servicer or Special Servicer, if applicable, pursuant to Section 3.13 of this Agreement,
by the annual debt service required by such Mortgage Loan or Serviced Whole Loan. Annual debt service shall be calculated by multiplying
the Periodic Payment in effect on such date of determination for such Mortgage Loan or Serviced Whole Loan by 12 (or such fewer
number of months for which related information is available).

 

“Default”:
An event of default under the Loan Documents for any Mortgage Loan or Whole Loan, or an event which, with the passage of time or
the giving of notice, or both, would constitute an event of default under the Loan Documents for such Mortgage Loan or Whole Loan.

 

“Default Interest”:
With respect to any Mortgage Loan or Serviced Companion Loan, interest accrued on such Mortgage Loan or Serviced Companion Loan
(other than Excess Interest) at the excess of (i) the related Default Rate over (ii) the related Mortgage Rate.

 

“Default Rate”:
With respect to each Mortgage Loan or Serviced Companion Loan, the per annum rate at which interest accrues on such Mortgage
Loan or Serviced

 

    -37- 

     

    

 

Companion Loan following any event of default on such Mortgage Loan or Serviced Companion Loan, including a default
in the payment of a Periodic Payment or a Balloon Payment.

 

“Defaulted Loan”:
A Mortgage Loan or Serviced Companion Loan (i) that is delinquent at least 60 days in respect of its Periodic Payments or that
is more than 60 days delinquent in respect of its Balloon Payment, if any, in either case such Delinquency to be determined without
giving effect to any grace period permitted by the related Loan Documents and without regard to any acceleration of payments under
the related Mortgage Loan or Serviced Companion Loan or (ii) as to which the Master Servicer or Special Servicer has, by written
notice to the related borrower, accelerated the maturity of the indebtedness evidenced by the related Mortgage Note.

 

“Defeasance
Account”: As defined in Section 3.26(j) of this Agreement.

 

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

 

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

 

“Delinquency”:
Any failure of a Borrower to make a scheduled Periodic Payment or Balloon Payment on a Due Date.

 

“Delinquent
Mortgage Loan”: A Mortgage Loan that is delinquent at least sixty days in respect of its Periodic Payments or Balloon
Payment, if any, in either case such delinquency to be determined without giving effect to any grace period.

 

“Denomination”:
As defined in Section 5.01(a) of this Agreement.

 

“Depositor”:
Deutsche Mortgage & Asset Receiving Corporation, a Delaware corporation, and its successors and assigns.

 

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

 

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

 

“Determination
Date”: With respect to any Distribution Date, the 6th day of the calendar month of the related Distribution Date or,
if such 6th day is not a Business Day, then the next Business Day, commencing in September 2016.

 

    -38- 

     

    

 

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

 

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

 

(i) the Mortgage
Note, endorsed on its face or by allonge attached to the Mortgage Note, without recourse, to the order of the Trustee or in blank
and further showing a complete, unbroken chain of endorsement from the Originator (or, if the original Mortgage Note has been lost,
an affidavit to such effect from the applicable Mortgage Loan Seller or another prior holder, together with a copy of the Mortgage
Note and an indemnity properly assigned and endorsed to the Trustee);

 

(ii) the
Mortgage, together with an original or copy of any intervening assignments of the Mortgage, in each case with evidence of recording
indicated thereon or certified to have been submitted for recording;

 

(iii)  assignment
of the Mortgage in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) or in blank
and (subject to the completion of certain missing recording information and, if applicable, the assignee’s name) in recordable
form (or, if the related Mortgage Loan Seller is responsible for the recordation of that assignment, a copy of such assignment
to be sent for recordation);

 

(iv) any
related Assignment of Leases, Rents and Profits of any intervening assignments (if such item is a document separate from the Mortgage),
with evidence of recording indicated thereon or certified to have been submitted for recording;

 

(v) an assignment
of any related Assignment of Leases, Rents and Profits (if such item is a document separate from the Mortgage) in favor of the
Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) or in blank and (subject to the completion
of certain missing recording information and, if applicable, the assignee’s name) in recordable form (or, if the related
Mortgage Loan Seller is responsible for the recordation of that assignment, a copy of such assignment to be sent for recordation);

 

(vi) the
assignment of all unrecorded documents relating to the Mortgage Loan or a Serviced Whole Loan, if not already assigned pursuant
to items (iii) or (v) above;

 

(vii)  all
modification, consolidation, assumption, written assurance and substitution agreements in those instances in which the terms or
provisions of the Mortgage or Mortgage Note have been modified or the Mortgage Loan has been assumed or consolidated;

 

(viii)         the
policy or certificate of lender’s title insurance issued on the date of the origination of such Mortgage Loan, or, if such
policy has not been

 

    -39- 

     

    

 

issued or located, an irrevocable, binding commitment (which may be a marked version of the policy that has
been executed by an authorized representative of the title company or an agreement to provide the same pursuant to binding escrow
instructions executed by an authorized representative of the title company) to issue such title insurance policy;

 

(ix) any
UCC financing statements, related amendments and continuation statements in the possession of the applicable Mortgage Loan Seller;

 

(x) an original
assignment in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) of any financing
statement executed and filed in favor of the applicable Mortgage Loan Seller in the relevant jurisdiction (or, if the related Mortgage
Loan Seller is responsible for the filing of that assignment, a copy of such assignment to be sent for filing);

 

(xi) any
Intercreditor Agreement relating to permitted debt of the mortgagor, including any Intercreditor Agreement relating to a Serviced
Whole Loan;

 

(xii)  any
loan agreement, escrow agreement, security agreement or letter of credit relating to a Mortgage Loan or a Serviced Whole Loan;

 

(xiii)       any
ground lease, ground lessor estoppel, indemnity or guaranty relating to a Mortgage Loan or a Serviced Whole Loan;

 

(xiv)       any
property management agreement relating to a Mortgage Loan or a Serviced Whole Loan;

 

(xv) any
franchise agreements and comfort letters or similar agreements relating to a Mortgage Loan or Serviced Whole Loan and, with respect
to any franchise agreement, comfort letter or similar agreement, any assignment of such agreements or any notice to the franchisor
of the transfer of a Mortgage Loan or Serviced Whole Loan and a request for confirmation that the issuing entity is a beneficiary
of such comfort letter or other agreement, or for the issuance of a new comfort letter in favor of the issuing entity, as the case
may be;

 

(xvi)       any
lock-box or cash management agreement relating to a Mortgage Loan or a Serviced Whole Loan;

 

(xvii)      any
related mezzanine intercreditor agreement;

 

(xviii)     all
related environmental reports;

 

(xix)       all
related environmental insurance policies;

 

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

 

    -40- 

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(k)
          copies of any zoning reports;

 

(l)
           copies of financial statements of the related mortgagor;

 

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

 

(n)          copies of
all UCC searches;

 

(o)          copies of
all litigation searches;

 

(p)          copies of
all bankruptcy searches;

 

(q)
          a copy of the origination settlement statement;

 

(r)
          a copy of the insurance consultant report;

 

(s)          copies of
the organizational documents of the related mortgagor and any guarantor;

 

(t)
          copies of the escrow statements;

 

    -41- 

     

    

 

(u)          a copy of
any closure letter (environmental);

 

(v)          a copy of
any environmental remediation agreement for the related Mortgaged Property or Mortgaged Properties; and

 

(w)          a copy of
the payment history with respect to such Mortgage Loan prior to the Closing Date;

 

provided, that
with respect to any Mortgage Loan which is a Non-Serviced Mortgage Loan on the Closing Date, any assignments in favor of the trustee
will be in favor of the trustee under the related Other Pooling and Servicing Agreement;

 

in each case, to the
extent that the originator received such documents in connection with the origination of such Mortgage Loan. In the event any of
the items identified above were not included in connection with the origination of such Mortgage Loan, the Diligence File shall
include a statement to that effect; provided that the Mortgage Loan Seller shall not deliver information that is proprietary
to the related originator or Mortgage Loan Seller or any draft documents or privileged or internal communications. The Mortgage
Loan Seller may, without any obligation to do so, include such other documents or information as part of the Diligence File that
such Mortgage Loan Seller believes should be included to enable the Asset Representations Reviewer to perform the Asset Review
on such Mortgage Loan; provided that such documents or information are clearly labeled and identified.

 

“Diligence File
Certification”: As defined in Section 2.01(f).

 

“Directing Holder”:
With respect to (i) any Mortgage Loan (other than a Non-Serviced Mortgage Loan, Servicing Shift Mortgage Loan or Excluded Mortgage
Loan) or Serviced Whole Loan, the Controlling Class Representative, (ii) each Servicing Shift Whole Loan, the related Loan-Specific
Directing Holder and (iii) each Excluded Mortgage Loan, there will be no Directing Holder.

 

At such time as there
is no Controlling Class in accordance with the definition thereof, the Directing Holder shall have no rights under this Agreement.

 

The identification and
contact information of each initial Directing Holder as of the Closing Date is set forth on Schedule I to this Agreement.
The parties to this Agreement may rely on such Schedule in accordance with Section 3.29.

 

For the avoidance of
doubt, notwithstanding anything to the contrary contained in this Agreement, Control Termination Event and Consultation Termination
Event shall not affect the rights of a Non-Directing Holder. Whenever the term “Directing Holder” is used in this Agreement
without further clarification, the parties hereto intend for such reference to mean the applicable Directing Holder under the circumstances.

 

In the event that no
Directing Holder has been appointed or identified to the Master Servicer or the Special Servicer, as applicable, and the Master
Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the Certificate Administrator and
no such entity has been identified to the Master Servicer or the Special

 

    -42- 

     

    

 

Servicer, as applicable, then until such time as the new
Directing Holder is identified, the Master Servicer or the Special Servicer, as applicable, shall have no duty to consult with,
provide notice to, or seek the approval or consent of any such Directing Holder as the case may be.

 

“Directly Operate”:
With respect to any Serviced REO Property, the furnishing or rendering of services to the tenants thereof that are not customarily
provided to tenants in connection with the rental of space for occupancy only within the meaning of Treasury Regulations Section
1.512(b)-1(c)(5), the management or operation of such Serviced REO Property, the holding of such Serviced REO Property primarily
for sale to customers in the ordinary course of a trade or business, or any use of such Serviced REO Property in a trade or business
conducted by the Trust Fund, or the performance of any construction work on the Serviced REO Property other than through an Independent
Contractor; provided that the Special Servicer, on behalf of the Trust Fund, shall not be considered to Directly Operate
a Serviced REO Property solely because the Special Servicer, on behalf of the Trust Fund, establishes rental terms, chooses tenants,
enters into or renews leases, deals with taxes and insurance, or makes decisions as to repairs or capital expenditures with respect
to such Serviced REO Property or takes other actions consistent with Treasury Regulations Section l.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan
or Serviced REO Property, any compensation and other remuneration (including, without limitation, in the form of commissions, brokerage
fees, rebates, and as a result of any other fee-sharing arrangement) received or retained by the Special Servicer or any of its
Affiliates that is paid by any Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor
in respect of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and any purchaser of any Mortgage
Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan or Serviced REO Property) in connection with the disposition,
workout or foreclosure of any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan, if applicable, the
management or disposition of any Serviced REO Property, and the performance by the Special Servicer or any such Affiliate of any
other special servicing duties under this Agreement; provided that any compensation and other remuneration that the Master
Servicer or Certificate Administrator is permitted to receive or retain pursuant to the terms of this Agreement in connection with
its respective duties in such capacity as Master Servicer or Certificate Administrator under this Agreement shall not be Disclosable
Special Servicer Fees.

 

“Disclosure
Parties”: As defined in Section 3.14(e) of this Agreement.

 

“Dispute Resolution
Consultation”: As defined in Section 2.03(l)(i).

 

“Dispute Resolution
Cut-off Date”: As defined in Section 2.03(l)(i).

 

“Disqualified
Non-U.S. Person”: With respect to a Class R Certificate, any Non-U.S. Person or agent thereof other than (a) a Non-U.S.
Person that holds the Class R Certificate in connection with the conduct of a trade or business within the United States and has
furnished the transferor and the Certificate Registrar with an effective IRS Form W-8ECI (or applicable successor Form promulgated
by the IRS for the purpose of providing and certifying the information provided on Form W-8ECI as of the Closing Date) or (b) a
Non-U.S. Person that has delivered to both the transferor and the Certificate Registrar an opinion of a nationally

 

    -43- 

     

    

 

recognized tax
counsel to the effect that the transfer of the Class R Certificate to it is in accordance with the requirements of the Code and
the regulations promulgated thereunder and that such transfer of the Class R Certificate will not be disregarded for federal income
tax purposes.

 

“Disqualified
Organization”: Any of (a) the United States, a State or any political subdivision thereof or any agency or instrumentality
of any of the foregoing (other than an instrumentality that is a corporation if all of its activities are subject to tax and, except
for the Federal Home Mortgage Corporation, a majority of its board of directors is not selected by any such governmental unit),
(b) a foreign government, International Organization (as defined below) or agency or instrumentality of either of the foregoing,
(c) an organization that is exempt from tax imposed by Code Chapter 1 (including the tax imposed by Section 511 of the Code on
unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect to the
Class R Certificates (except certain farmers’ cooperatives described in Section 521 of the Code), (d) rural electric and
telephone cooperatives described in Section 1381(a)(2)(C) of the Code, or (e) any other Person so designated by the Certificate
Registrar based upon an Opinion of Counsel provided to the Certificate Registrar (which shall be an expense of the Trust) to the
effect that any Transfer to such Person may cause any Trust REMIC or the Prudential Plaza Loan REMIC to be subject to tax or to
fail to qualify as a REMIC at any time that the Certificates are outstanding. For the purposes of this definition, the terms “United
States,” “State” and “International Organization” shall have the meanings set forth in Section 7701
of the Code or successor provisions.

 

“Distribution
Accounts”: Collectively, the Upper-Tier Distribution Account, the Lower-Tier Distribution Account and the Excess Interest
Distribution Account, each of which may be sub-accounts of a single Eligible Account.

 

“Distribution
Date”: For each Determination Date, the 4th Business Day following such Determination Date in each calendar month, commencing
in September 2016. The first Distribution Date shall be September 12, 2016.

 

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

 

“Do Not Hire
List”: The list, as may be updated at any time, provided by the Depositor to the Master Servicer, Special Servicer, the
Certificate Administrator, Trustee or Operating Advisor, the Asset Representations Reviewer, which lists certain parties identified
by the Depositor as having failed to comply (after any applicable cure period) with their respective obligations under Article
X of this Agreement or as having failed to comply (after any applicable cure period) with any similar Regulation AB reporting
requirements under any other securitization transaction.

 

“Due Date”:
With respect to (i) any Mortgage Loan or Serviced Whole Loan on or prior to its Maturity Date, the day of the month set forth in
the related Mortgage Note on which each Periodic Payment thereon is scheduled to be first due and (ii) any Mortgage Loan or Serviced
Whole Loan after the Maturity Date therefor or any REO Loan, the day of the month set forth in the related Mortgage Note on which
each Periodic Payment on such Mortgage Loan or Serviced Whole Loan had been scheduled to be first due.

 

    -44- 

     

    

 

“Early Termination
Notice Date”: Any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust
is less than 1.0% of the aggregate Stated Principal Balance of all of the Mortgage Loans as of the Cut-off Date.

 

“EDGAR Compatible
Format”: Any format compatible with EDGAR, including, without limitation, HTML, word, excel or clean and searchable PDF.

 

“Eligible Account”:
Any of:

 

(i)           an account
or accounts maintained with a depository institution or trust company (A) the short-term unsecured debt obligations or commercial
paper of which are rated at least “P-1” by Moody’s, “F1” by Fitch and “R-1 (middle)”
by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and
Fitch)), in the case of accounts in which funds are held for 30 days or less or, (B) in the case of accounts in which funds are
held for more than 30 days, the long-term unsecured debt obligations of which are rated at least “A2” by Moody’s,
“A” by Fitch and “A” by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by any two other
NRSROs (which may include Moody’s and Fitch)),

 

(ii)          an account
or accounts maintained with PNC Bank, National Association so long as PNC Bank, National Association’s long-term unsecured
debt or deposit accounts are rated at least “A2” by Moody’s, “A” by Fitch and “A” by
DBRS (if rated by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s
and Fitch)) (if the deposits are to be held in the account for more than 30 days) or PNC Bank, National Association’s short-term
deposit accounts or short-term unsecured debt rating is rated at least “P-1” by Moody’s, “F1” by
Fitch and “R-1 (middle)” by DBRS (if rated by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by any
two other NRSROs (which may include Moody’s and Fitch)) (if the deposits are to be held in the account for 30 days or less),

 

(iii)          an
account or accounts maintained with Wells Fargo Bank, National Association so long as such depository’s long-term unsecured
debt rating shall be at least “A2” by Moody’s, “BBB+” by Fitch and “A” by DBRS (if rated
by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and
Fitch)) (if the deposits are to be held in the account for more than 30 days) or Wells Fargo Bank, National Association’s
short-term deposit accounts or short-term unsecured debt rating is rated at least “P-1” by Moody’s, “F2”
by Fitch and “R-1 (middle)” by DBRS (if rated by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by
any two other NRSROs (which may include Moody’s and Fitch)) (if the deposits are to be held in the account for 30 days or
less),

 

(iv)         a segregated
trust account or accounts maintained with the trust department of a federal or state chartered depository institution or trust
company acting in its fiduciary capacity which institution or trust company has a combined capital and surplus of at least $50,000,000
and is subject to supervision or

 

    -45- 

     

    

 

examination by federal or state authority and to regulations regarding fiduciary funds on deposit
similar to Title 12 of the Code of Federal Regulations, Section 9.10(b) and the long-term unsecured debt obligations of which are
rated at least “A2” by Moody’s,

 

(v)          such
other account or accounts that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable
clause, would be listed in clauses (i)-(iii) above, with respect to which a Rating Agency Confirmation has been obtained from each
Rating Agency for which the minimum ratings set forth in the applicable clause is not satisfied with respect to such account, or

 

(vi)         any
other account as to which the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer, as applicable,
receives a Rating Agency Confirmation from each Rating Agency, which may be an account maintained by or with the Certificate Administrator,
the Trustee, the Master Servicer or the Special Servicer.

 

Eligible
Accounts may bear interest.

 

“Eligible Investor”:
Any of (i) a Qualified Institutional Buyer that is purchasing for its own account or for the account of a Qualified Institutional
Buyer to whom notice is given that the offer, sale or transfer is being made in reliance on Rule 144A or (ii) (except with respect
to the Class R Certificates) an Institutional Accredited Investor.

 

“Eligible Asset
Representations Reviewer”: An institution that (a) is the special servicer, operating advisor or asset representations
reviewer on a transaction rated by any of Moody’s, Fitch, KBRA, DBRS, S&P or Morningstar and that has not been a special
servicer, operating advisor or asset representations reviewer on a transaction for which Moody’s, Fitch, KBRA, DBRS, S&P
or Morningstar has qualified, downgraded or withdrawn its rating or ratings of, one or more classes of certificates for such transaction
citing servicing or other relevant concerns with the special servicer, operating advisor or asset representations reviewer as the
sole or material factor in such rating action, (b) can and will make the representations and warranties set forth in Section 2.04(g),
(c) is not (and is not affiliated with) any Sponsor, any Mortgage Loan Seller, any Originator, the Master Servicer, the Special
Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing Holder or any of their respective Affiliates,
(d) has not performed (and is not affiliated with any party hired to perform) any due diligence, loan underwriting, brokerage,
borrower advisory or similar services with respect to any Mortgage Loan or any related Companion Loan prior to the Closing Date
for or on behalf of any Sponsor, any Mortgage Loan Seller, any Underwriter, any party to this Agreement or the Directing Holder
of any of their respective Affiliates, or have been paid any fees, compensation or other remuneration by any of them in connection
with any such services, and (e) does not directly or indirectly, through one or more Affiliates or otherwise, own any interest
in any Certificates, any Mortgage Loans, any Companion Loan or any securities backed by a Companion Loan or otherwise have any
financial interest in the securitization transaction to which this Agreement relates, other than in fees from its role as Asset
Representations Reviewer (or as Operating Advisor, if applicable) and except as otherwise set forth in Section 11.02.

 

    -46- 

     

    

 

“Eligible Operating
Advisor”: An institution (i) that is the special servicer or operating advisor on a commercial mortgage-backed securities
transaction rated by DBRS, Fitch, KBRA, Moody’s, Morningstar or S&P (including, in the case of Park Bridge Lender Services
LLC, this transaction) but has not been special servicer or operating advisor on a transaction for which DBRS, Fitch, KBRA, Moody’s,
Morningstar or S&P has qualified, downgraded or withdrawn its rating or ratings of, one or more classes of certificates for
such transaction citing servicing concerns with the special servicer or operating advisor as the sole or material factor in such
rating action, (ii) that can and will make the representations and warranties set forth in Section 2.04(f) of this Agreement,
(iii) that is not (and is not affiliated with) the Depositor, the Trustee, the Certificate Administrator, the Master Servicer,
the Special Servicer, a Mortgage Loan Seller, the Controlling Class Representative, the Directing Holder, an Other Depositor, Other
Trustee, Other Servicer or Other Special Servicer, or an Affiliate of the Depositor, the Trustee, the Certificate Administrator,
the Master Servicer, the Special Servicer, a Mortgage Loan Seller, the Controlling Class Representative, the Directing Holder or
an Other Depositor, Other Trustee, Other Servicer or Other Special Servicer, and (iv) that has not been paid by any Special Servicer
or successor Special Servicer any fees, compensation or other remuneration (x) in respect of its obligations hereunder or (y) for
the appointment or recommendation for replacement of a successor Special Servicer to become the Special Servicer.

 

“Enforcing Party”:
The Person obligated to or that elects pursuant to the terms of this Agreement to enforce the rights of the issuing entity against
the related Mortgage Loan Seller with respect to the Repurchase Request.

 

“Enforcing Servicer”:
(a) With respect to a Specially Serviced Loan, the Special Servicer, and (b) with respect to a Performing Loan, (i) in the case
of a Repurchase Request made by the Special Servicer, the Directing Holder or a Controlling Class Certificateholder, the Master
Servicer, and (ii) in the case of a Repurchase Request made by any person other than the Special Servicer, the Directing Holder
or a Controlling Class Certificateholder, (A) prior to a Resolution Failure relating to such Performing Loan, the Master Servicer
(provided, that the consent of the Special Servicer will be required with respect to any Qualified Substitute Mortgage Loan),
and (B) from and after a Resolution Failure relating to such Performing Loan, the Special Servicer.

 

“Environmental
Insurance Policy”: With respect to any Mortgaged Property or Serviced REO Property, any insurance policy covering pollution
conditions and/or other environmental conditions that is maintained from time to time in respect of such Mortgaged Property or
Serviced REO Property, as the case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders.

 

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

 

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

 

“Escrow Account”:
As defined in Section 3.04(b) of this Agreement. Any Escrow Account may be a sub-account of the related Cash Collateral
Account.

 

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“Escrow Payment”:
Any payment made by any Borrower to the Master Servicer pursuant to the related Mortgage, Cash Collateral Account Agreement, Lock-Box
Agreement, Loan Agreement or other Loan Document for the account of such Borrower for application toward the payment of taxes,
insurance premiums, assessments, environmental remediation and similar items in respect of the related Mortgaged Property or related
to the satisfaction of closing conditions for the related Mortgage Loan.

 

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

 

“Excess Interest”:
With respect to each of the Mortgage Loans indicated on the Mortgage Loan Schedule as having a Revised Rate, interest accrued on
the related outstanding principal balance at the Revised Rate in respect of such Mortgage Loan in excess of the interest accrued
at the Initial Rate, plus any related interest accrued on such amounts, to the extent permitted by applicable law and the
related Mortgage Loan documents.

 

“Excess Interest
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(k), which shall be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, for the benefit of the holders of CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-CD1 – Excess Interest Distribution Account,” and which must be an Eligible Account or a sub-account of
an Eligible Account. The Excess Interest Distribution Account shall not be an asset of any Trust REMIC or the Prudential Plaza
Loan REMIC, but rather shall be an asset of the Grantor Trust.

 

“Excess Prepayment
Interest Shortfall”: With respect to any Distribution Date, the aggregate amount, if any, by which the Prepayment Interest
Shortfalls with respect to all Principal Prepayments received with respect to the Mortgage Loans and Companion Loans during the
related prepayment period exceed the Compensating Interest Payment.

 

“Excess Rate”:
With respect to each of the Mortgage Loans indicated on the Mortgage Loan Schedule as having a Revised Rate, the excess of (i)
the applicable Revised Rate over (ii) the applicable Mortgage Rate, each as set forth in the Mortgage Loan Schedule.

 

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

 

“Excess Servicing
Fee Rate”: With respect to each Mortgage Loan and any Serviced Companion Loan (and any successor REO Loan with respect
thereto), a rate per annum equal to the Servicing Fee Rate (subject to the rights of the Mortgage Loan Seller Sub-Servicers identified
on Exhibit X to this Agreement) minus 0.0025%; provided that such rate shall be subject to reduction pursuant to
Section 7.02 of this Agreement.

 

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

 

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

 

“Excluded Controlling
Class Holder”: With respect to any Excluded Controlling Class Mortgage Loan, the Controlling Class Representative or
any Controlling Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling Class
Mortgage Loan. Immediately upon obtaining actual knowledge of any such party becoming an “Excluded Controlling Class Holder”,
the Controlling Class Representative or Controlling Class Certificateholder, as applicable, shall provide notice in the form of
Exhibit L-1E hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Certificate
Administrator, which such notice shall be physically delivered in accordance with Section 11.05 of this Agreement and shall specifically
identify the Excluded Controlling Class Holder and the subject Excluded Controlling Class Mortgage Loan. Additionally, any Excluded
Controlling Class Holder shall also send to the Certificate Administrator a notice substantially in the form of Exhibit L-1F
hereto, which such notice shall provide each of the CTSLink User ID’s associated with such Excluded Controlling Class Holder,
and which such notice shall direct the Certificate Administrator to restrict such Excluded Controlling Class Holder’s access
to the Certificate Administrator’s Website as provided in this Agreement. As of the Closing Date, there are no Excluded Controlling
Class Holders related to the Trust.

 

“Excluded Controlling
Class Mortgage Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the Controlling
Class Representative or any Controlling Class Certificateholder is a Borrower Party. As of the Closing Date, there are no Excluded
Controlling Class Mortgage Loans related to the Trust.

 

“Excluded Information”:
With respect to any Excluded Controlling Class Mortgage Loan, any information and reports solely relating to such Excluded Controlling
Class Mortgage Loan(s) and/or the related Mortgaged Properties that is segregated on the Certificate Administrator’s Website,
including, without limitation, any Asset Status Reports, Final Asset Status Reports or summaries thereof, or any appraisals, inspection
reports (related to Specially Serviced Loans conducted by the Special Servicer or the Excluded Special Servicer), recoverability
officer’s certificates, the Operating Advisor Annual Reports, any determination of the Special Servicer’s net present
value calculation, any appraisal reduction amount calculations, environmental assessments, seismic reports and property condition
reports and such other information and reports designated as Excluded Information (other than such information with respect to
such Excluded Controlling Class Mortgage Loan(s) that is aggregated with information of other Mortgage Loans at a pool level)
by the Master Servicer, the Special Servicer and the Operating Advisor, as the case may be. For the avoidance of doubt, any file
or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other than the CREFC®
Special Servicer Loan File relating to any Excluded Controlling Class Mortgage Loan) shall not be considered “Excluded
Information”. Any Excluded Information to be delivered to the Certificate Administrator by the Master Servicer, the Special
Servicer or the Operating Advisor shall be delivered in accordance with Section 3.32 hereof. For the avoidance of doubt,
the Certificate Administrator’s obligation to segregate any information delivered to it under the “Excluded Information”
tab on the Certificate Administrator’s Website shall be triggered solely by such information being delivered in the manner
provided in Section 3.32 hereof.

 

    -49- 

     

    

 

“Excluded Mortgage
Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the Controlling Class
Representative or any Majority Controlling Class Certificateholder is a Borrower Party. As of the Closing Date, there are no Excluded
Mortgage Loans related to the Trust.

 

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

 

“Excluded Special
Servicer Mortgage Loan”: Any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan with respect
to which, as of any date of determination, the Special Servicer has obtained knowledge that it is a Borrower Party.

 

“FDIC”:
The Federal Deposit Insurance Corporation or any successor thereto.

 

“FHLMC”:
The Federal Home Loan Mortgage Corporation, or any successor thereto.

 

“Final Asset
Status Report”: With respect to any Specially Serviced Loan, each related Asset Status Report, together with such other
data or supporting information provided by the Special Servicer to the Directing Holder, which shall not include any communication
(other than the related Asset Status Report) between the Special Servicer and the Directing Holder with respect to such Specially
Serviced Loan; provided that no Asset Status Report shall be considered to be a Final Asset Status Report unless, if no
Control Termination Event has occurred and is continuing, the Directing Holder has either finally approved of and consented to
the actions proposed to be taken in connection therewith, or has exhausted all of its rights of approval and consent pursuant to
this Agreement in respect of such action, or has been deemed to have approved or consented to such action or the Asset Status Report
is otherwise implemented by the Special Servicer in accordance with this Agreement.

 

“Final Dispute
Resolution Election Notice”: As defined in Section 2.03(l)(iii).

 

“Final Recovery
Determination”: With respect to any Specially Serviced Loan, Serviced REO Loan or any Mortgage Loan subject to repurchase
by the related Mortgage Loan Seller pursuant to Section 2.03(e) of this Agreement, or in the case of a Whole Loan, subject
to a purchase pursuant to the applicable Intercreditor Agreement, or any Mortgage Loan or Whole Loan subject to purchase pursuant
to any related mezzanine intercreditor agreement, the recovery of all Insurance Proceeds, Liquidation Proceeds, the related Purchase
Price and other payments or recoveries (including proceeds of the final sale of any Serviced REO Property) which the Master Servicer
(or in the case of a Specially Serviced Loan or Serviced REO Loan, the Special Servicer), in its reasonable judgment, and, if no
Consultation Termination Event has occurred and is continuing, in consultation with the Directing Holder, as evidenced by a certificate
of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Custodian (and the Master Servicer, if the certificate is from the Special Servicer), expects to be finally recoverable.
If no Control Termination Event has occurred and is continuing, the Directing Holder shall have ten (10) Business Days to review
and approve each such recovery determination; provided that if the Directing Holder fails to approve or disapprove any recovery
determination within ten (10) Business Days of receipt of

 

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the initial recovery determination, such consent shall be deemed given.
The Master Servicer shall maintain records, prepared by a Servicing Officer, of each Final Recovery Determination until the earlier
of (i) its termination as the Master Servicer hereunder and the transfer of such records to a successor servicer and (ii) five
years following the termination of the Trust Fund.

 

“Financial Market
Publisher”: Blackrock Financial Management, Inc., Bloomberg Financial Markets, L.P., Trepp, LLC, Intex Solutions, Inc.,
Interactive Data Corporation, Markit LLC and Thomson Reuters Corporation or any successor entities thereof.

 

“Fitch”:
Fitch Ratings, Inc. or its successor in interest. If neither such rating agency nor any successor remains in existence, “Fitch”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of Fitch herein
referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“FNMA”:
The Federal National Mortgage Association or any successor thereto.

 

“Form 8-K”:
A current report on Form 8-K under the Exchange Act or such successor form as the Commission may specify from time to time.

 

“Form 8-K Disclosure
Information”: As defined in Section 10.09 of this Agreement.

 

“GACC”:
German American Capital Corporation, in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“GACC Indemnification
Agreement”: The agreement dated as of the Pricing Date, between GACC, the Depositor, the Underwriters and the Initial
Purchasers.

 

“GACC Mortgage
Loans”: Each Mortgage Loan transferred and assigned to the Depositor pursuant to the GACC Purchase Agreement.

 

“GACC Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated and effective the Pricing Date, between GACC and the Depositor.

 

“Gain-on-Sale
Proceeds”: With respect to any Mortgage Loan (and with respect to any Non-Serviced Mortgage Loan only the pro rata
share of such proceeds allocated to the Trust pursuant to the terms of the related Intercreditor Agreement) or Serviced Companion
Loan, the excess of (i) Net Liquidation Proceeds of such Mortgage Loan, Serviced Companion Loan or related Serviced REO Property,
over (ii) the amount that would have been received if a principal payment and all other amounts due in full had been made with
respect to such Mortgage Loan or Serviced Companion Loan on the Due Date immediately following the date on which such proceeds
were received.

 

“Gain-on-Sale
Reserve Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(i) of this Agreement for the Certificateholders and, in the case of a Serviced

 

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Companion
Loan, the Serviced Companion Loan Noteholders, which shall be entitled “Wells Fargo Bank, National Association, as Certificate
Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of CD 2016-CD1
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-CD1 and, if applicable, Serviced Companion Loan Noteholders,
Gain-on-Sale Reserve Account.” The Gain-on-Sale Reserve Account must be an Eligible Account or a sub-account of an Eligible
Account and will be an asset of the Lower-Tier REMIC.

 

“Gas Company
Tower & World Trade Center Parking Garage Companion Loans”: As defined in the Preliminary Statement.

 

“Gas Company
Tower & World Trade Center Parking Garage Pari Passu Companion Loans”: As defined in the Preliminary Statement.

 

“Gas Company
Tower & World Trade Center Parking Garage Subordinate Companion Loan”: As defined in the Preliminary Statement.

 

“Gas Company
Tower & World Trade Center Parking Garage Mortgage Loan”: As defined in the Preliminary Statement.

 

“Gas Company
Tower & World Trade Center Parking Garage Trust and Servicing Agreement”: The trust and servicing agreement, dated
as of August 6, 2016 among Deutsche Mortgage & Asset Receiving Corporation, as depositor, KeyBank National Association, as
master servicer, Strategic Asset Services, LLC, as special servicer, and Wells Fargo Bank, National Association, as trustee, certificate
administrator, paying agent and custodian, and entered into in connection with the COMM 2016-GCT Mortgage Trust.

 

“Gas Company
Tower & World Trade Center Parking Garage Service Providers”: With respect to the Gas Company Tower & World Trade
Center Parking Garage Companion Loans, the related Other Trustee, Other Servicer, Other Special Servicer and any related sub-servicer,
as applicable, and any other Person that makes principal and/or interest advances in respect of such mortgage loan pursuant to
the related Other Pooling and Servicing Agreement.

 

“Gas Company
Tower & World Trade Center Parking Garage Whole Loan”: The Gas Company Tower & World Trade Center Parking Garage
Companion Loans, together with the Gas Company Tower & World Trade Center Parking Garage Mortgage Loan. References herein to
the Gas Company Tower & World Trade Center Parking Garage Whole Loan shall be construed to refer to the aggregate indebtedness
under the related notes with respect to the Gas Company Tower & World Trade Center Parking Garage Mortgage Loan and the Gas
Company Tower & World Trade Center Parking Garage Companion Loans.

 

“General Special
Servicer”: As defined in Section 3.22(h) of this Agreement.

 

“Global Certificates”:
Each of the Publicly Offered Global Certificates, Regulation S Global Certificates or Rule 144A Global Certificates if and so long
as such class of Certificates is registered in the name of a nominee of the Depository.

 

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“Grantor Trust”:
A segregated asset pool within the Trust Fund, which at all times shall be treated as a “grantor trust” under the Grantor
Trust Provisions, consisting of the Class V Specific Grantor Trust Assets, beneficial ownership of which is represented by the
Class V Certificates, and the Class R Specific Grantor Trust Assets, beneficial ownership of which is represented by the Class
R Certificates, in each case as further described in this Agreement.

 

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

 

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

 

“Holder”:
With respect to any Certificate, a Certificateholder; with respect to any Lower-Tier Regular Interest, the Trustee.

 

“Indemnification
Agreements”: Each of the GACC Indemnification Agreement and CGMRC Indemnification Agreement.

 

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

 

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

 

“Independent”:
When used with respect to any specified Person, any such Person who (i) does not have any direct financial interest, or any material
indirect financial interest, in any of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special
Servicer, any Directing Holder, the Controlling Class Representative, any Borrower or Manager or any Affiliate thereof, and (ii)
is not connected with any such Person thereof as an officer, employee, promoter, underwriter, trustee, partner, director or Person
performing similar functions.

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the applicable
Trust REMIC or the Prudential Plaza Loan REMIC within the meaning of Section 856(d)(3) of the Code if such Trust REMIC or the Prudential
Plaza Loan REMIC were a real estate investment trust (except that the ownership tests set forth in that section shall be considered
to be met by any Person that owns, directly or indirectly, 35% or more of any Class or 35% or more of the aggregate value of all
Classes of Certificates), provided that such Trust REMIC or the Prudential Plaza Loan REMIC does not receive or derive any
income from such Person and the relationship between such Person and such Trust REMIC or the Prudential Plaza Loan REMIC is at
arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the Master Servicer nor
the Special Servicer

 

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shall be considered to be an Independent Contractor under the definition in this clause (i) unless an Opinion
of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Master Servicer or the
Special Servicer, as applicable, the Certificate Administrator and the Trustee has been delivered to the Certificate Administrator
to that effect) or (ii) any other Person (including the Master Servicer and the Special Servicer) if the Master Servicer or the
Special Servicer, as applicable, on behalf of itself, the Certificate Administrator and the Trustee has received an Opinion of
Counsel (at the expense of the party seeking to be deemed an Independent Contractor) to the effect that the taking of any action
in respect of any Serviced REO Property by such Person, subject to any conditions therein specified, that is otherwise herein contemplated
to be taken by an Independent Contractor will not cause such Serviced REO Property to cease to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section
860D(a) of the Code) or cause any income realized in respect of such Serviced REO Property to fail to qualify as Rents from Real
Property (provided that such income would otherwise so qualify).

 

“Individual
Certificate”: Any Certificate in definitive, fully registered physical form without interest coupons.

 

“Initial Purchasers”:
Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Wells Fargo Securities, LLC, and their respective successors in
interest.

 

“Initial Rate”:
The stated Mortgage Rate with respect to an ARD Loan as of the Cut-off Date.

 

“Initial Resolution
Period”: As defined in Section 2.03(e) of this Agreement.

 

“Initial Requesting
Certificateholder”: The first Certificateholder or Certificate Owner to deliver a Repurchase Request as described in
Section 2.03(k) with respect to a Mortgage Loan. For the avoidance of doubt, there may not be more than one Initial Requesting
Certificateholder with respect to any Mortgage Loan.

 

“Institutional
Accredited Investor”: An institution that is an “accredited investor” within the meaning of Rule 501(a)(l),
(2), (3) or (7) under the Act.

 

“Insurance Proceeds”:
Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to a Mortgage Loan or Serviced
Whole Loan (including any amounts paid by the Master Servicer pursuant to Section 3.08 of this Agreement).

 

“Intercreditor
Agreement”: With respect to any Whole Loan, the related intercreditor, co-lender or similar agreement in effect from
time to time by and between (a) the holder of the related Mortgage Loan(s) and the holder of the related Subordinate Companion
Loan(s) relating to the relative rights of such holders or (b) the holders of the related Mortgage Loan and the related Serviced
Pari Passu Companion Loan(s) or Non-Serviced Companion Loan(s) relating to the relative rights of such holders. The intercreditor
or co-lender agreements related to each of the Westfield San Francisco Centre Whole Loan, the 10 Hudson Yards Whole Loan, the U-Haul
AREC Portfolio Whole Loan, the Prudential Plaza Whole Loan, the Birch Run Premium Outlets Whole Loan, the Gas Company Tower &
World Trade Center Parking Garage

 

    -54- 

     

    

 

Whole Loan, the Vertex Pharmaceuticals HQ Whole Loan and the 401 South State Street Whole Loan,
shall each be an Intercreditor Agreement.

 

“Interest Accrual
Amount”: With respect to any Distribution Date and any Class of Regular Certificates, an amount equal to interest for
the related Interest Accrual Period accrued at the Pass-Through Rate for such Class on the related Certificate Balance or Notional
Amount, as applicable, outstanding immediately prior to such Distribution Date. Calculations of interest due in respect of such
Classes of Regular Certificates shall be made on the basis of a 360-day year consisting of twelve 30-day months.

 

“Interest Accrual
Period”: With respect to each Class of Regular Certificates, for each Distribution Date, the calendar month immediately
preceding the month in which such Distribution Date occurs.

 

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

 

“Interest Reserve
Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(e) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders
of CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-CD1, Interest Reserve Account” and
which must be an Eligible Account or a sub-account of an Eligible Account. The Interest Reserve Account shall be an asset of the
Lower-Tier REMIC.

 

“Interest Shortfall”:
On any Distribution Date for any Class of Regular Certificates, the amount of interest required to be distributed to the Holders
of such Class pursuant to Section 4.01(b) of this Agreement on such Distribution Date minus the amount of interest actually
distributed to such Holders pursuant to such Section, if any.

 

“Interested
Person”: As of any date of determination, the Depositor, the Master Servicer, the Special Servicer, the Excluded Special
Servicer, if any, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Directing
Holder, any Companion Loan Noteholder, any Certificateholder, any Borrower, any Mortgage Loan Seller, any holder of a related mezzanine
loan, any Manager, any Independent Contractor engaged by the Special Servicer pursuant to Section 3.15 of this Agreement,
or any Person known to a Servicing Officer of the Special Servicer to be an Affiliate of any of them.

 

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

 

“Intralinks
Site”: The internet website, which shall initially be “www.intralinks.com”, used by the Depositor and Mortgage
Loan Sellers to accept and upload the Diligence Files.

 

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

 

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

 

“Investment
Representation Letter”: As defined in Section 5.02(c)(i)(A) of this Agreement.

 

“Investor Certification”:
A certificate (which may be in electronic form) substantially in the form of Exhibit L-1A, Exhibit L-1B, Exhibit
L-1C or Exhibit L-1D to this Agreement or in the form of an electronic certification on the Certificate Administrator’s
Website (which may be a “click-through”), representing (i) that such Person executing the certificate is a Certificateholder,
the Directing Holder (to the extent such Person is not a Certificateholder), a beneficial owner of a Certificate, a prospective
purchaser of a Certificate or a Companion Loan Noteholder (or any investment advisor or manager or other representative of the
foregoing), (ii) that either (a) such Person is not a Borrower Party,
in which case such Person shall have access to all the reports and information made available to Certificateholders via
the Certificate Administrator’s Website hereunder, or (b) such Person is a Borrower Party in which case (1) if such Person
is the Directing Holder or a Controlling Class Certificateholder, such Person shall have access to all the reports and information
made available to Certificateholders via the Certificate Administrator’s Website hereunder other than any Excluded Information
as set forth herein, or (2) if such Person is not the Directing Holder or a Controlling Class Certificateholder, such Person shall
only receive access to the Distribution Date Statements prepared by the Certificate Administrator, (iii) that such Person has
received a copy of the final Prospectus and (iv) such Person agrees to keep any Privileged Information confidential and will not
violate any securities laws; provided, however, that any Excluded Controlling Class Holder (i) shall be permitted
to obtain, upon reasonable request in accordance with Section 4.02(b) of this Agreement any Excluded Information relating
to any Excluded Controlling Class Loan with respect to which such Excluded Controlling Class Holder is not a Borrower Party (if
such Excluded Information is not otherwise available to such Excluded Controlling Class Holder via the Certificate Administrator’s
Website on account of it constituting Excluded Information) from the Master Servicer (with respect to non-Specially Serviced Loans)
or the Special Servicer (with respect to Specially Serviced Loans), in each case, to the extent in the possession of the Master
Servicer or Special Servicer, as applicable and (ii) shall be considered a Privileged Person for all other purposes, except with
respect to its ability to obtain information with respect to any related Excluded Controlling Class Loan.

 

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

 

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

 

“IO Group YM
Distribution Amount”: As defined in Section 4.01(d) of this Agreement.

 

“IRS”:
The Internal Revenue Service.

 

    -56- 

     

    

 

“KBRA”:
Kroll Bond Rating Agency, Inc., or its successor in interest. If neither such rating agency nor any successor remains in existence,
“KBRA” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person
reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings
of KBRA herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Late Collections”:
With respect to any Mortgage Loan or Serviced Whole Loan, all amounts received thereon during any Collection Period (or the related
grace period), whether as payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or otherwise, which represent
late payments or collections of principal or interest due in respect of such Mortgage Loan or Serviced Whole Loan (without regard
to any acceleration of amounts due thereunder by reason of default) on a Due Date in a previous Collection Period and not previously
recovered. With respect to any REO Loan, all amounts received in connection with the related REO Property during any Collection
Period (including any grace period applicable under the original Mortgage Loan or Serviced Whole Loan), whether as Insurance Proceeds,
Condemnation Proceeds, Liquidation Proceeds, REO Proceeds or otherwise, which represent late collections of principal or interest
due or deemed due in respect of such REO Loan or the predecessor Mortgage Loan or Serviced Whole Loan (without regard to any acceleration
of amounts due under the predecessor Mortgage Loan or Serviced Whole Loan by reason of default) on a Due Date in a previous Collection
Period and not previously recovered. The term “Late Collections” shall specifically exclude Penalty Charges.

 

“Legal Fee Reserve
Account”: The account created and maintained by the Certificate Administrator pursuant to Section 3.05(m), in
the name of the “Legal Fee Reserve Account”, into which the amounts set forth in Section 3.05(m) shall be deposited
directly and which must be an Eligible Account.

 

“Liquidation
Expenses”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred by the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee in connection with the liquidation of any Mortgage
Loan or Serviced Whole Loan or the liquidation of a Serviced REO Property or the sale of any Mortgage Loan or Serviced Whole Loan
pursuant to Section 3.16 or Section 9.01 of this Agreement (including, without limitation, legal fees and expenses,
committee or referee fees, and, if applicable, brokerage commissions, and conveyance taxes).

 

“Liquidation
Fee”: A fee payable to the Special Servicer (i) with respect to each Specially Serviced Loan or Serviced REO Loan, (ii)
with respect to each Mortgage Loan repurchased by a Mortgage Loan Seller (except as specified in the following paragraph), or (iii)
with respect to each Defaulted Loan that is a Non-Serviced Mortgage Loan sold by the Special Servicer in accordance with Section
3.16(b) of this Agreement; provided, however, for clarification, should such Non-Serviced Mortgage Loan be sold
by the Other Special Servicer, then the Liquidation Fee shall be paid to such Other Special Servicer, in each case as to which
the Special Servicer obtains a full, partial or discounted payoff from the related Borrower, a loan purchaser or Mortgage Loan
Seller, as applicable, or any Liquidation Proceeds with respect thereto (in any case, other than amounts for which a Workout Fee
has been paid, or will be payable), equal to:

 

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(a)           the lesser
of:

 

(i)           the product
of 1.0% and the proceeds of such full, partial or discounted payoff or the Net Liquidation Proceeds related to such liquidated
or repurchased Mortgage Loan or Specially Serviced Loan, as the case may be, in each case exclusive of any portion of such payoff
or Net Liquidation Proceeds that represents Penalty Charges;

 

(ii)          $1,000,000;
and

 

(iii)          any
applicable cap pursuant to Section 3.12(c) of this Agreement.

 

(b)         with
respect to any particular liquidation (or partial liquidation), as reduced by the amount of any and all related Offsetting Modification
Fees received by the Special Servicer as additional servicing compensation relating to such Specially Serviced Loan, Serviced REO
Loan or Mortgage Loan.

 

No Liquidation Fee shall
be payable:

 

(a) with respect to clause
(v) of the definition of Liquidation Proceeds;

 

(b) with respect to any
existing mezzanine indebtedness or any mezzanine indebtedness that may exist on a future date, in connection with the purchase
of the related Mortgage Loan by a mezzanine lender if the purchase of the Mortgage Loan occurred within 90 days after the first
time that such holder’s option to purchase such Mortgage Loan becomes exercisable; provided, that even if the purchase
occurs before such expiration the Liquidation Fee shall be payable to the extent paid by, and collected from, the related Borrower
or the related mezzanine lender;

 

(c) the purchase of the
related Mortgage Loan by the related Companion Loan Noteholder pursuant to the related Intercreditor Agreement within 90 days after
the first time that such Companion Loan Noteholder’s option to purchase such Mortgage Loan becomes exercisable;

 

(d) in the case of a
repurchase or replacement of a Mortgage Loan (other than an REO Loan) by the applicable Mortgage Loan Seller pursuant to the related
Mortgage Loan Purchase Agreement, if the applicable Mortgage Loan Seller repurchases or replaces such Mortgage Loan within the
Initial Resolution Period (and giving effect to any applicable Resolution Extension Period);

 

(e) with respect to any
Serviced Companion Loan that is the subject of an Other Securitization, to the Special Servicer under this Agreement in connection
with (A) a repurchase or replacement of such Serviced Companion Loan by the applicable Mortgage Loan Seller due to a breach of
a representation or warranty or a document defect under the related mortgage loan purchase agreement related to the Other Pooling
and Servicing Agreement prior to the expiration of the cure period (including any applicable extension thereof) set forth therein
or (B) a purchase of the Serviced Companion Loan pursuant to a clean-up call or similar liquidation under the related Other Pooling
and Servicing Agreement;

 

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(f) in connection with
the purchase of any Defaulted Loan by the Special Servicer or any Affiliate thereof or the Directing Holder or any Affiliate thereof
if such purchase occurred within 90 days after the transfer of the Defaulted Loan to special servicing;

 

(g) in connection with
a Loss of Value Payment by a Mortgage Loan Seller, if the applicable Mortgage Loan Seller makes such Loss of Value Payment within
the Initial Resolution Period (and giving effect to any applicable extension period beyond the end of the Initial Resolution Period
set forth in Section 2.03(e) of this Agreement); and

 

(h) if a Mortgage Loan
or Serviced Whole Loan becomes a Specially Serviced Loan only because of an event described in clause (a) of the definition of
“Specially Serviced Loan” as a result of a payment default at maturity and the related Liquidation Proceeds are received
within 3 months following the related maturity date as a result of the related Mortgage Loan or Serviced Whole Loan being refinanced
or otherwise repaid in full (provided that the Special Servicer may collect from the related borrower and retain (x) a liquidation
fee, (y) such other fees as are provided for in the related Loan Documents and (z) other appropriate fees in connection with such
liquidation).

 

“Liquidation
Proceeds”: Cash amounts (other than Insurance Proceeds and Condemnation Proceeds and REO Proceeds) received by or paid
to the Master Servicer or the Special Servicer in connection with: (i) the liquidation of a Mortgaged Property or other collateral
constituting security for a Defaulted Loan, through trustee’s sale, foreclosure sale, disposition of REO Property or otherwise,
exclusive of any portion thereof required to be released to the related Borrower in accordance with applicable law and the terms
and conditions of the related Mortgage Note and Mortgage; (ii) the realization upon any deficiency judgment obtained against a
Borrower; (iii) the sale of a Defaulted Loan; (iv) the repurchase of a Mortgage Loan (or related REO Loan) by the applicable Mortgage
Loan Seller pursuant to the related Mortgage Loan Purchase Agreement; (v) the purchase of all the Mortgage Loans and all property
acquired in respect of any Mortgage Loan by the Sole Certificateholder, the Certificateholder owning a majority of the Percentage
Interests in the Controlling Class, the Special Servicer or the Master Servicer pursuant to Section 9.01 of this Agreement;
(vi) with respect to any existing mezzanine indebtedness or any mezzanine indebtedness that may exist on a future date, the purchase
of the related Mortgage Loan by a mezzanine lender; (vii) in the case of a Mortgage Loan that is part of a Whole Loan, the purchase
of such Mortgage Loan by a related Companion Loan Noteholder, or the applicable designee, as applicable, pursuant to the related
Intercreditor Agreement; or (viii) the transfer of any Loss of Value Payments from the Loss of Value Reserve Fund to the Collection
Account in accordance with Section 3.06(e) of this Agreement (provided that, for the purpose of determining the amount
of the Liquidation Fee (if any) payable to the Special Servicer in connection with such Loss of Value Payment, the full amount
of such Loss of Value Payment shall be deemed to constitute “Liquidation Proceeds” from which the Liquidation Fee (if
any) is payable as of such time such Loss of Value Payment is made by the applicable Mortgage Loan Seller). With respect to the
Mortgaged Property or Mortgaged Properties securing any Non-Serviced Mortgage Loan or Non-Serviced Companion Loan, only the portion
of such amounts payable to the holder of the related Non-Serviced Mortgage Loan will be included in Liquidation Proceeds.

 

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“Loan Agreement”:
With respect to any Mortgage Loan or Serviced Whole Loan, the loan agreement, if any, between the related Originator and the Borrower,
pursuant to which such Mortgage Loan was made.

 

“Loan Documents”:
With respect to any Mortgage Loan or Serviced Whole Loan, the documents executed or delivered in connection with the origination
or any subsequent modification of such Mortgage Loan or Serviced Whole Loan or subsequently added to the related Mortgage File.

 

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

 

“Loan-Specific
Directing Holder”: With respect to a Servicing Shift Whole Loan, the “Controlling Holder”, the “Directing
Holder”, “Directing Lender” or any analogous concept set forth under the related Intercreditor Agreement. Prior
to the applicable Servicing Shift Securitization Date, the “Directing Holder” with respect to the related Servicing
Shift Whole Loan will be the holder of the related Controlling Companion Loan. On and after the applicable Servicing Shift Securitization
Date, there will be no Loan-Specific Directing Holder under the Pooling and Servicing Agreement with respect to the related Servicing
Shift Whole Loan. As of the Closing Date, there are no Loan-Specific Directing Holders.

 

“Lock-Box Account”:
With respect to any Mortgaged Property, if applicable, any account created pursuant to the related Loan Documents to receive revenues
therefrom. Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive
the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Whole
Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon. The Master
Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Accounts in accordance with
the terms of the related Mortgage Loan or Serviced Whole Loan.

 

“Lock-Box Agreement”:
With respect to any Mortgage Loan or Serviced Whole Loan, the lock-box agreement, if any, between the related Originator and the
Borrower, pursuant to which the related Lock-Box Account, if any, may have been established.

 

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

 

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

 

“Lower-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which shall be entitled “Wells Fargo Bank,
National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for
the benefit of the Holders of CD 2016-CD1 Mortgage Trust

 

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Commercial Mortgage Pass-Through Certificates, Series 2016-CD1, Lower-Tier
Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Lower-Tier Distribution
Account shall be an asset of the Lower-Tier REMIC.

 

“Lower-Tier
Distribution Amount”: As defined in Section 4.01(a).

 

“Lower-Tier
Principal Balance”: With respect to any Class of Lower-Tier Regular Interests, initially will equal the original principal
balance set forth in the Preliminary Statement herein, and from time to time will equal such amount reduced by the amount of distributions
of the Lower-Tier Distribution Amount allocable to principal and Realized Losses, allocable thereto in all prior periods as described
in Section 4.01(f) of this Agreement, such that at all times the Lower-Tier Principal Balance of a Lower-Tier Regular Interest
shall equal the Certificate Balance of the Corresponding Certificates.

 

“Lower-Tier
Regular Interests”: The Class LA-1 Interest, Class LA-2 Interest, Class LA-3 Interest, Class LA-SB Interest, Class LA-4
Interest, Class LA-M Interest, Class LB Interest, Class LC Interest, Class LD Interest, Class LE Interest, Class LF Interest and
Class LG Interest issued by the Lower-Tier REMIC and held by the Trustee as assets of the Upper-Tier REMIC. Each Lower-Tier Regular
Interest (i) is designated as a “regular interest” in the Lower-Tier REMIC, (ii) relates to its Corresponding Certificates
and Corresponding Class X Component, (iii) is uncertificated, (iv) has an initial Lower-Tier Principal Balance as set forth in
the Preliminary Statement herein, (v) has a Pass-Through Rate equal to the WAC Rate, (vi) has a “latest possible maturity
date,” within the meaning of Treasury Regulations Section 1.860G-1(a), that is the Rated Final Distribution Date and (vii)
is entitled to the distributions in the amounts and at the times specified in Section 4.01(d) of this Agreement.

 

“Lower-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Mortgage Loans (in the case of the Prudential
Plaza Mortgage Loan, the percentage interest in the Prudential Plaza Loan REMIC Regular Interest represented thereby) (exclusive
of Excess Interest), collections thereon, the Trust’s interest in any REO Property acquired in respect thereof, amounts related
thereto held from time to time in the Collection Account and the Lower-Tier Distribution Account, the REO Account (to the extent
of the Trust Fund’s interest therein), related amounts in the Interest Reserve Account, amounts held from time to time and
the Gain-on-Sale Reserve Account (to the extent of the Trust Fund’s interest therein) in respect thereof and all other property
included in the Trust Fund (other than the Loss-of-Value Reserve Fund) that is not in the Upper-Tier REMIC or the Grantor Trust.

 

“MAI”:
Member of the Appraisal Institute.

 

“Major Decision”:
Any of the following:

 

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

 

(b)
         any modification, consent to a modification or waiver of any monetary term or
material non-monetary term (including, without limitation, the timing of

 

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payments and acceptance of discounted payoffs but
excluding late payment charges or Default Interest) of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced
Whole Loan or any extension of the Maturity Date of any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced
Whole Loan;

 

(c)          any sale
of a Defaulted Loan (that is not a Non-Serviced Mortgage Loan), an REO Property (in each case, other than in connection with the
termination of the Trust Fund) or a Defaulted Loan that is a Non-Serviced Mortgage Loan that the Special Servicer is permitted
to sell in accordance with the proviso in Section 3.16(b) of this Agreement, in each case for less than the applicable Purchase
Price;

 

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

 

(e)          any release
of collateral or any acceptance of substitute or additional collateral for a Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loan, or any consent to either of the foregoing, other than as required pursuant to the specific terms
of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and for which there is no lender
discretion;

 

(f)
          any waiver of a “due-on-sale” or
“due-on-encumbrance” clause with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced
Whole Loan or any consent to such waiver or consent to a transfer of the Mortgaged Property or interests in the 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;

 

(g)          any property
management company changes for which the lender is required to consent or approve under the Loan Documents (with respect to a Mortgage
Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan (i) with a Stated Principal Balance greater than $2,500,000
or (ii) where the successor property manager is affiliated with the borrower) or franchise changes for which the lender is required
to consent or approve under the Loan Documents (with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or
Serviced Whole Loan);

 

(h)          releases
of any escrows, 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 (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and for which
there is no lender discretion;

 

(i)            any acceptance
of an assumption agreement releasing a Borrower from liability under a Mortgage Loan (other than a Non-Serviced Mortgage Loan)
or Serviced Whole Loan other than pursuant to the specific terms of such Mortgage Loan (other than a Non-Serviced Mortgage Loan)
or Serviced Whole Loan and for which there is no lender discretion;

 

(j)
           any determination of an Acceptable Insurance Default;

 

    -62- 

     

    

 

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

 

(l)           any acceleration
of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan following a default or an event of default
or any initiation of judicial, bankruptcy or similar proceedings under the related Loan Documents or with respect to the related
Borrower or Mortgaged Property; and

 

(m)          any modification,
waiver or amendment of an intercreditor agreement, co-lender agreement, participation agreement or similar agreement with any mezzanine
lender, holder of a Companion Loan or other subordinate debt holder related to a Mortgage Loan (including a Non-Serviced Mortgage
Loan, to the extent consent rights with respect to such modification, waiver or amendment are granted to the holder of the Companion
Loan or other subordinate debt under the related agreement) or Serviced Whole Loan, or an action to enforce rights with respect
thereto, in each case, in a manner that materially and adversely affects the holders of the Control Eligible Certificates.

 

For the avoidance of
doubt, the Master Servicer and the Special Servicer (each in such capacity) shall not make or be obligated to make any Major Decisions
with respect to any Non-Serviced Mortgage Loans and the Controlling Class Representative shall have no consent and/or consultation
rights regarding Major Decisions with respect to any Non-Serviced Mortgage Loans, Servicing Shift Mortgage Loans and Excluded Mortgage
Loans under this Agreement.

 

With respect to any Serviced
Whole Loan, for so long as the holder of the related Serviced Companion Loan is the “Controlling Holder”, the “Directing
Holder”, “Directing Lender” or any analogous concept under the related Intercreditor Agreement, then with respect
to such Serviced Whole Loan, the term “Major Decision” shall mean “Major Decision”, “Major Action”
or any analogous concept under the related Intercreditor Agreement.

 

“Management
Agreement”: With respect to any Mortgage Loan or Serviced Whole Loan, the Management Agreement, if any, by and between
the Manager and the related Borrower, or any successor Management Agreement between such parties.

 

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

 

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

 

“Master Servicer
Proposed Course of Action Notice”: As defined in Section 2.03(k)(iv) of this Agreement.

 

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

 

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

 

“Master Servicer
Termination Event”: As defined in Section 7.01(a) of this Agreement.

 

“Master Servicer
Website”: The internet website maintained by the Master Servicer; initially located at “www.pnc.com/midland”.

 

“Master Servicing
Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount per interest accrual period related
to such Mortgage Loan equal to the product of (i) the respective Master Servicing Fee Rate (adjusted to a monthly rate) and (ii)
the Stated Principal Balance of such Mortgage Loan as of the Due Date in the immediately preceding Collection Period (without giving
effect to payments of principal on such Mortgage Loan on such Due Date). For the avoidance of doubt, with respect to any Subordinate
Companion Loan, no Master Servicing Fee shall accrue or be payable on the principal balance thereof.

 

“Master Servicing
Fee Rate”: With respect to each Mortgage Loan, the rate per annum set forth on Exhibit B to this Agreement.

 

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

 

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

 

“Maturity Date”:
With respect to any Mortgage Loan or Serviced Companion Loan as of any date of determination, the date on which the last payment
of principal is due and payable under the related Mortgage Note, after taking into account all Principal Prepayments received prior
to such date of determination, but without giving effect to (i) any acceleration of the principal of such Mortgage Loan or Serviced
Companion Loan by reason of default thereunder or (ii) any grace period permitted by the related Mortgage Note.

 

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

 

“Modification
Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan, any and
all fees with respect to a modification, restructure, extension, waiver or amendment that modifies, restructures, extends, amends
or waives any term of the related Loan Documents (as evidenced by a signed writing) agreed to by the Master Servicer or the Special
Servicer (other than all Assumption Fees, consent fees, assumption application fees, defeasance fees and fees similar to the foregoing).
For the avoidance of doubt, Special Servicing Fees, Workout Fees and Liquidation Fees due to the Special Servicer in connection
with a modification, restructure, extension, waiver or amendment shall not be considered Modification Fees. For each modification,
restructure, extension, waiver or amendment in connection with working out of a Specially Serviced Loan, the Modification Fees
collected from the related Borrower shall be subject to a cap of 1.0% of the outstanding principal balance of such Mortgage Loan
or Serviced Companion Loan on the closing date of the related modification, restructure, extension, waiver or amendment (prior
to giving effect to such

 

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modification, restructure, extension, waiver or amendment); provided that no aggregate cap shall
exist in connection with the amount of Modification Fees which may be collected from the related Borrower with respect to any Specially
Serviced Loan or REO Loan.

 

“Modified Mortgage
Loan”: Any Specially Serviced Loan which has been modified by the Special Servicer pursuant to Section 3.26 of
this Agreement in a manner that:

 

(a)           reduces
or delays the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing current
Periodic Payments with respect to such Mortgage Loan or Serviced Companion Loan), including any reduction in the Periodic Payment;

 

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

 

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

 

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

 

“Morningstar”:
Morningstar Credit Ratings, LLC, or any successor in interest. If neither such rating agency nor any successor remains in existence,
“Morningstar” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific
ratings of Morningstar herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Mortgage”:
The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in a Mortgaged Property
securing a Mortgage Note.

 

“Mortgage File”:
With respect to any Mortgage Loan or Serviced Companion Loan, collectively, the mortgage documents listed in Section 2.01(a)(i)
through Section 2.01(a)(xxi) of this Agreement pertaining to such particular Mortgage Loan or Serviced Companion Loan and
any additional documents required to be added to such Mortgage File pursuant to the express provisions of this Agreement; provided
that whenever the term “Mortgage File” is used to refer to documents actually received by the Depositor, Trustee, or
Custodian, such term shall not be deemed to include such documents and instruments required to be included therein unless they
are actually so received.

 

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“Mortgage Loan”:
Each of the mortgage loans transferred and assigned to the Trustee pursuant to Section 2.01 of this Agreement and from time
to time held in the Trust Fund. The Mortgage Loans originally so transferred, assigned and held are identified on the Mortgage
Loan Schedule as of the Closing Date. Such term shall include any REO Loan, Specially Serviced Loan or any Mortgage Loan that has
been defeased in whole or in part. Such term shall not include Serviced Companion Loans or Non-Serviced Companion Loans but shall
include Non-Serviced Mortgage Loans.

 

“Mortgage Loan
Purchase Agreements”: Each of the GACC Purchase Agreement and the CGMRC Purchase Agreement.

 

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

 

(a)           the Loan
Number;

 

(b)          the Mortgage
Loan name;

 

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

 

(d)
          the Mortgage Rate in effect as of the Cut-off Date;

 

(e)
          the original principal balance;

 

(f)           the Stated
Principal Balance as of the Cut-off Date;

 

(g)           the Maturity
Date or Anticipated Repayment Date for each Mortgage Loan;

 

(h)
          the Due Date;

 

(i)
           the amount of the Periodic Payment due on the first Due Date following
the Cut-off Date;

 

(j)            the Servicing
Fee Rate;

 

(k)           whether
the Mortgage Loan is an Actual/360 Loan;

 

(l)             whether
any letter of credit is held by the lender as a beneficiary or is assigned as security for such Mortgage Loan;

 

(m)           the Revised
Rate of such Mortgage Loan, if any;

 

(n)            whether
the Mortgage Loan is part of a Whole Loan;

 

(o)           whether
the Mortgage Loan is secured in any part by a leasehold interest; and

 

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(p)           whether
the Mortgage Loan has any related mezzanine debt or other subordinate debt.

 

Such list may be in the form of more than
one list, collectively setting forth all of the information required. A comparable list shall be prepared with respect to each
Serviced Companion Loan.

 

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

 

“Mortgage Loan
Sellers”: Each of GACC and CGMRC.

 

“Mortgage Note”:
With respect to any Mortgage Loan or Serviced Companion Loan as of any date of determination, the note or other evidence of indebtedness
and/or agreements evidencing the indebtedness of a Borrower under such Mortgage Loan or Serviced Companion Loan including any amendments
or modifications, or any renewal or substitution notes, as of such date.

 

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

 

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

 

“Mortgage Rate”:
With respect to each Mortgage Loan or any related Companion Loan, as applicable, and any Interest Accrual Period, the per annum
rate at which interest accrues on such Mortgage Loan or Serviced Companion Loan, as applicable, during such period (in the
absence of a default), as set forth in the related Mortgage Note from time to time, without giving effect to any Default Rate or
any Revised Rate.

 

“Net Condemnation
Proceeds”: Condemnation Proceeds, to the extent such proceeds are not to be applied to the restoration, preservation
or repair of the related Mortgaged Property or released to the Borrower in accordance with the express requirements of the Loan
Documents or other documents included in the Mortgage File or in accordance with the Servicing Standard.

 

“Net Default
Interest”: With respect to any Distribution Date, an amount equal to the sum of (i) the amount of the aggregate collected
Default Interest allocable to the Mortgage Loans received during the preceding Collection Period, minus (ii) any portions thereof
withdrawn from (A) the Collection Account pursuant to Section 3.06(a)(ix) of this Agreement for Advance Interest Amounts
and unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Liquidation Fees and Workout Fees) incurred
on the related Mortgage Loan during or prior to such Collection Period and (B) each Serviced Whole Loan Collection

 

    -67- 

     

    

 

Account pursuant
to Section 3.06(b)(ix) for Advance Interest Amounts and unreimbursed Additional Trust Fund Expenses incurred on the related
Serviced Whole Loan during or prior to such Collection Period.

 

“Net Insurance
Proceeds”: Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the related Mortgaged
Property or released to the Borrower in accordance with the express requirements of the Loan Documents or other documents included
in the Mortgage File or in accordance with prudent and customary servicing practices.

 

“Net Liquidation
Proceeds”: The Liquidation Proceeds received with respect to any Mortgage Loan or Serviced Whole Loan net of the amount
of (i) Liquidation Expenses incurred with respect thereto and (ii) with respect to proceeds received in connection with the taking
of a Mortgaged Property (or portion thereof) by the power of eminent domain in condemnation, amounts required to be applied to
the restoration or repair of the related Mortgaged Property.

 

“Net Mortgage
Rate”: With respect to any Mortgage Loan and any Distribution Date, the per annum rate equal to the Mortgage
Rate for such Mortgage Loan for the related Interest Accrual Period (without regard to any increase in the interest of any ARD
Loan after the related Anticipated Repayment Date), minus, for any such Mortgage Loan, the aggregate of the applicable Servicing
Fee Rate, Certificate Administrator/Trustee Fee Rate, Operating Advisor Fee Rate, CREFC® Intellectual Property
Royalty License Fee Rate, the fee rate paid to the Sub-Servicer, if any, with respect to any Non-Serviced Mortgage Loan and the
related Non-Serviced Mortgage Loan Primary Servicing Fee Rate. The “Net Mortgage Rate” for purposes of calculating
Pass-Through Rates and Withheld Amounts shall be the Net Mortgage Rate of such Mortgage Loan without taking into account any modification,
waiver or amendment of the terms of the related Mortgage Loan, whether agreed to by the Master Servicer or the Special Servicer
or resulting from a bankruptcy, insolvency or similar proceeding involving the related Borrower. The Net Mortgage Rate shall not
be reduced by any Operating Advisor Fee Rate following the Operating Advisor’s resignation pursuant to Section 6.04(e)
or the termination of the Operating Advisor pursuant to Section 7.07(e).

 

Notwithstanding the foregoing,
if any such Mortgage Loan does not accrue interest on the basis of a 360-day year consisting of twelve 30-day months, then, solely
for purposes of calculating the Pass-Through Rate on the Regular Certificates, the Net Mortgage Rate of such Mortgage Loan for
any Interest Accrual Period will be the annualized rate at which interest would have to accrue in respect of such Mortgage Loan
or Serviced Companion Loan on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate
amount of interest actually accrued in respect of such Mortgage Loan at the related Net Mortgage Rate during such Interest Accrual
Period; provided, however, that with respect to each such Mortgage Loan, the Net Mortgage Rate for the one-month period
(i) prior to the Due Dates in (a) January and February in each year that is not a leap year or (b) February only in each year that
is a leap year (in either case, unless the related Distribution Date is the final Distribution Date) shall be determined net of
any Withheld Amounts from that month and (ii) preceding the Due Date in March (or February if the related Distribution Date is
the final Distribution Date) (commencing in 2017), shall be determined inclusive of the Withheld Amounts, if applicable, from the
immediately preceding February, and, if applicable, January.

 

    -68- 

     

    

 

“Net Prepayment
Interest Excess”: The excess amount, if any, that the aggregate of all Prepayment Interest Excess for all Mortgage Loans
(other than the Non-Serviced Mortgage Loans) or Serviced Companion Loans that the Master Servicer is servicing exceeds the aggregate
of all Compensating Interest Payments for such Mortgage Loans (other than the Non-Serviced Mortgage Loans) or Serviced Companion
Loans as of any related Distribution Date.

 

“Net Prepayment
Interest Shortfall”: With respect to the Mortgage Loans or Serviced Companion Loans that the Master Servicer is servicing,
the aggregate Prepayment Interest Shortfalls in excess of the Compensating Interest Payments on such Mortgage Loan or Serviced
Companion Loan.

 

“Net REO Proceeds”:
With respect to each Serviced REO Property, REO Proceeds with respect to such REO Property net of any insurance premiums, taxes,
assessments and other costs and expenses permitted to be paid therefrom pursuant to Section 3.15(b) of this Agreement.

 

“New Lease”:
Any lease of a Serviced REO Property entered into on behalf of the Lower-Tier REMIC or the Prudential Plaza Loan REMIC if
such REMIC has the right to renegotiate the terms of such lease, including any lease renewed or extended on behalf of such REMIC.

 

“NMWHFIT”:
A “Non-Mortgage Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(12)
or successor provisions.

 

“Non-Directing
Holder”: With respect to any Companion Loan, the “Non-Directing Holder”, “Non-Controlling Note Holder”
or any analogous concept under the related Intercreditor Agreement.

 

“Non-Reduced
Certificates”: As of any date of determination, any Class of Sequential Pay Certificates then outstanding for which (a)(1)
the initial Certificate Balance of such Class of Certificates minus (2) the sum (without duplication) of (x) the aggregate payments
of principal (whether as principal prepayments or otherwise) distributed to the Holders of such Class of Certificates as of such
date of determination, (y) any Appraisal Reduction Amounts allocated to such Class of Certificates as of such date of determination
and (z) any Realized Losses previously allocated to such Class of Certificates as of such date of determination, is equal to or
greater than (b) 25% of the remainder of (i) the initial Certificate Balance of such Class of Certificates less (ii) any payments
of principal (whether as principal prepayments or otherwise) previously distributed to the Holders of that Class of Certificates
as of such date of determination.

 

“Non-Serviced
Companion Loan”: With respect to any Non-Serviced Whole Loan, any related mortgage loan not included in the Trust that
is serviced under another agreement and that is generally (a) payable on a pari passu basis with the related Mortgage Loan
included in the Trust to the extent set forth in the related Intercreditor Agreement or (b) subordinated in right of payment to
the related Mortgage Loan included in the Trust to the extent set forth in the related Intercreditor Agreement. The 10 Hudson Yards
Companion Loans, the Westfield San Francisco Centre Companion Loans, the Prudential Plaza Companion Loans, the Gas Company Tower
& World Trade Center Parking Garage Companion Loans, the Birch Run

 

    -69- 

     

    

 

Premium Outlets Companion Loans, the Vertex Pharmaceuticals
HQ Companion Loans and the 401 South State Street Companion Loan are the only Non-Serviced Companion Loans related to the Trust.

 

“Non-Serviced
Mortgage Loan”: With respect to any Non-Serviced Whole Loan, a Mortgage Loan included in the Trust but serviced under
another agreement. The 10 Hudson Yards Mortgage Loan, the Westfield San Francisco Centre Mortgage Loan, the Prudential Plaza Mortgage
Loan, the Gas Company Tower & World Trade Center Parking Garage Mortgage Loan, the Birch Run Premium Outlets Mortgage Loan,
the Vertex Pharmaceuticals HQ Mortgage Loan and the 401 South State Street Mortgage Loan are the only Non-Serviced Mortgage Loans
related to the Trust.

 

“Non-Serviced
Mortgage Loan Primary Servicing Fee Rate”: The “primary servicing fee rate” or “pari passu primary
servicing rate” (each as defined or set forth in the applicable Other Pooling and Servicing Agreement) and any other servicing
fee rate (other than those payable to the applicable Other Special Servicer) applicable to any Non-Serviced Mortgage Loan. The
Non-Serviced Mortgage Loan Primary Servicing Fee Rate for (A) each Servicing Shift Mortgage Loan will be such amount as set forth
in the related Other Pooling and Servicing Agreement for such Servicing Shift Whole Loan, (B) the 10 Hudson Yards Mortgage Loan
will be 0.00125%, (C) the Westfield San Francisco Centre Mortgage Loan will be 0.00125%, (D) the Prudential Plaza Mortgage Loan
will be 0.00250%, (E) the Gas Company Tower & World Trade Center Parking Garage Mortgage Loan will be 0.00125%, (F) the Birch
Run Premium Outlets Mortgage Loan will be 0.00125%, (G) the Vertex Pharmaceuticals HQ Mortgage Loan will be 0.00250% and (H) the
401 South State Street Mortgage Loan will be 0.00250%.

 

“Non-Serviced
Mortgage Loan Service Providers”: With respect to (A) the 10 Hudson Yards Whole Loan, the 10 Hudson Yards Service Providers,
(B) the Westfield San Francisco Centre Whole Loan, the Westfield San Francisco Centre Service Providers, (C) the Prudential Plaza
Whole Loan, the Prudential Plaza Service Providers, (D) the Gas Company Tower & World Trade Center Parking Garage Whole Loan,
the Gas Company Tower & World Trade Center Parking Garage Service Providers, (E) the Birch Run Premium Outlets Whole Loan,
the Birch Run Premium Outlets Service Providers, (F) the Vertex Pharmaceuticals HQ Whole Loan, the Vertex Pharmaceuticals HQ Service
Providers and (G) the 401 South State Street Whole Loan, the 401 South State Street Service Providers.

 

“Non-Serviced
Whole Loan Custodian”: With respect to any Non-Serviced Mortgage Loan, the applicable other “custodian” under
the Other Pooling and Servicing Agreement that governs the servicing and administration of the related Non-Serviced Whole Loan.

 

“Non-Serviced
Whole Loans”: Any mortgage loan that is not serviced under this Agreement that is divided into two or more notes, which
includes a Mortgage Loan included in the Trust but serviced under another agreement and one or more mortgage notes not included
in the Trust and serviced under another agreement. References herein to a Non-Serviced Whole Loan shall be construed to refer to
the aggregate indebtedness under the related notes. The 10 Hudson Yards Whole Loan, the Westfield San Francisco Centre Whole Loan,
the Prudential Plaza Whole Loan, the Gas Company Tower & World Trade Center Parking Garage Whole Loan, the Birch Run Premium
Outlets Whole Loan, the Vertex Pharmaceuticals HQ Whole Loan and

 

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the 401 South State Street Whole Loan are the only Non-Serviced
Whole Loans related to the Trust.

 

“Non-U.S. Person”:
A person that is not a U.S. Person.

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance, Nonrecoverable Servicing Advance or Nonrecoverable Workout-Delayed Reimbursement
Amounts.

 

“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan or REO Loan
which the Master Servicer, the Special Servicer, in each case in accordance with the Servicing Standard and Sections 4.07(c),
or the Trustee, in its good faith business judgment, as applicable, determines would not be ultimately recoverable, together with
any accrued and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and
other collections on or in respect of the related Mortgage Loan or REO Loan, which shall be evidenced by an Officer’s Certificate
as provided by Section 4.07(c) of this Agreement.

 

“Nonrecoverable
Servicing Advance”: Any Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan (other
than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan or any Serviced REO Property that the Master Servicer, the Special
Servicer, in each case in accordance with the Servicing Standard and Section 3.21(d) of this Agreement, or the Trustee,
in its good faith business judgment, as applicable, determines would not be ultimately recoverable, together with any accrued and
unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and other collections
on or in respect of the related Mortgage Loan, Serviced Whole Loan or Serviced REO Loan, which shall be evidenced by an officer
certificate as provided by Section 3.21(d) of this Agreement. The determination as to the recoverability of any Servicing
Advance previously made or proposed to be made in respect of any Non-Serviced Whole Loan (or related REO Property) shall be made
by the applicable servicer under, and in accordance with the terms of, the related Other Pooling and Servicing Agreement. Any such
determination made by any such party shall be conclusive and binding on the Certificateholders and may, in all cases, be conclusively
relied upon by the Master Servicer, the Special Servicer and the Trustee, as applicable.

 

“Nonrecoverable
Workout-Delayed Reimbursement Amounts”: Any Workout-Delayed Reimbursement Amounts when the Person making such determination
in accordance with the procedures specified for Nonrecoverable Servicing Advances or Nonrecoverable P&I Advances, as applicable,
and taking into account factors such as all other outstanding Advances, either (a) has determined that such Workout-Delayed Reimbursement
Amounts, would not ultimately be recoverable from late payments or any other recovery on or in respect of the related Mortgage
Loan, Serviced Whole Loan or REO Loans or (b) has determined that such Workout-Delayed Reimbursement Amounts would not ultimately
be recoverable, along with any other Workout-Delayed Reimbursement Amounts and Nonrecoverable Advances, out of the principal portion
of future collections on all of the Mortgage Loans and REO Properties and from general principal collections in the Collection
Account.

 

“Notice of Termination”:
Any of the notices given to the Trustee, the Certificate Administrator and the Master Servicer by the Certificateholder owning
a majority of the

 

    -71- 

     

    

 

Percentage Interests in the Controlling Class, the Special Servicer or the Master Servicer pursuant to Section
9.01(c) of this Agreement.

 

“Notice to Refer”:
As defined in Section 2.03(k)(ii).

 

“Notional Amount”:
As of any date of determination: (i) with respect to each of the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class
X-F Certificates as a Class, the related Class X Notional Amount as of such date of determination and (ii) with respect to any
Class X Certificate, the product of the Percentage Interest evidenced by such Certificate and the related Class X Notional Amount
as of such date of determination.

 

“NRSRO”:
Any nationally recognized statistical ratings organization.

 

“NRSRO Certification”:
A certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in the form attached hereto as
Exhibit Z or (b) provided electronically and executed by such NRSRO by means of a “click-through” confirmation
on the 17g-5 Information Provider’s Website, in either case in favor of the 17g-5 Information Provider that states that such
NRSRO is a Rating Agency under this Agreement, or that such NRSRO has been engaged to rate any securities backed, in whole or in
part, by a Serviced Pari Passu Companion Loan, or that such NRSRO has provided the Depositor with the appropriate certifications
pursuant to paragraph (e) of Rule 17g-5 of the Exchange Act, such NRSRO has access to the Depositor’s 17g-5 website and such
NRSRO will keep such information confidential, except to the extent such information has been made available to the general public.

 

“Officer’s
Certificate”: A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President or a Vice
President (however denominated) and by the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries,
any Trust Officer or other officer of the Master Servicer, Special Servicer, Additional Servicer, Operating Advisor or Asset Representations
Reviewer customarily performing functions similar to those performed by any of the above designated officers, any Servicing Officer
and also with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject, or an authorized officer of the Depositor, and delivered to the Depositor,
the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer, as the case may be.

 

“Offsetting
Modification Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan
or Serviced REO Loan and with respect to any Workout Fee or Liquidation Fee payable by the Trust, any and all Modification Fees
collected by the Special Servicer as additional servicing compensation, but only to the extent that (1) such Modification Fees
were earned and collected by the Special Servicer (A) in connection with the workout or liquidation (including partial liquidation)
of a Specially Serviced Loan or Serviced REO Loan as to which the subject Workout Fee or Liquidation Fee became payable or (B)
in connection with any workout of a Specially Serviced Loan that closed within the prior 18 months (determined as of the closing
day of the workout or liquidation as to which the subject Workout Fee or Liquidation Fee became payable) and (2) such Modification
Fees were earned in connection with a modification, restructure, extension, waiver or amendment of such Mortgage Loan, Serviced
Whole Loan or Serviced REO Loan at a time when such Mortgage Loan, Serviced Whole Loan or Serviced REO Loan was a Specially Serviced
Loan.

 

    -72- 

     

    

 

“Operating Advisor”:
Park Bridge Lender Services LLC, a New York limited liability company, or its successor in interest, or any successor Operating
Advisor appointed as herein provided.

 

“Operating Advisor
Annual Report”: As defined in Section 3.31(d)(v) of this Agreement.

 

“Operating Advisor
Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consulting rights equal to $10,000
with respect to any Mortgage Loan or such lesser amount as the related Borrower agrees to pay, payable pursuant to Section 3.06
of this Agreement; provided, no such fee shall be payable unless paid by the related Borrower. The Operating Advisor may
in its sole discretion reduce the Operating Advisor Consulting Fee with respect to any Major Decision. The Master Servicer or Special
Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related Borrower
if it determines that such full or partial waiver is in accordance with the Servicing Standard; provided, that the Master
Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor prior to any such waiver or reduction.
No Operating Advisor Consulting Fee shall be payable with respect to any Subordinate Companion Loan, any Non-Serviced Whole Loan
or any Servicing Shift Whole Loan.

 

“Operating Advisor
Fee”: With respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan and Servicing Shift Mortgage Loan)
and any Distribution Date, an amount per Interest Accrual Period equal to the product of (i) the applicable Operating Advisor Fee
Rate and (ii) the Stated Principal Balance of such Mortgage Loan as of the Due Date in the immediately preceding Collection Period
(without giving effect to payments of principal on such Mortgage Loan on such Due Date). Such fee shall be in addition to, and
not in lieu of, any other fee or other sum payable to the Operating Advisor under this Agreement. The Operating Advisor Fee shall
be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt, the Operating
Advisor Fee shall be payable from the Lower-Tier REMIC. For the avoidance of doubt, no Operating Advisor Fee shall accrue on the
principal balance of, or be payable with respect to, any Subordinate Companion Loan, Serviced Pari Passu Companion Loan, any Non-Serviced
Whole Loan or any Servicing Shift Mortgage Loan. No Operating Advisor Fee shall accrue following the Operating Advisor’s
resignation pursuant to Section 6.04(e) or the termination of the Operating Advisor pursuant to Section 7.07(e).

 

“Operating Advisor
Fee Rate”: For each Interest Accrual Period, a per annum rate equal to (a) 0.0044% with respect to all Mortgage
Loans (except the U-Haul AREC Portfolio Mortgage Loan) and (b) 0.0085% with respect to the U-Haul AREC Portfolio Mortgage Loan.
At any time there is no Operating Advisor, the Operating Advisor Fee Rate shall be 0%.

 

“Operating Advisor
Standard”: As defined in Section 3.31(b) of this Agreement.

 

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

 

    -73- 

     

    

 

“Operating Advisor
Termination Event”: As defined in Section 7.07(a) of this Agreement.

 

“Opinion of
Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Special Servicer
or the Master Servicer, as the case may be, acceptable to the Certificate Administrator and the Trustee, except that any opinion
of counsel relating to (a) qualification of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC or the imposition of
tax under the REMIC Provisions on any income or property of any Trust REMIC or the Prudential Plaza Loan REMIC, (b) compliance
with the REMIC Provisions (including application of the definition of “Independent Contractor”), (c) qualification
of the Grantor Trust as a grantor trust or (d) a resignation of the Master Servicer or the Special Servicer pursuant to Section
6.04(b) of this Agreement, must be an opinion of counsel who is Independent of the Depositor, the Master Servicer and the Special
Servicer.

 

“Originator”:
Any of (i) the Mortgage Loan Sellers and (ii) with respect to any Mortgage Loan acquired by a Mortgage Loan Seller, the originator
of such Mortgage Loan.

 

“Other 17g-5
Information Provider”: The applicable other “17g-5 information provider” under an Other Pooling and Servicing
Agreement relating to a Serviced Companion Loan. The Depositor shall inform the other parties hereto of the name and contact information
for any Other 17g-5 Information Provider existing as of the Closing Date. The name and contact information of any such Other 17g-5
Information Provider as of the Closing Date is set forth on Schedule VIII hereto. Each party hereto shall be entitled to conclusively
rely upon the information set forth on Schedule VIII until such party receives notice of any change thereto.

 

“Other Asset
Representations Reviewer”: The applicable other “asset representations reviewer” under an Other Pooling and
Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Depositor”:
The applicable other “depositor” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan
or a Non-Serviced Companion Loan, as applicable.

 

“Other Indemnified
Parties”: As defined in Section 1.04 of this Agreement.

 

“Other Operating
Advisor”: The applicable other “operating advisor” or “trust advisor” under an Other Pooling
and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Pooling
and Servicing Agreement”: A pooling and servicing agreement or other applicable servicing agreement relating to a Serviced
Companion Loan or a Non-Serviced Whole Loan, as applicable. The Other Pooling and Servicing Agreements related to the Trust as
of the Closing Date are (i) with respect to the 10 Hudson Yards Whole Loan, the 10 Hudson Yards Trust and Servicing Agreement,
(ii) with respect to the Westfield San Francisco Centre Whole Loan, the Westfield San Francisco Centre Trust and Servicing Agreement,
(iii) with respect to the Prudential Plaza Whole Loan, Prudential Plaza Pooling and Servicing Agreement, (iv) with respect to the
Gas Company Tower & World Trade Center Parking Garage Whole Loan, the Gas Company Tower & World Trade Center Parking Garage
Trust and Servicing

 

    -74- 

     

    

 

Agreement, (v) with respect to the Birch Run Premium Outlets Whole Loan, the Birch Run Premium Outlets Pooling
and Servicing Agreement, (vi) with respect to the Vertex Pharmaceuticals HQ Whole Loan, the Vertex Pharmaceuticals HQ Pooling and
Servicing Agreement and (vii) with respect to the 401 South State Street Whole Loan, the 401 South State Street Pooling and Servicing
Agreement.

 

“Other Securitization”:
Any commercial mortgage securitization trust that holds a Serviced Companion Loan or Non-Serviced Companion Loan or any successor
REO Loan with respect thereto. The initial Other Securitizations related to the Trust as of the Closing Date are (i) with respect
to the 10 Hudson Yards Companion Loans, the Hudson Yards 2016-10HY Mortgage Trust securitization, (ii) with respect to the Westfield
San Francisco Centre Companion Loans, the DBJPM 2016-SFC Mortgage Trust securitization, (iii) with respect to the Prudential Plaza
Companion Loans, the COMM 2015-CCRE26 securitization, (iv) with respect to the Gas Company Tower & World Trade Center Parking
Garage Companion Loans, the COMM 2016-GCT Mortgage Trust securitization, (v) with respect to the Birch Run Premium Outlets Companion
Loans, the COMM 2016-DC2 securitization (provided, however, that once the controlling note, Note A-3, is securitized,
the Other Securitization with respect to the Birch Run Premium Outlets Companion Loans shall be the related securitization), (vi)
with respect to the Vertex Pharmaceuticals HQ Companion Loan, the WFCM 2016-BNK1 Mortgage Trust securitization and (vii) with respect
to the 401 South State Street Companion Loan, the CGCMT 2016-P4 Mortgage Trust securitization. In addition, with respect to each
Companion Loan that is included in a future securitization, such future securitization shall also be an Other Securitization.

 

“Other Servicer”:
The applicable other “master servicer” under an Other Pooling and Servicing Agreement relating to a Serviced Companion
Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Special
Servicer”: The applicable other “special servicer” under an Other Pooling and Servicing Agreement relating
to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Trustee”:
The applicable other “trustee” or, if applicable, the other “certificate administrator” or, if applicable,
the other “custodian” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced
Companion Loan, as applicable.

 

“Ownership Interest”:
Any record or beneficial interest in a Class R Certificate.

 

“P&I Advance”:
As to any Mortgage Loan, any advance made by the Master Servicer or the Trustee pursuant to Section 4.07 of this Agreement.
Each reference to the payment or reimbursement of a P&I Advance shall be deemed to include, whether or not specifically referred
to and without duplication, payment or reimbursement of interest thereon at the Reimbursement Rate. Neither the Master Servicer
nor the Trustee will be required to make P&I Advances with respect to any delinquent payment amounts due on any Companion Loan.

 

“P&I Advance
Determination Date”: With respect to any Distribution Date, the second Business Day prior to such Distribution Date.

 

    -75- 

     

    

 

“Pass-Through
Rate”: With respect to each Class of Regular Certificates set forth below, the following rates:

 

	
        Class

        
	 	
        Pass-Through Rate 

	Class A-1	 	Class A-1 Pass-Through Rate
	Class A-2	 	Class A-2 Pass-Through Rate
	Class A-SB	 	Class A-SB Pass-Through Rate
	Class A-3	 	Class A-3 Pass-Through Rate
	Class A-4	 	Class A-4 Pass-Through Rate
	Class X-A	 	Class X-A Pass-Through Rate
	Class X-B	 	Class X-B Pass-Through Rate
	Class X-C	 	Class X-C Pass-Through Rate
	Class X-D	 	Class X-D Pass-Through Rate
	Class X-E	 	Class X-E Pass-Through Rate
	Class X-F	 	Class X-F Pass-Through Rate
	Class A-M	 	Class A-M Pass-Through Rate
	Class B	 	Class B Pass-Through Rate
	Class C	 	Class C Pass-Through Rate
	Class D	 	Class D Pass-Through Rate
	Class E	 	Class E Pass-Through Rate
	Class F	 	Class F Pass-Through Rate
	Class G	 	Class G Pass-Through Rate

 

“Paying Agent”:
The paying agent appointed pursuant to Section 5.04 of this Agreement.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

“Penalty Charges”:
With respect to any Mortgage Loan or Serviced Companion Loan (or successor REO Loan), any amounts collected thereon from the Borrower
that represent default charges, penalty charges, late fees and/or Default Interest, and excluding any Yield Maintenance Charge
and any Excess Interest.

 

“Percentage
Interest”: As to any Certificate (except the Class R Certificates), the percentage interest evidenced thereby in distributions
required to be made with respect to the related Class. With respect to any Certificate (except the Class R Certificates), the percentage
interest is equal to the initial denomination of such Certificate divided by the initial Certificate Balance or Notional Amount,
as applicable, of such Class of Certificates. With respect to the Class R Certificate, the percentage interest is set forth on
the face thereof.

 

“Performance
Certification”: As defined in Section 10.08 of this Agreement.

 

“Performing
Loan”: A Mortgage Loan or Serviced Whole Loan that is not a Specially Serviced Loan or REO Loan.

 

“Performing
Party”: As defined in Section 10.14 of this Agreement.

 

    -76- 

     

    

 

“Periodic Payment”:
With respect to any Mortgage Loan or Serviced Companion Loan (other than any REO Loan) and any Due Date, the scheduled monthly
payment of principal, if any, and interest at the Mortgage Rate, excluding any Balloon Payment (but not excluding any constant
Periodic Payment due on a Balloon Loan), which is payable by the related Borrower on such Due Date under the related Mortgage Note.
The Periodic Payment with respect to an REO Loan is the monthly payment that would otherwise have been payable on the related Due
Date had the related Mortgage Note not been discharged, determined as set forth in the preceding sentence and on the assumption
that all other amounts, if any, due thereunder are paid when due.

 

“Permitted Investments”:
Any one or more of the following obligations or securities payable on demand or having a scheduled maturity on or before the Business
Day preceding the date upon which such funds are required to be drawn, regardless of whether issued by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator or the Trustee or any of their respective Affiliates and having at
all times the required ratings, if any, provided for in this definition, unless each Rating Agency shall have provided a Rating
Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities:

 

(A) direct
obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, the United States or any agency
or instrumentality thereof, provided that each such obligation is backed by the full faith and credit of the United States;

 

(B) repurchase
agreements on obligations specified in clause (A) of this definition, with a party agreeing to repurchase such obligations (a)(1)
in the case of such investments with maturities of 30 days or less, the short term obligations of which are rated at least “F1”
by Fitch and in the highest short term rating category by Moody’s, and the long term obligations of which are rated at least
“A” by Fitch and “A2” by Moody’s, (2) in the case of such investments with maturities of three months
or less, but more than 30 days, the short term obligations of which are rated at least “F1+” by Fitch and in the highest
short term rating category by Moody’s, or the long term obligations of which are rated at least “AA-” by Fitch
and “A2” by Moody’s, (3) in the case of such investments with maturities of six months or less, but more than
three months, the short term obligations of which are rated at least “F1+” by Fitch and in the highest short term rating
category by Moody’s and the long term obligations of which are rated at least “AA-” by Fitch and “Aa3”
by Moody’s, and (4) in the case of such investments with maturities of more than six months, the short term obligations of
which are rated at least “F1+” by Fitch and in the highest short term rating category by Moody’s and the long
term obligations of which are rated “AA-” by Fitch and “Aaa” by Moody’s, and (b) the short-term obligations
of the applicable repurchase agreement counterparty are rated in the highest short-term debt rating category of DBRS (or, if not
rated by DBRS, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and Fitch)) and, if it
has a term in excess of six months, the long-term debt obligations of which are rated “AAA” by DBRS (or, if not rated
by DBRS, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and Fitch)) (or, in the case

 

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of any such Rating Agency as set forth in subclauses (a) – (b) above, such lower rating as is the subject of
a Rating Agency Confirmation by such Rating Agency relating to the Certificates and any Companion Loan Securities);

 

(C) federal
funds, unsecured uncertificated certificates of deposit, time deposits, demand deposits and bankers’ acceptances of any bank
or trust company organized under the laws of the United States or any state thereof, (a)(1) in the case of such investments with
maturities of 30 days or less, the short term obligations of which are rated at least “F1” by Fitch and in the highest
short term rating category by Moody’s or the long term obligations of which are rated at least A” by Fitch and “A2”
by Moody’s, (2) in the case of such investments with maturities of three months or less, but more than 30 days, the short
term obligations of which are rated at least “F1+” by Fitch and in the highest short term rating category by Moody’s
or the long term obligations of which are rated at least “AA-” by Fitch and “A2” by Moody’s, (3)
in the case of such investments with maturities of six months or less, but more than three months, the short term obligations of
which are rated at least “F1+” by Fitch and in the highest short term rating category by Moody’s and the long
term obligations of which are rated at least “AA-” by Fitch and “Aa3” by Moody’s, and (4) in the
case of such investments with maturities of more than six months, the short term obligations of which are rated “F1+”
by Fitch and in the highest short term rating category by Moody’s and the long term obligations of which are rated “AA-”
by Fitch and “Aaa” by Moody’s, and (b) the short term obligations of which bank or trust company are rated in
the highest short term debt rating category of DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by any two other
NRSROs (which may include Moody’s and Fitch)) and, if it has a term in excess of six months, the long term debt obligations
of which are rated “AAA” by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by any two other NRSROs
(which may include Moody’s and Fitch)) (or, in the case of any such Rating Agency as set forth in subclauses (a) –
(b) above, such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency relating to the Certificates
and any Companion Loan Securities);

 

(D) commercial
paper of any corporation incorporated under the laws of the United States or any state thereof (or of any corporation not so incorporated,
provided that the commercial paper is United States Dollar denominated and amounts payable thereunder are not subject to
any withholding imposed by any non United States jurisdiction) (a)(1) in the case of such investments with maturities of 30 days
or less, the short term obligations of which corporation are rated at least in the highest short-term debt rating category of Moody’s
and “F1” by Fitch, or the long term obligations of which corporation are rated at least “A2” by Moody’s
and “A” by Fitch, (2) in the case of such investments with maturities of three months or less, but more than 30 days,
the short term obligations of which are rated at least in the highest short-term debt rating category of Moody’s and “F1+”
by Fitch, or the long term obligations of which are rated at least “AA-” by Fitch (with a short-term rating of “F1”
by Fitch) and “A2” by Moody’s, (3)(A) in the case of such investments with maturities of

 

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six months or less,
but more than three months, the short term obligations of which are rated at least “P1” by Moody’s, and the long
term obligations of which corporation are rated at least “Aa3” by Moody’s, and (B) in the case of such investments
with maturities of six months or less, but more than three months, the short term obligations of which are rated at least “F1+”
by Fitch, or the long term obligations of which corporation are rated at least “AA-” by Fitch (with a short-term rating
of “F1” by Fitch), and (4)(A) in the case of such investments with maturities of more than six months, the short term
obligations of which are rated at least “P1” by Moody’s, and the long term obligations of which are rated at
least “Aaa” by Moody’s, and (B) in the case of such investments with maturities of more than six months, the
short term obligations of which are rated at least “F1+” by Fitch, or the long term obligations of which are rated
at least “AA-” by Fitch (with a short-term rating of “F1” by Fitch), and (b) the short term obligations
of which corporation are rated in the highest short term debt rating category of DBRS (or, if not rated by DBRS, an equivalent
(or higher) rating by any two other NRSROs (which may include Moody’s and Fitch)) and, if it has a term in excess of six
months, the long term debt obligations of which are rated “AAA” (or the equivalent) by DBRS (or, if not rated by DBRS,
an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and Fitch)) (or, in the case of any such
Rating Agency as set forth in subclauses (a) – (b) above, such lower rating as is the subject of a Rating Agency
Confirmation by such Rating Agency relating to the Certificates and any Serviced Companion Loan Securities);

 

(E)  (1) units
of taxable money market mutual funds, issued by regulated investment companies, which seek to maintain a constant net asset value
per share (including the Federated Prime Obligation Money Market Fund, US Bank Long Term Eurodollar Sweep or the Wells Fargo Advantage
Heritage Money Market Fund) so long as any such fund is rated “Aaa-mf” by Moody’s and in the highest short term
unsecured debt ratings category by each of Fitch and DBRS (or, if not rated by DBRS, an equivalent rating (or higher) by at least
two (2) NRSROs (which may include any of the Rating Agencies) or otherwise acceptable to such Rating Agency, in any such case,
as confirmed in a Rating Agency Confirmation) relating to the Certificates and any Serviced Companion Loan Securities, or (2) units
of money market funds that (a) have substantially all of its assets invested continuously in the types of investments referred
to in clause (A) above, (b) has net assets of not less than $5,000,000,000, and (c) has a rating of “Aaa-mf”
by Moody’s and has the highest rating obtainable for money market funds from each of Fitch and DBRS (or, if not rated by
DBRS, an equivalent rating (or higher) by at least two (2) NRSROs (which may include any of the Rating Agencies) or otherwise acceptable
to such Rating Agency, in any such case, as confirmed in a Rating Agency Confirmation);

 

(F) an
obligation or security that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause,
would be listed in clauses (B) – (E) above, and is the subject of a Rating Agency Confirmation relating to the Certificates
and any Serviced Companion Loan Securities from

 

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each Rating Agency for which the minimum rating(s) set forth in the applicable
clause is not satisfied with respect to such obligation or security; or

 

(G) any
other obligation or security other than one listed in clauses (A) – (E) above, that is the subject of a Rating Agency
Confirmation relating to the Certificates and any Serviced Companion Loan Securities from each and every Rating Agency;

 

provided that
each investment described hereunder shall not (A) evidence either the right to receive (1) only interest with respect to such investment
or (2) a yield to maturity greater than 120% of the yield to maturity at par of the underlying obligations, (B) be purchased at
a price greater than par, (C) be sold prior to stated maturity if such sale would result in a loss of principal on the instrument
or a tax on “prohibited transactions” under Section 860F of the Code or (D) have an “r” highlighter or
other comparable qualifier attached to its rating; and provided, further, that each investment described hereunder
must have (X) a predetermined fixed amount of principal due at maturity (that cannot vary or change), (Y) an original maturity
of not more than 365 days and a remaining maturity of not more than thirty (30) days and (Z) except in the case of a Permitted
Investment described in clause (E) of this definition, a fixed interest rate or an interest rate that is tied to a single
interest rate index plus a single fixed spread and moves proportionately with that index; and provided, further,
that each investment described hereunder must be a “cash flow investment” (within the meaning of the REMIC Provisions).

 

“Permitted Special
Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, customary title agent fees
and insurance commissions or fees and appraisal fees received or retained by the Special Servicer or any of its Affiliates in connection
with any services performed by such party with respect to any Mortgage Loan, Serviced Whole Loan or REO Property, in each case,
in accordance with Article III of this Agreement.

 

“Permitted
Transferee”: With respect to a Class R Certificate, any Person or agent thereof that is a Qualified Institutional Buyer,
other than (a) a Disqualified Organization, (b) any other Person so designated by the Certificate Registrar who is unable to provide
an Opinion of Counsel (provided at the expense of such Person or the Person requesting the Transfer) to the effect that the Transfer
of an Ownership Interest in any Class R Certificate to such Person will not cause any Trust REMIC or the Prudential Plaza Loan
REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a Person that is a Disqualified Non-U.S.
Person, (d) a Plan or any Person investing the assets of a Plan, (e) an entity treated as a domestic partnership for U.S. federal
income tax purposes, one or more of the direct or indirect beneficial owners (other than through a U.S. corporation) of which
is (or is permitted under the applicable partnership agreement to be) a Disqualified Non-U.S. Person or (f) a U.S. Person with
respect to whom income on the Class R Certificate is attributable to a fixed base or foreign permanent establishment, within the
meaning of an applicable income tax treaty, of such transferee or any other U.S. Person.

 

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

 

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“Plan”:
As defined in Section 5.02(k) of this Agreement.

 

“Platform-Level
Basis”: Only as used in connection with the Operating Advisor Annual Report, the term “platform-level basis”
refers to the Special Servicer’s performance of its duties as they relate to the resolution and/or liquidation of Specially
Serviced Mortgage Loans, taking into account the Special Servicer’s specific duties under this Agreement as well as the extent
to which those duties were performed in accordance with the Servicing Standard, with reasonable consideration by the Operating
Advisor of any annual compliance statement, assessment of compliance report, attestation report, Asset Status Report and other
information delivered to the Operating Advisor by the Special Servicer (other than any communications between the Controlling Class
Representative or any related Directing Holder, as applicable, and the Special Servicer that would be Privileged Information) pursuant
to the provisions of this Agreement.

 

“Preliminary
Dispute Resolution Election Notice”: As defined in Section 2.03(l)(i).

 

“Prepayment
Assumption”: The assumption that (i) each Mortgage Loan (other than an ARD Loan) does not prepay prior to its respective
Maturity Date and (ii) each ARD Loan prepays on its Anticipated Repayment Date.

 

“Prepayment
Interest Excess”: With respect to any Distribution Date, the aggregate amount, with respect to all Mortgage Loans or
Serviced Companion Loans serviced by the Master Servicer that were subject to Principal Prepayment in full or in part, or as to
which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the Master Servicer or
Special Servicer for application to such Mortgage Loans or Serviced Companion Loans, in each case after the Due Date in the month
of such Distribution Date and on or prior to the related Determination Date, the amount of interest accrued at the Mortgage Rate
for such Mortgage Loans or Serviced Companion Loans on the amount of such Principal Prepayments, Insurance Proceeds, Liquidation
Proceeds and Condemnation Proceeds after the Due Date relating to such Collection Period and accruing in the manner set forth in
the related Loan Documents, to the extent such interest is collected by the Master Servicer or the Special Servicer (without regard
to any Prepayment Premium, Yield Maintenance Charge or Excess Interest actually collected).

 

“Prepayment
Interest Shortfall”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Companion Loan serviced
by the Master Servicer that was subject to a Principal Prepayment in full or in part and which did not include a full month’s
interest, or as to which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the
Master Servicer or Special Servicer for application to such Mortgage Loan or Serviced Companion Loan, in each case after the Determination
Date in the calendar month preceding such Distribution Date but prior to the Due Date in the related Collection Period, the amount
of interest that would have accrued at the Net Mortgage Rate for such Mortgage Loan or Serviced Companion Loan on the amount of
such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds during the period commencing on the
date as of which such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were
applied to the unpaid principal balance of the Mortgage Loan or Serviced Companion Loan and ending on (and including) the day immediately
preceding such

 

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Due Date (without regard to any Prepayment Premium, Yield Maintenance Charge or Excess Interest actually collected).

 

“Prepayment
Premium”: Any premium, fee or other additional amount (other than a Yield Maintenance Charge) paid or payable on a Mortgage
Loan or Serviced Companion Loan by a Borrower as the result of a Principal Prepayment thereon, not otherwise due thereon, in respect
of principal or interest, which is intended to compensate the holder of the related Mortgage Note for prepayment.

 

“Pricing Date”:
August 10, 2016.

 

“Primary Servicing
Fee Rate”: With respect to each Mortgage Loan (other than Non-Serviced Mortgage Loans), the rate per annum set
forth on Exhibit B to this Agreement. With respect to Non-Serviced Mortgage Loans, except as provided for on Exhibit
B to this Agreement, no Primary Servicing Fee Rate will be charged by the Master Servicer, but the Non-Serviced Mortgage Loan
Primary Servicing Fee Rate is charged by the applicable Other Servicer pursuant to the related Other Pooling and Servicing Agreement.
For the avoidance of doubt, the Primary Servicing Fee Rate includes any fee rate payable to a Mortgage Loan Seller Sub-Servicer.

 

“Prime Rate”:
The “Prime Rate” as published in the “Money Rates” section of The Wall Street Journal, Eastern
edition (or, if such section or publication is no longer available, such other comparable publication as determined by the Certificate
Administrator in its reasonable discretion) as may be in effect from time to time, or, if the “Prime Rate” no longer
exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable discretion) as may be in effect
from time to time. The Certificate Administrator shall notify in writing the Master Servicer and the Special Servicer with regard
to any determination of the Prime Rate in accordance with the parenthetical in the preceding sentence.

 

“Principal Distribution
Amount”: For any Distribution Date, an amount equal to the sum of the following amounts (without duplication):

 

(a)           the Principal
Shortfall for such Distribution Date;

 

(b)
         the Scheduled Principal Distribution Amount for that Distribution Date;

 

(c)
          the Unscheduled Principal Distribution Amount for that Distribution
Date;

 

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

 

(A)           Nonrecoverable
Advances (including any servicing advance with respect to the Non-Serviced Mortgage Loan under the related Other Pooling and Servicing
Agreement reimbursed out of general collections on the Mortgage Loans), with interest on such Nonrecoverable Advances at the Reimbursement
Rate that are paid or reimbursed from principal collections on the Mortgage Loans in a period during which such principal collections
would have otherwise been included in the Principal Distribution Amount for such Distribution Date; and

 

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(B)        
 Workout-Delayed Reimbursement Amounts paid or reimbursed from principal collections on the Mortgage Loans in a period during
which such principal collections would have otherwise been included in the Principal Distribution Amount for such
Distribution Date;

 

provided that,
in the case of clauses (A) and (B) above, if any of the amounts that were reimbursed from principal collections on
the Mortgage Loans are subsequently recovered on the related Mortgage Loan, such recovery will increase the Principal Distribution
Amount for the Distribution Date related to the period in which such recovery occurs.

 

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

 

“Principal Prepayment”:
Any payment of principal made by a Borrower on a Mortgage Loan or Serviced Companion Loan which is received in advance of its scheduled
due date and which is not accompanied by an amount of interest representing the full amount of scheduled interest due on any date
or dates in any month or months subsequent to the month of prepayment.

 

“Principal Shortfall”:
For any Distribution Date, the amount, if any, by which (i) the Principal Distribution Amount for the preceding Distribution Date
exceeds (ii) the aggregate amount actually distributed with respect to principal on the Certificates on such preceding Distribution
Date in respect of such Principal Distribution Amount.

 

“Private Certificate”:
Each of the Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates.

 

“Private Global
Certificate”: Each of the Regulation S Global Certificates or Rule 144A Global Certificates with respect to the Private
Certificates if and so long as such class of Certificates is registered in the name of a nominee of the Depository.

 

“Private Placement
Memorandum”: Means the Private Placement Memorandum, dated August 11, 2016, pursuant to which the Private Certificates
will be offered for sale.

 

“Privileged
Information”: Any (i) correspondence or other communications between a Directing Holder and the Special Servicer related
to any Specially Serviced Loan or the exercise of the consent or consultation rights of a Directing Holder under this Agreement
or any related Intercreditor Agreement, (ii) strategically sensitive information that the Special Servicer has reasonably determined
could compromise the Trust Fund’s position in any ongoing or future negotiations with the related Borrower or other interested
party, (iii) information subject to attorney-client privilege and (iv) any Asset Status Report or Final Asset Status Report.

 

“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information becomes
generally available and known to the public other than as a result of a disclosure directly or indirectly by the party restricted
from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary for
the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, taxing authorities or other
governmental agencies, (c) such Privileged Information was already

 

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known to such Restricted Party and not otherwise subject to
a confidentiality obligation and/or (d) the Restricted Party is (in the case of the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as evidenced by an opinion
of counsel (which will be an additional expense of the Trust) delivered to each of the Master Servicer, the Special Servicer, the
Directing Holder with respect to such Mortgage Loan, the Operating Advisor, the Asset Representations Reviewer, Certificate Administrator
and the Trustee), required by rule, regulation, order, judgment or decree to disclose such information.

 

“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate
Administrator, any Additional Servicer designated by the Master Servicer or the Special Servicer, the Directing Holder (but only
prior to the occurrence of a Consultation Termination Event), the Operating Advisor, any Affiliate of the Operating Advisor designated
by the Operating Advisor, the Asset Representations Reviewer, any Serviced Companion Loan Noteholder who provides a certification
substantially in the form of Exhibit FF hereto, any Person who provides the Certificate Administrator with an Investor Certification
and any NRSRO (including any Rating Agency) that provides the Certificate Administrator with a NRSRO Certification, which Investor
Certification and NRSRO Certification may be submitted electronically via the Certificate Administrator’s Website;
provided, however, that in no event may a Borrower Party (other than a Borrower Party that is the Special
Servicer) be entitled to receive (i) if such party is the Directing Holder or any Controlling Class Certificateholder, any Excluded
Information via the Certificate Administrator’s Website (unless a loan-by-loan segregation is later performed by the Certificate
Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)),
and (ii) if such party is not the Directing Holder or any Controlling Class Certificateholder, any information other than the Distribution
Date Statement.

 

Notwithstanding anything
to the contrary in this Agreement, if the Special Servicer obtains knowledge that it is a Borrower Party, the Special Servicer
shall nevertheless be a Privileged Person; provided that the Special Servicer (i) shall not directly or indirectly provide
any information solely related to the related Excluded Special Servicer Mortgage Loan to (A) the related Borrower Party, (B) any
of the Special Servicer’s employees or personnel or any of its Affiliate involved in the management of any investment in
the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct
or indirect ownership interest in the related Borrower Party, and (ii) shall maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above; provided, further, that
nothing in this Agreement shall be construed as an obligation of the Master Servicer or the Certificate Administrator to restrict
the Special Servicer’s access to any information on the Master Servicer’s website or the Certificate Administrator’s
Website and in no case shall the Master Servicer or the Certificate Administrator be held liable if the Special Servicer accesses
any of the items listed in the definition of Excluded Information relating to the Excluded Special Servicer Mortgage Loans.

 

“Prohibited
Party”: Any proposed Servicing Function Participant that is listed on the Depositor’s Do Not Hire List.

 

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“Property Protection
Expenses”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, any costs
and expenses incurred by the Master Servicer or the Special Servicer pursuant to Section 3.04, Section 3.08(a), Section
3.10, Section 3.11, Section 3.15(a), Section 3.15(b), Section 3.15(c), Section 3.16(c) or
Section 3.24(a) of this Agreement or indicated herein as being payable as a Servicing Advance or as a cost or expense of
the Trust Fund (and, in the case of the Serviced Whole Loans, the Serviced Companion Loan Noteholders but subject to the provisions
of Section 1.02(e)) or the Lower-Tier REMIC or Upper-Tier REMIC to be paid out of the Collection Account.

 

“Proposed Course
of Action Notice”: As defined in Section 2.03(l)(i).

 

“Prospectus”:
The Depositor’s Prospectus dated August 11, 2016, relating to the offering of the Publicly Offered Certificates.

 

“Prudential
Plaza Companion Loans”: As defined in the Preliminary Statement.

 

“Prudential
Plaza Loan REMIC”: A segregated asset pool designated as a REMIC pursuant to the REMIC Declaration consisting of the
Prudential Plaza Mortgage Loan and the Prudential Plaza Companion Loans evidenced by Note A-2-2, Note A-3 and Note A-4, the proceeds
thereof and any property that secured such notes that was acquired by foreclosure or deed in lieu of foreclosure (to the extent
of the Prudential Plaza Loan REMIC’s interest in such property securing the Prudential Plaza Mortgage Loan and the Prudential
Plaza Companion Loans evidenced by Note A-2-2, Note A-3 and Note A-4).

 

“Prudential
Plaza Loan REMIC Regular Interest”: As defined in the Preliminary Statement.

 

“Prudential
Plaza Loan REMIC Residual Interest”: The sole class of “residual interest” in the Prudential Plaza Loan REMIC,
which will be represented by the Class R Certificate, and which for the avoidance of doubt, represents 100% of the residual interest
in the Prudential Plaza Loan REMIC Regular Interest, not merely a proportion of such residual interest relating to the portion
of the Prudential Plaza Loan REMIC Regular Interest represented by the Prudential Plaza Mortgage Loan that will be held in the
Lower-Tier REMIC.

 

“Prudential
Plaza Loan REMIC Residual Interest Distribution Account”: The segregated non-interest bearing trust account or sub-account
created and maintained by the Certificate Administrator pursuant to Section 3.05(l), which shall be entitled “Wells
Fargo Bank, National Association, as Certificate Administrator, for the benefit of the holders of the Class R Certificates –
Loan REMIC Distribution Account,” and which must be an Eligible Account or a sub-account of an Eligible Account. The Prudential
Plaza Loan REMIC Residual Interest Distribution Account shall not be an asset of any Trust REMIC or the Prudential Plaza Loan
REMIC, but rather shall be an asset of the Grantor Trust.

 

“Prudential
Plaza Master Servicer”: Wells Fargo Bank, National Association, as master servicer under the Prudential Plaza Pooling
and Servicing Agreement.

 

“Prudential
Plaza Mortgage Loan”: As defined in the Preliminary Statement. For federal income tax purposes, the Prudential Plaza
Mortgage Loan represents a beneficial interest

 

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in the Prudential Plaza Loan REMIC Regular Interest equal to the outstanding principal
balance of such Mortgage Loan.

 

“Prudential
Plaza Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Prudential Plaza
Whole Loan. The Prudential Plaza Pari Passu Note A-1 is not included in the Trust Fund and is pari passu in right of payment
to the Prudential Plaza Pari Passu Note A-2-1, the Prudential Plaza Pari Passu Note A-2-2 the Prudential Plaza Pari Passu Note
A-3 and the Prudential Plaza Pari Passu Note A-4, as set forth in the related Intercreditor Agreement. As of the Closing Date,
the Prudential Plaza Pari Passu Note A-1 is held by the COMM 2015-CCRE26 Mortgage Trust.

 

“Prudential
Plaza Pari Passu Note A-2-1”: The promissory note designated as Note A-2-1, which evidences a portion of the Prudential
Plaza Whole Loan. The Prudential Plaza Pari Passu Note A-2-1 is included in the Trust Fund and is pari passu in right of
payment to the Prudential Plaza Pari Passu Note A-1, the Prudential Plaza Pari Passu Note A-2-2, the Prudential Plaza Pari Passu
Note A-3, and the Prudential Plaza Pari Passu Note A-4, as set forth in the related Intercreditor Agreement. As of the Closing
Date, the Prudential Plaza Pari Passu Note A-2-1 is a Mortgage Loan.

 

“Prudential
Plaza Pari Passu Note A-2-2”: The promissory note designated as Note A-2-2, which evidences a portion of the Prudential
Plaza Whole Loan. The Prudential Plaza Pari Passu Note A-2-2 is not included in the Trust Fund and is pari passu in right
of payment to the Prudential Plaza Pari Passu Note A-1, the Prudential Plaza Pari Passu Note A-2-1, the Prudential Plaza Pari Passu
Note A-3, and the Prudential Plaza Pari Passu Note A-4, as set forth in the related Intercreditor Agreement. As of the Closing
Date, the Prudential Plaza Pari Passu Note A-2-2 is held by GACC or an affiliate.

 

“Prudential
Plaza Pari Passu Note A-3”: The promissory note designated as Note A-3, which evidences a portion of the Prudential Plaza
Whole Loan. The Prudential Plaza Pari Passu Note A-3 is not included in the Trust Fund and is pari passu in right of payment
to the Prudential Plaza Pari Passu Note A-1, the Prudential Plaza Pari Passu Note A-2-1, the Prudential Plaza Pari Passu Note A-2-2
and the Prudential Plaza Pari Passu Note A-4, as set forth in the related Intercreditor Agreement. As of the Closing Date, the
Prudential Plaza Pari Passu Note A-3 is held by GACC or an affiliate.

 

“Prudential
Plaza Pari Passu Note A-4”: The promissory note designated as Note A-4, which evidences a portion of the Prudential Plaza
Whole Loan. The Prudential Plaza Pari Passu Note A-4 is not included in the Trust Fund and is pari passu in right of payment
to the Prudential Plaza Pari Passu Note A-1, the Prudential Plaza Pari Passu Note A-2-1, the Prudential Plaza Pari Passu Note A-2-2
and the Prudential Plaza Pari Passu Note A-3, as set forth in the related Intercreditor Agreement. As of the Closing Date, the
Prudential Plaza Pari Passu Note A-4 is held by GACC or an affiliate.

 

“Prudential
Plaza Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of October 1, 2016 among Deutsche
Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, CWCapital
Asset Management LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association,
as certificate administrator,

 

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paying agent and custodian and Park Bridge Lender Services LLC, as operating advisor, and entered
into in connection with the COMM 2015-CCRE26 Mortgage Trust.

 

“Prudential
Plaza Service Providers”: With respect to the Prudential Plaza Companion Loans, the related Other Trustee, Other Servicer,
Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or interest advances
in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Prudential
Plaza Whole Loan”: The Prudential Plaza Companion Loans, together with the Prudential Plaza Mortgage Loan. References
herein to the Prudential Plaza Whole Loan shall be construed to refer to the aggregate indebtedness under the Prudential Plaza
Pari Passu Note A-1, the Prudential Plaza Pari Passu Note A-2-1, the Prudential Plaza Pari Passu Note A-2-2, the Prudential Plaza
Pari Passu Note A-3 and the Prudential Plaza Pari Passu Note A-4.

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“Publicly Offered
Certificates”: Each of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B and
Class C Certificates.

 

“Publicly Offered
Global Certificates”: Each of the Publicly Offered Certificates, if and so long as the applicable Class of Publicly Offered
Certificates is registered in the name of the Depository.

 

“Purchase Price”:
With respect to (i) any Mortgage Loan to be repurchased or purchased pursuant to Section 2.03(e) or Section 9.01
of this Agreement, (ii) any Specially Serviced Loan or any Serviced REO Loan to be sold pursuant to Section 3.16 of this
Agreement or (iii) any Defaulted Loan that is a Non-Serviced Mortgage Loan to be sold by the Special Servicer in accordance with
the proviso in Section 3.16(b) of this Agreement, an amount, calculated by the Master Servicer (with respect to Performing
Loans) or the Special Servicer (with respect to Specially Serviced Loans or Serviced REO Loans), as applicable, equal to:

 

(a)           the outstanding
principal balance of such Mortgage Loan (or related REO Loan) as of the date of purchase; plus

 

(b)
         all accrued and unpaid interest on such Mortgage Loan at the related
Mortgage Rate in effect from time to time to but not including the Due Date immediately preceding or coinciding with the
Determination Date for the Collection Period of purchase, but excluding any Default Interest or Excess Interest; plus

 

(c)
         all related unreimbursed Servicing Advances plus accrued and unpaid interest
on related Advances at the Reimbursement Rate, and all Special Servicing Fees and Workout Fees allocable to such Mortgage
Loan (and, in the case of a Non-Serviced Mortgage Loan, unpaid fees payable to the applicable servicer, Other Servicer, the
Other Special Servicer or the Other Trustee allocable to such Mortgage Loan); plus

 

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(d)
         any Liquidation Fee due pursuant to Section 3.12 of this Agreement
allocable to such Mortgage Loan or Specially Serviced Loan; plus

 

(e)           all Additional
Trust Fund Expenses allocable to such Mortgage Loan; plus

 

(f)
          if such Mortgage Loan (or related REO Loan) is being purchased or
substituted by a Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement, to the extent not otherwise
included in the amount described in clause (c) of this definition, any unpaid Asset Representations Reviewer Asset Review Fee
related to such Mortgage Loan and all reasonable out-of-pocket expenses reasonably incurred or to be incurred by the Master
Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee in respect of the Breach or
Defect giving rise to the repurchase obligation, including any such expenses arising out of the enforcement of the repurchase
obligation, including, without duplication, any such expenses previously reimbursed from the Collection Account or the
applicable Serviced Whole Loan Collection Account, as applicable, plus accrued and unpaid interest thereon at the
Reimbursement Rate, to the extent payable to the Master Servicer, the Special Servicer, the Certificate Administrator, the
Asset Representations Reviewer or the Trustee; provided, however, that such out-of-pocket expenses shall not
include expenses incurred by Certificateholders or Certificate Owners in instituting an Asset Review Vote Election, in taking
part in an Asset Review vote or in exercising such Certificateholder’s or Certificate Owner’s, as applicable,
rights under the dispute resolution mechanics pursuant to Section 2.03(k) hereof.

 

For purposes of this Agreement,
(i) the “Purchase Price” in respect of a Serviced Companion Loan that is purchased by the related Mortgage Loan Seller
shall be the purchase price paid by the related Mortgage Loan Seller under the related Other Pooling and Servicing Agreement or
the applicable servicing agreement, and (ii) with respect to a sale of an REO Property securing a Serviced Whole Loan, the term
Mortgage Loan or REO Loan shall be construed to include any related Companion Loans.

 

“Qualified Affiliate”:
Any Person (a) that is organized and doing business under the laws of any state of the United States or the District of Columbia,
(b) that is in the business of performing the duties of a servicer of mortgage loans (or, in the case of the Operating Advisor,
that is in the business of performing the duties of an operating advisor), and (c) as to which 50% or greater of its outstanding
voting stock or equity ownership interest are directly or indirectly owned by the Master Servicer, the Special Servicer or the
Operating Advisor, as applicable, or by any Person or Persons who directly or indirectly own equity ownership interests in the
Master Servicer, the Special Servicer or the Operating Advisor, as applicable.

 

“Qualified Institutional
Buyer”: A “qualified institutional buyer” within the meaning of Rule 144A.

 

“Qualified Insurer”:
As used in Section 3.08 of this Agreement,

 

(i) in the
case of each Mortgage Loan or Serviced Pari Passu Whole Loan, an insurance company or security or bonding company qualified to
write the related insurance policy in the relevant jurisdiction and whose claims paying ability is rated (a) at

 

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least “A(low)”
by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by at least two NRSROs (which may include S&P, Fitch and/or
Moody’s) or one NRSRO (which may include S&P, Fitch and/or Moody’s) and A.M. Best), (b) at least “A3”
by Moody’s (or, if not rated by Moody’s, an equivalent rating by (x) at least two NRSROs (which may include S&P,
DBRS and/or Fitch) or (y) one NRSRO (which may include S&P, DBRS and/or Fitch) and A.M. Best), and (c) at least “A”
by Fitch (or, if not rated by Fitch, at least “A-” or an equivalent (or higher) rating by (x) at least two NRSROs (which
may include S&P, DBRS and/or Moody’s) or (y) one NRSRO (which may include S&P, DBRS and/or Moody’s) and AM
Best), and

 

(ii) in the
case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant to Section 3.08(d) of this
Agreement, a company that shall have a claims paying ability rated at least equal to any one of the following: (1) “A-”
or better by S&P, (2) “A3” or better by Moody’s, (3) “A-” or better by Fitch, (4) “A (low)”
or better by DBRS or (5) “A-:X” or better by A.M. Best,

 

or, in the
case of clauses (i) and (ii), such other rating as to which the related Rating Agency (and, if applicable, the related Serviced
Companion Rating Agency) has provided a Rating Agency Confirmation relating to the Certificates and any Serviced Companion Loan
Securities (subject to the foregoing exceptions).

 

“Qualified Mortgage”:
A Mortgage Loan that is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but without regard
to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats a defective obligation as a qualified mortgage), or any
substantially similar successor provision.

 

“Qualified Substitute
Mortgage Loan”: A substitute mortgage loan (other than with respect to the Whole Loans, for which no substitution shall
be permitted) replacing a Mortgage Loan with respect to which a Material Breach or Material Defect exists that must, on the date
of substitution: (i) have an outstanding Stated Principal Balance, after application of all scheduled payments of principal and/or
interest due during or prior to the month of substitution, whether or not received, not in excess of the Stated Principal Balance
of the Removed Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs; (ii) have a fixed Mortgage
Rate not less than the Mortgage Rate of the Removed Mortgage Loan (determined without regard to any prior modification, waiver
or amendment of the terms of the removed Mortgage Loan); (iii) have the same Due Date and a grace period no longer than that of
the Removed Mortgage Loan; (iv) accrue interest on the same basis as the Removed Mortgage Loan (for example, on the basis of a
360-day year and the actual number of days elapsed); (v) have a remaining term to stated maturity not greater than, and not more
than five years less than, the remaining term to stated maturity of the Removed Mortgage Loan; (vi) have a then-current loan to
value ratio equal to or less than the lesser of (i) the loan to value ratio for the Removed Mortgage Loan as of the Closing Date
and (ii) 75%, in each case using the “value” for the Mortgaged Property as determined using an Appraisal prepared in
accordance with the requirements of the FIRREA; (vii) comply as of the date of substitution in all material respects with all of
the representations and warranties set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an Environmental Report
that indicates no material adverse environmental conditions with respect to the related Mortgaged Property and that will be delivered
as a part of the related Servicing File; (ix) have a then-current Debt Service Coverage

 

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Ratio at least equal to the greater of
(i) the original Debt Service Coverage Ratio of the Removed Mortgage Loan as of the Closing Date and (ii) 1.25x; (x) be determined
by an Opinion of Counsel (at the applicable Mortgage Loan Seller’s expense) to be a “qualified replacement mortgage”
within the meaning of Section 860G(a)(4) of the Code; (xi) not have a maturity date or an amortization period that extends to a
date that is after the date that is two years prior to the Rated Final Distribution Date; (xii) have comparable prepayment restrictions
to those of the Replaced Mortgage Loan; (xiii) not be substituted for a Removed Mortgage Loan unless the Certificate Administrator
and the Trustee have received a Rating Agency Confirmation from each of the Rating Agencies (the cost, if any, of obtaining such
Rating Agency Confirmation to be paid by the applicable Mortgage Loan Seller; (xiv) have been approved, so long as no Control Termination
Event has occurred and is not continuing, by the Directing Holder; (xv) prohibit defeasance within two years after the Closing
Date; (xvi) not be substituted for a Removed Mortgage Loan if it would result in the termination of the REMIC status of any Trust
REMIC or the Prudential Plaza Loan REMIC or the imposition of tax on any Trust REMIC or the Prudential Plaza Loan REMIC other than
a tax on income expressly permitted or contemplated to be received by the terms of this Agreement, as determined by an Opinion
of Counsel (at the cost of the applicable Mortgage Loan Seller); (xvii) have an engineering report that indicates no material adverse
property condition or deferred maintenance with respect to the related Mortgaged Property that will be delivered as a part of the
related Servicing File; and (xviii) be current in the payment of all scheduled payments of principal and interest then due. In
the event that one or more mortgage loans are substituted for one or more Removed Mortgage Loans, then the amounts described in
clause (i) shall be determined on the basis of aggregate Stated Principal Balances and each such proposed Qualified Substitute
Mortgage Loan must individually satisfy each of the requirements specified in clauses (ii) through (xviii) above, except the rates
referred to in clause (ii) above and the remaining term to stated maturity referred to in clause (v) above shall be determined
on a weighted average basis; provided that no individual Mortgage Rate shall be lower than the highest Pass-Through Rate
(that is a fixed rate not subject to a cap equal to the WAC Rate) of any Class of Sequential Pay Certificates having an outstanding
Certificate Balance. When a Qualified Substitute Mortgage Loan is substituted for a Removed Mortgage Loan, the applicable Mortgage
Loan Seller shall certify that the Mortgage Loan meets all of the requirements of the above definition and shall send such certification
to the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Trustee and, for so long as no
Consultation Termination Event has occurred and is continuing, the Directing Holder.

 

“RAC No-Response
Scenario”: As defined in Section 3.30(a).

 

“Rated Final
Distribution Date”: The Distribution Date in August 2049. The Class V and Class R Certificates will not have a Rated
Final Distribution Date.

 

“Rating Agency”:
Any of Moody’s, Fitch or DBRS; provided, that with respect to any matter affecting a Non-Serviced Mortgage Loan or
any Serviced Whole Loan, “Rating Agency” shall also refer to any rating agency engaged to rate the Serviced Companion
Loan Securities related to such Serviced Whole Loan or securities related to such Non-Serviced Mortgage Loan, as applicable.

 

“Rating Agency
Confirmation” shall mean, with respect to any matter, confirmation in writing (which may be in electronic form) by each
applicable Rating Agency that

 

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a proposed action, failure to act or other event so specified will not, in and of itself, result
in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates if then rated by
the Rating Agency; provided that a written waiver or other acknowledgment from any 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 such Rating Agency with respect to such matter. At any time during which no Certificates are rated
by a Rating Agency, no Rating Agency Confirmation shall be required from that Rating Agency. With respect to any matter affecting
any Serviced Pari Passu Companion Loan, any Rating Agency Confirmation shall also refer to the nationally recognized statistical
rating organizations then rating the securities representing an interest in such loan and such rating organizations’ respective
ratings of such securities.

 

“Rating Agency
Q&A Forum and Document Request Tool”: As defined in Section 3.14(d) of this Agreement.

 

“Real Property”:
Land or improvements thereon such as buildings or other inherently permanent structures thereon (including items that are structural
components of the buildings or structures), in each such case as such terms are used in the REMIC Provisions.

 

“Realized Loss”:
With respect to any Distribution Date, the amount, if any, by which the aggregate Certificate Balance of the Sequential Pay Certificates,
after giving effect to distributions of principal on such Distribution Date, exceeds the aggregate Stated Principal Balance of
the Mortgage Loans in the Mortgage Pool (for purposes of this calculation only, not giving effect to any reductions of the Stated
Principal Balance for principal payments received on the Mortgage Loans in the Mortgage Pool that were used to reimburse the Master
Servicer or the Trustee from general collections of principal on the Mortgage Loans for Workout-Delayed Reimbursement Amounts,
to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable Advances) immediately
following the Determination Date preceding such Distribution Date.

 

“Reassignment
of Assignment of Leases, Rents and Profits”: As defined in Section 2.01(a)(viii) of this Agreement.

 

“Record Date”:
With respect to each Distribution Date, the close of business on the last Business Day of the calendar month preceding the month
in which such Distribution Date occurs.

 

“Regular Certificates”:
The Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class
A-M, Class B, Class C, Class D, Class E, Class F and Class G Certificates.

 

“Regulation
AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as such
may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission
or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case as effective
from time to time as of the compliance dates specified therein.

  

“Regulation
D”: Regulation D under the Act.

 

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“Regulation
S”: Regulation S under the Act.

 

“Regulation
S Global Certificate”: Each of the Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F and
Class G Certificates issued as such on the Closing Date.

 

“Regulation
S Investor”: With respect to a transferee of an interest in a Regulation S Global Certificate, a transferee that acquires
such interest pursuant to Regulation S.

 

“Regulation
S Transfer Certificate”: As defined in Section 5.02(c)(i)(B) of this Agreement.

 

“Reimbursement
Rate”: The rate per annum applicable to the accrual of interest on Servicing Advances in accordance with Section
3.21(e) and P&I Advances in accordance with Section 4.07(h), which rate per annum shall equal the Prime Rate.
Interest at the Reimbursement Rate will accrue from (and including) the date on which the related Advance is made or the related
expense incurred to (but excluding) the date on which such amounts are recovered out of amounts received on the Mortgage Loan as
to which such Advances were made or servicing expenses incurred or the first Master Servicer Remittance Date after a determination
of non-recoverability, as the case may be, is made; provided that such interest at the Reimbursement Rate will continue
to accrue to the extent funds are not available in the Collection Accounts for such reimbursement of such Advance; provided,
further, that no interest will accrue on any P&I Advance (i) made with respect to a Mortgage Loan until after the related
Due Date has passed and any applicable Grace Period has expired or (ii) if the related Periodic Payment is received after the Determination
Date but on or prior to the Business Day immediately prior to the related Distribution Date.

 

“Relevant Distribution
Date”: means with respect to (a) any Significant Obligor with respect to the Trust, the Distribution Date, and (b) any
“significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization
holding a Serviced Companion Loan, the “Distribution Date” (or analogous concept) under the related Other Pooling and
Servicing Agreement.

 

“Relevant Servicing
Criteria”: The Servicing Criteria applicable to each Reporting Servicer (as set forth, with respect to the Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee on Schedule II to this Agreement). For clarification
purposes, multiple Reporting Servicers can have responsibility for the same Relevant Servicing Criteria and some of the Servicing
Criteria will not be applicable to certain Reporting Servicers. With respect to a Servicing Function Participant engaged by the
Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, the term “Relevant Servicing Criteria”
refers to the items of the Relevant Servicing Criteria applicable to the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee that engaged such Servicing Function Participant that are applicable to such Servicing Function Participant
based on the functions it has been engaged to perform.

 

“REMIC”:
A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code and the REMIC Provisions.

 

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“REMIC Declaration”:
As defined in the Preliminary Statement.

 

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

 

“Removed Mortgage
Loan”: A Mortgage Loan which is repurchased from the Trust Fund pursuant to the terms hereof or as to which one or more
Qualified Substitute Mortgage Loans are substituted.

 

“Rents from
Real Property”: With respect to any Serviced REO Property, gross income of the character described in Section 856(d)
of the Code, which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:

 

(a)          except
as provided in Section 856(d)(4) or Section 856(d)(6) of the Code, any amount received or accrued, directly or indirectly, with
respect to such Serviced REO Property, if the determination of such amount depends in whole or in part on the income or profits
derived by any Person from such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise
constitutes Rents from Real Property);

 

(b)          any
amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including by
attribution) a ten percent or greater interest in such Person determined in accordance with Sections 856(d)(2)(B) and Section 856(d)(5)
of the Code;

 

(c)          any
amount received or accrued, directly or indirectly, with respect to such Serviced REO Property if any Person Directly Operates
such Serviced REO Property;

 

(d)          any
amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings
of a similar class in the same geographic market as such Serviced REO Property within the meaning of Treasury Regulations Section
1.856-4(b)(1) (whether or not such charges are separately stated); and

 

(e)          rent
attributable to personal property unless such personal property is leased under, or in connection with, the lease of such Serviced
REO Property and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received or
accrued under, or in connection with, the lease.

 

“REO Account”:
As defined in Section 3.15(b) of this Agreement.

 

“REO Loan”:
Any Mortgage Loan (excluding any Non-Serviced Mortgage Loan) or Serviced Whole Loan as to which the related Mortgaged Property
has become an REO Property.

 

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“REO Proceeds”:
With respect to any Serviced REO Property and the related Serviced REO Loan, all revenues received by the Special Servicer with
respect to such Serviced REO Property or Serviced REO Loan which do not constitute Liquidation Proceeds.

 

“REO Property”:
A Mortgaged Property title to which has been acquired by the Special Servicer on behalf of the Trust Fund through foreclosure,
deed in lieu of foreclosure or otherwise, or in the case of a Non-Serviced Mortgage Loan, the Trust Fund’s beneficial interest
in the Mortgaged Property acquired by the Other Trustee pursuant to the Other Pooling and Servicing Agreement.

 

“Replacement
Mortgage Loan”: Any Qualified Substitute Mortgage Loan that is substituted for one or more Removed Mortgage Loans.

 

“Reporting Servicer”:
As defined in Section 10.12 of this Agreement.

 

“Repurchase
Communication”: For purposes of Section 2.03(d) of this Agreement only, any communication, whether oral or written,
which need not be in any specific form.

 

“Repurchase”:
As defined in Section 2.03(d) of this Agreement.

 

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

 

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

 

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

 

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

 

“Request for
Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit E to this
Agreement.

 

“Requesting
Certificateholder”: As defined in Section 2.03(l)(iii).

 

“Requesting
Holders”: As defined in Section 4.08(b) of this Agreement.

 

“Requesting
Investor”: As defined in Section 5.05(a) of this Agreement.

 

“Reserve Accounts”:
With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, reserve accounts, if any, established
pursuant to the Mortgage or the Loan Agreement and any Escrow Account. Any Reserve Account may be a sub-account of a related Cash
Collateral Account. Any Reserve Account shall be beneficially owned for federal income tax purposes by the Person who is entitled
to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or
Serviced Whole Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.
The Master Servicer shall be permitted to make

 

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withdrawals therefrom for deposit into the related Cash Collateral Account, if applicable,
or the Collection Account or for the purposes set forth under the related Loan Documents for the related Mortgage Loan or Serviced
Whole Loan.

 

“Resolution
Extension Period” shall mean:

 

(a)          for
purposes of remediating a Material Breach with respect to any Mortgage Loan, the 90-day period following the end of the applicable
Initial Resolution Period;

 

(b)          for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Performing Loan at the commencement of, and
does not become a Specially Serviced Loan during, the applicable Initial Resolution Period, the period commencing at the end of
the applicable Initial Resolution Period and ending on, and including, the earlier of (i) the 90th day following the end of such
Initial Resolution Period and (ii) the 45th day following the applicable Mortgage Loan Seller’s receipt of written notice
from the Master Servicer or the Special Servicer of the occurrence of any Servicing Transfer Event with respect to such Mortgage
Loan subsequent to the end of such Initial Resolution Period;

 

(c)          for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Performing Loan as of the commencement of
the applicable Initial Resolution Period, but as to which a Servicing Transfer Event occurs during such Initial Resolution Period,
the period commencing at the end of the applicable Initial Resolution Period and ending on, and including, the 90th day following
the earlier of the end of such Initial Resolution Period and the applicable Mortgage Loan Seller’s receipt of written notice
from the Master Servicer or the Special Servicer of the occurrence of such Servicing Transfer Event; and

 

(d)          for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Specially Serviced Loan as of the commencement
of the applicable Initial Resolution Period, zero (-0-) days; provided that, if the applicable Mortgage Loan Seller did
not receive written notice from the Master Servicer or the Special Servicer of the relevant Servicing Transfer Event as of the
commencement of the applicable Initial Resolution Period, then such Servicing Transfer Event shall be deemed to have occurred during
such Initial Resolution Period and clause (c) of this definition will be deemed to apply.

 

“Resolution
Failure”: As defined in Section 2.03(k).

 

“Resolved”:
With respect to a Repurchase Request, (i) that the related Defect or Breach has been cured, (ii) the related Mortgage Loan has
been repurchased in accordance with the related Mortgage Loan Purchase Agreement, (iii) a mortgage loan has been substituted for
the related Mortgage Loan in accordance with the related Mortgage Loan Purchase Agreement, (iv) the applicable Mortgage Loan Seller
made the Loss of Value Payment, (v) a contractually binding agreement entered into between the Enforcing Servicer, on behalf of
the Trust, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller’s obligations under

 

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the related
Mortgage Loan Purchase Agreement, or (vi) the related Mortgage Loan is no longer property of the Trust as a result of a sale or
other disposition in accordance with this Agreement.

 

“Responsible
Officer”: When used with respect to the Trustee or the Certificate Administrator, any officer of the Trustee or the Certificate
Administrator, as the case may be, assigned to the Corporate Trust Office of such party; in each case, with direct responsibility
for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom such matter is
referred because of such officer’s knowledge of and familiarity with the particular subject, and, in the case of any certification
required to be signed by a Responsible Officer, such an officer whose name and specimen signature appears on a list of corporate
trust officers furnished to the Master Servicer by the Trustee and the Certificate Administrator, as such list may from time to
time be amended.

 

“Restricted
Certificate”: As defined in Section 5.02(k) of this Agreement.

 

“Restricted
Mezzanine Holder”: A holder of a related mezzanine loan that has been accelerated or as to which the mezzanine lender
has initiated foreclosure or enforcement proceedings against the equity collateral pledged to secure such mezzanine loan.

 

“Restricted
Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which the Certificates
are first offered to persons other than the Initial Purchasers and any other distributor (as defined in Regulation S) of the Certificates
and (b) the Closing Date.

 

“Revised Rate”:
With respect to those Mortgage Loans on the Mortgage Loan Schedule indicated as having a revised rate, the increased interest rate
after the Anticipated Repayment Date (in the absence of a default) for each applicable Mortgage Loan, as calculated and as set
forth in the related Mortgage Loan.

 

“Rule 144A”:
Rule 144A under the Act.

 

“Rule 144A Global
Certificate”: Each of the Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F and Class
G Certificates issued as such on the Closing Date.

 

“Rule 15Ga-1
Notice”: As defined in Section 2.03(d) of this Agreement.

 

“Rule 15Ga-1
Notice Provider”: As defined in Section 2.03(d) of this Agreement.

 

“S&P”:
Standard and Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or its successor in
interest. If neither such rating agency nor any successor remains in existence, “S&P” shall be deemed to refer
to such other nationally recognized statistical rating agency or other comparable Person reasonably designated by the Depositor,
notice of which designation shall be given to the other parties hereto, and specific ratings of S&P herein referenced shall
be deemed to refer to the equivalent ratings of the party so designated.

 

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“Sarbanes Oxley
Act”: The Sarbanes Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including
any interpretations thereof by the Commission’s staff).

 

“Sarbanes Oxley
Certification”: As defined in Section 10.08 of this Agreement.

 

“Scheduled Principal
Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal portions
of the following: (a) all Periodic Payments (excluding Balloon Payments) with respect to the Mortgage Loans due during or, if and
to the extent not previously received or advanced pursuant to Section 4.07 in respect of a preceding Distribution Date (and
not previously distributed to Certificateholders), prior to, the related Collection Period, and all Assumed Scheduled Payments
with respect to the Mortgage Loans for the related Collection Period, in each case to the extent either (i) paid by the Borrower
as of the Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a grace period ending after the
related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received by the
Master Servicer as of the Business Day preceding the Master Servicer Remittance Date) or (ii) advanced by the Master Servicer or
the Trustee, as applicable, pursuant to Section 4.07 in respect of such Distribution Date, and (b) all Balloon Payments
with respect to the Mortgage Loans to the extent received on or prior to the related Determination Date (or, with respect to each
Mortgage Loan with a Due Date occurring or a grace period ending after the related Determination Date, the related Due Date or
last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the
Master Servicer Remittance Date), and to the extent not included in clause (a) above.

 

“Secure Data
Room”: The internet website, which shall initially be located within the Certificate Administrator’s Website (initially
“www.ctslink.com”), under the “Diligence Files” tab on the page relating to this transaction.

 

“Securities
Legend”: As defined in Section 5.02(c)(iii) of this Agreement.

 

“Sequential
Pay Certificate”: The Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-M, Class B, Class C, Class D, Class
E, Class F and Class G Certificates.

 

“Serviced Companion
Loan”: With respect to any Serviced Whole Loan, any related mortgage loan not included in the Trust that is serviced
under this Agreement and that is generally (a) payable on a pari passu basis with the related Mortgage Loan included in
the Trust to the extent set forth in the related Intercreditor Agreement or (b) subordinated in right of payment to the related
Mortgage Loan included in the Trust to the extent set forth in the related Intercreditor Agreement. The U-Haul AREC Portfolio Companion
Loan is the only Serviced Companion Loan.

 

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

 

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

 

“Serviced Companion
Loan Noteholder”: Any holder of a Serviced Companion Loan; provided that for so long as a Serviced Companion Loan
is included in an Other Securitization, for purposes of providing or distributing any reports, statements, notices or other information
required or permitted to be provided to a Serviced Companion Loan Noteholder hereunder, “Serviced Companion Loan Noteholder”
shall also include the related Other Servicer.

 

“Serviced Companion
Loan Noteholder Register”: As defined in Section 3.27(b) of this Agreement.

 

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

 

“Serviced Companion
Loan Securities”: With respect to any Serviced Companion Loan so long as the related Mortgage Loan or any successor Serviced
REO Loan is part of the Mortgage Pool, any class of securities backed by such Serviced Companion Loan. Any reference herein to
a “series” of Serviced Companion Loan Securities shall refer to separate securitizations of one or more of the Serviced
Companion Loans.

 

“Serviced Companion
Loan Service Provider”: With respect to any Serviced Pari Passu Companion Loan that has been deposited into a securitization
trust, the related Other Trustee, Other Servicer, Other Special Servicer, any sub-servicer and any other Person that makes principal
and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Serviced Mortgage
Loan”: With respect to any Serviced Whole Loan, a Mortgage Loan that is included in the Trust and serviced under this
Agreement. The U-Haul AREC Portfolio Mortgage Loan is the only Serviced Mortgage Loan.

 

“Serviced Pari
Passu Companion Loan”: With respect to any Serviced Whole Loan, any related mortgage note not included in the Trust that
is serviced under this Agreement and that is generally payable on a pari passu basis with the related Mortgage Loan included
in the Trust to the extent set forth in the related Intercreditor Agreement. The U-Haul AREC Portfolio Companion Loan is the only
Serviced Pari Passu Companion Loans.

 

“Serviced Pari
Passu Companion Loan Noteholder”: Any holder of a Serviced Pari Passu Companion Loan.

 

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“Serviced Pari
Passu Whole Loan”: Any Whole Loan serviced under this Agreement that is divided into one or more notes, which includes
a mortgage note that is included in the Trust and one or more pari passu mortgage notes not included in the Trust. References
herein to a Serviced Pari Passu Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes. The
U-Haul AREC Portfolio Whole Loan is the only Serviced Pari Passu Whole Loan.

 

“Serviced REO
Loan”: Any REO Loan that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced REO
Property”: Any REO Property that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced Subordinate
Companion Loan”: With respect to any Serviced Whole Loan, any related mortgage note not included in the Trust that is
serviced under this Agreement and that is generally subordinated in right of payment to the related Mortgage Loan included in the
Trust to the extent set forth in the related Intercreditor Agreement. There are no Serviced Subordinate Companion Loans related
to the Trust.

 

“Serviced Whole
Loan”: Any Whole Loan serviced under this Agreement that is divided into one or more notes, which includes a mortgage
note that is included in the Trust and (a) one or more Subordinate Companion Loans not included in the Trust and/or (b) one or
more pari passu mortgage notes not included in the Trust. References herein to a Serviced Whole Loan shall be construed
to refer to the aggregate indebtedness under the related notes. The U-Haul AREC Portfolio Whole Loan is the only Serviced Whole
Loan.

 

“Serviced Whole
Loan Collection Account”: With respect to each Serviced Whole Loan, the separate account or sub-account created and maintained
by the Master Servicer pursuant to Section 3.05(g) on behalf of the Certificateholders and the related Serviced Companion
Loan Noteholders, which shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Master
Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage
& Asset Receiving Corporation, CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-CD1, Serviced
Whole Loan Collection Account.” Amounts in any Serviced Whole Loan Collection Account applicable to the related Serviced
Companion Loans shall not be assets of the Trust Fund, but instead shall be held by the Master Servicer on behalf of the Trust
Fund (in respect of amounts reimbursable therefrom) and, the related Serviced Companion Loan Noteholders. Any such account or sub-account
shall be an Eligible Account or a sub-account of an Eligible Account (including a sub-account of the Collection Account).

 

“Serviced Whole
Loan Remittance Amount”: For each distribution date that a Master Servicer is required to make a distribution to a Serviced
Companion Loan Noteholder pursuant to Section 3.05(h) and with respect to each Serviced Whole Loan and related Mortgaged
Property (if it becomes a Serviced REO Property), any amount received by the Master Servicer (or, with respect to a Serviced REO
Property, the Special Servicer) during the related Collection Period that is payable to the Serviced Companion Loan Noteholder(s)
pursuant to the related Intercreditor Agreement or to be remitted to the Collection Account.

 

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“Serviced Whole
Loan Remittance Date”: With respect to any Serviced Companion Loan, (x) prior to contribution of such Serviced Companion
Loan to an Other Securitization, a date as set forth in the related Intercreditor Agreement (or if no such date is specified, the
Master Servicer Remittance Date) and (y) following contribution of such Serviced Companion Loan to an Other Securitization, the
Business Day immediately succeeding the “determination date” set forth in the related Other Pooling and Servicing Agreement;
provided, however, that, no remittance is required to be made until two (2) Business Days after receipt of the related
Periodic Payment with respect to the related Serviced Whole Loan.

 

“Serviced Whole
Loan REO Account”: As defined in Section 3.15(b) of this Agreement.

 

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

 

“Service(s)(ing)”:
In accordance with Regulation AB, the act of servicing and administering the Mortgage Loans or any other assets of the Trust by
an entity that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is referenced in the
disclosure requirements set forth in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this
term shall have the meaning commonly understood by participants in the commercial mortgage-backed securities market.

 

“Servicer Termination
Event”: A Master Servicer Termination Event or Special Servicer Termination Event, as applicable.

 

“Servicing Advance”:
All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’ fees and expenses
and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator, or the Trustee,
as applicable, in connection with the servicing and administering of (a) a Mortgage Loan (and in the case of a Serviced Mortgage
Loan, the related Serviced Companion Loan), other than a Non-Serviced Mortgage Loan, in respect of which a default, delinquency
or other unanticipated event has occurred or as to which a default is reasonably foreseeable or (b) a Mortgaged Property securing
a Mortgage Loan (other than a Non-Serviced Mortgage Loan) an REO Property, including, in the case of each of such clause (a)
and clause (b), but not limited to, (x) the cost of (i) compliance with the Master Servicer’s obligations set forth
in Section 3.04, (ii) the preservation, restoration and protection of a Mortgaged Property, (iii) obtaining any Insurance
and Condemnation Proceeds or any Liquidation Proceeds of the nature described in clauses (i) – (vi) of the
definition of “Liquidation Proceeds,” (iv) any enforcement or judicial proceedings with respect to a Mortgaged Property,
including foreclosures and (v) the operation, leasing, management, maintenance and liquidation of any REO Property and (y) any
amount specifically designated herein to be paid as a “Servicing Advance”. Notwithstanding anything to the contrary,
“Servicing Advances” shall not include allocable overhead of the Master Servicer or the Special Servicer, such as costs
for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal
costs and expenses or costs and expenses incurred by any such party in connection with its purchase of a Mortgage Loan or REO Property.
None of the Master Servicer, the Special Servicer or the Trustee shall make any

 

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Servicing Advance in connection with the exercise
of any cure rights or purchase rights granted to the holder of a Companion Loan under the related Intercreditor Agreement or this
Agreement.

 

“Servicing Compensation”:
With respect to any Collection Period, the related Servicing Fee, Net Prepayment Interest Excess, if any, and any other fees, charges
or other amounts payable to the Master Servicer under this Agreement for such period.

 

“Servicing Criteria”:
The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time to time.

 

“Servicing Fee”:
With respect to each Mortgage Loan or Serviced Pari Passu Companion Loan and for any Distribution Date, an amount per Interest
Accrual Period equal to the product of (i) the respective Servicing Fee Rate (adjusted to a monthly rate) and (ii) the Stated Principal
Balance of such Mortgage Loan or Serviced Pari Passu Companion Loan as of the Due Date in the immediately preceding Collection
Period (without giving effect to payments of principal on such Mortgage Loan or Serviced Pari Passu Companion Loan on such Due
Date). The Servicing Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. For
the avoidance of doubt, with respect to any Subordinate Companion Loan, unless otherwise agreed upon with the holder of the related
Subordinate Companion Loan, no Servicing Fee shall accrue or be payable on the principal balance thereof, and with respect to each
Mortgage Loan, the Servicing Fee shall be deemed payable from the Lower-Tier REMIC.

 

“Servicing Fee
Amount”: With respect to the Master Servicer and any date of determination, the aggregate of the products obtained by
multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan, (a) the Stated Principal Balance of such Mortgage Loan
or Serviced Pari Passu Companion Loan as of the end of the immediately preceding Collection Period and (b) the difference between
the Servicing Fee Rate for such Mortgage Loan or Serviced Pari Passu Companion Loan over the servicing fee rate (if any) applicable
to such Mortgage Loan or Serviced Pari Passu Companion Loan as specified in any Sub-Servicing Agreement related to such Mortgage
Loan or Serviced Pari Passu Companion Loan. With respect to each Sub-Servicer and any date of determination, the aggregate of the
products obtained by multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan serviced by such Sub-Servicer, (a)
the Stated Principal Balance of such Mortgage Loan or Serviced Pari Passu Companion Loan as of the end of the immediately preceding
Collection Period and (b) the servicing fee rate specified in the related Sub-Servicing Agreement for such Mortgage Loan or the
Serviced Pari Passu Whole Loan.

 

“Servicing Fee
Rate”: (A) With respect to each Mortgage Loan, the sum of the Master Servicing Fee Rate and the related Primary Servicing
Fee Rate, if any, which rates per annum are set forth on Exhibit B to this Agreement, and (B) with respect to the
U-Haul AREC Portfolio Companion Loan, 0.0025%.

 

“Servicing File”:
As defined in the related Mortgage Loan Purchase Agreement and including any original or copy of any replacement comfort letter
related to any hospitality property following receipt thereof by the Master Servicer.

 

“Servicing Function
Participant”: Any Person, other than the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Operating Advisor or the Asset

 

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Representations Reviewer, that, within the meaning of Item 1122 of Regulation AB, is performing
activities that address the Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage
Loans (based on their Stated Principal Balance) or the Master Servicer has assumed responsibility for the servicing activity, as
provided for under Regulation AB. No Non-Serviced Mortgage Loan Service Provider shall be a Servicing Function Participant retained
by any Servicing Function Participant that is a party to this Agreement, unless such party is a Servicing Function Participant
in connection with its servicing obligations under this Agreement.

 

“Servicing Officer”:
Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible for, the administration
and servicing of the Mortgage Loans and/or Serviced Companion Loans, or this Agreement and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer’s or employee’s knowledge of and familiarity
with the particular subject, and, in the case of any certification required to be signed by a Servicing Officer, such an officer
or employee whose name and specimen signature appears on a list of servicing officers furnished to the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee by the Master Servicer or the Special Servicer, as applicable,
as such list may from time to time be amended.

 

“Servicing Shift
Lead Note”: With respect to any Servicing Shift Whole Loan, as of any date of determination, the note or other evidence
of indebtedness and/or agreements evidencing the indebtedness of a Borrower under such Servicing Shift Whole Loan including any
amendments or modifications, or any renewal or substitution notes, as of such date, the sale of which to the related Other Securitization
will cause servicing to shift from this Agreement to the related Other Pooling and Servicing Agreement pursuant to the terms of
the related Intercreditor Agreement for such Servicing Shift Whole Loan. As of the Closing Date, there will be no Servicing Shift
Lead Note related to the Trust.

 

“Servicing Shift
Securitization Date”: With respect to any Servicing Shift Whole Loan, the date on which the related Servicing Shift Lead
Note is included in a related Other Securitization, provided that such holder of a Servicing Shift Lead Note provides each
of the parties to this Agreement (in each case only to the extent such party will not also be a party to the related Other Securitization)
with notice in accordance with the terms of the related Intercreditor Agreement that such Servicing Shift Lead Note is to be included
in such Other Securitization, which notice shall include contact information for each party to the related Other Pooling and Servicing
Agreement and the identity of the other related “controlling class representative” (or analogous term).

 

“Servicing Shift
Mortgage Loan” With respect to any Servicing Shift Whole Loan, a Mortgage Loan included in the Trust Fund that will be
serviced under this Agreement as of the Closing Date, but the servicing of which is expected to shift to the pooling and servicing
agreement entered into in connection with the securitization of the related Controlling Companion Loan on and after the date of
such securitization. As of the Closing Date, there will be no Servicing Shift Mortgage Loan related to the Trust.

 

“Servicing Shift
Whole Loan”: Any Whole Loan serviced under this Agreement as of the Closing Date, which includes the related Servicing
Shift Mortgage Loan included in the

 

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Trust Fund and one or more Pari Passu Companion Loans not included in the Trust Fund, but the
servicing of which is expected to shift to the pooling and servicing agreement entered into in connection with the securitization
of the related Controlling Companion Loan on and after the date of such securitization. As of the Closing Date, there will be no
Servicing Shift Whole Loan related to the Trust

 

“Servicing Standard”:
With respect to the Master Servicer and the Special Servicer, to diligently service and administer the applicable Mortgage Loans
(other than any Non-Serviced Mortgage Loans) or Serviced Whole Loans, Specially Serviced Loans (other than any Non-Serviced Mortgage
Loans) and Serviced REO Loans for which each is responsible in the best interests of and for the benefit of all of the Certificateholders
and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such
Certificateholders and Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole
Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan),
as determined by the Master Servicer or the Special Servicer, as the case may be, in the exercise of its reasonable judgment) in
accordance with applicable law, the terms of this Agreement, the applicable Loan Documents and any related Intercreditor Agreement,
and to the extent consistent with the foregoing, in accordance with the higher of the following standards of care:

 

(a)          the
same manner in which, and with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer,
as the case may be, services and administers similar mortgage loans for other third-party portfolios, and

 

(b)          the
same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and
administers similar mortgage loans owned, if any, by the Master Servicer or the Special Servicer, as the case may be.

 

In either case, with
a view to the timely recovery of all payments of principal and interest under the applicable Mortgage Loans or Serviced Whole Loans
or, in the case of Defaulted Loans, the maximization of timely recovery of principal and interest on a net present value basis
(determined in accordance with the Loan Documents or, if the Loan Documents are silent, at the Calculation Rate) on the applicable
Mortgage Loans or Serviced Whole Loans, and the best interests of the Trust and the Certificateholders and, in the case of any
Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective whole as if such Certificateholders and
Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with
a related Subordinate Companion Loan, taking into account the pari passu or subordinate nature of such Subordinate Companion Loan),
as determined by the Master Servicer or the Special Servicer, as the case may be, in its reasonable judgment in either case, giving
due consideration to the customary and usual standards of practice of prudent institutional commercial, multifamily and manufactured
housing community mortgage loan servicers, but without regard to any potential conflict of interest arising from (a) any relationship
that the Master Servicer or the Special Servicer, as the case may be, or any Affiliate of the Master Servicer or the Special Servicer,
may have with the related Borrower, any Mortgage Loan Seller, any other party to this Agreement or any Affiliate of the foregoing;
(b) the ownership of any Certificate or any interest in any Non-Serviced Companion Loan, Serviced Companion Loan or any mezzanine
loan related to a Mortgage Loan by the

 

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Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof; (c)
the Master Servicer’s obligation to make Advances; (d) the Master Servicer’s or the Special Servicer’s, as the
case may be, right to receive compensation for its services hereunder or with respect to any particular transaction; (e) the ownership,
servicing or management for others of any other mortgage loans or mortgaged properties by the Master Servicer or the Special Servicer
or any Affiliate of the Master Servicer or the Special Servicer, as applicable; (f) any debt that the Master Servicer or the Special
Servicer or any Affiliate of the Master Servicer or the Special Servicer, as applicable, has extended to any Borrower or an Affiliate
of any Borrower (including, without limitation, any mezzanine financing); (g) any option to purchase any Mortgage Loan or the related
Companion Loan the Master Servicer or Special Servicer, as the case may be, or any of its affiliates may have; (h) any obligation
of the Master Servicer, the Special Servicer or one of their respective Affiliates, to repurchase or substitute for a Mortgage
Loan as Mortgage Loan Seller (if the Master Servicer or the Special Servicer or one of their respective affiliates is a Mortgage
Loan Seller).

 

“Servicing Transfer
Event”: An event specified in the definition of Specially Serviced Loan.

 

“Significant
Obligor”: (a) Any obligor (as defined in Item 1101(i) of Regulation AB) or group of affiliated obligors on any Mortgage
Loan or group of Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage Pool (by principal balance
as of the Cut-off Date); or (b) any single Mortgaged Property or group of Mortgaged Properties securing any Mortgage Loan or group
of cross-collateralized and/or cross-defaulted Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage
Pool (by principal balance as of the Cut-off Date). For the avoidance of doubt, there are no Significant Obligors relating to the
Trust.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is fifteen (15) days after the Relevant Distribution Date occurring on or immediately following
the 45th day after the end of such calendar quarter. The parties to this Agreement acknowledge that in the event the Mortgaged
Property securing any related Serviced Companion Loan is a “significant obligor” (within the meaning of Item 1101(k)
of Regulation AB) with respect to an Other Securitization that includes such Serviced Companion Loan, the date on which quarterly
financial statements are required to be delivered to the related lender under the related Mortgage Loan documents is, with respect
to net operating income information, for the U-Haul AREC Portfolio Companion Loan, 40 days following the end of each fiscal quarter,
subject to the terms of the related loan agreement.

 

“Significant
Obligor NOI Yearly Filing Deadline”: With respect to each calendar year, the date that is the 90th day after the end
of such calendar year.

 

“Similar Law”:
As defined in Section 5.02(k) of this Agreement.

 

“Small Loan
Appraisal Estimate”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole
Loan having a Stated Principal Balance of less than $2,000,000, the Special Servicer’s good faith estimate of the value of
the

 

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Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan, as certified to the Master Servicer by the Special Servicer.

 

“Sole Certificateholder”:
Any Holder (or Holders, provided they act in unanimity) holding 100% of the then outstanding Certificates (including Certificates
with Certificate Balances that have been actually or notionally reduced by any Realized Losses or Appraisal Reduction Amounts,
but excluding the Class R Certificates) or an assignment of the Voting Rights thereof; provided, that the Notional Amounts
of the Class X-A, Class X-B and Class X-C Certificates and the Certificate Balances of the Class A-1, Class A-2, Class A-SB, Class
A-3, Class A-4, Class A-M, Class B, Class C and Class D Certificates have been reduced to zero; provided, further,
that if the Holders of the Class X-D, Class X-E and Class X-F Certificates have assigned all of the Voting Rights of the Class
X-D, Class X-E and Class X-F Certificates to the Holder of 100% of the then outstanding Class E, Class F and Class G Certificates,
then “Sole Certificateholder” shall mean the Holder of 100% of the Class E, Class F and Class G Certificates.

 

“Special Notice”:
Any (a) notice transmitted to Certificateholders pursuant to Section 5.05(c) of this Agreement, (b) notice of any request
by at least 25% of the Voting Rights of the Certificates to terminate and replace the Special Servicer pursuant to Section 3.22(d)
of this Agreement, (c) notice of any request by at least 15% of the Voting Rights of the Certificates to terminate and replace
the Operating Advisor pursuant to Section 7.07(b) of this Agreement and (d) notice transmitted to Certificateholders pursuant
to Section 3.22(c) of this Agreement.

 

“Special Servicer”:
With respect to (i) each of the Mortgage Loans (other than any Non-Serviced Mortgage Loan and any Excluded Special Servicer Mortgage
Loan) and any Serviced Companion Loans, Rialto Capital Advisors, LLC, or its successor in interest, or any successor special servicer
appointed as provided herein and (ii) with respect to any Excluded Special Servicer Mortgage Loan, if any, the related Excluded
Special Servicer appointed pursuant to Section 3.22(j) of this Agreement, as applicable and as the context may require.

 

“Special Servicer
Decision”: Any of the following:

 

(a)          approving
leases, lease modifications or amendments or any requests for subordination, non-disturbance and attornment agreements, for leases
in excess of the lesser of (A) 30,000 square feet and (B) 30% of the net rentable area at the related Mortgaged Property;

 

(b)          approving
any waiver regarding the receipt of financial statements (other than any waiver affecting the timing of receipt thereof; provided
that such waiver does not involve permitting delivery of financial statements less than quarterly and more than 60 days after the
end of the calendar quarter);

 

(c)          approving
annual budgets for the related Mortgaged Property that provide for (i) increases in operating expenses in an amount equal to more
than 110% of the amounts budgeted therefor for the prior year or (ii), payments to affiliates of the related borrower (excluding
affiliated managers paid at fee rates agreed to at the origination of the related Mortgage Loan);

 

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(d)          approving
material rights-of-way and material easements, and consent to subordination of the related Mortgage Loan or Whole Loan to such
material rights-of-way or easements;

 

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

 

(f)          in
circumstances where no lender discretion is permitted other than confirming that the conditions in the applicable Loan Documents
have been satisfied, any requests to incur additional debt in accordance with the terms of the Loan Documents;

 

(g)          any
requests for the disbursement of earnouts or holdback amounts with respect to (i) any Specially Serviced Loan that is not otherwise
a Major Decision and (ii) the Mortgage Loans set forth on Exhibit Y of this Agreement;

 

(h)          approving
any proposed modification or waiver of any material provision in the related loan documents governing the type, nature or amount
of insurance coverage required to be obtained and maintained by the related borrower;

 

(i)          approving
any casualty insurance settlements or condemnation settlements, and determining whether to apply casualty proceeds or condemnation
awards to the reduction of the debt rather than to the restoration of the Mortgaged Property; and

 

(j)          agreeing
to any modification or amendment to any ground lease or any subordination, non-disturbance and attornment agreement relating to
any ground lease or any entry into a new ground lease with respect to a Mortgaged Property or determining whether to cure any default
by a Borrower under a ground lease.

 

provided, however,
with respect to clause (e) of this definition (1) the Master Servicer shall evaluate and process requests for any modifications
described in sub-clauses (i) and (ii) of such clause (e) and obtain the consent or deemed consent of the Special Servicer as provided
in the this Agreement and (2) the Special Servicer shall evaluate and process and/or consent to requests for any modifications
described in sub-clause (iii) of such clause (e).

 

Notwithstanding the foregoing,
the Master Servicer and Special Servicer may mutually agree as provided in this Agreement that the Master Servicer shall process
any of the foregoing matters (as well as any Major Decision) with respect to any non-Specially Serviced Loan (other than a Non-Serviced
Mortgage Loan). If the Master Servicer and Special Servicer

 

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mutually agree that the Master Servicer shall process a Special Servicer
Decision, the Master Servicer shall obtain the Special Servicer’s prior consent to such Special Servicer Decision.

 

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

 

“Special Servicer
Termination Event”: As defined in Section 7.01(b) of this Agreement.

 

“Special Servicing
Compensation”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan,
any of the Special Servicing Fee, Workout Fee, Liquidation Fee and any other fees, charges or other amounts which shall be due
to the Special Servicer that are expressly provided for in Section 3.12 of this Agreement.

 

“Special Servicing
Fee”: With respect to each Specially Serviced Loan (or Serviced REO Loan) for each calendar month (or portion thereof),
the fraction of the Special Servicing Fee Rate applicable to such month, or portion thereof (determined using the same interest
accrual methodology that is applied with respect to the Mortgage Rate for such Mortgage Loan for such month) multiplied by the
Stated Principal Balance of such Specially Serviced Loan as of the Due Date (without giving effect to all payments of principal
on such Specially Serviced Loan or Serviced REO Loan on such Due Date) in the Collection Period prior to such Distribution Date
(or, in the event that a Principal Prepayment in full or an event described in clauses (i)-(vii) under the definition of Liquidation
Proceeds has occurred with respect to any such Specially Serviced Loan or Serviced REO Loan on a date that is not a Due Date, on
the basis of the actual number of days to elapse from and including the most recently preceding related Due Date to but excluding
the date of such Principal Prepayment or Liquidation Proceeds event in a month consisting of 30 days). For the avoidance of doubt,
the Special Servicing Fee shall be deemed to be paid from the Lower-Tier REMIC with respect to the Mortgage Loans.

 

“Special Servicing
Fee Rate”: A rate equal to 0.25% per annum.

 

“Specially Serviced
Loan”: Subject to Section 3.23 of this Agreement, any Mortgage Loan (other than a Non-Serviced Mortgage Loan)
or Serviced Companion Loan with respect to which:

 

(a)          either
(i) with respect to such Mortgage Loan or Serviced Companion Loan, other than a Balloon Loan, a payment default shall have occurred
on such Mortgage Loan or Serviced Companion Loan at its Maturity Date or, if the Maturity Date of such Mortgage Loan or Serviced
Companion Loan has been extended in accordance herewith, a payment default occurs on such Mortgage Loan or Serviced Companion Loan
at its extended Maturity Date or (ii) with respect to a Balloon Loan, a payment default shall have occurred with respect to the
related Balloon Payment; provided, that if (A) the related Borrower is diligently seeking a refinancing commitment, letter
of intent, application for refinancing or similar document that is, in each case, binding upon an acceptable lender or signed purchase
agreement (and delivers a statement to that effect to the Master Servicer or the Special Servicer, who shall promptly deliver a
copy to the Special Servicer (in the case of receipt by the Master Servicer), the Master Servicer (in

 

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the case of receipt by the
Special Servicer), the Operating Advisor and the Directing Holder (but only if no Consultation Termination Event has occurred and
is continuing) within 30 days after such default), (B) the related Borrower continues to make its Assumed Scheduled Payment, (C)
no other Servicing Transfer Event shall have occurred with respect to such Mortgage Loan or Serviced Companion Loan and (D) for
so long as no Control Termination Event has occurred and is continuing, the Directing Holder consents, a Servicing Transfer Event
will not occur until 60 days beyond the related Maturity Date, unless extended by the Special Servicer in accordance with the Loan
Documents, this Agreement and any related Intercreditor Agreement; and provided, further, if the related Borrower
delivers to the Master Servicer or the Special Servicer, who shall have promptly delivered a copy to the Special Servicer (in the
case of receipt by the Master Servicer), the Master Servicer (in the case of receipt by the Special Servicer), the Operating Advisor
and the Directing Holder (but only if no Consultation Termination Event has occurred and is continuing), on or before the 60th
day after the related Maturity Date, a refinancing commitment, letter of intent, application for refinancing or similar document
that is, in each case, binding upon an acceptable lender or signed purchase agreement reasonably acceptable to the Special Servicer,
and such Borrower continues to make its Assumed Scheduled Payments (and no other Servicing Transfer Event shall have occurred with
respect to that Mortgage Loan or Serviced Companion Loan), a Servicing Transfer Event will not occur until the earlier of (1) 120
days beyond the related Maturity Date or extended Maturity Date and (2) the termination of the refinancing commitment;

 

(b)          any
Periodic Payment (other than a Balloon Payment), or any amount due on a monthly basis as an Escrow Payment or reserve funds, is
60 days or more delinquent;

 

(c)          the
Master Servicer or Special Servicer (and, in the case of a determination by the Special Servicer, for so long as no Control Termination
Event has occurred and is continuing, with the consent of the Directing Holder and, with respect to any Serviced Whole Loan, in
consultation with the related Serviced Companion Loan Noteholders to the extent provided for in the related Intercreditor Agreement)
determines in its reasonable business judgment, exercised in accordance with the Servicing Standard, that (x) a default consisting
of a failure to make a payment of principal or interest is reasonably foreseeable or there is a significant risk of such default
or (y) any other default that is likely to impair the use or marketability of the related Mortgaged Property or the value of the
Mortgaged Property as security for the Mortgage Loan or Serviced Companion Loan is reasonably foreseeable or there is a significant
risk of such default, which monetary or other default, in either case, would likely continue unremedied beyond the applicable grace
period (or, if no grace period is specified, for a period of 60 days) and is not likely to be cured by the related Borrower within
60 days or, except as provided in clause (a)(ii) above, in the case of a Balloon Payment, for at least 30 days;

 

(d)          the
related Borrower has become a subject of a decree or order of a court or agency or supervisory authority having jurisdiction in
the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law, or the
appointment of a conservator, receiver or liquidator in any insolvency, readjustment

 

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of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs;

 

(e)          the
related Borrower consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt,
marshaling of assets and liabilities or similar proceedings of or relating to such Borrower of or relating to all or substantially
all of its property;

 

(f)          the
related Borrower admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage
of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends
payment of its obligations;

 

(g)          a
default, of which the Master Servicer or Special Servicer has notice (other than a failure by such related Borrower to pay principal
or interest) and which in the opinion of the Master Servicer or Special Servicer (in the case of the Special Servicer, for so long
as no Control Termination Event has occurred and is continuing, with the consent of the Directing Holder and, with respect to any
Serviced Whole Loan, in consultation with the related Serviced Companion Loan Noteholders to the extent provided for in the related
Intercreditor Agreement) materially and adversely affects the interests of the Certificateholders or any holder of a Serviced Companion
Loan, if applicable, occurs and remains unremedied for the applicable grace period specified in the Loan Documents for such Mortgage
Loan or Serviced Companion Loan (or if no grace period is specified for those defaults which are capable of cure, 60 days); or

 

(h)          the
Master Servicer or Special Servicer receives notice of the foreclosure or proposed foreclosure of any lien on the related Mortgaged
Property;

 

provided, that such
Mortgage Loan or Serviced Companion Loan will cease to be a Specially Serviced Loan (each, a “Corrected Mortgage
Loan”) (i) with respect to the circumstances described in clauses (a) and (b) above, when the related Borrower
thereunder has brought such Mortgage Loan or Serviced Companion Loan current and thereafter made three consecutive full and
timely Periodic Payments, including pursuant to any workout of such Mortgage Loan or Serviced Companion Loan, (ii) with
respect to the circumstances described in clauses (c), (d), (e), (f) and (h) above, when such circumstances cease to exist in
the good faith judgment of the Special Servicer, or (iii) with respect to the circumstances described in clause (g) above,
when such default is cured (as determined by the Special Servicer in accordance with the Servicing Standard) or waived by the
Special Servicer; provided, in each case, that at that time no circumstance exists (as described above) that would
cause such Mortgage Loan or Serviced Companion Loan to continue to be characterized as a Specially Serviced Loan.

 

If a Servicing
Transfer Event exists with respect to any Mortgage Loan included in a Serviced Whole Loan, then it will also be deemed to exist
with respect to the related Serviced Companion Loans, and vice versa.

 

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“Startup Day”:
In the case of the Upper-Tier REMIC and the Lower-Tier REMIC, the day designated as such pursuant to Section 2.06(a) of
this Agreement, and in the case of the Prudential Plaza Loan REMIC, July 26, 2016.

 

“Stated Principal
Balance”: With respect to any Mortgage Loan, the Serviced Companion Loan or Serviced Whole Loan, as applicable, on any
date of determination, the principal balance as of the Cut-off Date of such Mortgage Loan, Serviced Companion Loan or Serviced
Whole Loan (or in the case of a Replacement Mortgage Loan, the outstanding principal balance as of the related date of substitution
and after application of all scheduled payments of principal and interest due on or before the related Due Date in the month of
substitution, whether or not received), as reduced (to not less than zero) on each Distribution Date by (i) all payments (or P&I
Advances in lieu thereof) of, and all other collections allocated as provided in Section 1.02 of this Agreement to, principal
of or with respect to such Mortgage Loan, the Serviced Companion Loan or Serviced Whole Loan, as applicable, that are distributed
to the Certificateholders on such Distribution Date or Serviced Companion Loan Noteholders on the related remittance date in the
same calendar month as such Distribution Date or applied to any other payments required under this Agreement or related Intercreditor
Agreement on or prior to such Distribution Date, and (ii) any principal forgiven by the Special Servicer (or with respect to a
Non-Serviced Mortgage Loan, by the related Other Special Servicer or other applicable servicer) and other principal losses realized
in respect of such Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan during the related Collection Period (or with
respect to a Non-Serviced Mortgage Loan, other principal losses realized in respect of such Non-Serviced Mortgage Loan during the
related Collection Period as determined in accordance with the terms of the Other Pooling and Servicing Agreement).

 

A Mortgage Loan or any
related REO Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated Principal Balance until the Distribution
Date on which Liquidation Proceeds, if any, are to be (or, if no such Liquidation Proceeds are received, would have been) distributed
to Certificateholders. The Stated Principal Balance of any Mortgage Loan or Serviced Whole Loan with respect to which the Master
Servicer or Special Servicer has made a Final Recovery Determination is zero.

 

“Sub-Servicer”:
Any Person engaged by the Master Servicer or the Special Servicer (including, for the avoidance of doubt, each Mortgage Loan Seller
Sub-Servicer and any primary servicer) to perform servicing activities with respect to one or more Mortgage Loans or REO Loans.

 

“Sub-Servicing
Agreement”: The written contract between the Master Servicer or the Special Servicer, on the one hand, and any Sub-Servicer,
on the other hand, relating to servicing and administration of the Mortgage Loans as provided in Section 3.01(c) of this
Agreement.

 

“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing”
is commonly understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete
functions identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans under the direction or authority of the Master
Servicer or a Servicing Function Participant.

 

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“Subject Loans”:
As defined in Section 11.02(a).

 

“Subordinate
Companion Loan”: With respect to any Whole Loan, any related subordinated loan not included in the Trust, which is subordinated
in right of payment to the related Mortgage Loan to the extent set forth in the related Intercreditor Agreement. The Westfield
San Francisco Centre Subordinate Companion Loans, the 10 Hudson Yards Subordinate Companion Loans and the Gas Company Tower &
World Trade Center Parking Garage Subordinate Companion Loans are the only Subordinate Companion Loans related to the Trust.

 

“Substitution
Shortfall Amount”: In connection with the substitution of one or more Replacement Mortgage Loans for one or more Removed
Mortgage Loans, the amount, if any, by which the Purchase Price or aggregate Purchase Price, as the case may be, for such Removed
Mortgage Loan(s) exceeds the initial Stated Principal Balance or aggregate initial Stated Principal Balance, as the case may be,
of such Replacement Mortgage Loan(s).

 

“Tax Returns”:
The federal income tax returns on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return, including
Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or any successor
forms, to be filed by the Certificate Administrator on behalf of each of the Upper-Tier REMIC, the Lower-Tier REMIC and the Prudential
Plaza Loan REMIC due to its classification as a REMIC under the REMIC Provisions and the federal income tax return to be filed
by the Certificate Administrator on behalf of the Grantor Trust due to its classification as a grantor trust under subpart E, part
I of subchapter J of the Code, together with any and all other information, reports or returns that may be required to be furnished
to the Certificateholders or filed with the IRS or any other governmental taxing authority under any applicable provisions of federal
law or Applicable State and Local Tax Law.

 

“Terminated
Party”: As defined in Section 7.01(e) of this Agreement.

 

“Terminating
Party”: As defined in Section 7.01(e) of this Agreement.

 

“Termination
Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01 of this Agreement.

 

“Test”:
As defined in Section 11.01(b)(iii).

 

“Third Party
Appraiser”: A Person performing an Appraisal.

 

“Third Party
Reports”: With respect to any Mortgaged Property, the related Appraisal, Phase I environmental report, Phase II environmental
report, seismic report, engineering report, structural report, property condition report or similar report, if any.

 

“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.

 

“Transferee
Affidavit”: As defined in Section 5.02(l)(ii) of this Agreement.

 

“Transferor
Letter”: As defined in Section 5.02(l)(ii) of this Agreement.

 

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“Trust”
or “Trust Fund”: The corpus of the trust created hereby and to be administered hereunder, consisting of (in
each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion
Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to this Agreement, together with the Mortgage
Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after
the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property;
(v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities
or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection
Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged
Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties;
(xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect
to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans;
(xiii) the Lower-Tier Regular Interests; (xiv) the Prudential Plaza Loan REMIC Residual Interest; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any
Reserve Accounts, to the extent such interest belongs to the related Borrower).

 

“Trust Ledger”:
Amounts deposited in the Collection Account or a Serviced Whole Loan Collection Account and attributable to the Mortgage Loans
or related Serviced Whole Loan, respectively, which are maintained pursuant to Section 3.06(a) and Section 3.06(b)
of this Agreement, as applicable, and held on behalf of the Trustee on behalf of the Certificateholders or held on behalf of the
Trustee on behalf of the Certificateholders and related Companion Loan Noteholders, as applicable.

 

“Trust REMICs”:
The Lower-Tier REMIC and the Upper-Tier REMIC.

 

“Trustee”:
Wells Fargo Bank, National Association, in its capacity as Trustee, or its successor in interest, or any successor Trustee appointed
as herein provided.

 

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

 

“U-Haul AREC
Portfolio Companion Loan”: As defined in the Preliminary Statement.

 

“U-Haul AREC
Portfolio Mortgage Loan”: As defined in the Preliminary Statement.

 

“U-Haul AREC
Portfolio Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the U-Haul AREC
Portfolio Whole Loan. The U-

 

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Haul AREC Portfolio Pari Passu Note A-1 is included in the Trust Fund and is pari passu in right
of payment to the U-Haul AREC Portfolio Pari Passu Note A-2, as set forth in the related Intercreditor Agreement. As of the Closing
Date, the U-Haul AREC Portfolio Pari Passu Note A-1 is a Mortgage Loan.

 

“U-Haul AREC
Portfolio Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the U-Haul AREC
Portfolio Whole Loan. The U-Haul AREC Portfolio Pari Passu Note A-2 is not included in the Trust Fund and is pari passu
in right of payment to the U-Haul AREC Portfolio Pari Passu Note A-1, as set forth in the related Intercreditor Agreement. As of
the Closing Date, the U-Haul AREC Portfolio Pari Passu Note A-2 is included in the DBJPM 2016-C3 securitization.

 

“U-Haul AREC
Portfolio Whole Loan”: The U-Haul AREC Portfolio Companion Loan, together with the U-Haul AREC Portfolio Mortgage Loan.
References herein to the U-Haul AREC Portfolio Whole Loan shall be construed to refer to the aggregate indebtedness under the U-Haul
AREC Portfolio Pari Passu Note A-1 and the U-Haul AREC Portfolio Pari Passu Note A-2.

 

“Underwriters”:
Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, and their respective successors in
interest.

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount
pursuant to Section 3.06(a) of this Agreement, as applicable, but that has not been recovered from the related Borrower
or otherwise from collections on or the proceeds of the Mortgage Loan or the applicable Serviced Whole Loan or Serviced REO Property
in respect of which the Advance was made.

 

“Unscheduled
Payments”: With respect to a Mortgage Loan and a Collection Period, all Net Liquidation Proceeds, Net Condemnation Proceeds
and Net Insurance Proceeds payable under such Mortgage Loan, the Purchase Price of any Mortgage Loan that is repurchased or purchased
pursuant to Section 2.03(e), Section 3.16 or Section 9.01 of this Agreement, the Substitution Shortfall Amount
with respect to any substitution pursuant to Section 2.03(g) of this Agreement and any other payments under or with respect
to such Mortgage Loan not scheduled to be made, including Principal Prepayments received by the Master Servicer (but excluding
Prepayment Premiums or Yield Maintenance Charges, if any) during such Collection Period.

 

“Updated Appraisal”:
An Appraisal of a Mortgaged Property or Serviced REO Property, as the case may be, conducted subsequent to any appraisal performed
on or prior to the Cut-off Date and in accordance with Appraisal Institute standards, the costs of which shall be paid as a Servicing
Advance by the Master Servicer. Updated Appraisals shall be conducted by an Independent MAI appraiser selected by the Special Servicer.

 

“Updated Valuation”:
With respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan having a Stated Principal Balance
of $2,000,000 or higher, an Updated Appraisal. With respect to a Mortgage Loan having a Stated

 

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Principal Balance of less than $2,000,000,
an updated Small Loan Appraisal Estimate or an Updated Appraisal.

 

“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the following:
(a) all Principal Prepayments received on such Mortgage Loan on or prior to the Determination Date and (b) the principal portion
of any other collections (exclusive of payments by Borrowers) received on the Mortgage Loans and any REO Properties on or prior
to the related Determination Date whether in the form of Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds, net
income, rents, and profits from REO Property or otherwise, that were identified and applied by the master servicer as recoveries
of previously unadvanced principal of the related Mortgage Loan; provided, that all such Liquidation Proceeds and Insurance
Proceeds and Condemnation Proceeds will be reduced by any unpaid Special Servicing Fees, Liquidation Fees, any amount related to
the Loss of Value Payments to the extent that such amount was transferred into the Collection Account during the related Collection
Period, accrued interest on Advances and other additional trust fund expenses incurred in connection with the related Mortgage
Loan, thus reducing the Unscheduled Principal Distribution Amount.

 

“Upper-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(f) of this Agreement, which shall be entitled “Wells Fargo Bank,
National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for
the benefit of the Holders of CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-CD1, Upper-Tier
Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Upper-Tier Distribution
Account shall be an asset of the Upper-Tier REMIC.

 

“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests, the Upper-Tier
Distribution Account and amounts held therein from time to time.

 

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

 

“Vertex Pharmaceuticals
HQ Companion Loans”: As defined in the Preliminary Statement.

 

“Vertex Pharmaceuticals
HQ Mortgage Loan”: As defined in the Preliminary Statement.

 

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“Vertex Pharmaceuticals
HQ Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of August 1, 2016, among Wells Fargo
Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto Capital
Advisors, LLC, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association,
as certificate administrator, Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, and
entered into in connection with the WFCM 2016-BNK1 Mortgage Trust.

 

“Vertex Pharmaceuticals
HQ Service Providers”: With respect to the Vertex Pharmaceuticals HQ Companion Loans, the related Other Trustee, Other
Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or
interest advances in respect of such mortgage loan pursuant to any related Other Pooling and Servicing Agreement.

 

“Vertex Pharmaceuticals
HQ Whole Loan”: The Vertex Pharmaceuticals HQ Companion Loans, together with the Vertex Pharmaceuticals HQ Mortgage Loan.
References herein to the Vertex Pharmaceuticals HQ Whole Loan shall be construed to refer to the aggregate indebtedness under the
related promissory notes with respect to the Vertex Pharmaceuticals HQ Mortgage Loan and the Vertex Pharmaceuticals HQ Companion
Loans.

 

“Voting Rights”:
The portion of the voting rights of all of the Certificates that is allocated to any Certificateholder or Class of Certificateholders.
At all times during the term of this Agreement, the percentage of Voting Rights assigned to each Class shall be: (a) 98% to be
allocated among the Certificateholders of the respective Classes of Sequential Pay Certificates in proportion to the Certificate
Balances (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant to
Section 7.01(a) and the Operating Advisor pursuant to Section 7.07(a), taking into account any notional reduction
in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.08(a) hereof)
of their Certificates, (b) 2% to be allocated among the Certificateholders of the Class X-A, Class X-B, Class X-C, Class X-D, Class
X-E and Class X-F Certificates (allocated to the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates
on a pro rata basis based on their respective outstanding Notional Amounts at the time of determination) and (c) 0%, in
the case of the Class V and Class R Certificates.

 

“WAC Rate”:
With respect to any Distribution Date, a per annum rate equal to the fraction (expressed as a percentage) the numerator
of which is the sum for all Mortgage Loans of the product of (i) the Net Mortgage Rate for each such Mortgage Loan as of the first
day of the related Collection Period and (ii) the Stated Principal Balance of each such Mortgage Loan as of the first day of the
related Collection Period, and the denominator of which is the sum of the Stated Principal Balances of all Mortgage Loans as of
the first day of the related Collection Period (after giving effect to any payments received during any applicable grace period).

 

“Westfield San
Francisco Centre Companion Loans”: As defined in the Preliminary Statement.

 

“Westfield San
Francisco Centre Pari Passu Companion Loans”: As defined in the Preliminary Statement.

 

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“Westfield San
Francisco Centre Subordinate Companion Loan”: As defined in the Preliminary Statement.

 

“Westfield San
Francisco Centre Mortgage Loan”: As defined in the Preliminary Statement.

 

“Westfield San
Francisco Centre Trust and Servicing Agreement”: The trust and servicing agreement, dated as of August 1, 2016 among
Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer,
Pacific Life Insurance Company, as special servicer, Wilmington Trust, National Association, as trustee and Deutsche Bank Trust
Company Americas, as certificate administrator, paying agent and custodian, and entered into in connection with the DBJPM 2016-SFC
Mortgage Trust.

 

“Westfield San
Francisco Centre Service Providers”: With respect to the Westfield San Francisco Centre Companion Loans, the related
Other Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes
principal and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Westfield San
Francisco Centre Whole Loan”: The Westfield San Francisco Centre Companion Loans, together with the Westfield San Francisco
Centre Mortgage Loan. References herein to the Westfield San Francisco Centre Whole Loan shall be construed to refer to the aggregate
indebtedness under the related notes with respect to the Westfield San Francisco Centre Mortgage Loan and the Westfield San Francisco
Centre Companion Loans.

 

“Whole Loan”:
Each of the 10 Hudson Yards Whole Loan, the Westfield San Francisco Centre Whole Loan, the Prudential Plaza Whole Loan, the U-Haul
AREC Portfolio Whole Loan, the Gas Company Tower & World Trade Center Parking Garage Whole Loan, the Birch Run Premium Outlets
Whole Loan, the Vertex Pharmaceuticals HQ Whole Loan and the 401 South State Street Whole Loan.

 

“Withheld Amount”:
With respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, and with respect to each Distribution Date occurring
in January of each calendar year that is not a leap year and February of each calendar year, unless in either case such Distribution
Date is the final Distribution Date, an amount equal to one day’s interest at the Net Mortgage Rate on the respective Stated
Principal Balance as of the Due Date in the month preceding the month in which such Distribution Date occurs, to the extent that
a Periodic Payment or a P&I Advance is made in respect thereof.

 

The Withheld Amount for
each applicable Distribution Date for each Mortgage Loan that does not accrue interest on a 30/360 basis will be equal to 1/31
of the interest accrued in respect of the immediately preceding Due Date, to the extent a Periodic Payment or P&I Advance is
made in respect thereof.

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan or, with respect to Servicing Advances, any Serviced Whole
Loan, the amount of any Advance made with respect to such Mortgage Loan or Serviced Whole Loan on or before the date such Mortgage
Loan or Serviced Whole Loan becomes (or, but for the making of three

 

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monthly payments under its modified terms, would then constitute)
a Corrected Mortgage Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent that (i) such
Advance is not reimbursed to the Person who made such Advance on or before the date, if any, on which such Mortgage Loan or Serviced
Whole Loan becomes a Corrected Mortgage Loan and (ii) the amount of such Advance becomes an obligation of the related Borrower
to pay such amount under the terms of the modified Loan Documents.

 

“Workout Fee”:
An amount equal to the lesser of (1) 1.0% of each collection of interest and principal (including scheduled payments, prepayments
(provided that a repurchase or substitution by a Mortgage Loan Seller of a Mortgage Loan due to a Material Defect or a Material
Breach shall not be considered a prepayment for purposes of this definition), Balloon Payments and payments at maturity, but excluding
late payment charges, Default Interest and Excess Interest) received on a Specially Serviced Loan that becomes a Corrected Mortgage
Loan for so long as it remains a Corrected Mortgage Loan, pursuant to Section 3.12(c) of this Agreement and (2) $1,000,000,
in the aggregate with respect to any particular workout of a Specially Serviced Loan; provided that the Workout Fee with
respect to any Corrected Mortgage Loan shall be capped in accordance with Section 3.12(c) of this Agreement; provided,
further that no Workout Fee shall be payable by the Trust with respect to any Corrected Mortgage Loan if and to the extent
that the Corrected Mortgage Loan became a Specially Serviced Loan under clause (c) of the definition of “Specially Serviced
Loan” (and no other clause of such definition) and no event of default actually occurs, unless the Mortgage Loan or Serviced
Companion Loan is modified by the Special Servicer in accordance with the terms of this Agreement; provided, further
that if a Mortgage Loan or Serviced Companion Loan becomes a Specially Serviced Loan only because of an event described in clause
(a) of the definition of “Specially Serviced Loan” and the related collection of principal and interest is received
within 3 months following the related maturity date as a result of the related Mortgage Loan or Serviced Companion Loan
being refinanced or otherwise repaid in full, the Special Servicer shall not be entitled to collect a Workout Fee out of the proceeds
received in connection with such workout if such fee would reduce the amount available for distributions to Certificateholders,
but the Special Servicer may collect from the related Borrower and retain (x) a workout fee, (y) such other fees as are provided
for in the related Loan Documents and (z) other appropriate fees in connection with such workout. The total amount of Workout Fees
payable by the Trust with respect to any Corrected Mortgage Loan and with respect to any particular workout (assuming, for the
purposes of this calculation, that such Corrected Mortgage Loan continues to perform throughout its term in accordance with the
terms of the related workout) shall be reduced by the amount of any and all related Offsetting Modification Fees received by the
Special Servicer as additional servicing compensation relating to such Corrected Mortgage Loan; provided that the Special
Servicer shall be entitled to collect such Workout Fees from the Trust until such time it has been fully paid such reduced amount.
For the avoidance of doubt, the Mortgage Loan Seller will be required to pay a Workout Fee in connection with a repurchase or substitution
to the extent the Special Servicer was entitled to such a fee and such fee was unpaid immediately prior to such repurchase or substitution
or was previously paid by the Trust and was not reimbursed by the related Borrower immediately prior to such repurchase or substitution.
In furtherance of the foregoing, upon a Specially Serviced Loan becoming a Corrected Mortgage Loan, the Special Servicer shall
provide the Master Servicer with a calculation of the total amount of Workout Fees expected to be payable by the Trust with respect
to such Corrected Mortgage Loan throughout its term

 

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(which calculation shall be reasonably acceptable to the Master Servicer) and
the total amount of related Offsetting Modification Fees received by the Special Servicer.

 

“Yield Maintenance
Charge”: With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge set forth in the
related Loan Documents; provided that, amounts shall be considered Yield Maintenance Charges pursuant to the allocation
set forth under Section 1.02(f) or Section 1.02(g), as applicable.

 

Section 1.02      Certain
Calculations. Unless otherwise specified herein, the following provisions shall apply:

 

(a)          All
calculations of interest with respect to the Mortgage Loans and Serviced Companion Loans (other than the Actual/360 Loans) and
of Advances in respect thereof provided for herein shall be made on the basis of a 360-day year consisting of twelve 30-day months.
All calculations of interest with respect to the Actual/360 Loans and of Advances provided in respect thereof provided for herein
shall be made as set forth in the Loan Documents for such Mortgage Loans and, if applicable, Serviced Companion Loans, with respect
to the calculation of the related Mortgage Rate. The Servicing Fee, the Certificate Administrator/Trustee Fee, the CREFC®
Intellectual Property Royalty License Fee and the Operating Advisor Fee for each Mortgage Loan or Serviced Whole Loan, as
applicable, shall accrue on the same basis as interest accrues on such Mortgage Loan or Serviced Whole Loan, as applicable.

 

(b)          Any
Mortgage Loan or Serviced Whole Loan payment is deemed to be received on the date such payment is actually received by the Master
Servicer or the Certificate Administrator; provided, that for purposes of calculating distributions on the Certificates,
Principal Prepayments with respect to any Mortgage Loan or Serviced Whole Loan are deemed to be received on the date they are applied
in accordance with Section 3.01(b) of this Agreement to reduce the Stated Principal Balance of such Mortgage Loan or Serviced
Whole Loan on which interest accrues.

 

(c)          Except
as otherwise provided in the related Loan Documents or Intercreditor Agreement, any amounts received in respect of a Mortgage Loan
or Serviced Whole Loan as to which a default has occurred and is continuing in excess of Periodic Payments shall be applied to
Default Interest and other amounts due on such Mortgage Loan or Serviced Whole Loan prior to the application to late fees.

 

(d)          Allocations
of payments between a Mortgage Loan and the related Serviced Companion Loans in a Whole Loan shall be made in accordance with the
related Intercreditor Agreement.

 

(e)          If
an expense under this Agreement relates in the reasonable judgment of the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee or the Paying Agent, as applicable, primarily to the administration of the Trust Fund, any Trust REMIC,
the Prudential Plaza Loan REMIC or the Grantor Trust or to any determination respecting the amount, payment or avoidance of any
tax under the REMIC Provisions or the actual payment of any REMIC tax or expense, or Grantor Trust tax or expense or this Agreement
states that any expense is solely “an expense of the Trust Fund” or words of similar import, then such expense

 

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shall
not be allocated to, deducted or reimbursed from, or otherwise charged against any Serviced Companion Loan Noteholder and such
Serviced Companion Loan Noteholder shall not suffer any adverse consequences as a result of the payment of such expense.

 

(f)      
    All amounts collected by or on behalf of the Trust in respect of any Mortgage Loan (other than an REO
Loan) in the form of payments from the related Borrower, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds
(exclusive, if applicable, in the case of a Mortgage Loan that is part of a Serviced Whole Loan, of any amounts payable to
the holder of the related Serviced Companion Loan, pursuant to the related Intercreditor Agreement) shall be allocated to
amounts due and owing under the related Loan Documents (including for principal and accrued and unpaid interest) in
accordance with the express provisions of the related Loan Documents and, with respect to any Mortgage Loan that is part of a
Serviced Whole Loan, the related Intercreditor Agreement; provided, that absent such express provisions, all such
amounts collected (exclusive, if applicable, in the case of a Mortgage Loan that is part of a Serviced Whole Loan, of any
amounts payable to the holder of the related Serviced Companion Loan pursuant to the related Intercreditor Agreement) shall
be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan in the following order of
priority:

 

(i)           as
a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan
and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund
Expenses with respect to such Mortgage Loan;

 

(ii)          as
a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously paid or reimbursed
from principal collections on the Mortgage Loans (as described in the first proviso in the definition of Principal Distribution
Amount);

 

(iii)          to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on such Mortgage
Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such
Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable Mortgage Loan Interest
Accrual Period, over (B) the sum of (x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances
for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal
Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant
to clause (v) below on earlier dates) and (y) Accrued AB Loan Interest;

 

(iv)         to
the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of such Mortgage Loan then due and
owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if such Mortgage Loan has
been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

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(v)          as
a recovery of (i) accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if
any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d)
of this Agreement in connection with related Appraisal Reduction Amounts and (ii) Accrued AB Loan Interest (in each of clause (i)
and (ii), to the extent that collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause
(v) on earlier dates);

 

(vi)         as
a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments
and insurance premiums and similar items relating to such Mortgage Loan;

 

(vii)        as
a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

  

(viii)       as
a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

(ix)          as
a recovery of any late payment charges and Default Interest and Excess Interest then due and owing under such Mortgage Loan;

 

(x)           as
a recovery of any Assumption Fees and Modification Fees then due and owing under such Mortgage Loan;

 

(xi)          as
a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both consent
fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated
to Operating Advisor Consulting Fees);

 

(xii)         as
a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance; and

 

(xiii)        in
the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest.

 

provided that,
to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the Loan Seller’s
rights under the related Loan Documents) with respect to any partial release of a Mortgaged Property (including in connection with
a condemnation) at a time when the loan-to-value ratio of the related Mortgage Loan (or Serviced Whole Loan) exceeds 125% or would
exceed 125% following any partial release (based solely on the value of real property and excluding personal property and going
concern value, if any) must be collected and allocated to reduce the Stated Principal Balance of the Mortgage Loan (or Serviced
Whole Loan) in the manner permitted by the REMIC Provisions.

 

(g)          Collections
by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of the costs of
operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of an REO Property
related to a Serviced Whole Loan, exclusive of any amounts payable to the holder

 

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of the related Serviced Companion Loan pursuant
to the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage
Loan in the following order of priority:

 

(i)           as
a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan
and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund
Expenses with respect to such Mortgage Loan;

 

(ii)          as
a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously allocated to
principal collections on the Mortgage Loans (as described in the first proviso in the definition of Principal Distribution Amount);

 

(iii)          to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the related Mortgage
Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such
Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable Mortgage Loan Interest
Accrual Period, over (B) the sum of (x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances
for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal
Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant
to clause (v) below on earlier dates) and (y) Accrued AB Loan Interest;

 

(iv)         to
the extent not previously allocated pursuant to clause (i)-(ii) above, as a recovery of principal of the related Mortgage Loan
to the extent of its entire unpaid principal balance;

 

(v)          as
a recovery of (i) accrued and unpaid interest on the related Mortgage Loan to the extent of the cumulative amount of the reductions
(if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d)
of this Agreement in connection with related Appraisal Reduction Amounts and (ii) Accrued AB Loan Interest (in each of clause (i)
and (ii), to the extent that collections have not theretofore been allocated as a recovery of accrued and unpaid interest pursuant
to this clause (v) on earlier dates);

 

(vi)         as
a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under the related Mortgage Loan;

 

(vii)        as
a recovery of any late payment charges and Default Interest and Excess Interest then due and owing under the related Mortgage Loan;

 

(viii)       as
a recovery of any Assumption Fees and Modification Fees then due and owing under the related Mortgage Loan;

 

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(ix)          as
a recovery of any other amounts then due and owing under the related Mortgage Loan other than remaining unpaid principal (if both
consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then,
allocated to Operating Advisor Consulting Fees); and

 

(x)           in
the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest.

 

(h)          The
applications of amounts received in respect of any Mortgage Loan pursuant to paragraph (f) of this Section 1.02 shall be
determined by the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect of
any Mortgage Loan, or any REO Property pursuant to paragraph (g) of this Section 1.02 shall be determined by the Special
Servicer in accordance with the Servicing Standard.

 

(i)           All
net present value calculations and determinations made hereunder with respect to the Mortgage Loans or a Mortgaged Property or
REO Property (including for purposes of the definition of “Servicing Standard”) shall be made in accordance
with the Loan Documents or, if the Loan Documents are silent, using the Calculation Rate.

 

(j)           For
purposes of calculations required herein, Excess Interest shall not be added to the outstanding principal balance of the Mortgage
Loans notwithstanding that the related loan documents may provide otherwise.

 

Section 1.03     Certain
Constructions. For purposes of this Agreement, references to the most or next most subordinate Class of Certificates outstanding
at any time shall mean the most or next most subordinate Class of Certificates then outstanding as among the Class A-1, Class
A-2, Class A-SB, Class A-3, Class A-4, Class A-M, Class B, Class C, Class D, Class E, Class F and Class G Certificates. For purposes
of this Agreement, each Class of Certificates (other than the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F,
Class V and Class R Certificates) shall be deemed to be outstanding only to the extent its respective Certificate Balance has
not been reduced to zero. For purposes of this Agreement, the Class V Certificates shall be outstanding so long as any of the
ARD Loans are outstanding. For purposes of this Agreement, the Class R Certificates shall be outstanding so long as the Trust
Fund has not been terminated pursuant to Section 9.01 of this Agreement or any other Class of Certificates remains outstanding.
For purposes of this Agreement, each of the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates shall
be deemed to be outstanding until their respective Notional Amounts have been reduced to zero.

 

Notwithstanding anything
to the contrary contained herein, for purposes of this Agreement, each reference to any action by the Master Servicer or Special
Servicer that is subject to the consent or approval of the Directing Holder shall in each case be further subject to the determination
by the Master Servicer or Special Servicer that taking or refraining from taking the action as proposed by the Directing Holder,
or not taking such action as proposed by the Master Servicer or Special Servicer if the Directing Holder fails to grant its consent
or approval to any action proposed to be taken by the Master Servicer or Special Servicer, in each case, is consistent with the
Servicing Standard. In each case, (a) if the response by the Directing Holder hereunder is inconsistent with the Servicing Standard,
the Master Servicer or the Special Servicer shall take such action as is consistent with the Servicing Standard, and (b) if the
Master Servicer

 

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or Special Servicer determines that immediate action is necessary to protect the interests of the Certificateholder
and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective whole as if such
Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to any
Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion
Loan)) and has made a reasonable effort to contact the Directing Holder, it may take such action without waiting for a response
from the Directing Holder; provided that the Special Servicer or Master Servicer, as applicable, shall provide the Directing Holder
(or the Operating Advisor, if applicable) with prompt written notice following such action including a reasonably detailed explanation
of the basis for such action.

 

Section
1.04     Certain Matters Relating to the Non-Serviced Mortgage Loans. Each Other Servicer,
Other Special Servicer, Other Depositor, Other Operating Advisor, Other Asset Representations Reviewer and Other Trustee, and
any of their respective directors, officers, employees or agents and each Other Securitization (collectively, the
“Other Indemnified Parties”), shall be indemnified by the Trust and held harmless against the
Trust’s pro rata share (subject to the related Intercreditor Agreement) of any and all claims, losses, damages,
penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses
incurred in connection with servicing and administration of or any actual or threatened legal action or claim relating to the
related Non-Serviced Mortgage Loan (or, with respect to the Other Operating Advisor, incurred in connection with the
provision of services for the related Non-Serviced Mortgage Loans) and the related non-serviced Mortgaged Property under the
related Other Pooling and Servicing Agreement, this Agreement or the related Intercreditor Agreement (but excluding any
such losses allocable to the related Companion Loans); provided that such indemnification will not extend to any
losses, liabilities, costs or expenses: (i) specifically required to be borne by such party, without right of reimbursement,
pursuant to the terms of the related Other Pooling and Servicing Agreement; (ii) incurred in connection with any legal action
or claim against such party resulting from any breach of a representation or warranty made by such person under the related
Other Pooling and Servicing Agreement or (iii) incurred in connection with any legal action or claim against such party
resulting from any willful misfeasance, bad faith or negligence in the performance of such Person’s obligations and
duties under the related Other Pooling and Servicing Agreement or the related Intercreditor Agreement or resulting from
negligent disregard of such obligations and duties.

 

In connection with the
securitization of any Serviced Companion Loan while it is a Serviced Companion Loan, upon the request of (and at the expense of)
the related Companion Loan Noteholders, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the
Trustee, as applicable, shall use reasonable efforts to cooperate with such Companion Loan Noteholders in attempting to cause the
related Borrower to provide information relating to the related Serviced Whole Loan and the related notes, and that such holders
reasonably determine to be necessary or appropriate, for inclusion in any disclosure document(s) relating to such Other Securitization.

 

On each Servicing Shift
Securitization Date (i) the Custodian shall, upon receipt of a Request for Release transfer the related Mortgage File (other than
the note(s) designating the related Servicing Shift Mortgage Loan), the original of which shall be retained by the Custodian) for
the related Servicing Shift Whole Loan to the related Other Trustee under the related Other

 

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Pooling and Servicing Agreement and
retain a copy of such Mortgage File and (ii) the Master Servicer shall, upon receipt of notice from the applicable Mortgage Loan
Seller that the applicable Servicing Shift Lead Note has been or is being securitized on the related Servicing Shift Securitization
Date, transfer (and cooperate with reasonable requests in connection with such transfer of) the Servicing File for the related
Servicing Shift Whole Loan, and any Escrow Payments, reserve funds and originals of items specified in Sections 2.01(a)(xix)
and (xx) for the related Servicing Shift Whole Loan, to the related Other Servicer on the related Servicing Shift Securitization
Date

 

Upon receipt of notice
from the applicable Mortgage Loan Seller that the applicable Servicing Shift Lead Note has been or is being securitized on the
related Servicing Shift Securitization Date, the Master Servicer shall provide the Custodian with a Request for Release of the
Mortgage File on the related Servicing Shift Securitization Date and transfer (and cooperate with reasonable requests in connection
with such transfer of) the Servicing File to the related Other Servicer identified to it pursuant to the related notice from the
related Mortgage Loan Seller on the related Servicing Shift Securitization Date.

 

Article
II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01     Conveyance
of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements. (a) The Depositor, concurrently with the execution and
delivery hereof on the Closing Date, does hereby establish a trust designated as “CD 2016-CD1 Mortgage Trust,” appoint
the Trustee as trustee of the Trust Fund and sell, transfer, assign, set over and otherwise convey to the Trustee without recourse
(except to the extent herein provided) all the right, title and interest of the Depositor in and to the Mortgage Loans, including
all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or
personal property and whether tangible or intangible) in favor of the Depositor, and a security interest in all Reserve Accounts,
Lock-Box Accounts, Cash Collateral Accounts and all other assets to the extent included or to be included in the Trust Fund for
the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect
to the Mortgage Loans after the Cut-off Date and, in the case of a Mortgage Loan included in a Whole Loan, is subject to the related
Intercreditor Agreement. Transfer and assignment of a Non-Serviced Mortgage Loan and the right to service a Non-Serviced Mortgage
Loan is further subject to the terms and conditions of the Other Pooling and Servicing Agreement and the related Intercreditor
Agreement. The Depositor, concurrently with the execution and delivery hereof, does also hereby transfer, assign, set over and
otherwise convey to the Trustee without recourse (except to the extent provided herein), for the benefit of the Certificateholders
and the Serviced Companion Loan Noteholders, all the right, title and interest of the Depositor in, to and under the Mortgage
Loan Purchase Agreements as provided therein (excluding Sections 6(e)-(g) of each Mortgage Loan Purchase Agreement, the representations,
warranties and covenants in favor of the Depositor set forth in clause (viii) of Section 4(b) of each Mortgage Loan Purchase Agreement
and the Depositor’s rights and remedies with respect to a breach thereof, and excluding the Depositor’s rights and
remedies under the Indemnification Agreements) to the extent related to any Mortgage Loan. The

 

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Depositor shall cause the Reserve
Accounts, Cash Collateral Accounts and Lock-Box Accounts relating to the Mortgage Loans to be transferred to and held in the name
of the Master Servicer on behalf of the Trustee as successor to the Mortgage Loan Sellers.

 

With respect to any Mortgage
Loan that is subject to an Intercreditor Agreement, the parties hereto intend that the provisions of this Section 2.01(a)
serve as an assignment and assumption agreement between the Depositor, as the assignor, and the Trustee on behalf of the Trust,
as the assignee. Accordingly, the Depositor hereby (and in accordance with and subject to all other applicable provisions of this
Agreement) assigns, grants, sells, transfers, delivers, sets over, and conveys to the Trustee all right, title and interest of
the Depositor in, to and arising out of the related Intercreditor Agreement and the Trustee on behalf of the Trust hereby accepts
(subject to applicable provisions of this Agreement) the foregoing assignment and assumes all of the rights and obligations of
the Depositor with respect to related Intercreditor Agreement from and after the Closing Date. In addition, the Trustee acknowledges
that any such Mortgage Loan that is a Serviced Mortgage Loan shall be serviced pursuant to the terms of this Agreement.

 

In connection with such
transfer and assignment, the Depositor does hereby deliver to, and deposit with, the Custodian, with copies to the Master Servicer
and the Special Servicer, the following documents or instruments with respect to each Mortgage Loan and each Serviced Companion
Loan (which, except for the Mortgage Note referred to in clause (i) below, relate to the Serviced Whole Loan) so assigned (provided,
the original of documents specified in items (xix) and (xx) shall be delivered to the Master Servicer):

 

(i)            (A)
the original Mortgage Note, bearing, or accompanied by, all prior or intervening endorsements, endorsed by the most recent endorsee
prior to the Trustee or, if none, by the Originator, without recourse, either in blank and further showing a complete, unbroken
chain of endorsement from the Originator or to the order of the Trustee in the following form: “Pay to the order of Wells
Fargo Bank, National Association, as Trustee, for the benefit of the Holders of CD 2016-CD1 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2016-CD1, without recourse”; and (B) in the case of each related Serviced Companion Loan,
a copy of the executed Mortgage Note for such Serviced Companion Loan;

 

(ii)           (A)
the original (or a copy thereof certified from the applicable recording office) of the Mortgage and, (B) if applicable, the originals
(or copies thereof certified from the applicable recording office) of any intervening assignments thereof showing a complete chain
of assignment from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior
to the Trustee, if any, in each case with evidence of recording indicated thereon;

 

(iii)         an
original or copy (if the related Mortgage Loan Seller or its designee, rather than the Custodian and its designee, is responsible
for the recording thereof) of an Assignment of Mortgage, in recordable form (except for missing recording information and, if delivered
in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the Trustee or,
if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank, National
Association, as Trustee, for the benefit of the Holders of CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-CD1” (in such capacity

 

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and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion
Loan Noteholders);

 

(iv)         (A)
an original or copy of any related security agreement (if such item is a document separate from the Mortgage) and, if applicable,
the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the Originator of the
related Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if any; and (B) an original
assignment of any related security agreement (if such item is a document separate from the related Mortgage) executed by the most
recent assignee thereof prior to the Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the
following form: “Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of CD 2016-CD1 Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Series 2016-CD1” (in such capacity and, with respect to any Serviced
Whole Loan, on behalf of any related Serviced Companion Loan Noteholders), which assignment may be included as part of the corresponding
Assignment of Mortgage referred to in clause (iii) above;

 

(v)          (A)
stamped or certified copies of any UCC financing statements and continuation statements which were filed in order to perfect (and
maintain the perfection of) any security interest held by the Originator of the Mortgage Loan or Serviced Whole Loan (and each
assignee of record prior to the Trustee) in and to the personalty of the Borrower at the Mortgaged Property (in each case with
evidence of filing or recording thereon) and which were in the possession of the related Mortgage Loan Seller (or its agent) at
the time the Mortgage Files were delivered to the Custodian, together with original UCC-3 assignments of financing statements showing
a complete chain of assignment from the secured party named in such UCC-1 financing statement to the most recent assignee of record
thereof prior to the Trustee, if any, and (B) if any such security interest is perfected and the earlier UCC financing statements
and continuation statements were in the possession of the related Mortgage Loan Seller, an assignment of UCC financing statement
by the most recent assignee of record prior to the Trustee or, if none, by the Originator, evidencing the transfer of such security
interest, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank, National Association, as Trustee,
for the benefit of the Holders of CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-CD1”
(in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders);
provided that other evidence of filing or recording reasonably acceptable to the Trustee may be delivered in lieu of delivering
such UCC financing statements including, without limitation, evidence of such filed or recorded UCC Financing Statement as shown
on a written UCC search report from a reputable search firm, such as CSC/LexisNexis Document Solutions, Corporation Service Company,
CT Corporation System and the like or printouts of on-line confirmations from such UCC filing or recording offices or authorized
agents thereof;

 

(vi)         the
original or a copy of the Loan Agreement relating to such Mortgage Loan, if any;

 

(vii)        the
original or a copy of the lender’s title insurance policy issued in connection with the origination of the Mortgage Loan,
together with all endorsements or

 

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riders (or copies thereof) that were issued with or subsequent to the issuance of such policy,
insuring the priority of the Mortgage as a first lien on the Mortgaged Property, or, subject to Section 2(d) of the applicable
Mortgage Loan Purchase Agreement, a “marked up” commitment to insure marked as binding and countersigned by the related
insurer or its authorized agent (which may be a pro forma or specimen title insurance policy which has been accepted or
approved as binding in writing by the related title insurance company), or, subject to Section 2(d) of the applicable Mortgage
Loan Purchase Agreement, an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative
of the title company;

 

(viii)       (A)
the original or a copy of the related Assignment of Leases, Rents and Profits (if such item is a document separate from the Mortgage)
and, if applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from
the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior to the Trustee,
if any, in each case with evidence of recording thereon; and (B) an original or copy (if the related Mortgage Loan Seller or its
designee, rather than the Custodian and its designee, is responsible for the recording thereof) of an assignment of any related
Assignment of Leases, Rents and Profits (a “Reassignment of Assignment of Leases, Rents and Profits”) (if such
item is a document separate from the Mortgage), in recordable form (except for missing recording information and, if delivered
in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the Trustee or,
if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank, National
Association, as Trustee, for the benefit of the Holders of CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-CD1” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion
Loan Noteholders), which assignment may be included as part of the corresponding Assignment of Mortgage referred to in clause (iii)
above;

 

(ix)          the
original or copy of any environmental indemnity agreements and copies of any environmental insurance policies pertaining to the
related Mortgaged Property required in connection with origination of the related Mortgage Loan or Serviced Whole Loan and copies
of Environmental Reports;

 

(x)           copies
of the currently effective Management Agreements, if any, for the Mortgaged Properties;

 

(xi)          if
the Borrower has a leasehold interest in the related Mortgaged Property, the original or copy of the ground lease (or, with respect
to a leasehold interest where the Borrower is a lessee and that is a space lease or an air rights lease, the original of such space
lease or air rights lease), and any related lessor estoppel or similar agreement or a copy thereof; if any;

 

(xii)         if
the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts
and the assignment thereof, if any, to the Trustee;

 

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(xiii)        if
any related Lock-Box Agreement or Cash Collateral Account Agreement is separate from the Mortgage or Loan Agreement, a copy thereof;
with respect to the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts, if any, a stamped or certified copy of the
UCC-1 financing statements, if any, submitted for filing with respect to the related mortgagee’s security interest in the
Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts and all funds contained therein (and UCC-3 assignments of financing
statements assigning such UCC-1 financing statements to the Trustee in the following form: “Wells Fargo Bank, National Association,
as Trustee, for the benefit of the Holders of CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2016-CD1” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan
Noteholders));

 

(xiv)       originals
or copies of all assumption, modification, written assurance and substitution agreements, if any, with evidence of recording thereon
if appropriate, in those instances where the terms or provisions of the Mortgage, the Mortgage Note or any related security document
have been modified or the Mortgage Loan or Serviced Whole Loan has been assumed;

 

(xv)         the
original or a copy of any guaranty of the obligations of the Borrower under the Mortgage Loan or Serviced Whole Loan together with,
as applicable, (A) the original or copies of any intervening assignments of such guaranty showing a complete chain of assignment
from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if any,
and (B) an original assignment of such guaranty executed by the most recent assignee thereof prior to the Trustee or, if none,
by the Originator;

 

(xvi)        the
original or a copy of the power of attorney (with evidence of recording thereon, if appropriate) granted by the related Borrower
if the Mortgage, Mortgage Note or other document or instrument referred to above was signed on behalf of the Borrower pursuant
to such power of attorney;

 

(xvii)       with
respect to each Whole Loan, a copy of the related Intercreditor Agreement and, if applicable, a copy of the related Other Pooling
and Servicing Agreement;

 

(xviii)      with
respect to hospitality properties, a copy of the franchise agreement, if any, an original or copy of the comfort letter, if any,
and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is not sufficient to transfer
or assign the benefits of such comfort letter to the Trust, a copy of the notice to the franchisor of the transfer of such Mortgage
Loan and/or a copy of the request for the issuance of a new comfort letter in favor of the Trust (in each case, as and to the extent
required pursuant to the terms of such comfort letter), with the original of any replacement comfort letter to be included in the
Mortgage File following receipt thereof by the Master Servicer;

 

(xix)        the
original (or copy, if the original is held by the Master Servicer or applicable Other Servicer pursuant to Section 2.01(c)
of this Agreement) of any letter of credit held by the lender as beneficiary or assigned as security for such Mortgage Loan or
Serviced Whole Loan;

 

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(xx)         the
appropriate assignment or amendment documentation related to the assignment to the Trust of any letter of credit securing such
Mortgage Loan or Serviced Whole Loan (or copy thereof, if the original is held by the Master Servicer or applicable Other Servicer
pursuant to Section 2.01(c) of this Agreement) which entitles the Master Servicer on behalf of the Trust and the Companion
Noteholders (with respect to any Serviced Whole Loan) to draw thereon;

 

(xxi)        with
respect to any Mortgage Loan with related mezzanine debt or other subordinate debt (other than a Companion Loan), a copy of the
related co-lender agreement, subordination agreement or other intercreditor agreement;

 

(xxii)       with
respect to the Prudential Plaza Mortgage Loan, a copy of the REMIC Declaration and the related filed IRS Form 8811 and SS-4, if
applicable.

 

The original assignments
referred to in clauses (iii), (iv)(B), (viii)(B) and (xv)(B), may be in the form of one or more instruments
in recordable form in any applicable filing or recording offices.

 

Notwithstanding anything
to the contrary contained in this Section 2.01(a), (b) or (c) or in Section 2.02, in connection with
a Servicing Shift Whole Loan (1) instruments of assignment to the Trustee may be in blank and need not be recorded pursuant to
this Agreement (other than the endorsements to the Note(s) evidencing the related Servicing Shift Mortgage Loan) until the earlier
of (i) the related Servicing Shift Securitization Date, in which case such instruments shall be assigned and recorded in accordance
with the related Other Pooling and Servicing Agreement, and (ii) such Servicing Shift Whole Loan becoming a Specially Serviced
Loan prior to such Servicing Shift Securitization Date, in which case assignments and recordations shall be effected in accordance
with this Section 2.01(a) until the occurrence, if any, of such Servicing Shift Securitization Date, (2) no letter of credit
need be amended (including, without limitation, to change the beneficiary thereon) until the earlier of (i) the related Servicing
Shift Securitization Date, in which case such amendment shall be in accordance with the related Other Pooling and Servicing Agreement
and (ii) such Servicing Shift Whole Loan becoming a Specially Serviced Loan prior to such Servicing Shift Securitization Date in
which case such amendment shall be effected in accordance with the terms of this Section 2.01, and (3) on and following
such Servicing Shift Securitization Date, the Person selling the related Servicing Shift Lead Note to the related Other Depositor,
at its own expense, shall be (a) entitled to direct in writing, which may be conclusively relied upon by the Custodian, the Custodian
to deliver the originals of all the Loan Documents relating to such Servicing Shift Whole Loan in its possession (other than the
original Note(s) evidencing such Servicing Shift Mortgage Loan) to the related Other Trustee or the related Other Custodian, (b)
if the right under clause (a) is exercised, required to cause the retention by or delivery to the Custodian of photocopies
of Loan Documents related to such Servicing Shift Whole Loan so delivered to such Other Trustee or such Other Custodian, (c) entitled
to cause the completion (or, in the event of a recordation as contemplated by clause (1)(ii) of this paragraph, the preparation,
execution and delivery) and recordation of instruments of assignment in the name of the related Other Trustee or related Other
Custodian, (d) if the right under clause (c) is exercised, required to deliver to the Trustee or Custodian photocopies of
any instruments of assignment so completed and recorded, and (e) entitled to require the Master Servicer to transfer, and to cooperate
with all reasonable requests in connection with the transfer of, the Servicing File, and any Escrow Payments, reserve funds and

 

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items specified in clauses (xix) and (xx) of Section 2.01(a) for such Servicing Shift Whole Loan to the related
Other Servicer.

 

With respect to Serviced
Whole Loans, except for the Mortgage Note referred to in clause (i)(B) of the second preceding paragraph, only a single
original set of the Loan Documents specified above is required to be delivered. Notwithstanding anything herein to the contrary,
with respect to a Non-Serviced Mortgage Loan, any assignments or other transfer documents referred to in the third preceding paragraph
as being in favor of the Trustee shall instead be in favor of the applicable Other Trustee and (1) if the Custodian is not also
the related Non-Serviced Whole Loan Custodian, the preceding document delivery requirements will be met by the delivery by the
applicable Mortgage Loan Seller to the Custodian of copies of the documents specified above (other than the Mortgage Note and intervening
endorsements evidencing a Non-Serviced Mortgage Loan, with respect to which the originals shall be required), including a copy
of the Mortgage securing the applicable Non-Serviced Mortgage Loan and copies of the companion notes or (2) if the Custodian is
also the related Non-Serviced Whole Loan Custodian, the preceding document delivery requirements shall be met by the delivery by
the Mortgage Loan Seller to the Custodian of only the original Mortgage Note and intervening endorsements evidencing such Non-Serviced
Mortgage Loan (and, if any document specified in Section 2.01(a) of this Agreement was not required to be delivered in connection
with the related Other Securitization, a copy of such document); provided that with respect to such Non-Serviced Mortgage
Loan, if Wells Fargo Bank, National Association ceases to be Custodian with respect to such Non-Serviced Mortgage Loan, it shall,
upon receipt of a request for release, provide the original note, allonge and intercreditor agreement and copies of all other Loan
Documents specified above to the successor Custodian.

 

With respect to the Mortgage
Loans, within 45 days after the Closing Date or, without limiting the requirements of the third paragraph of Section 2.01(b),
after such later date on which the Mortgage Loan Seller has received all the missing recording/filing information, each Mortgage
Loan Seller will, or will at the expense of such Mortgage Loan Seller retain a third party vendor to, except in the case of any
Mortgage Loan that is a Non-Serviced Mortgage Loan, (1) complete (to the extent necessary) and submit for recording in favor of
the Trustee in the following form: “Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of
CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-CD1” (and with respect to a Serviced
Whole Loan, the related Serviced Companion Loan Noteholders) in the appropriate public recording office (a) each Assignment of
Mortgage referred to in Section 2.01(a)(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment
of Leases, Rents and Profits referred to in Section 2.01(a)(viii)(B) (if not otherwise included in the related Assignment
of Mortgage) which has not yet been submitted for recordation; and (2) complete (to the extent necessary) and file in the appropriate
public filing office each UCC assignment of financing statement referred to in Section 2.01(a)(v)(B) and (xiii) which has
not yet been submitted for filing or recording. Each such document shall reflect that the recorded original should be returned
by the public recording office to the Custodian or its designee (or to the Mortgage Loan Seller or its designee as an alternative)
following recording, and each such document shall reflect that the file copy thereof should be returned to the Custodian or its
designee (or to the Mortgage Loan Seller or its designee as an alternative) following filing; provided that in those instances
where the public recording office retains the original Assignment of Mortgage or Reassignment of Assignment of

 

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Leases, Rents and
Profits, the Custodian shall use commercially reasonable efforts to obtain therefrom a certified copy of the recorded original,
at the expense of the Depositor. In the event that any such document or instrument in respect of any Mortgage Loan is lost or returned
unrecorded or unfiled, as the case may be, because of a defect therein, the related Mortgage Loan Seller shall promptly prepare
or cause the preparation of a substitute thereof or cure or cause the curing of such defect, as the case may be, and shall thereafter
deliver the substitute or corrected document to or at the direction of the Custodian or such other third party vendor as retained
by the Mortgage Loan Seller for recording or filing, as appropriate, at such Mortgage Loan Seller’s expense (as set forth
in the related Mortgage Loan Purchase Agreement). In the event that any Mortgage Loan Seller receives the original recorded or
filed copy, each Mortgage Loan Seller will, promptly upon receipt of the original recorded or filed copy (and in no event later
than five Business Days following such receipt) deliver such original to the Custodian, with evidence of filing or recording thereon.
Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office
retains the original Mortgage, Assignment of Mortgage, Assignment of Leases, Rents and Profits or Reassignment of Assignment of
Leases, Rents and Profits, if applicable, after any has been recorded, the obligations of the related Mortgage Loan Seller under
the applicable Mortgage Loan Purchase Agreement shall be deemed to have been satisfied upon delivery to the Custodian of a copy
of the recorded original of such Mortgage, Assignment of Mortgage, Assignment of Leases, Rents and Profits or Reassignment of Assignment
of Leases, Rents and Profits, if applicable.

 

If a Mortgage Loan Seller
cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of the related lender’s title insurance
policy referred to in Section 2.01(a)(vii) solely because such policy has not yet been issued, the delivery requirements
of this Section 2.01 will be deemed to be satisfied as to such missing item, and such missing item will be deemed to have
been included in the related Mortgage File by delivery to the Custodian of a binder marked as binding and countersigned by the
title insurer or its authorized agent (which may be a pro forma or specimen title insurance policy which has been accepted
or approved as binding in writing by the related title insurance company) or an acknowledged closing instruction or escrow letter,
and the Mortgage Loan Seller will be required to deliver to the Custodian, promptly following the receipt thereof, the original
related lender’s title insurance policy (or a copy thereof). Copies of recorded or filed Assignments of Mortgage, Reassignments
of Assignment of Leases, Rents and Profits and UCC assignments of financing statements shall be held by the Custodian.

 

Subject to the third
preceding paragraph, all original documents relating to the Mortgage Loans which are not delivered to the Custodian are and shall
be held by the Depositor or the Master Servicer (or a sub-servicer on its behalf), as the case may be, in trust for the benefit
of the Certificateholders and, insofar as they also relate to the Serviced Companion Loans, on behalf of and for the benefit of
the related Serviced Companion Loan Noteholders. In the event that any such original document, or in the case of a Serviced Companion
Loan, the original Mortgage Note, is required pursuant to the terms of this Section to be a part of a Mortgage File in order to
effectuate the purposes of this Agreement, such document shall be delivered promptly to the Custodian.

 

(b)          In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby represents
and warrants that it has directed, each of

 

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the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase Agreement
to deliver to and deposit with or cause to be delivered to and deposited with, (i) the Custodian, on or before the Closing Date,
subject to Section 2.01(a), for each Mortgage Loan so assigned the Mortgage Note (or a copy of the Mortgage Note evidencing
each related Serviced Companion Loan), the original or a copy of the related Mortgage, the original or a copy of the title policy
for each Mortgage Loan (subject to the second-to-last paragraph under Section 2.01(a)), a copy of the related ground lease
(or, with respect to a leasehold interest with respect to a space lease or air rights, a copy of the related space lease or air
rights lease), if applicable, for each Mortgage Loan and an original (or copy, if the original is held by the Master Servicer pursuant
to Section 2.01(c) or the Mortgage Loan is a Non-Serviced Mortgage Loan) of any letters of credit held by the lender as
beneficiary or assigned as security for the Mortgage Loan, and, except as otherwise provided in the following paragraph, within
30 days following the Closing Date, the remaining applicable documents referred to in Section 2.01(a) for each such Mortgage
Loan or Serviced Companion Loan, in each case, with copies to the Master Servicer and (ii) the Master Servicer, on or before the
Closing Date, all documents and records that are part of each applicable Servicing File. If the applicable Mortgage Loan Seller
cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original Mortgage Note, such Mortgage Loan Seller shall
deliver a copy or duplicate original of such Mortgage Note, together with an affidavit certifying that the original thereof has
been lost or destroyed and an indemnification in favor of the Certificate Administrator, the Trustee and the Custodian.

 

If the applicable Mortgage
Loan Seller or the Depositor cannot deliver, or cause to be delivered, as to any Mortgage Loan (subject to any qualifications provided
for herein or in the related Mortgage Loan Purchase Agreement with respect to a Non-Serviced Mortgage Loan), the original or a
copy of any of the documents and/or instruments referred to in Section 2.01(a)(ii), Section 2.01(a)(iii), Section
2.01(a)(v), Section 2.01(a)(viii), Section 2.01(a)(xiv) and Section 2.01(a)(xvi) and the UCC financing
statements and UCC assignments of financing statements referred to in Section 2.01(a)(xiii), with evidence of recording
or filing thereon, solely because of a delay caused by the public recording or filing office where such document or instrument
has been delivered for recordation or filing, or because such original recorded or filed document has been lost or returned from
the recording or filing office and subsequently lost, as the case may be, the delivery requirements of Section 2.01 shall
be deemed to have been satisfied as to such missing item, and such missing item shall be deemed to have been included in the related
Mortgage File, provided that a copy of such document or instrument (without evidence of recording or filing thereon, but
certified (which certificate may relate to multiple documents and/or instruments) by the applicable public recording or filing
office, the applicable title insurance company or the related Mortgage Loan Seller to be a true and complete copy of the original
thereof submitted for recording or filing, as the case may be) has been delivered to the Custodian within 60 days after the Closing
Date, and either the original of such missing document or instrument, or a copy thereof, with evidence of recording or filing,
as the case may be, thereon, is delivered to the Custodian within 180 days after the Closing Date (or within such longer period
after the Closing Date so long as the related Mortgage Loan Seller has provided the Custodian with evidence of such recording or
filing, as the case may be, or has certified to the Custodian as to the occurrence of such recording or filing, as the case may
be, and is, as certified to the Custodian no less often than quarterly, in good faith attempting to obtain from the appropriate
county recorder’s or filing office such original or copy, provided such extensions do not exceed 24 months in the aggregate).

 

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(c)          Notwithstanding
anything herein to the contrary, with respect to the documents referred to in Section 2.01(a)(xix) and Section 2.01(a)(xx)
of this Agreement, the Master Servicer shall hold (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan
will hold) the original of each such document in trust on behalf of the Trust (or the applicable Other Trust with respect to any
Non-Serviced Mortgage Loan) in order to draw on such letter of credit on behalf of the Trust (or the applicable Other Trust with
respect to any Non-Serviced Mortgage Loan) and the applicable Mortgage Loan Seller shall be deemed to have satisfied the delivery
requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01 of this Agreement by delivering the original
of each such document to the Master Servicer (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan)
who shall forward a copy of the applicable document to the Custodian (or the custodian in the applicable Other Securitization with
respect to any Non-Serviced Mortgage Loan). The applicable Mortgage Loan Seller shall pay any costs of assignment or amendment
of such letter of credit (which amendment shall change the beneficiary of the letter of credit to the Trust (or the applicable
Other Trust with respect to any Non-Serviced Mortgage Loan) in care of the Master Servicer (or the applicable Other Servicer with
respect to any Non-Serviced Mortgage Loan)) required in order for the Master Servicer (or the applicable Other Servicer with respect
to any Non-Serviced Mortgage Loan) to draw on such letter of credit on behalf of the Trust (or the applicable Other Trust with
respect to any Non-Serviced Mortgage Loan). In the event that the documents specified in Section 2.01(a)(xx) of this Agreement
are missing with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loans) because the related assignment or amendment
documents have not been completed, the applicable Mortgage Loan Seller shall take all necessary steps to enable the Master Servicer
to draw on the related letter of credit on behalf of the Trust including, if necessary, drawing on the letter of credit in its
own name pursuant to written instructions from the Master Servicer and immediately remitting such funds (or causing such funds
to be remitted) to the Master Servicer.

 

(d)          With
respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) secured by the Mortgaged Properties identified as Loan
Nos. 11, 13, 26 and 28 on the Mortgage Loan Schedule, which are each subject to a franchise agreement with a related comfort letter
in favor of the respective Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer or assign
any related comfort letter to the Trust or otherwise have a new comfort letter issued in the name of the Trust, the related Mortgage
Loan Seller or its designee will be required to provide any such required notice or make any such required request to the related
franchisor, with a copy of such notice or request to the Master Servicer, or take any such other required action, in any event,
within 45 days of the Closing Date (or any shorter period if required by the applicable comfort letter), notify the related franchisor
that such Mortgage Loan has been transferred to the Trust and request a replacement comfort letter (or any such new document or
acknowledgement as may be contemplated under the existing comfort letter), and the Master Servicer shall use reasonable efforts
in accordance with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new
document or acknowledgement as may be contemplated under the existing comfort letter).

 

(e)          Each
Mortgage Loan Purchase Agreement shall provide that within 60 days after the Closing Date, each Mortgage Loan Seller shall deliver
or cause to be delivered an electronic copy of the Diligence File for each of its Mortgage Loans to (or as instructed by) the Depositor,
together with an index identifying each such document delivered, each such Diligence

 

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File being organized and categorized in accordance
with the electronic file structure reasonably agreed to by the Depositor and the related Mortgage Loan Seller. Each Mortgage Loan
Purchase Agreement shall further provide that within 60 days after the Closing Date, the applicable Mortgage Loan Seller shall
provide to the Depositor (together with copies (which may be sent by electronic mail) to the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator and the Asset Representations Reviewer) with a certificate stating that (i) the applicable
Mortgage Loan Seller has delivered or caused to be delivered an electronic copy of the Diligence File for each of its Mortgage
Loans, (ii) the Diligence File contains all documents and information required under the definition of “Diligence File”
and (iii) the Diligence File is organized and categorized in accordance with the electronic file structure reasonably agreed to
by the Depositor and the related Mortgage Loan Seller (the “Diligence File Certification”).

 

Section 2.02    Acceptance
by Custodian and the Trustee. By its execution and delivery of this Agreement, the Trustee acknowledges the assignment to
it of the Mortgage Loans in good faith without notice of adverse claims and declares that the Custodian holds and will hold such
documents and all others delivered to it constituting the Mortgage File (to the extent the documents constituting the Mortgage
File are actually delivered to the Custodian) for any Mortgage Loan assigned to the Trustee hereunder in trust, upon the conditions
herein set forth, for the use and benefit of all present and future Certificateholders and Serviced Companion Loan Noteholders.

 

The Custodian hereby
certifies to each of the Directing Holder, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the
Special Servicer, the Operating Advisor and each Mortgage Loan Seller that except as identified in the Custodian’s closing
date certification, which shall be delivered no later than two Business Days after the Closing Date substantially in the form attached
as Exhibit N-1 to this Agreement, (i) each Mortgage Note (or copy thereof, with respect to any Serviced Companion Loan)
is in its possession and has been reviewed by the Custodian and (A) appears regular on its face (handwritten additions, changes
or corrections shall not constitute irregularities if initialed by the Borrower), (B) appears to have been executed (where appropriate)
and (C) purports to relate to such Mortgage Loan and (ii) each of the documents specified in Section 2.01(a)(ii)(A), Section
2.01(a)(vii), Section 2.01(a)(xi) and Section 2.01(a)(xix) of this Agreement have been received, have been executed,
appear to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially
adverse manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage
Loan Schedule. If the Custodian does not send a closing date certification on the Closing Date, it shall send an email confirmation
to the Trustee that it has received all of the Mortgage Notes (or copies or lost note affidavits as permitted), subject to any
exceptions noted therein, on the Closing Date.

 

On or about the 60th
day following the Closing Date (and, if any exceptions are noted, again on or about the 90th day following the Closing Date and
monthly thereafter until the earliest of (i) the second anniversary of the Closing Date, (ii) the day on which all material exceptions
have been removed and (iii) the day on which the applicable Mortgage Loan Seller has repurchased or substituted for the last affected
Mortgage Loan), the Custodian shall review each Mortgage File and shall certify to each of the Controlling Class Representative,
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer and each Mortgage Loan Seller in

 

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the form attached as Exhibit N-2 to this Agreement that
all documents (other than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of this Agreement, which shall
be delivered to the Master Servicer, and the documents referred to in clauses (iii), (iv)(B), (v)(B) and (viii)(B)
of Section 2.01(a) of this Agreement and the assignments of financing statements referred to in clause (xiii) of
Section 2.01(a) of this Agreement, which shall be delivered for filing or recording by the related Mortgage Loan Seller
as provided herein) referred to in Section 2.01(a) above (in the case of the documents referred to in Section 2.01(a)(iv),
Section 2.01(a)(vi), Section 2.01(a)(viii), Section 2.01(a)(ix), Section 2.01(a)(x), Section 2.01(a)(xi),
Section 2.01(a)(xii) through Section 2.01(a)(xvi) and Section 2.01(a)(xviii) through Section 2.01(a)(xx)
of this Agreement, as identified to it in writing as a document required to be delivered by the related Mortgage Loan Seller) and
any original recorded documents included in the delivery of a Mortgage File have been received, have been executed, appear to be
what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially adverse manner
or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule.
In so doing, the Custodian may rely on the purported due execution and genuineness of any such document and on the purported genuineness
of any signature thereon. With respect to any Non-Serviced Mortgage Loan, the Custodian shall only be required to certify to each
of the Controlling Class Representative, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer and each Mortgage Loan Seller that the document set forth in
Section 2.01(a)(i) has been received, subject to the preceding provisions of this Section 2.02.

 

If at the conclusion
of such review any document or documents constituting a part of a Mortgage File have not been executed or received, have not been
recorded or filed (if required), are unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, appear not to be
what they purport to be or have been torn in any materially adverse manner or mutilated or otherwise defaced, the Custodian shall
promptly so notify (in the form attached as Exhibit M to this Agreement) the Trustee, the Directing Holder (but only if
no Consultation Termination Event has occurred and is continuing), the Depositor, the Certificate Administrator, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the related Mortgage Loan Seller by providing
a written report, setting forth for each affected Mortgage Loan, with particularity, the nature of the defective or missing document.
The Depositor shall or shall cause the related Mortgage Loan Seller to deliver to the Custodian an executed, recorded or undamaged
document, as applicable, or, if the failure to deliver such document in such form constitutes a Material Defect, the Depositor
shall cause the related Mortgage Loan Seller to cure, repurchase or substitute for the related Mortgage Loan in the manner provided
in Section 2.03(e) of this Agreement. None of the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian or the Trustee shall be responsible for any loss, cost, damage or expense to the Trust Fund resulting from any failure
to receive any document constituting a portion of a Mortgage File noted on such a report or for any failure by the Depositor to
use its best efforts to deliver any such document.

 

Contemporaneously with
its execution of this Agreement, the Depositor shall cause each Mortgage Loan Seller to deliver a power of attorney substantially
in the form of Exhibit C to the applicable Mortgage Loan Purchase Agreement to the Master Servicer and Special Servicer,
that permits such parties to take such other action as is necessary to effect the

 

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delivery, assignment and/or recordation of any
documents and/or instruments relating to any Mortgage Loan which have not been delivered, assigned or recorded at the time required
for enforcement by the Trust Fund. Pursuant to the related Mortgage Loan Purchase Agreement, each of the Mortgage Loan Sellers
will be required to effect (at the expense of the applicable Mortgage Loan Seller) the assignment and recordation of its respective
Loan Documents until the assignment and recordation of all such Loan Documents has been completed.

 

In reviewing any Mortgage
File pursuant to the third preceding paragraph or Section 2.01 of this Agreement, the Master Servicer shall have no responsibility
to cause the Custodian or Trustee to, and the Custodian or Trustee will have no responsibility to, examine any opinions or determine
whether any document is legal, valid, binding, sufficient, duly authorized or enforceable, whether the text of any assignment or
endorsement is in proper or recordable form (except, if applicable, to determine if the Trustee is the assignee or endorsee), whether
any document has been recorded in accordance with the requirements of any applicable jurisdiction, whether a blanket assignment
is permitted in any applicable jurisdiction, or whether any Person executing any document or rendering any opinion is authorized
to do so or whether any signature thereon is genuine.

 

The Custodian shall hold
that portion of the Trust Fund delivered to the Custodian consisting of “instruments” (as such term is defined in Section
9-102 of the Uniform Commercial Code as in effect in Minnesota on the date hereof) in Minnesota and, except as otherwise specifically
provided in this Agreement, shall not remove such instruments from Minnesota unless it receives an Opinion of Counsel (obtained
and delivered at the expense of the Person requesting the removal of such instruments from Minnesota) that if the transfer of the
Mortgage Loans to the Trustee is deemed not to be a sale, after such removal, the Trustee will possess a first priority perfected
security interest in such instruments.

 

Section 2.03     Representations,
Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans. (a) The Depositor hereby represents
and warrants that:

 

(i)            The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware;

 

(ii)           The
Depositor has taken all necessary action to authorize the execution, delivery and performance of this Agreement by it, and has
the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby, including,
but not limited to, the power and authority to sell, assign and transfer the Mortgage Loans in accordance with this Agreement;

 

(iii)          This
Agreement has been duly and validly executed and delivered by the Depositor and assuming the due authorization, execution and delivery
of this Agreement by each other party hereto, this Agreement and all of the obligations of the Depositor hereunder are the legal,
valid and binding obligations of the Depositor, enforceable in accordance with the terms of this Agreement, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other laws relating to or affecting
creditors’ rights generally, or by general principles of equity

 

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(regardless of whether such enforceability is considered
in a proceeding in equity or at law);

 

(iv)         The
execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with
any provision of its certificate of incorporation or bylaws, or any law or regulation to which the Depositor is subject, or conflict
with, result in a breach of or constitute a default under (or an event which with notice or lapse of time or both would constitute
a default under) any of the terms, conditions or provisions of any agreement or instrument to which the Depositor is a party or
by which it is bound, or any law, order or decree applicable to the Depositor, or result in the creation or imposition of any lien
on any of the Depositor’s assets or property, which would materially and adversely affect the ability of the Depositor to
carry out the transactions contemplated by this Agreement;

 

(v)          The
certificate of incorporation of the Depositor provides that the Depositor is permitted to engage in only the following activities:

 

(A)          to
acquire, own, hold, sell, transfer, assign, pledge and otherwise deal with the following: (I) “fully-modified pass-through”
certificates (“GNMA Certificates”) issued and guaranteed as to timely payment of principal and interest by the
Government National Mortgage Association (“GNMA”), a wholly-owned corporate instrumentality of the United States
within the Department of Housing and Urban Development organized and existing under Title III of the National Housing Act of 1934;
(II) Guaranteed Mortgage Pass-Through Certificates (“FNMA Certificates”) issued and guaranteed as to timely
payment of principal and interest by FNMA; (III) Mortgage Participation Certificates (“FHLMC Certificates”)
issued and guaranteed as to timely payment of interest and ultimate or full payment of principal by FHLMC; (IV) any other participation
certificates, pass-through certificates or other obligations or interests backed directly or indirectly by mortgage loans and issued
or guaranteed by GNMA, FNMA or FHLMC (collectively with the GNMA Certificates, FNMA Certificates and FHLMC Certificates, the “Agency
Securities”); (V) mortgage-backed securities, which securities need not be issued or guaranteed, in whole or in part,
by any governmental entity, issued by one or more private entities (hereinafter referred to as “Private Securities”);
(VI) mortgage loans secured by first, second or more junior liens on one-to-four family residential properties, multifamily properties
that are either rental apartment buildings or projects containing five or more residential units or commercial properties, regardless
of whether insured or guaranteed in whole or in part by any governmental entity, or participation interests or stripped interests
in such mortgage loans (“Mortgage Loans”); (VII) conditional sales contracts and installment sales or loan agreements
or participation interests therein secured by manufactured housing (“Contract”); and (VIII) receivables of third-parties
or other financial assets of third-parties, either fixed or revolving, that by their terms convert into cash within a finite time
period (“Other Assets”);

 

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(B)          to
loan its funds to any person under loan agreements and other arrangements which are secured by Agency Securities, Private Securities,
Mortgage Loans, Contracts and/or Other Assets;

 

(C)          to
authorize, issue, sell and deliver bonds or other evidences of indebtedness that are secured by Agency Securities, Private Securities,
Mortgage Loans, Contracts and/or Other Assets;

 

(D)          to
authorize, issue, sell and deliver certificates evidencing beneficial ownership interests in pools of Agency Securities, Private
Securities, Mortgage Loans, Contracts and/or Other Assets; and

 

(E)          to
engage in any activity and to exercise any powers permitted to corporations under the laws of the State of Delaware that are incident
to the foregoing and necessary or convenient to accomplish the foregoing.

 

Capitalized terms defined in
this clause (v) shall apply only to such clause;

 

(vi)         There
is no action, suit, proceeding or investigation pending or threatened against the Depositor in any court or by or before any other
governmental agency or instrumentality which would materially and adversely affect the ability of the Depositor to carry out its
obligations under this Agreement;

 

(vii)        No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Depositor of or compliance by the Depositor with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date; and

 

(viii)       The
Trustee, if not the owner of the related Mortgage Loan, will have a valid and perfected security interest of first priority in
each of the Mortgage Loans and any proceeds thereof.

 

(b)          The
Depositor hereby represents and warrants with respect to each Mortgage Loan that:

 

(i)            Immediately
prior to the transfer and assignment to the Trustee by the Depositor, the Mortgage Note and the Mortgage were not subject to an
assignment or pledge, and the Depositor had good title to, and was the sole owner of, the Mortgage Loan and had full right to transfer
and sell the Mortgage Loan to the Trustee free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest;
provided, that, in the case of a Non-Serviced Mortgage Loan, the related Mortgage has been (or will be) assigned to the
Other Trustee under the Other Pooling and Servicing Agreement for the benefit of the holders of securities issued in connection
with the related Other Securitization, as applicable;

 

(ii)           The
Depositor is transferring such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any
nature encumbering such Mortgage Loan;

 

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(iii)          The
related Assignment of Mortgage constitutes the legal, valid and binding assignment of such Mortgage from the Depositor to the Trustee,
and any related Reassignment of Assignment of Leases, Rents and Profits constitutes the legal, valid and binding assignment from
the Depositor to the Trustee; and

 

(iv)          No
claims have been made by the Depositor under the lender’s title insurance policy, and the Depositor has not done anything
which would impair the coverage of such lender’s title insurance policy.

 

(c)          It
is understood and agreed that the representations and warranties set forth in this Section 2.03 shall survive delivery of
the respective Mortgage Files to the Custodian until the termination of this Agreement, and shall inure to the benefit of the Certificateholders,
any Serviced Companion Loan Noteholders, Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special
Servicer.

 

(d)          If
the Master Servicer or the Special Servicer (i) receives a Repurchase Communication of a request or demand for repurchase or replacement
of a Mortgage Loan because of a Breach or a Defect (each as defined below) (any such request or demand, a “Repurchase
Request”, and the Master Servicer or the Special Servicer, as applicable, to the extent it receives a Repurchase Request,
the “Repurchase Request Recipient” with respect to such Repurchase Request); (ii) receives a Repurchase Communication
of a withdrawal of a Repurchase Request by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”),
(iii) receives a Repurchase Communication that any Mortgage Loan that was subject to a Repurchase Request has been repurchased
or replaced (a “Repurchase”), or (iv) receives a Repurchase Communication of the rejection of a Repurchase Request
(a “Repurchase Request Rejection”), then such Person shall deliver written notice of such Repurchase Request,
Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection (each such notice, a “Rule 15Ga-1 Notice”)
to the Depositor, the Master Servicer, the Special Servicer and the related Mortgage Loan Seller, in each case within ten Business
Days from such party’s receipt of a Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase
or Repurchase Request Rejection, as applicable; provided, however, if the Master Servicer or the Special Servicer
receives notice of a Repurchase Request Withdrawal or Repurchase Request Rejection from the Special Servicer or the Master Servicer,
as applicable, then such receiving party shall have no obligation to deliver such notice to any other party.

 

Each Rule 15Ga-1 Notice
shall include (i) the identity of the related Mortgage Loan, (ii) the date the Repurchase Communication of the Repurchase Request,
Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable, was received and (iii) in the case of
a Repurchase Request, (A) the identity of the Person making such Repurchase Request, (B) if known, the basis for the Repurchase
Request (as asserted in the Repurchase Request) and (C) a statement from the Repurchase Request Recipient as to whether it currently
plans to pursue such Repurchase Request.

 

No Person that is required
to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(d) (a “Rule 15Ga-1 Notice Provider”) shall
be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney work product
doctrines. Each Mortgage Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant to this Section
2.03(d) is so provided only to assist the related

 

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Mortgage Loan Seller, the Depositor and its Affiliates to comply with Rule
15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii) (A)
no action taken by, or inaction of, a Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.03(d)
by a Rule 15Ga-1 Notice Provider, shall be deemed to constitute a waiver or defense to the exercise of any legal right the Rule
15Ga-1 Notice Provider may have with respect to the related Mortgage Loan Purchase Agreement, including with respect to any Repurchase
Request that is the subject of a Rule 15Ga-1 Notice.

 

In the event that the
Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian
receives a Repurchase Communication of a Repurchase Request or a Repurchase Request Withdrawal, then such party shall promptly
forward such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal to the Master Servicer, if relating
to a Performing Loan, or to the Special Servicer, if relating to a Specially Serviced Loan or REO Property, and include the following
statement in the related correspondence: “This is a “Repurchase Request [Withdrawal]” under Section 2.03(d)
of the Pooling and Servicing Agreement relating to the CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-CD1 requiring action by you as the recipient of such Repurchase Request or Repurchase Request Withdrawal thereunder”.
Upon receipt of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal by the Master Servicer
or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request Recipient of such Repurchase Communication
of such Repurchase Request or Repurchase Request Withdrawal, and such party shall comply with the procedures set forth in this
Section 2.03(d) with respect to such Repurchase Request or Repurchase Request Withdrawal. In no event shall the Custodian,
by virtue of this provision, be required to provide any notice other than as set forth in Section 2.02 of this Agreement
in connection with its review of the Mortgage File.

 

(e)          A
“Defect” shall exist with respect to a Mortgage Loan if any document constituting a part of the related Mortgage File
has not been delivered within the time periods provided for in the related Mortgage Loan Purchase Agreement, has not been properly
executed, is missing, does not appear to be regular on its face or contains information that does not conform in any material respect
with the corresponding information set forth in the Mortgage Loan Schedule. A “Breach” shall mean a breach of any representation
or warranty of any Mortgage Loan Seller made pursuant to the related Mortgage Loan Purchase Agreement with respect to any Mortgage
Loan. If any party hereto discovers or receives notice of a Defect or a Breach, and if such Defect is a Material Defect or such
Breach is a Material Breach, as applicable, then such party, on behalf of the Trust Fund, shall give prompt written notice thereof
(which notice shall be accompanied by a written demand to cure, repurchase or substitute in accordance with the applicable Mortgage
Loan Purchase Agreement) to the related Mortgage Loan Seller, the other parties hereto, the 17g-5 Information Provider (who shall
promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement),
the related Serviced Companion Loan Noteholder (if any) and, for so long as no Consultation Termination Event has occurred and
is continuing, the Directing Holder. If any such Defect or Breach materially and adversely affects the value of any Mortgage Loan,
the value of the related Mortgaged Property or the interests of the Trustee in any Mortgage Loan or Mortgaged Property, or causes
the related Mortgage Loan to be other than a Qualified Mortgage,

 

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then such Defect shall constitute a “Material Defect”
or such Breach shall constitute a “Material Breach,” as the case may be; provided, that if any of the documents
specified in Section 2.01(a)(i), Section 2.01(a)(ii), Section 2.01(a)(vii), Section 2.01(a)(xi) and
Section 2.01(a)(xix) of this Agreement are not delivered as required in the related Mortgage Loan Purchase Agreement, it
shall be deemed a Material Defect. The Custodian, the Certificate Administrator and the Trustee shall not be required to make any
such determination. Promptly upon receiving written notice of any such Material Defect or Material Breach with respect to a Mortgage
Loan, accompanied by a written demand to take the actions contemplated by this sentence from the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or
the Custodian, on behalf of the Trust Fund, the applicable Mortgage Loan Seller shall, not later than 90 days from the applicable
Mortgage Loan Seller’s receipt of such notice of such Material Defect or Material Breach, as the case may be (or, in the
case of a Material Defect or Material Breach relating to a Mortgage Loan not being a Qualified Mortgage, not later than 90 days
after the Mortgage Loan Seller or any party hereto discovering such Material Defect or Material Breach, provided that the related
Mortgage Loan Seller has received notice in accordance with the terms of the related Mortgage Loan Purchase Agreement) (any such
90-day period, the “Initial Resolution Period”), (i) cure the same in all material respects, (ii) repurchase
the affected Mortgage Loan at the applicable Purchase Price in conformity with the applicable Mortgage Loan Purchase Agreement
or (iii) substitute a Qualified Substitute Mortgage Loan (other than with respect to the Whole Loans, as applicable, for which
no substitution will be permitted) for such affected Mortgage Loan (provided that, in no event shall such substitution occur
later than the second anniversary of the Closing Date) and pay to the Master Servicer for deposit into the Collection Account (or,
with respect to any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account) any Substitution Shortfall Amount
in connection therewith; provided that if (i) such Material Defect or Material Breach is capable of being cured but not
within the Initial Resolution Period or, with respect to the immediately preceding proviso, the time period set forth therein,
(ii) such Material Defect or Material Breach is not related to any Mortgage Loan’s not being a Qualified Mortgage, (iii)
the Mortgage Loan Seller has commenced and is diligently proceeding with the cure of such Material Defect or Material Breach within
the Initial Resolution Period and (iv) the Mortgage Loan Seller has delivered to the Master Servicer, the Special Servicer, the
Asset Representations Reviewer, the Certificate Administrator (who will promptly deliver a copy of such officer’s certificate
to the 17g-5 Information Provider), the Trustee, the Operating Advisor and, prior to the occurrence of a Consultation Termination
Event, the Directing Holder, an officer’s certificate that describes the reason the cure was not effected within the initial
90-day period, then the Mortgage Loan Seller shall have an additional period equal to the applicable Resolution Extension Period
to complete such cure or, failing such cure, to repurchase the Mortgage Loan or substitute a Qualified Substitute Mortgage Loan.
Notwithstanding the foregoing, if a Mortgage Loan is not secured by a Mortgaged Property that is, in whole or in part, a hotel,
restaurant (operated by a Borrower), healthcare facility, nursing home, assisted living facility, theatre or fitness center (operated
by a Borrower), then the failure to deliver to the Custodian copies of the UCC financing statements with respect to such Mortgage
Loan shall not be a Material Defect. With respect to the Non-Serviced Mortgage Loans, the related Mortgage Loan Seller agrees that
any Defect as such term is defined in the related Other Pooling and Servicing Agreement (other than a Defect related to the promissory
note for the related Companion Loan) will constitute a Defect under the related Mortgage Loan Purchase Agreement.

 

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Notwithstanding the foregoing,
if there is a Material Breach or Material Defect with respect to one or more Mortgaged Properties with respect to a Mortgage Loan,
the applicable Mortgage Loan Seller will not be obligated to repurchase the Mortgage Loan and such Material Breach or Material
Defect will be considered Resolved if (i) the affected Mortgaged Property may be released pursuant to the terms of any partial
release provisions in the related Loan Documents (and such Mortgaged Property is, in fact, released), (ii) the remaining Mortgaged
Property(ies) satisfy the requirements, if any, set forth in the Loan Documents and the Mortgage Loan Seller provides an Opinion
of Counsel to the effect that such release would not cause an Adverse REMIC Event to occur and (iii) each applicable Rating Agency
has provided a Rating Agency Confirmation.

 

If a Mortgage Loan Seller,
in connection with a Material Defect or a Material Breach (or an allegation of a Material Defect or a Material Breach) pertaining
to a Mortgage Loan, makes a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and
the Special Servicer on behalf of the Trust (and with the consent of the Directing Holder if no Control Termination Event has occurred
and is continuing) (each such payment, a “Loss of Value Payment”) with respect to such Mortgage Loan, the amount
of such Loss of Value Payment shall be deposited into the Loss of Value Reserve Fund to be applied in accordance with Section
3.06(e) of this Agreement. In connection with any such determination with respect to any Performing Loan, the Master Servicer
shall promptly provide the Special Servicer, but in any event within the time frame and in the manner set forth in Section 3.23,
with the Servicing File and all information, documents (but excluding the original documents constituting the Mortgage File) and
records (including records stored electronically) relating to such Mortgage Loan or Serviced Whole Loan, as applicable, and reasonably
requested by the Special Servicer pursuant to Section 2.03 in order to permit the Special Servicer to calculate the Loss
of Value Payment. If such Loss of Value Payment is made, the Loss of Value Payment shall serve as the sole remedy available to
the Certificateholders and the Trustee on their behalf regarding any such Material Breach or Material Defect in lieu of any obligation
of the Mortgage Loan Seller to otherwise cure such Material Breach or Material Defect or repurchase or substitute for the affected
Mortgage Loan based on such Material Breach or Material Defect under any circumstances. This paragraph is intended to apply only
to a mutual agreement or settlement between the applicable Mortgage Loan Seller and the Trust, provided, that (i) prior
to any such agreement or settlement nothing in this paragraph shall preclude the Mortgage Loan Seller or the Trustee from exercising
any of its rights related to a Material Defect or a Material Breach in the manner and timing set forth in the related Mortgage
Loan Purchase Agreement or this Section 2.03 (excluding this paragraph) (including any right to cure, repurchase or substitute
for such Mortgage Loan), (ii) such Loss of Value Payment shall not be greater than the Purchase Price of the affected Mortgage
Loan, and (iii) a Material Defect or a Material Breach as a result of a Mortgage Loan not constituting a Qualified Mortgage may
not be cured by a Loss of Value Payment.

 

If any Breach pertains
to a representation or warranty to the effect that the related Mortgage Loan documents or any particular Mortgage Loan document
requires the related Borrower to bear the costs and expenses associated with any particular action or matter under such Mortgage
Loan document(s), then the related Mortgage Loan Seller may cure such Breach within the applicable cure period (as the same may
be extended) by reimbursing the Trust Fund (by wire transfer of immediately available funds) the reasonable amount of any such
costs and

 

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expenses incurred by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Trust
Fund that are incurred as a result of such Breach and have not been reimbursed by the related Borrower; provided, however,
that in the event any such costs and expenses exceed $10,000, the related Mortgage Loan Seller shall have the option to either
repurchase or substitute for the related Mortgage Loan as provided above or pay such costs and expenses. Except as provided in
the proviso to the immediately preceding sentence, the related Mortgage Loan Seller shall remit the amount of such costs and expenses
and upon its making such remittance, the related Mortgage Loan Seller shall be deemed to have cured such Breach in all respects.
To the extent any fees or expenses that are the subject of a cure by the related Mortgage Loan Seller are subsequently obtained
from the related Borrower, the portion of the cure payment made by the related Mortgage Loan Seller equal to such fees or expenses
obtained from the related Borrower shall promptly be returned to the related Mortgage Loan Seller.

 

(f)          In
connection with any repurchase of or substitution for a Mortgage Loan contemplated by this Section 2.03, (A) the Custodian,
the Master Servicer (with respect to any Performing Loan) and the Special Servicer (with respect to any Specially Serviced Loan)
shall each tender to the applicable Mortgage Loan Seller all portions of the Mortgage File (in the case of the Custodian) and the
Servicing File (in the case of the Master Servicer and the Special Servicer, as applicable) and other documents pertaining to such
Mortgage Loan possessed by it, upon delivery (i) to each of the Master Servicer or the Special Servicer, as applicable, of a trust
receipt and (ii) to the Custodian by the Master Servicer or the Special Servicer, as applicable, of a Request for Release and an
acknowledgement by the Master Servicer or Special Servicer, as applicable, of its receipt of the Purchase Price or the Substitution
Shortfall Amount from the applicable Mortgage Loan Seller, (B) each document that constitutes a part of the Mortgage File that
was endorsed or assigned to the Trustee shall be endorsed or assigned without recourse in the form of endorsement or assignment
provided to the Custodian by the applicable Mortgage Loan Seller, as the case may be, to the applicable Mortgage Loan Seller as
shall be necessary to vest in the applicable Mortgage Loan Seller the legal and beneficial ownership of such Mortgage Loan to the
extent such ownership was transferred to the Trustee (provided, that the Master Servicer or Special Servicer, as applicable,
shall use reasonable efforts to cooperate in furnishing necessary information to the extent in its possession to the Mortgage Loan
Seller in connection with such Mortgage Loan Seller’s preparation of such endorsement or assignment) and (C) the Trustee,
the Certificate Administrator, the Master Servicer and the Special Servicer shall release, or cause a release of, any escrow payments
and reserve funds held by the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable,
or on the Trustee’s, the Certificate Administrator’s, the Master Servicer’s and the Special Servicer’s,
as applicable, behalf, in respect of such Mortgage Loan to the applicable Mortgage Loan Seller.

 

(g)          The
Enforcing Servicer shall, for the benefit of the Certificateholders and the Trustee, use reasonable efforts to enforce the obligations
of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement. Such enforcement, including,
without limitation, the legal prosecution of claims, shall be carried out in accordance with the Servicing Standard. The Trustee,
the Certificate Administrator, the Master Servicer and the Special Servicer, as the case may be, shall be reimbursed for the reasonable
costs of such enforcement: first, pursuant to Section 3.06 of this Agreement (with respect to the related Mortgage
Loan), out of the related Purchase Price or Substitution Shortfall Amount, as applicable, to the extent that such expenses are
a specific component thereof; and second, if at

 

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the conclusion of such enforcement action it is determined that the amounts
described in clause first are insufficient, then pursuant to Section 3.06 of this Agreement, out of general collections
on the Mortgage Loans on deposit in the Collection Account in each case with interest thereon at the Reimbursement Rate from the
time such expense was incurred to, but excluding, the date such expense was reimbursed. To the extent the applicable Mortgage Loan
Seller prevails in such proceeding, such Mortgage Loan Seller shall be entitled to reimbursement from the Trust for all necessary
and reasonable costs and expenses incurred in connection with such proceeding, including reasonable attorneys’ fees.

 

So long as document exceptions
are outstanding, on each anniversary of the Closing Date, the Custodian shall prepare and forward to the Depositor, the Trustee,
the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Controlling Class Representative (as identified to the Custodian by the Certificate Administrator) and the applicable Mortgage
Loan Seller, a document exception report setting forth the then current status of any Defects related to the Mortgage Files pertaining
to the Mortgage Loans sold by such Mortgage Loan Seller.

 

As to any Qualified Substitute
Mortgage Loan, the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced
Loans and REO Properties) shall direct the related Mortgage Loan Seller to deliver to the Custodian for such Qualified Substitute
Mortgage Loan (with a copy to the Master Servicer), the related Mortgage File with the related Mortgage Note endorsed as required
by Section 2.01(a)(i) hereof. Periodic Payments due with respect to Qualified Substitute Mortgage Loans in or prior to the
month of substitution shall not be part of the Trust Fund and, if received by the Master Servicer, shall be remitted by the Master
Servicer to the related Mortgage Loan Seller on the next succeeding Distribution Date. For the month of repurchase or substitution,
distributions to Certificateholders will include the Periodic Payment(s) due on the related Removed Mortgage Loan, if and to the
extent received by the Master Servicer or the Special Servicer on behalf of the Trust on or prior to the related date of repurchase
or substitution, as applicable, and such Mortgage Loan Seller shall be entitled to retain all amounts received thereafter in respect
of such Removed Mortgage Loan.

 

In any month in which
a Mortgage Loan Seller substitutes one or more Qualified Substitute Mortgage Loans for one or more Removed Mortgage Loans, the
Master Servicer will determine the applicable Substitution Shortfall Amount and promptly notify the Certificate Administrator thereof.
Promptly upon receipt of such notice, the Certificate Administrator shall direct such Mortgage Loan Seller to deposit into the
Collection Account and/or the applicable Serviced Whole Loan Collection Account, as applicable, cash equal to such amount concurrently
with the delivery of the Mortgage Files for such Qualified Substitute Mortgage Loans, without any reimbursement thereof. The Certificate
Administrator shall also direct such Mortgage Loan Seller to give written notice to the Depositor, the Trustee and the Master Servicer
of such deposit. The Certificate Administrator shall cause its Distribution Date Statement to reflect the removal of each Removed
Mortgage Loan and, if applicable, the substitution of the Qualified Substitute Mortgage Loan. Upon any such substitution, the Qualified
Substitute Mortgage Loans shall be subject to the terms of this Agreement in all respects.

 

It is understood and
agreed that Section 6 of the Mortgage Loan Purchase Agreements provides the sole remedy available to the Certificateholders and
the Trustee on

 

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behalf of the Certificateholders respecting any Breach (including a Breach with respect to a Mortgage Loan failing
to constitute a Qualified Mortgage) or any Defect.

 

(h)          In
the event that any litigation is commenced which alleges facts which, in the judgment of the Depositor, could constitute a breach
of any of the Depositor’s representations and warranties relating to the Mortgage Loans, the Depositor hereby reserves the
right to conduct the defense of such litigation at its expense and shall not be required to obtain any consent from the Master
Servicer, the Special Servicer or the Directing Holder, unless such defense results in any liability of the Master Servicer, the
Special Servicer or the Directing Holder, as applicable.

 

(i)          If
for any reason a Mortgage Loan Seller fails to fulfill its obligations under the related Mortgage Loan Purchase Agreement with
respect to any Mortgage Loan, the Master Servicer (with respect to Performing Loans) and the Special Servicer (with respect to
Specially Serviced Loans) shall use reasonable efforts in enforcing any obligation of such Mortgage Loan Seller (including but
not limited to) to cure, repurchase or substitute for such Mortgage Loan under the terms of the related Mortgage Loan Purchase
Agreement all at the expense of such Mortgage Loan Seller.

 

(j)           [Reserved].

 

(k)          (i)
In the event an Initial Requesting Certificateholder delivers a written request to the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator or the Operating Advisor (solely in its capacity as Operating Advisor) that
a Mortgage Loan be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material Breach or Material Defect
with respect to such Mortgage Loan and setting forth the basis for such allegation (a “Certificateholder Repurchase Request”),
such party shall promptly forward that Certificateholder Repurchase Request to the Master Servicer and the Special Servicer, and
the Enforcing Servicer shall promptly forward that Repurchase Request to the related Mortgage Loan Seller and each other party
to this Agreement and take the actions required under Section 2.03(e). Subject to Section 2.03(l), the Enforcing
Servicer shall be the Enforcing Party with respect to the Certificateholder Repurchase Request. If a Resolution Failure occurs
with respect to the Certificateholder Repurchase Request, the provisions described below under Section 2.03(l) shall apply.

 

(ii)    
     In the event that the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Administrator or the Operating Advisor (solely in its capacity as Operating Advisor) has knowledge of a Material
Breach or Material Defect with respect to a Mortgage Loan, that party shall deliver prompt written notice of such Material
Breach or Material Defect to the Master Servicer and the Special Servicer, and the Enforcing Servicer shall promptly forward
to each other party to this Agreement and the related Mortgage Loan Seller, identifying the applicable Mortgage Loan and
setting forth the basis for such allegation (a “PSA Party Repurchase Request” and, each of a
Certificateholder Repurchase Request or a PSA Party Repurchase Request, a “Repurchase Request”). Subject
to Section 2.03(l), the Enforcing Servicer shall be the Enforcing Party with respect to the PSA Party Repurchase
Request. If a Resolution Failure occurs with respect to the PSA Party Repurchase Request, the provisions described below
under Section 2.03(l) shall apply.

 

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(iii)          In
the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase Request
(such event, a “Resolution Failure”), and for all purposes herein, such Resolution Failure shall be deemed to
have occurred. Receipt of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase Request
is sent to the related Mortgage Loan Seller.

 

(iv)         Within
two (2) Business Days after a Resolution Failure occurs with respect to a PSA Party Repurchase Request made by any party other
than the Special Servicer or a Certificateholder Repurchase Request made by any Certificateholder other than the Directing Holder
or a Controlling Class Certificateholder, in each case, related to a Performing Loan, the Master Servicer shall send a written
notice (a “Master Servicer Proposed Course of Action Notice”) to the Special Servicer, indicating the Master
Servicer’s analysis and recommended course of action with respect to such Repurchase Request, along with the Servicing File
and all information, documents (but excluding the original documents constituting the Mortgage File) and records (including records
stored electronically on computer tapes, magnetic discs and the like) relating to such Performing Loan and, if applicable, the
related Serviced Companion Loan, either in the Master Servicer’s possession or otherwise reasonably available to the Master
Servicer, and reasonably requested by the Special Servicer to enable it to assume its duties hereunder to the extent set forth
hereunder for such Performing Loan. Upon receipt of such Master Servicer Proposed Course of Action Notice and such Servicing File,
the Special Servicer shall become the Enforcing Servicer with respect to such Repurchase Request.

 

(l)           (i)
After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase Request
was initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer shall send a
notice (a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any, to the address
specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator, who shall
make such notice available to all other Certificateholders and Certificate Owners (by posting such notice on the Certificate Administrator’s
Website) indicating the Enforcing Servicer’s intended course of action with respect to the Repurchase Request (the “Proposed
Course of Action”). If the Master Servicer is the Enforcing Servicer, the Master Servicer may (but shall not be obligated
to) consult with the Special Servicer and (for so long as no Consultation Termination Event has occurred and is continuing) the
Directing Holder regarding any Proposed Course of Action. Such notice shall include (a) a request to Certificateholders to indicate
their agreement with or dissent from such Proposed Course of Action by clearly marking “agree” or “disagree”
to the Proposed Course of Action on such notice within 30 days of the date of such notice and a disclaimer that responses received
after such 30-day period will not be taken into consideration, (b) a statement that in the event any Certificateholder disagrees
with the Proposed Course of Action, the Enforcing Servicer (either as the Enforcing Party or as the Enforcing Servicer in circumstances
where a Certificateholder is acting as the Enforcing Party) shall be compelled to follow the course of action agreed to and/or
proposed by the majority of the responding Certificateholders that involves referring the matter to mediation or arbitration, as
the case may be, (c) a statement that responding Certificateholders will be required to certify their holdings in connection with
such response, (d) a statement that only responses clearly marked “agree” or “disagree” with such Proposed
Course of Action will be taken into consideration and (e) instructions for responding

 

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Certificateholders to send their responses
to the applicable Enforcing Servicer and the Certificate Administrator. The Certificate Administrator shall within three (3) Business
Days after the expiration of the 30-day response period, tabulate the responses received from the Certificateholders and share
the results with the Enforcing Servicer. The Certificate Administrator shall only count responses timely received and clearly indicating
agreement or dissent with the related Proposed Course of Action and additional verbiage or qualifying language shall not be taken
into consideration for purposes of determining whether the related Certificateholder agrees or disagrees with the Proposed Course
of Action. The Certificate Administrator shall be under no obligation to answer any questions from Certificateholders regarding
such Proposed Course of Action. For the avoidance of doubt, the Certificate Administrator’s obligations in connection with
this Section 2.03(l) shall be limited solely to tabulating Certificateholder responses of “agree” or “disagree”
to the Proposed Course of Action, and such obligation shall not be construed to impose any enforcement obligation on the Certificate
Administrator. The Enforcing Servicer may conclusively rely (without investigation) on the Certificate Administrator’s tabulation
of the majority of the responding Certificateholders. If (a) the Enforcing Servicer’s intended course of action with respect
to the Repurchase Request does not involve pursuing further action to exercise rights against the applicable Mortgage Loan Seller
with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any other Certificateholder or
Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding arbitration) or arbitration,
or (b) the Enforcing Servicer’s intended course of action is to pursue further action to exercise rights against the applicable
Mortgage Loan Seller with respect to the Repurchase Request but the Initial Requesting Certificateholder, if any, or any other
Certificateholder or Certificate Owner does not agree with the dispute resolution method selected by the Enforcing Servicer, then
the Initial Requesting Certificateholder, if any, or such other Certificateholder or Certificate Owner may deliver to the Enforcing
Servicer a written notice (a “Preliminary Dispute Resolution Election Notice”) within 30 days from the date
the Proposed Course of Action Notice is posted on the Certificate Administrator’s Website (the “Dispute Resolution
Cut-off Date”) indicating its intent to exercise its right to refer the matter to either mediation or arbitration. In
the event any Certificateholder or Certificate Owner delivers a Preliminary Dispute Resolution Election Notice, and the Enforcing
Servicer has also received responses from other Certificateholders or Certificate Owners supporting the Enforcing Servicer’s
initial Proposed Course of Action, such responses shall be considered Preliminary Dispute Resolution Election Notices supporting
the Proposed Course of Action for purposes of determining the course of action proposed by the majority of Certificateholders.

 

(ii)         If
neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner delivers a Preliminary
Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder or Certificate Owner shall
have the right to refer the Repurchase Request to mediation or arbitration, and the Enforcing Servicer shall be the sole party
obligated and entitled to determine a course of action, including but not limited to, enforcing the Trust’s rights against
the related Mortgage Loan Seller, subject to any consent or consultation rights of the Directing Holder pursuant to Section
6.08.

 

(iii)        Promptly
and in any event within 10 Business Days following receipt of a Preliminary Dispute Resolution Election Notice from (a) the Initial
Requesting

 

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Certificateholder, if any, or (b) any other Certificateholder or Certificate Owner (each of clauses (a) and (b), a “Requesting
Certificateholder”), the Enforcing Servicer will be required to consult with each Requesting Certificateholder regarding
such Requesting Certificateholder’s intention to elect either mediation (including nonbinding arbitration) or arbitration
as the dispute resolution method with respect to the Repurchase Request (the “Dispute Resolution Consultation”)
so that such Requesting Certificateholder may consider the views of the Enforcing Servicer as to the claims underlying the Repurchase
Request and possible dispute resolution methods, such discussions to occur and be completed no later than 10 Business Days following
the Dispute Resolution Cut-off Date. The Enforcing Servicer shall be entitled to establish procedures the Enforcing Servicer deems
to be in accordance with the Servicing Standard relating to the timing and extent of such consultations. No later than 5 Business
Days after completion of the Dispute Resolution Consultation, a Requesting Certificateholder may provide a final notice to the
Enforcing Servicer indicating its decision to exercise its right to refer the matter to either mediation or arbitration (“Final
Dispute Resolution Election Notice”).

 

(iv)        If,
following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution Election
Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and will remain obligated
under this Agreement to determine a course of action, including but not limited to, enforcing the rights of the Trust with respect
to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter
to mediation or arbitration.

 

(v)         If
a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such
Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding
arbitration) or arbitration. If there is more than one Requesting Certificateholder that timely delivers a Final Dispute Resolution
Election Notice, then such Requesting Certificateholders will collectively become the Enforcing Party, and the holder or holders
of a majority of the Voting Rights among such Requesting Certificateholders will be entitled to make all decisions relating to
such mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the
terms of this Agreement within 30 days after delivery of its Final Dispute Resolution Election Notice to the Enforcing Servicer,
then (i) the rights of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder or
Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed Course
of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request, then
the related Material Breach or Material Defect shall be deemed waived for all purposes under this Agreement and the related Mortgage
Loan Purchase Agreement; provided, however, that such Material Breach or Material Defect shall not be deemed waived
with respect a Requesting Certificateholder, any other Certificateholder or Certificate Owner or the Enforcing Servicer to the
extent there is a material change in the facts and circumstances known to such party at the time when the Proposed Course of Action
Notice is posted on the Certificate Administrator’s Website and (iii) if the Proposed Course of Action Notice had indicated
a course of action other

 

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than the course of action under clause (ii), then the Enforcing Servicer shall again become the Enforcing
Party and, as such, shall be the sole party obligated and entitled to determine a course of action including, but not limited to,
enforcing the Trust’s rights against the related Mortgage Loan Seller.

 

(vi)        Notwithstanding
the foregoing, the dispute resolution provisions described above under this Section 2.03(l) will not apply, and the Enforcing
Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with respect to the Repurchase Request,
or determines in accordance with the Servicing Standard that it is in the best interest of Certificateholders to commence litigation
with respect to the Repurchase Request to avoid the running of any applicable statute of limitations.

 

(vii)       In
the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall remain
a party to any proceedings against the related Mortgage Loan Seller; provided that the degree and extent to which
the Enforcing Servicer actively prepares for and participates in such proceeding shall be determined by such Enforcing Servicer
in consultation with the Directing Holder, provided that a Consultation Termination Event has not occurred and is continuing,
and in accordance with the Servicing Standard. For the avoidance of doubt, the Depositor, the Mortgage Loan Sellers and any of
their respective Affiliates shall not be entitled to be an Initial Requesting Certificateholder or a Requesting Certificateholder.

 

(viii)      The
Requesting Certificateholder is entitled to elect either mediation or arbitration in its sole discretion; however, the Requesting
Certificateholder may not elect to then utilize the alternative method in the event that the initial method is unsuccessful.

 

(ix)        If
(i) a Repurchase Request is made with respect to any Mortgage Loan based on any particular alleged Material Breach or Material
Defect, (ii) a Resolution Failure is deemed to occur with respect to such Repurchase Request, and (iii) if either (A) a mediation
or arbitration is undertaken with respect to such Repurchase Request or (B) the Certificateholders and Certificate Owners cease
to have a right to refer such Repurchase Request to mediation or arbitration, in either case in accordance with the provisions
of this Agreement, then no Certificateholder or Certificate Owner may make any subsequent Repurchase Request with respect to such
Mortgage Loan based on the same alleged Material Breach or Material Defect unless there is a material change in the facts and circumstances
known to such party.

 

(x)         The
Depositor, the Mortgage Loan Seller and any of their respective Affiliates shall not be entitled to be an Initial Requesting Certificateholder
or a Requesting Certificateholder.

 

(m)        If
the Enforcing Party selects mediation (including nonbinding arbitration), the following provisions shall apply:

 

(i)          The
mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage Loan Seller
in accordance with published mediation procedures (the “Mediation Rules”) promulgated by a nationally

 

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recognized
mediation services provider selected by the Mortgage Loan Seller (such provider, the “Meditation Services Provider”).

 

(ii)         The
mediator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation, and commercial real estate finance or commercial mortgage-backed securitization matters or other complex
commercial transactions, and who will be appointed from a list of neutrals maintained by the Mediation Services Provider. Upon
being supplied a list of at least ten potential qualified mediators by the Mediation Services Provider each party will have the
right to exercise two peremptory challenges within 14 days and to rank the remaining potential mediators in order of preference.
The Mediation Services Provider shall select the mediator from the remaining attorneys on the list respecting the preference choices
of the parties to the extent possible.

 

(iii)        The
parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within 10 Business
Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.

 

(iv)        The
expenses of any mediation shall be allocated among the parties to the mediation, including, if applicable, between the Enforcing
Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(n)         If
the Enforcing Party selects third-party arbitration, the following provisions will apply:

 

(i)          The
arbitration shall be administered by a nationally recognized arbitration services provider selected by the related Mortgage Loan
Seller in accordance with published arbitration procedures (the “Arbitration Rules”) promulgated by a nationally
recognized arbitration services provider selected by the Mortgage Loan Seller (such provider, the “Arbitration Services
Provider”).

 

(ii)         The
arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation and commercial real estate finance or commercial mortgage-backed securitization matters or other complex
commercial transactions, and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon
being supplied a list of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right
to exercise two peremptory challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The
Arbitration Services Provider will select the arbitrator from the remaining attorneys on the list respecting the preference choices
of the parties to the extent possible.

 

(iii)   
    Prior to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to
create a reasonable inference of bias or conflict of interest or likely to preclude completion of the hearings within the
prescribed time schedule.

 

(iv)        After
consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment, the arbitrator
shall devise procedures

 

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and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of
expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority to schedule,
hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal Rules of Civil
Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing and post hearing
motions), and will do so by reasoned decision on the motion of any party to the arbitration.

 

(v)    
    Notwithstanding whatever other discovery may be available under the Rules, unless otherwise agreed by
the parties, each party to the arbitration will be presumptively limited to the following discovery in the arbitration: (A)
the parties shall reasonably and in good faith voluntarily produce to all other parties all documents upon which they intend
to rely and all documents they reasonably and in good faith believe to be relevant to the claims or defenses asserted by any
of the parties, (B) party witness depositions (excluding Rule 30b-6 witnesses), and (C) expert witness depositions, provided,
that the arbitrator shall have the ability to grant the parties, or either of them, additional discovery to the extent that
the arbitrator determines good cause is shown that such additional discovery is reasonable and necessary.

 

(vi)        The
arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission of any
post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage Loan Purchase
Agreement and this Agreement, and may not modify or change those agreements in any way or award remedies not consistent with those
agreements. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by them. Interest on any monetary award shall bear interest from the date of the Election Notice at the Prime Rate. In its final
determination, the arbitrator shall determine and award the costs of the arbitration (including the fees of the arbitrator, cost
of any record or transcript of the arbitration, and administrative fees) and shall award reasonable attorneys’ fees to the
parties to the arbitration as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator shall
be by a reasoned decision in writing and counterpart copies will be promptly delivered to the parties. The final determination
of the arbitrator shall be final and non-appealable, except for actions to confirm or vacate the determination permitted under
federal or state law, and may be enforced in any court of competent jurisdiction.

 

(vii)       By
selecting arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.

 

(viii)      No
person may bring a putative or certificated class action to arbitration.

 

(o)         The
following provisions will apply to both mediation and third-party arbitration:

 

(i)          Any
mediation or arbitration will be held in New York, New York unless another location is agreed by all parties.

 

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(ii)         If
the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute relating
to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider, then
any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending the
final decision of the arbitration panel, solely by application in the Southern District if such court shall have subject matter
jurisdiction, or if the Southern District has no jurisdiction, then it the Supreme Court of the State of New York for the County
of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)    
   The details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration
proceedings conducted under this Section 2.03, including all offers, promises, conduct and statements, whether oral or
written, made in the course of the parties’ attempt to informally resolve any Repurchase Request, will be confidential,
privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other
proceeding (including any proceeding under this Section 2.03). Such information will be kept strictly confidential and
will not be disclosed or shared with any third party (other than a party’s attorneys, experts, accountants and other
agents and representatives, as reasonably required in connection with any resolution procedure under this Section
2.03), except as otherwise required by law, regulatory requirement or court order. If any party to a resolution procedure
receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for such
confidential information, the recipient will promptly notify the other party to the resolution procedure and will provide the
other party with a reasonable opportunity to object to the production of its confidential information.

 

(iv)        In
the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may
be, shall be required contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party to any
arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing Party;
provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates in such proceedings
shall be determined by such Enforcing Servicer in consultation with the Directing Holder, provided that a Consultation Termination
Event has not occurred and is continuing, and in accordance with the Servicing Standard. All amounts recovered by the Enforcing
Party shall be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited in the Collection Account. The agreement
with the arbitrator or mediation, as the case may be, will provide that in the event a Requesting Certificateholder is allocated
any related costs and expenses pursuant to the terms of the arbitrator’s decision or the agreement reached in mediation,
neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible for any such costs and expenses allocated
to the Requesting Certificateholder.

 

(v)          In
the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder shall be required to pay any
expenses allocated to the

 

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Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear
in the mediation proceedings.

 

(vi)        The
Trust (or the Trustee or the Enforcing Party acting on its behalf), the Depositor or any Mortgage Loan Seller shall be permitted
to redact any personally identifiable customer information included in any information provided for purposes of any mediation or
arbitration. Each party to the proceedings shall be required to agree to keep confidential the details related to the Repurchase
Request and the dispute resolution identified in connection with such procedures; provided, however, that the Certificateholders
shall be permitted to communicate prior to the commencement of any such proceedings to the extent provided in Section 5.06.

 

(vii)       For
the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase Request
to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the Enforcing
Servicer to perform its obligations with respect to a Mortgage Loan or the exercise of any rights of a Directing Holder (including
without limitation, a liquidation, foreclosure, negotiation of a loan modification or workout, acceptance of a discounted pay off
or deed in lieu, or bankruptcy or other litigation).

 

(viii)    
  For the avoidance of doubt, any expenses required to be borne by or allocated to the Enforcing Servicer in
mediation or arbitration or related responsibilities under this Agreement shall be reimbursable as Additional Trust Fund
Expenses.

 

Section 2.04     Representations,
Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor and the Asset Representations Reviewer. (a) The Master Servicer, as Master Servicer, hereby represents and warrants
with respect to itself to the Trustee, for its own benefit and the benefit of the Certificateholders, and to the Depositor, the
Certificate Administrator, the Special Servicer, the Asset Representations Reviewer and the Operating Advisor and the Serviced
Companion Loan Noteholders, as of the Closing Date, that:

 

(i)          The
Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States of America, and the Master Servicer is in compliance with the laws of each state (within the United States of America)
in which any related Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)       
 The execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms
of this Agreement by the Master Servicer, do not (A) violate the Master Servicer’s organizational documents, (B)
constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result
in the breach of, any material agreement or other material instrument to which it is a party or which is applicable to it or
any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the Master Servicer or its
property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability
of the Master Servicer to perform its obligations under this Agreement or its financial condition;

 

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(iii)        The
Master Servicer has the full corporate power and authority to enter into and consummate all transactions to be performed by it
contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement, and has duly
executed and delivered this Agreement;

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Special Servicer and the Depositor, constitutes a valid, legal and
binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject
to applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity
or at law;

 

(v)         The
Master Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Master Servicer’s reasonable judgment is likely
to materially and adversely affect the financial condition or operations of the Master Servicer or its properties taken as a whole
or its ability to perform its duties and obligations hereunder;

 

(vi)         No
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer which would
prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable judgment
is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under this Agreement
or the financial condition of the Master Servicer;

 

(vii)        No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Master Servicer of, or compliance by the Master Servicer with, this Agreement or the consummation of the transactions
of the Master Servicer contemplated by this Agreement, except for any consent, approval, authorization or order which has been
obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Master Servicer to perform
its obligations hereunder;

 

(viii)       Each
officer and employee of the Master Servicer that has responsibilities concerning the servicing and administration of Mortgage Loans
or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage
required by this Agreement or the Master Servicer self-insures for such risks in compliance with the requirements of Section
3.08(d) of this Agreement.

 

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(b)          The
Special Servicer, as Special Servicer, hereby represents and warrants to and covenants with the Trustee, for its own benefit and
the benefit of the Certificateholders, and to the Depositor, the Certificate Administrator, the Master Servicer, the Operating
Advisor, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)          The
Special Servicer is a limited liability company, duly organized, validly existing and in good standing under the laws of Delaware,
and the Special Servicer is in compliance with the laws of each state (within the United States of America) in which any related
Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)         The
execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms of this Agreement
by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents or (B) constitute a default (or
an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate
any law, rule, regulation, order, judgment or decree to which the Special Servicer or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations
under this Agreement or its financial condition;

 

(iii)        The
Special Servicer has the full limited liability company power and authority to enter into and consummate all transactions to be
performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement,
and has duly executed and delivered this Agreement;

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Master Servicer and the Depositor, constitutes a valid, legal and binding obligation
of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject to applicable bankruptcy,
insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally,
and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)         The
Special Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Special Servicer’s reasonable judgment is
likely to materially and adversely affect the financial condition or operations of the Special Servicer or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)         No
litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer which
would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable

 

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judgment is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under
this Agreement or the financial condition of the Special Servicer;

 

(vii)        No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Special Servicer of, or compliance by the Special Servicer with, this Agreement or the consummation of the transactions
of the Special Servicer contemplated by this Agreement, except for any consent, approval, authorization or order which has been
obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Special Servicer to perform
its obligations hereunder; and

 

(viii)       Each
officer and employee of the Special Servicer that has responsibilities concerning the servicing and administration of Mortgage
Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage
required by this Agreement or the Special Servicer self-insures for such risks in compliance with the requirements of Section
3.08(d) of this Agreement.

 

(c)          [Reserved].

 

(d)          The
Trustee hereby represents and warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Certificate Administrator and the Serviced Companion Loan Noteholders as of the Closing Date,
that:

 

(i)            The
Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United States
of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement.

 

(ii)           This
Agreement has been duly authorized, executed and delivered by the Trustee and, assuming due authorization, execution and delivery
by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Trustee in accordance with
its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting
the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement
is considered in a proceeding in equity or at law).

 

(iii)          Neither
the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions herein contemplated
to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with or result in a breach
of, or constitute a default under, any of the provisions of any applicable law (subject to the appointment in accordance with such
applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental rule, regulation, judgment,
decree or order binding on the Trustee or its properties or the organizational documents of the Trustee or the terms of any material
agreement, instrument or indenture to which the Trustee is a party or by which it is bound which, in the Trustee’s good faith

 

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and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations under
this Agreement.

 

(iv)          The
Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance
with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court binding on the
Trustee or any law, order or regulation of any federal, state, municipal or governmental agency having jurisdiction, or result
in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have consequences that would materially
and adversely affect the condition (financial or otherwise) or operation of the Trustee or its properties.

 

(v)          No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Trustee of or compliance by the Trustee with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained, would have a materially adverse
effect on the Trustee’s ability to perform its obligations hereunder.

 

(vi)          To
the best of the Trustee’s knowledge, no litigation is pending or threatened against the Trustee which would prohibit its
entering into or materially and adversely affect its ability to perform its obligations under this Agreement or the Indemnification
Agreement, dated as of the Pricing Date, among the Trustee, the Depositor and the Underwriters.

 

(e)          The
Certificate Administrator hereby represents and warrants to the Depositor, the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date,
that:

 

(i)            The
Certificate Administrator is a national banking association, duly organized, validly existing and in good standing under the laws
of the United States of America and has full power, authority and legal right to own its properties and conduct its business as
presently conducted and to execute, deliver and perform the terms of this Agreement.

 

(ii)           This
Agreement has been duly authorized, executed and delivered by the Certificate Administrator and, assuming due authorization, execution
and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Certificate
Administrator in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless
of whether such enforcement is considered in a proceeding in equity or at law).

 

(iii)          Neither
the execution and delivery of this Agreement by the Certificate Administrator nor the consummation by the Certificate Administrator
of the transactions herein contemplated to be performed by the Certificate Administrator, nor compliance by the Certificate Administrator
with the provisions hereof, will conflict with or result in a

 

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breach of, or constitute a default under, any of the provisions of
any applicable law, governmental rule, regulation, judgment, decree or order binding on the Certificate Administrator or its properties
or the organizational documents of the Certificate Administrator or the terms of any material agreement, instrument or indenture
to which the Certificate Administrator is a party or by which it is bound which, in the Certificate Administrator’s good
faith and reasonable judgment, is likely to affect materially and adversely the ability of the Certificate Administrator to perform
its obligations under this Agreement.

 

(iv)         The
Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator
and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order
or decree of any court binding on the Certificate Administrator or any law, order or regulation of any federal, state, municipal
or governmental agency having jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which, in
any such event, would have consequences that are likely to affect materially and adversely the ability of the Certificate Administrator
to perform its obligations under this Agreement.

 

(v)          No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Certificate Administrator of or compliance by the Certificate
Administrator with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained,
would have a materially adverse effect on the Certificate Administrator’s ability to perform its obligations hereunder.

 

(vi)         To
the best of the Certificate Administrator’s knowledge, no litigation is pending or threatened against the Certificate Administrator
which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement
or the Indemnification Agreement, dated as of the Pricing Date, between the Certificate Administrator, the Depositor and the Underwriters.

 

(f)           The
Operating Advisor hereby represents and warrants to the Trustee, the Depositor, the Certificate Administrator, the Master Servicer,
the Special Servicer, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)            The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of New York and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement;

 

(ii)         The
execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this Agreement
by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents or (B) constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other

 

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material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate
any law, rule, regulation, order, judgment or decree to which the Operating Advisor or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Operating Advisor to perform its obligations
under this Agreement or its financial condition;

 

(iii)        The
Operating Advisor has the full limited liability company power and authority to enter into and consummate all transactions to be
performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement,
and has duly executed and delivered this Agreement;

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Certificate Administrator, the Master Servicer,
the Special Servicer, and the Depositor, constitutes a valid, legal and binding obligation of the Operating Advisor, enforceable
against the Operating Advisor in accordance with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization,
receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally, and general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)          The
Operating Advisor is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Operating Advisor’s reasonable judgment, is
likely to materially and adversely affect the financial condition or operations of the Operating Advisor or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)          No
litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor which
would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and reasonable
judgment, is likely to materially and adversely affect either the ability of the Operating Advisor to perform its obligations under
this Agreement or the financial condition of the Operating Advisor; and

 

(vii)   
    No consent, approval, authorization or order of any court or governmental agency or body is required
for the execution, delivery and performance by the Operating Advisor, or compliance by the Operating Advisor with, this
Agreement or the consummation of the transactions of the Operating Advisor contemplated by this Agreement, except for any
consent, approval, authorization or order which has been obtained, or which, if not obtained would not have a materially
adverse effect on the ability of the Operating Advisor to perform its obligations hereunder.

 

(g)          The
Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders,
and to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator, as of
the Closing Date, that:

 

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(i)          The
Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing under the
laws of the State of New York, and the Asset Representations Reviewer is in compliance with the laws of each State in which any
Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)         The
execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with the terms
of this Agreement by the Asset Representations Reviewer, do not (A) violate the Asset Representations Reviewer’s organizational
documents, (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under,
or result in the breach of, any material agreement or other material instrument to which it is a party or which is applicable to
it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the Asset Representations
Reviewer or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or its financial condition;

 

(iii)        The
Asset Representations Reviewer has the full limited liability company power and authority to enter into and consummate all transactions
to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this
Agreement, and has duly executed and delivered this Agreement;

 

(iv)        This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in accordance with the
terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement
is considered in a proceeding in equity or at law;

 

(v)         The
Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its performance and
compliance with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter,
or any order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the
Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or the financial condition of
the Asset Representations Reviewer;

 

(vi)        No
litigation is pending or, to the best of the Asset Representations Reviewer’s knowledge, threatened against the Asset Representations
Reviewer, which would prohibit the Asset Representations Reviewer from entering into this Agreement or, in the Asset Representations
Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Asset Representations
Reviewer to perform its obligations under this Agreement;

 

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(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Asset Representations Reviewer of, or compliance by the Asset Representations Reviewer
with, this Agreement or the consummation of the transactions of the Asset Representations Reviewer contemplated by this Agreement,
except for any consent, approval, authorization or order which has been obtained or can be obtained prior to the actual performance
by the Asset Representations Reviewer of its obligations under this Agreement, or which, if not obtained would not have a materially
adverse effect on the ability of the Asset Representations Reviewer to perform its obligations hereunder; and

 

(viii)      The
Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

 

(h)         It
is understood and agreed that the representations and warranties set forth in this Section shall survive delivery of the respective
Mortgage Files to the Custodian on behalf of the Trustee until the termination of this Agreement, and shall inure to the benefit
of the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Serviced
Companion Loan Noteholders and the Master Servicer or Special Servicer, as the case may be. Upon discovery by the Depositor, the
Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
or a Responsible Officer of the Trustee (or upon written notice thereof from any Certificateholder) of a breach of any of the representations
and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders, the Certificate
Administrator, the Master Servicer, Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Serviced Companion
Loan Noteholders or the Trustee in any Mortgage Loan, the party discovering such breach shall give prompt written notice to the
other parties hereto, the Serviced Companion Loan Noteholders and the Mortgage Loan Sellers.

 

Section 2.05     Execution
and Delivery of Certificates; Issuance of Lower-Tier Regular Interests. The Trustee acknowledges the assignment to it of
the Mortgage Loans, the Prudential Plaza Loan REMIC Residual Interest and the delivery of the Mortgage Files to the Custodian
(to the extent the documents constituting the Mortgage Files are actually delivered to the Custodian), subject to the
provisions of Section 2.01 and Section 2.02 of this Agreement and, concurrently with such delivery, (i)
acknowledges and hereby declares that it holds the Mortgage Loans (excluding the Excess Interest) and the Prudential Plaza
Loan REMIC Residual Interest for the benefit of (y) the Holders of the Class R Certificates (in respect of the Class LTR
Interest) and (z) the Holders of the Lower-Tier Regular Interests; (ii) acknowledges and hereby declares that it holds (y)
the Excess Interest for the benefit of the Holders of the Class V Certificates and (z) the Prudential Plaza Loan REMIC
Residual Interest for the benefit of the Holders of the Class R Certificates; (iii) in exchange for the Mortgage Loans and
the Prudential Plaza Loan REMIC Residual Interest, acknowledges the issuance of the Lower-Tier Regular Interests and the
Class LTR Interest represented by the Class R Certificates; (iv) acknowledges the contribution by the Depositor of the
Lower-Tier Regular Interests to the Upper-Tier REMIC and hereby declares that it holds the Lower-Tier Regular Interests on
behalf of the Upper-Tier REMIC and the Holders of the Certificates (other than the Class V Certificates); and (v) in exchange
for the Lower-Tier Regular Interests, has caused to be executed and caused to be authenticated and

 

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delivered to or upon the
order of the Depositor, or as directed by the terms of this Agreement, the Regular Certificates and the Class R Certificates,
in authorized denominations; and the Depositor hereby acknowledges the receipt by it or its designees of the Regular
Certificates, the Class R Certificates and the Class V Certificates, which Certificates evidence ownership of the entire
Trust Fund.

 

The Depositor, as of
the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all the
right, title and interest of the Depositor in and to the Excess Interest to the Trustee for the benefit of the holders of the Class
V Certificates. The Trustee (i) acknowledges the assignment to it of the Excess Interest, (ii) declares that it holds and will
hold such Excess Interest in trust for the exclusive use and benefit of all present and future Holders of the Class V Certificates
and (iii) has caused the Certificate Administrator to execute, and has caused the Authenticating Agent to authenticate and to deliver
to or upon the order of the Depositor, in exchange for the Excess Interest, and the Depositor hereby acknowledges the receipt by
it or its designees of the Class V Certificates in authorized Denominations.

 

Section 2.06     Miscellaneous
REMIC and Grantor Trust Provisions. (a) The Lower-Tier Regular Interests issued hereunder are hereby designated as the “regular
interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class LTR Interest, represented
by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC
within the meaning of Section 860G(a)(2) of the Code. The Regular Certificates are hereby designated as “regular interests”
in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class UTR Interest, represented by the Class
R Certificates is hereby designated as the sole Class of “residual interests” in the Upper-Tier REMIC within the meaning
of Section 860G(a)(2) of the Code. The Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
within the meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date” of the Lower-Tier Regular
Interests and the Regular Certificates for purposes of Section 860G(a)(l) of the Code is the Rated Final Distribution Date.

 

(b)          None
of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall enter into any
arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically contemplated
herein.

 

(c)          The
Class V Certificates shall represent undivided beneficial interests in its corresponding portion of the Trust Fund consisting of
the Class V Specific Grantor Trust Assets. The Class R Certificates shall represent undivided beneficial interests in its corresponding
portion of the Trust Fund consisting of the Class R Specific Grantor Trust Assets. The Grantor Trust shall be treated as a “grantor
trust” within the meaning of subpart E, part I of subchapter J of the Code.

 

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Article
III

ADMINISTRATION AND SERVICING

OF THE TRUST FUND

 

Section 3.01     The
Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage Loans
and the Serviced Companion Loans. (a) The Master Servicer (generally with respect to Mortgage Loans (other than a
Non-Serviced Mortgage Loan) and Serviced Companion Loans that are not Specially Serviced Loans) and the Special Servicer
(generally with respect to Specially Serviced Loans and Serviced REO Loans), each as an independent contractor servicer,
shall service and administer the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and the Serviced Companion Loans on
behalf of the Trust Fund and the Trustee (as Trustee for the Certificateholders) and, in the case of any Serviced Whole Loan,
the related Serviced Companion Loan Noteholders, (as a collective whole as if such Certificateholders and Serviced Companion
Loan Noteholders, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with a related
Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion
Loan)), in each case, in accordance with the Servicing Standard.

 

The Master
Servicer’s or Special Servicer’s liability for actions and omissions in its capacity as Master Servicer or
Special Servicer, as the case may be, hereunder is limited as provided herein (including, without limitation, pursuant to Section
6.03 hereof). To the extent consistent with the foregoing and subject to any express limitations set forth in this
Agreement, the Master Servicer and Special Servicer shall seek to maximize the timely and complete recovery of principal and
interest on the Mortgage Notes; provided, that nothing herein contained shall be construed as an express or implied
guarantee by the Master Servicer or Special Servicer of the collectability of the Mortgage Loans or the Serviced Companion
Loans. Subject only to the Servicing Standard, the Master Servicer and Special Servicer shall have full power and authority,
acting alone or through sub-servicers (subject to paragraph (c) of this Section 3.01, to the related sub-servicing
agreement with each sub-servicer and to Section 3.02 of this Agreement), to do or cause to be done any and all things
in connection with such servicing and administration that it may deem consistent with the Servicing Standard and, in its
reasonable judgment, in the best interests of the Certificateholders, including, without limitation, with respect to each
Mortgage Loan (other than any Non-Serviced Mortgage Loan, and in the case of the Serviced Whole Loans, in the best interests
of the Certificateholders and the Serviced Companion Loan Noteholders, as a collective whole as if such Certificateholders
and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholders constituted a single lender (and with respect
to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of
such Serviced Subordinate Companion Loan)) to prepare, execute and deliver, on behalf of the Certificateholders and Serviced
Companion Loan Noteholders and the Trustee or any of them: (i) any and all financing statements, continuation statements and
other documents or instruments necessary to maintain the lien on each Mortgaged Property and related collateral; (ii) any
modifications, waivers, consents or amendments to or with respect to any documents contained in the related Mortgage File;
and (iii) any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other
comparable instruments, with respect to such Mortgage Loans and the Mortgaged Properties. Notwithstanding the
foregoing, neither the Master Servicer nor the

 

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Special Servicer shall modify, amend,
waive or otherwise consent to any change of the terms of any Mortgage Loan except under the circumstances described in Section
3.03, Section 3.09, Section 3.10, Section 3.24, Section 3.25, Section 3.26 and Section
3.27 hereof. The Master Servicer (with respect to Mortgage Loans (other than a Non-Serviced Mortgage Loan) and Serviced Companion
Loans that are non-Specially Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans and Serviced REO
Loans) shall provide to the Borrowers related to such Mortgage Loans that it is servicing any reports required to be provided
to them pursuant to the related Loan Documents. Subject to Section 3.11 of this Agreement, the Trustee shall, upon the
receipt of a written request of a Servicing Officer, execute and deliver to the Master Servicer and Special Servicer, as applicable,
any powers of attorney (substantially in the form attached hereto as Exhibit DD, or such other form as mutually agreed
to by the Trustee and the Master Servicer or the Special Servicer, as applicable) and other documents (including but not limited
to other powers of attorney) prepared by the Master Servicer and Special Servicer, as applicable, and necessary or appropriate
(as certified in such written request) to enable the Master Servicer and Special Servicer, as applicable, to carry out their servicing
and administrative duties hereunder. The Trustee shall not be held liable for any misuse of any such power of attorney or such
other documents by the Master Servicer and Special Servicer, as applicable. Notwithstanding anything contained herein to the contrary,
none of the Master Servicer or the Special Servicer shall, without the Trustee’s written consent: (i) initiate any action,
suit or proceeding solely under the Trustee’s name without indicating the Master Servicer’s or the Special Servicer’s,
as the case may be, representative capacity (unless prohibited by any requirement of the applicable jurisdiction in which any
such action, suit or proceeding is brought and if so prohibited, in the manner required by such jurisdiction (provided that the
Master Servicer or the Special Servicer, as applicable, shall then provide five (5) Business Days’ written notice to the
Trustee of the initiation of such action, suit or proceeding (or such shorter time period as is reasonably required in the judgment
of the Master Servicer or the Special Servicer, as applicable, made in accordance with the Servicing Standard) prior to filing
such action, suit or proceeding), and shall not be required to obtain the Trustee’s consent or indicate the Master Servicer’s
or the Special Servicer’s, as applicable, representative capacity); or (ii) take any action with the intent to cause, and
that actually causes, the Trustee to be registered to do business in any state.

 

(b)          Unless
otherwise provided in the related Mortgage Note or related Intercreditor Agreement, the Master Servicer shall apply any partial
Principal Prepayment received on a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan, as applicable,
on a date other than a Due Date to the Stated Principal Balance of such Mortgage Loan (other than a Non-Serviced Mortgage Loan)
or Serviced Companion Loan, as applicable, as of the Due Date immediately following the date of receipt of such partial Principal
Prepayment. Unless otherwise provided in the related Mortgage Note or related Intercreditor Agreement, the Master Servicer shall
apply any amounts received on U.S. Treasury obligations in respect of a Mortgage Loan (other than a Non-Serviced Mortgage Loan)
or Serviced Companion Loan, as applicable, being defeased pursuant to its terms to the Stated Principal Balance of and interest
on such Mortgage Loan or Serviced Companion Loan, as applicable, as of the Due Date immediately following the receipt of such amounts.

 

(c)          The
Master Servicer and the Special Servicer, may enter into Sub-Servicing Agreements with third parties with respect to any of its
respective obligations

 

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hereunder, provided that (i) any such agreement requires the Sub-Servicer to comply in all material
respects with all of the applicable terms and conditions of this Agreement and shall be consistent with the provisions of this
Agreement, the terms of the respective Loan Documents and, in the case of a Serviced Companion Loan, the related Intercreditor
Agreement, (ii) if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, any such agreement provides
that (x) the failure of such Sub-Servicer to comply with any of the requirements under Article X of this Agreement applicable
to such Sub-Servicer, including the failure to deliver any reports or certificates at the time such report or certification is
required under Article X and (y) the failure of such Sub-Servicer to comply with any requirements to deliver any items required
by Items 1122 and 1123 of Regulation AB under any other pooling and servicing agreement relating to any other series of certificates
offered by the Depositor shall constitute an event of default by such Sub-Servicer upon the occurrence of which (following the
expiration of any applicable grace period) the Master Servicer shall (and the Depositor may) immediately terminate the related
Sub-Servicer under the related Sub-Servicing Agreement, which termination shall be deemed for cause, (iii) no Sub-Servicer retained
by the Master Servicer or the Special Servicer, as applicable, shall grant any modification, waiver or amendment to any Mortgage
Loan or Serviced Companion Loan, as applicable, or foreclose any Mortgage without the approval of the Master Servicer or the Special
Servicer, as applicable, which approval shall be given or withheld in accordance with the procedures set forth in Section 3.09,
Section 3.10, Section 3.24, Section 3.25, Section 3.26, Section 3.27, (as applicable), (iv)
such agreement shall be consistent with the Servicing Standard and (v) with respect to any Sub-Servicing Agreement entered into
after the Closing Date, if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, such Sub-Servicer,
at the time the related Sub-Servicing Agreement is entered into, is not a Prohibited Party. Any such Sub-Servicing Agreement may
permit the Sub-Servicer to delegate its duties to agents or Subcontractors so long as the related agreements or arrangements with
such agents or Subcontractors are consistent with the provisions of this Section 3.01(c) (including, for the avoidance of
doubt, that no such agent or Subcontractor is a Prohibited Party, if such agent or Subcontractor would be a Servicing Function
Participant, at the time the related sub-servicing agreement is entered into). Any monies received by a Sub-Servicer pursuant to
a Sub-Servicing agreement (other than sub-servicing fees) shall be deemed to be received by the Master Servicer on the date received
by such Sub-Servicer.

 

Any Sub-Servicing Agreement
entered into by the Master Servicer or the Special Servicer, as applicable, shall provide that it may be assumed or terminated
by the Trustee (in its sole discretion, but must be assumed with respect to any Mortgage Loan Seller Sub-Servicer so long as such
Mortgage Loan Seller Sub-Servicer is not in default under the applicable Sub-Servicing Agreement) if the Trustee has assumed the
duties of the Master Servicer or the Special Servicer, respectively, or any successor Master Servicer or Special Servicer, as applicable,
without cost or obligation to the assuming party or the Trust Fund, upon the assumption by such party of the obligations, except
to the extent they arose prior to the date of assumption, of the Master Servicer or the Special Servicer, as applicable, pursuant
to Section 7.02 (it being understood that any such obligations shall be the obligations of the terminated Master Servicer
or Special Servicer, as applicable, only).

 

Any Sub-Servicing Agreement,
and any other transactions or services relating to the Mortgage Loans or the Serviced Companion Loans involving a Sub-Servicer,
shall be deemed to be between the Master Servicer or the Special Servicer, as applicable, and such Sub-

 

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Servicer alone, and the
Trustee, the Certificate Administrator, the Trust Fund, the Operating Advisor, the Asset Representations Reviewer, the Certificateholders
and, if applicable, Serviced Companion Loan Noteholders shall not be deemed parties thereto and shall have no claims, rights (except
as specified below), obligations, duties or liabilities with respect to the Sub-Servicer, except as set forth in Section 3.01(c)(ii)
and Section 3.01(d).

 

Any Sub-Servicing Agreement
as to which a Mortgage Loan Seller required the Master Servicer to enter into shall provide that the Master Servicer (and any successor
Master Servicer) or Trustee may only terminate the related Mortgage Loan Seller Sub-Servicer for cause pursuant to such Sub-Servicing
Agreement and as otherwise specified in such Sub-Servicing Agreement.

 

Notwithstanding any other
provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement which provides for the performance
by third parties of any or all of its obligations herein, without the consent of the Directing Holder for so long as no Control
Termination Event has occurred and is continuing, except to the extent necessary for the Special Servicer to comply with applicable
regulatory requirements.

 

The Master Servicer or
the Special Servicer, as applicable, shall monitor the performance and enforce the obligations of each Mortgage Loan Seller Sub-Servicer
and each Sub-Servicer that it retains under a related Sub-Servicing Agreement, except that the Master Servicer shall only be required
to use commercially reasonable efforts to cause any Mortgage Loan Seller Sub-Servicer to comply with Article X hereof. No Sub-Servicer
shall be permitted under any Sub-Servicing Agreement to make material servicing decisions, such as loan modifications or determinations
as to the manner or timing of enforcing remedies under the Mortgage Loan documents, without the consent of the Master Servicer
or Special Servicer, as applicable. The Master Servicer’s consent may also be required for certain other servicing decisions
as provided in the related Sub-Servicing Agreement.

 

(d)          If
the Trustee or any successor Master Servicer assumes the obligations of the Master Servicer, or if the Trustee or any successor
Special Servicer assumes the obligations of the Special Servicer, in each case in accordance with Section 7.02, the Trustee,
the successor Master Servicer or such successor Special Servicer, as applicable, to the extent necessary to permit the Trustee,
the successor Master Servicer or such successor Special Servicer, as applicable, to carry out the provisions of Section 7.02,
shall, without act or deed on the part of the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable,
succeed to all of the rights and obligations of the Master Servicer or the Special Servicer, as applicable, under any Sub-Servicing
Agreement entered into by the Master Servicer or the Special Servicer, as applicable, pursuant to Section 3.01(c). In such
event, such successor shall be deemed to have assumed all of the Master Servicer’s or the Special Servicer’s interest,
as applicable, therein (but not any liabilities or obligations in respect of acts or omissions of the Master Servicer or the Special
Servicer, as applicable, prior to such deemed assumption) and to have replaced the Master Servicer or the Special Servicer, as
applicable, as a party to such Sub-Servicing Agreement to the same extent as if such Sub-Servicing Agreement had been assigned
to such successor, except that the Master Servicer or the Special Servicer, as applicable, shall not thereby be relieved of any
liability or obligations under such Sub-Servicing Agreement that accrued prior to the succession of such successor.

 

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If the Trustee or any
successor Master Servicer or Special Servicer, as applicable, assumes the servicing obligations of the Master Servicer or the Special
Servicer, as applicable, then upon request of such successor, the Master Servicer or Special Servicer, as applicable, shall at
its own expense (except (i) in the event that the Special Servicer is terminated pursuant to Section 3.22(b), at the expense
of the Certificateholders effecting such termination, as applicable; or (ii) in the event that the Master Servicer or the Special
Servicer is terminated pursuant to Section 6.04(c), at the expense of the Trust) deliver to such successor all documents
and records relating to any Sub-Servicing Agreement and the Mortgage Loans and/or the Serviced Companion Loans, as applicable,
then being serviced hereunder or thereunder and an accounting of amounts collected and held by it, if any, and shall otherwise
use commercially reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing Agreement to such successor.
The Master Servicer shall not be required to assume the obligations of the Special Servicer and nothing in this paragraph shall
imply otherwise.

 

(e)          The
parties hereto acknowledge that each Whole Loan is subject to the terms and conditions of the related Intercreditor Agreement and,
with respect to a Non-Serviced Mortgage Loan, further subject to the servicing under and all other terms and conditions of the
Other Pooling and Servicing Agreement. The parties hereto further recognize the respective rights and obligations of each Companion
Loan Noteholder under the related Intercreditor Agreement, including, without limitation with respect to (A) the allocation of
collections (and all other amounts received in connection with the related Whole Loan) on or in respect of the related Mortgage
Loan and (B) the allocation of Default Interest on or in respect of the related Mortgage Loan.

 

Notwithstanding anything
herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to the Serviced Whole Loans are limited by and subject to the terms of the related Intercreditor Agreement and, with respect to
any Non-Serviced Mortgage Loan, the rights of the Other Servicer and the Other Special Servicer under the Other Pooling and Servicing
Agreement. The Master Servicer shall, consistent with the applicable Servicing Standard, enforce the rights of the Trustee (as
holder of a Non-Serviced Mortgage Loan) under the related Intercreditor Agreement and the Other Pooling and Servicing Agreement.
The parties hereto acknowledge that each Non-Serviced Whole Loan and any related REO Property are being serviced and administered
under the related Other Pooling and Servicing Agreement and the Other Servicer will make any Servicing Advances required thereunder
in respect of such Non-Serviced Whole Loan and remit collections on the Non-Serviced Mortgage Loan to or on behalf of the Trust.
None of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall have any obligation or authority
to supervise the related Other Servicer, the related Other Special Servicer or the related Other Trustee or to make Servicing Advances
with respect to any such Non-Serviced Whole Loan. Although each Non-Serviced Whole Loan is being serviced under the related Other
Pooling and Servicing Agreement, the Controlling Class Representative may have certain information and consultation rights relating
to the servicing of the Non-Serviced Whole Loan pursuant to the terms of the related Intercreditor Agreement and the related Other
Pooling and Servicing Agreement. Any obligation of the Master Servicer or Special Servicer, as applicable, to provide information
and collections to the Trustee, the Certificate Administrator and the Certificateholders with respect to any Non-Serviced Whole
Loan shall be dependent on

 

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its receipt of the corresponding information and collections from the related Other Servicer or the
related Other Special Servicer. Nothing herein shall be deemed to override the provisions of an Intercreditor Agreement with respect
to the rights of the related noteholders thereunder and with respect to the servicing and administrative duties and obligations
with respect to such Non-Serviced Whole Loans. In the event of any inconsistency or discrepancy between the provisions, terms or
conditions of an Intercreditor Agreement related to a Non-Serviced Whole Loan and the provisions, terms or conditions of this Agreement,
the related Intercreditor Agreement shall govern.

 

If any Mortgage Loan
included in any Serviced Whole Loan is no longer part of the Trust Fund and the servicing and administration of such Serviced Whole
Loan is to be governed by a separate servicing agreement and not by this Agreement, the Master Servicer and, if such Serviced Whole
Loan is then being specially serviced hereunder, the Special Servicer, shall continue to act in such capacities under such separate
servicing agreement, which agreement shall be reasonably acceptable to the Master Servicer and/or the Special Servicer, as the
case may be, and shall contain servicing and administration, limitation of liability, indemnification and servicing compensation
provisions substantially similar to the corresponding provisions of this Agreement, except that such Serviced Whole Loan and the
related Mortgaged Property shall be serviced as if they were the sole assets serviced and administered thereunder and the sole
source of funds thereunder and except that there shall be no further obligation of any Person to make P&I Advances. All amounts
due the Master Servicer, the Trustee and the Special Servicer (including Advances and interest thereon) pursuant to this Agreement
and the applicable Intercreditor Agreement shall be paid to the Master Servicer, the Trustee and the Special Servicer by the successor
Master Servicer or Special Servicer, as applicable, or as an Additional Trust Fund Expense on the first Master Servicer Remittance
Date following termination. In addition, until such time as a separate servicing agreement with respect to such Serviced Whole
Loan and any related Serviced REO Property has been entered into and, notwithstanding that neither such Mortgage Loan nor any related
Serviced REO Property is part of the Trust Fund, the Custodian shall continue to hold the Mortgage File and the Master Servicer
and, if applicable, the Special Servicer shall (subject to the preceding sentence) continue to service such Serviced Whole Loan
or any related Serviced REO Property, as the case may be, under this Agreement as if it were a separate servicing agreement. Nothing
herein shall be deemed to override the provisions of an Intercreditor Agreement with respect to the rights of the related noteholders
thereunder and with respect to the servicing and administrative duties and obligations with respect to such Serviced Whole Loans.
In the event of any inconsistency or discrepancy between the provisions, terms or conditions of an Intercreditor Agreement related
to a Serviced Whole Loan and the provisions, terms or conditions of this Agreement, the related Intercreditor Agreement shall govern,
and as to any matter on which such Intercreditor Agreement is silent or makes reference to this Agreement, this Agreement shall
govern.

 

(f)           Except
as otherwise expressly set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular capacity hereunder
will not be deemed to be imputed with knowledge of (a) Wells Fargo Bank, National Association, acting in a capacity that is unrelated
to the transactions contemplated by this Agreement, or (b) Wells Fargo Bank, National Association, acting in any other capacity
hereunder, except, in the case of either clause (a) or clause (b), where some or all of the obligations performed
in such capacities are performed by one or more employees within the same group or division of Wells Fargo Bank, National

 

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Association,
or where the groups or divisions responsible for performing the obligations in such capacities have one or more of the same Responsible
Officers, provided in any event, however, the knowledge of employees performing special servicing functions shall not be
imputed to employees performing master servicing functions, and the knowledge of employees performing master servicing functions
shall not be imputed to employees performing special servicing functions.

 

Section 3.02     Liability
of the Master Servicer and the Special Servicer When Sub-Servicing. Notwithstanding any Sub-Servicing Agreement, any of the
provisions of this Agreement relating to agreements or arrangements between the Master Servicer or Special Servicer, as applicable,
and any Person acting as sub-servicer (or its agents or Subcontractors) or any reference to actions taken through any Person acting
as sub-servicer or otherwise, the Master Servicer or the Special Servicer, as applicable, shall remain obligated and primarily
liable to the Trustee (on behalf of the Certificateholders), the Certificateholders the Certificateholders and, with respect to
the Serviced Whole Loans, the Serviced Companion Loan Noteholders, for the servicing and administering of the Mortgage Loans and
Serviced Companion Loans in accordance with the provisions of this Agreement without diminution of such obligation or liability
by virtue of such sub-servicing agreements or arrangements or by virtue of indemnification from the Depositor or any other Person
acting as sub-servicer (or its agents or Subcontractors) to the same extent and under the same terms and conditions as if the
Master Servicer or the Special Servicer, as applicable, alone were servicing and administering the Mortgage Loans and Serviced
Companion Loans. Each of the Master Servicer and the Special Servicer shall be entitled to enter into an agreement with any sub-servicer
providing for indemnification of the Master Servicer or the Special Servicer, as applicable, by such sub-servicer, and nothing
contained in this Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification
shall be deemed to limit or modify this Agreement.

 

Section
3.03     Collection of Mortgage Loan and Serviced Companion Loan Payments. The Master
Servicer (with respect to all the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and the Serviced Companion Loans
(other than Specially Serviced Loans) that the Master Servicer is servicing) and the Special Servicer (with respect to
Specially Serviced Loans) shall use reasonable efforts to collect all payments called for under the terms and provisions of
the Mortgage Loans (other than the Non-Serviced Mortgage Loans) and the Serviced Companion Loans each is obligated to service
hereunder, and shall follow the Servicing Standard with respect to such collection procedures; provided, that nothing
herein contained shall be construed as an express or implied guarantee by the Master Servicer or the Special Servicer of the
collectability of the Mortgage Loans or the Serviced Companion Loans; provided, further, that with respect to
such Mortgage Loans (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loans, as applicable, that have Anticipated
Repayment Dates, so long as the related Borrower is in compliance with each provision of the related Loan Documents, the
Master Servicer and Special Servicer (including the Special Servicer in its capacity as a Certificateholder, if applicable)
shall not take any enforcement action with respect to the failure of the related Borrower to make any payment of Excess
Interest, other than requests for collection, until the final maturity date of such Mortgage Loan or Serviced Whole Loan, as
applicable, or the outstanding principal balance of such Mortgage Loan or Serviced Whole Loan, as applicable, has been
paid in full, however, consistent with the applicable Servicing Standard,

 

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the Master Servicer, or the Special Servicer each may in its discretion
waive the Excess Interest (even at the final maturity date) in connection with any Mortgage Loan it is obligated to service
hereunder if taking such action is in the best interest of the Certificateholders as a collective whole. With respect to each
Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall use its reasonable efforts,
consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the Loan
Documents and the terms hereof. The Master Servicer shall provide at least 90 days’ notice (with a copy to the Special
Servicer) to the Borrowers of Balloon Payments coming due on Performing Loans (other than a Non-Serviced Mortgage Loan).
Consistent with the foregoing, the Master Servicer (with respect to each Performing Loan) or the Special Servicer (with
respect to Specially Serviced Loans) may in their discretion waive any late payment charge or Default Interest it is entitled
to receive in connection with any delinquent Periodic Payment or Balloon Payment with respect to any Mortgage Loan or
Serviced Companion Loan that it is servicing. In addition, the Special Servicer shall be entitled to take such actions with
respect to the collection of payments on the Mortgage Loans and the Serviced Companion Loans as are permitted or required
under this Agreement.

 

Section 3.04     Collection
of Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Master Servicer, in the case of all Mortgage Loans (other
than a Non-Serviced Mortgage Loan) that it is servicing, shall maintain accurate records with respect to each related Mortgaged
Property reflecting the status of taxes, assessments and other similar items that are or may become a lien thereon and the status
of insurance premiums payable with respect thereto. With respect to each Specially Serviced Loan, the Special Servicer shall use
its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers as
required by the Loan Documents. The Special Servicer, in the case of Serviced REO Loans, and the Master Servicer, in the case
of all Mortgage Loans (other than a Non-Serviced Mortgage Loan) that it is servicing, shall use reasonable efforts consistent
with the Servicing Standard to, from time to time, (i) obtain all bills for the payment of such items (including renewal premiums),
and (ii) effect, or, if the Special Servicer, to use reasonable efforts to cause the Master Servicer to effect, payment of all
such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing
for such purpose Escrow Payments as allowed under the terms of the related Loan Documents for the related Mortgage Loan or Serviced
Companion Loan. If a Borrower under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) fails to make any such payment on
a timely basis or collections from the Borrower are insufficient to pay any such item before the applicable penalty or termination
date, the Master Servicer shall advance the amount of any shortfall as a Servicing Advance unless the Master Servicer determines
in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance (provided that with respect
to advancing insurance premiums or delinquent tax assessments the Master Servicer shall comply with the provisions of the second
to last paragraph in Section 3.21(d) of this Agreement). The Master Servicer shall be entitled to reimbursement of Servicing
Advances, with interest thereon at the Reimbursement Rate, that it makes pursuant to this Section 3.04 of this Agreement
from amounts received on or in respect of the related Mortgage Loan or Serviced Whole Loan respecting which such Advance was made
or if such Advance has become a Nonrecoverable Advance, to the extent permitted by Section 3.06 of this Agreement. No costs
incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose
of calculating distributions to Certificateholders or Serviced Companion Loan

 

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Noteholders, be added to the amount owing under
the related Mortgage Loans or Serviced Companion Loans, notwithstanding that the terms of such Mortgage Loans or Serviced Companion
Loans so permit.

 

The parties acknowledge
that with respect to Non-Serviced Mortgage Loans, the Other Servicer is obligated to make (or any other service provider provided
for in the related Other Pooling and Servicing Agreement may make) Servicing Advances with respect to such Non-Serviced Mortgage
Loans pursuant to the related Other Pooling and Servicing Agreement. The Other Servicer (or other service provider) shall be entitled
to reimbursement for nonrecoverable Servicing Advances (as such term or similar term may be defined in the related Other Pooling
and Servicing Agreement) with, in each case, any accrued and unpaid interest thereon provided for under the related Other Pooling
and Servicing Agreement in the manner set forth in such Other Pooling and Servicing Agreement, the related Intercreditor Agreement
and Section 3.06(a)(v) of this Agreement.

 

(b)          The
Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan (other than any Non-Serviced
Mortgage Loans) or any Serviced Companion Loan that it is servicing constituting Escrow Payments separate and apart from any of
its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow
Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified
funds and maintained in accordance with the requirements of the related Mortgage Loan or Serviced Whole Loan, as applicable, and
in accordance with the Servicing Standard. The Master Servicer shall also deposit into each Escrow Account any amounts representing
losses on Permitted Investments to the extent required pursuant to Section 3.07(b) of this Agreement and any Insurance Proceeds
or Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the
related Mortgage Loan or Serviced Whole Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Loan
Documents require it to be held in an account that is not an Eligible Account); provided, if the ratings of the financial
institution holding such account are downgraded to a ratings level below that of an Eligible Account (except to the extent the
related Loan Documents require it to be held in an account that is not an Eligible Account), the Master Servicer shall have 30
days (or such longer time as confirmed by a Rating Agency Confirmation, obtained at the expense of the Master Servicer relating
to the Certificates and any related Serviced Companion Loan Securities) to transfer such account to an Eligible Account. Escrow
Accounts shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on
behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage & Asset Receiving
Corporation, CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-CD1 and Various Borrowers and,
if applicable, Serviced Companion Loan Noteholders”. Withdrawals from an Escrow Account may be made by the Master Servicer
only:

 

(i)            to
effect timely payments of items constituting Escrow Payments for the related Mortgage;

 

(ii)           to
transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Collection Account (or any sub-account thereof)
to reimburse the Master Servicer or the Trustee for any Servicing Advance (with interest thereon at the

 

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Reimbursement Rate) relating
to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan and/or Serviced Whole Loan, as applicable,
which represent late collections of Escrow Payments thereunder;

 

(iii)         for
application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and/or
Serviced Whole Loan, as applicable, and the Servicing Standard;

 

(iv)      
  to clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the related
Mortgage Loan and/or Serviced Whole Loan, as applicable;

 

(v)          to
pay from time to time to the related Borrower any interest or investment income earned on funds deposited in the Escrow Account
if such income is required to be paid to the related Borrower under law or by the terms of the Loan Documents for such Mortgage
Loan or Serviced Whole Loan, or otherwise to the Master Servicer; or

 

(vi)         to
remove any funds deposited in an Escrow Account that were not required to be deposited therein or to refund amounts to Borrowers
determined to be overages.

 

(c)          The
Master Servicer shall, as to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) and each Serviced Companion Loan that
it is servicing, (i) maintain accurate records with respect to the related Mortgaged Property reflecting the status of real estate
taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance premiums and any ground
rents payable in respect thereof and (ii) use reasonable efforts to obtain, from time to time, all bills for (or otherwise confirm)
the payment of such items (including renewal premiums) and, for such Mortgage Loans and Serviced Companion Loans that require the
related Borrower to escrow for such items, shall effect payment thereof prior to the applicable penalty or termination date. For
purposes of effecting any such payment for which it is responsible, the Master Servicer shall apply Escrow Payments as allowed
under the terms of the related Loan Documents for such Mortgage Loan and Serviced Companion Loan (or, if such Mortgage Loan or
Serviced Companion Loan does not require the related Borrower to escrow for the payment of real estate taxes, assessments, insurance
premiums, ground rents (if applicable) and similar items, the Master Servicer shall use reasonable efforts consistent with the
Servicing Standard to cause the related Borrower to comply with the requirement of the related Loan Documents that the Borrower
make payments in respect of such items at the time they first become due and, in any event, prior to the institution of foreclosure
or similar proceedings with respect to the related Mortgaged Property for nonpayment of such items). Subject to Section 3.21
of this Agreement, the Master Servicer shall timely make a Servicing Advance with respect to the Mortgage Loans (other than Non-Serviced
Mortgage Loans) and Serviced Whole Loans that it is servicing, if any, to cover any such item which is not so paid, including any
penalties or other charges arising from the Borrower’s failure to timely pay such items.

 

Section 3.05     Collection
Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Collection Accounts.
(a) The Master Servicer shall establish and maintain a Collection Account, for the benefit of the Certificateholders and the Trustee
as the Holder of the Lower-Tier Regular Interests with respect

 

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to the Mortgage Loans that it is servicing. The Collection Account
shall be established and maintained as an Eligible Account. Amounts attributable to Excess Interest will be assets of the Grantor
Trust. Amounts attributable to the Companion Loans will not be assets of the Trust Fund.

 

Upon the later of (i)
two Business Days following the Master Servicer’s receipt of properly identified funds and (ii) the same Business Day that
such properly identified funds become available to the Master Servicer, the Master Servicer shall deposit or cause to be deposited
in the Collection Account the following payments and collections received or made by or on behalf of it on or with respect to the
Mortgage Loans subsequent to the Cut-off Date:

 

(i)           all
payments on account of principal on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan), including
the principal component of all Unscheduled Payments;

 

(ii)          all
payments on account of interest on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) (net of the
related Servicing Fees), including Prepayment Premiums, Default Interest, Yield Maintenance Charges, Excess Interest and the interest
component of all Unscheduled Payments;

 

(iii)         any
amounts required to be deposited pursuant to Section 3.07(b) of this Agreement, in connection with net losses realized on
Permitted Investments with respect to funds held in the Collection Account;

 

(iv)         all
Net REO Proceeds withdrawn from the related REO Account (other than the Serviced Whole Loan REO Account) pursuant to Section
3.15(b) of this Agreement;

 

(v)          any
amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to the Mortgage Loans
(other than any Mortgage Loan related to a Serviced Whole Loan), to the extent not permitted to be retained by the Master Servicer
as provided herein;

 

(vi)         all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of any Mortgage Loan (other than any Mortgage
Loan related to a Serviced Whole Loan) or any REO Property (other than a Serviced REO Property related to a Serviced Whole Loan),
other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase of all the Mortgage Loans
and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution Account pursuant to Section
9.01 of this Agreement, together with any amounts representing recoveries of Nonrecoverable Advances, including any recovery
of Unliquidated Advances, in respect of the related Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan);
provided, that any Liquidation Proceeds related to a sale, pursuant to Section 3.16 hereof or pursuant to the related
Intercreditor Agreement, of a Mortgage Loan included in a Serviced Whole Loan shall be deposited directly into the Collection Account
and applied solely to pay expenses relating to that Mortgage Loan and to Available Funds;

 

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(vii)        Penalty
Charges on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) to the extent required to offset
interest on Advances and Additional Trust Fund Expenses pursuant to Section 3.12(d) of this Agreement;

 

(viii)       any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) of this Agreement
in connection with losses resulting from a deductible clause in a blanket or master force-placed policy in respect of the Mortgage
Loans (other than any Mortgage Loan related to a Serviced Whole Loan);

 

(ix)          any
other amounts required by the provisions of this Agreement (including without limitation any amounts to be transferred from the
Serviced Whole Loan Collection Account pursuant to Section 3.06(b)(i)(B) and, with respect to the Companion Loans or any
mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement
obligations set forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable, other than in
respect of a Serviced Whole Loan) to be deposited into the Collection Account by the Master Servicer or Special Servicer;

 

(x)           any
Compensating Interest Payments in respect of the Mortgage Loans that the Master Servicer is servicing (other than any Non-Serviced
Mortgage Loan or any Mortgage Loan related to a Serviced Whole Loan) pursuant to Section 3.17(c) of this Agreement;

 

(xi)          any
Loss of Value Payments, as set forth in Section 3.06(e) of this Agreement; and

 

(xii)         in
the case of any Mortgage Loan that is part of a Serviced Whole Loan, the amounts to be withdrawn from the related Serviced Whole
Loan Collection Account and deposited into the Collection Account pursuant to Section 3.06(b)(i).

 

In the case of Gain-on-Sale
Proceeds, the Master Servicer shall make appropriate ledger entries received with respect thereto, which the Master Servicer shall
hold for (i) the Trustee for the benefit of the Lower-Tier Regular Interests, (ii) for the benefit of the Certificateholders (other
than the Class V Certificates) and the Trustee as the Holder of the Lower-Tier Regular Interests and (iii) for the benefit of any
Serviced Companion Loan Noteholder entitled thereto. Any Gain-on-Sale Proceeds shall be identified separately from any other amounts
held in the Collection Account (with amounts attributable to each Class or Classes and any Serviced Companion Loan also identified
separately).

 

The foregoing requirements
for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments in the nature of late payment charges (subject to Section 3.12 and the related Intercreditor
Agreement), Assumption Fees, assumption application fees, Modification Fees and consent fees, loan service transaction fees, extension
fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Master
Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special
Servicer, as applicable in accordance with Section 3.12 hereof, shall be

 

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entitled to retain any such charges and fees received
with respect to the Mortgage Loans that it is servicing as additional compensation.

 

If the Master Servicer
deposits in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from
the Collection Account, any provision herein to the contrary notwithstanding.

 

Upon receipt of any of
the amounts described in clauses (i), (ii), (v) and (vi) of this Agreement above with respect to any Specially Serviced Loan which
is not a Serviced REO Loan, the Special Servicer shall remit such amounts within one Business Day after receipt thereof (except,
if such amounts are not properly identified, the Special Servicer shall promptly identify such amounts and shall remit such amounts
within one Business Day after such identification) to the Master Servicer for deposit into the Collection Account in accordance
with the second paragraph of this Section 3.05 of this Agreement, unless the Special Servicer determines, consistent with
the Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate
reason. Any such amounts received by the Special Servicer with respect to a Serviced REO Property (other than any Serviced REO
Property related to the Serviced Whole Loans) shall be deposited by the Special Servicer into the REO Account and remitted to the
Master Servicer for deposit into the Collection Account pursuant to Section 3.15(b) of this Agreement. With respect to any
related Serviced Whole Loan, the Special Servicer shall comply with Section 3.05(g) of this Agreement. With respect to any
such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse without recourse or warranty
such check to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier.

 

(b)          The
Certificate Administrator shall establish and maintain the Lower-Tier Distribution Account in its own name for the benefit of the
Trustee, for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests. The Lower-Tier
Distribution Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

(c)          With
respect to each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator on or before the Master Servicer
Remittance Date the funds then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section
3.06(a) of this Agreement and deposits from the Serviced Whole Loan Collection Account pursuant to Section 3.06 of this
Agreement. Upon receipt from the Master Servicer of such amounts held in the Collection Account, the Certificate Administrator
shall deposit in (A) the Lower-Tier Distribution Account (i) the amount of Available Funds to be distributed pursuant to Section
4.01 of this Agreement on such Distribution Date and (ii) the amount of Gain-on-Sale Proceeds allocable to any Mortgage Loan
to be deposited into the Lower-Tier Distribution Account (which the Certificate Administrator shall then deposit in the Gain-on-Sale
Reserve Account) pursuant to Section 3.06 of this Agreement, (B) the Interest Reserve Account as part of the Lower-Tier
REMIC, the amount of any Withheld Amounts to be deposited pursuant to Section 3.05(e) of this Agreement and (C) in the Excess
Interest Distribution Account, the Excess Interest to be distributed to the Class V Certificates.

 

(d)          If
any Loss of Value Payments are received in connection with a Material Defect or Material Breach, as the case may be, pursuant to
or as contemplated by Section 2.03(e)

 

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of this Agreement, the Special Servicer shall establish and maintain one or more non-interest
bearing accounts (collectively, the “Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders,
for purposes of holding such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund shall be an Eligible
Account or a sub-account of an Eligible Account. The Special Servicer shall, upon receipt, deposit in the Loss of Value Reserve
Fund all Loss of Value Payments received by it. The Certificate Administrator shall account for the Loss of Value Reserve Fund
as an outside reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of any Trust REMIC,
the Prudential Plaza Loan REMIC or the Grantor Trust. Furthermore, for all federal tax purposes, the Certificate Administrator
shall (i) treat amounts paid out of the Loss of Value Reserve Fund through the Collection Account to the Certificateholders as
contributed to and distributed by the Trust REMICs or the Prudential Plaza Loan REMIC and (ii) treat any amounts paid out of the
Loss of Value Reserve Fund through the Collection Account to a Mortgage Loan Seller as distributions by the Trust Fund to such
Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller will be the beneficial
owner of the Loss of Value Reserve Fund for all federal income tax purposes, and shall be taxable on all income earned thereon.

 

(e)          The
Certificate Administrator shall establish and maintain the Interest Reserve Account in its own name for the benefit of the Trustee,
for the benefit of the Certificateholders (other than the Holders of the Class V Certificates) and the Trustee as the Holder of
the Lower-Tier Regular Interests. The Interest Reserve Account shall be established and maintained as an Eligible Account or as
a sub-account of an Eligible Account.

 

On each Master Servicer
Remittance Date occurring in (i) January of each calendar year that is not a leap year and (ii) February of each calendar year,
unless in either case such Master Servicer Remittance Date is the final Master Servicer Remittance Date, the Certificate Administrator
shall calculate the Withheld Amounts. On each such Master Servicer Remittance Date, the Certificate Administrator shall, with respect
to each Mortgage Loan that does not accrue interest on the basis of a 360-day year of twelve 30-day months, withdraw or be deemed
to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Interest Reserve Account an amount
equal to the aggregate of the Withheld Amounts calculated in accordance with the previous sentence. If the Certificate Administrator
shall deposit in the Interest Reserve Account any amount not required to be deposited therein, it may at any time withdraw such
amount from the Interest Reserve Account any provision herein to the contrary notwithstanding. On or prior to the Master Servicer
Remittance Date in March of each calendar year (or in February if the final Distribution Date will occur in such month), the Certificate
Administrator shall transfer to the Lower-Tier Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest
Reserve Account.

 

(f)          The
Certificate Administrator shall establish and maintain the Upper-Tier Distribution Account in its own name for the benefit of the
Trustee and for the benefit of the Certificateholders. The Upper-Tier Distribution Account shall be established and maintained
as an Eligible Account or a sub-account of an Eligible Account. Promptly on each Distribution Date, the Certificate Administrator
shall withdraw or be deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Upper-Tier
Distribution Account on or before such date the Lower-Tier Distribution Amount and the amount of any

 

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Prepayment Premiums and Yield
Maintenance Charges for such Distribution Date to be distributed in respect of the Lower-Tier Regular Interests pursuant to Section
4.01(a) and Section 4.01(d) of this Agreement on such date.

 

(g)          With
respect to each Serviced Whole Loan or any related Serviced REO Property, the Master Servicer shall maintain, or cause to be maintained,
a Serviced Whole Loan Collection Account in which the Master Servicer shall deposit or cause to be deposited within two Business
Days following receipt of properly identified funds the following payments and collections received or made by or on behalf of
it on such Serviced Whole Loan or Serviced REO Property subsequent to the Cut-off Date:

 

(i)           all
payments on account of principal on such Serviced Whole Loan, including the principal component of Unscheduled Payments;

 

(ii)          all
payments on account of interest on such Serviced Whole Loan (net of the related Servicing Fees), including Prepayment Premiums,
Default Interest, Yield Maintenance Charges and the interest component of all Unscheduled Payments;

 

(iii)         any
amounts required to be deposited pursuant to Section 3.07(b), in connection with net losses realized on Permitted Investments
with respect to funds held in such Serviced Whole Loan Collection Account;

 

(iv)         all
Net REO Proceeds withdrawn from the related REO Account in respect of such Serviced Whole Loan pursuant to Section 3.15(b);

 

(v)          any
amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to such Serviced Whole
Loan, to the extent not permitted to be retained by the Master Servicer as provided herein;

 

(vi)         all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of such Serviced Whole Loan or any related
Serviced REO Property (other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase
of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution
Account pursuant to Section 9.01), together with any amounts representing recoveries of Nonrecoverable Advances, including
any recovery of Unliquidated Advances, in respect of such Serviced Whole Loan; provided, that any Liquidation Proceeds related
to a sale pursuant to Section 3.16 hereof or pursuant to the related Intercreditor Agreement of a Mortgage Loan included
in a Serviced Whole Loan shall be deposited directly into the Collection Account and applied solely to pay expenses relating to
that Mortgage Loan and to Available Funds and any Liquidation Proceeds related to a sale of a related Serviced Companion Loan included
in a Serviced Whole Loan shall be deposited into the Serviced Whole Loan Collection Account and applied solely to pay expenses
relating to that Serviced Companion Loan and to pay amounts due to the related Serviced Companion Loan Noteholder;

 

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(vii)        Penalty
Charges on such Serviced Whole Loan to the extent required to offset interest on Advances and debt service advances made by a Serviced
Companion Loan Service Provider and Additional Trust Fund Expenses pursuant to Section 3.12(d);

 

(viii)       any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) in connection
with losses resulting from a deductible clause in a blanket or master force placed policy in respect of such Serviced Whole Loan;

 

(ix)   
      any other amounts required by the provisions of this Agreement (including with respect to the
Companion Loans or any mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and
purchase rights or reimbursement obligations set forth in the related Intercreditor Agreement or mezzanine intercreditor
agreement, as applicable) to be deposited into the applicable Serviced Whole Loan Collection Account by the Master Servicer
or the Special Servicer;

 

(x)           any
cure payments remitted by any Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement; and

 

(xi)          any
Compensating Interest Payments in respect of such Serviced Whole Loan pursuant to Section 3.17(c).

 

The foregoing
requirements for deposits into the applicable Serviced Whole Loan Collection Account shall be exclusive, it being understood and
agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges (subject to Section
3.12 hereof), Assumption Fees, assumption application fees, Modification Fees, consent fees, loan service transaction fees,
extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited into the applicable Serviced
Whole Loan Collection Account by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable
law, the Master Servicer or the Special Servicer, as applicable in accordance with Section 3.12 hereof, shall be entitled
to retain any such charges and fees received with respect to the Serviced Whole Loans as additional compensation. If the Master
Servicer deposits in the applicable Serviced Whole Loan Collection Account any amount not required to be deposited therein, it
may at any time withdraw such amount from such Serviced Whole Loan Collection Account, any provision herein to the contrary notwithstanding.

 

Each Serviced
Whole Loan Collection Account shall be maintained as a segregated account, separate and apart from any trust fund created for mortgage
backed securities of other series and the other accounts of the Master Servicer; provided, that such Serviced Whole Loan
Collection Account may be a sub-account of the Master Servicer’s Collection Account or may be maintained on a ledger basis
but shall, for purposes of this Agreement, be treated as a separate account. Each Serviced Whole Loan Collection Account shall
be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

Upon receipt
of any of the foregoing amounts described in clauses (i), (ii), (v) and (vi) above with respect to each Serviced Whole Loan for
so long as it is a Specially Serviced Loan but is not a Serviced REO Loan, the Special Servicer shall remit

 

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within one Business
Day such amounts to the Master Servicer for deposit into the applicable Serviced Whole Loan Collection Account in accordance with
the first paragraph of this Section 3.05(g), unless the Special Servicer determines, consistent with the applicable Servicing
Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason. Any
such amounts received by the Special Servicer with respect to a Serviced REO Property related to any Serviced Whole Loan shall
initially be deposited by the Special Servicer into the related Serviced Whole Loan REO Account and remitted to the Master Servicer
for deposit into the applicable Serviced Whole Loan Collection Account pursuant to Section 3.15(b). With respect to any
such amounts paid by check to the order of the Special Servicer, the Special Servicer (A) with respect to any Specially Serviced
Loan shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly deliver any such
check to the Master Servicer by overnight courier and (B) with respect to any REO Loan shall deposit such check into the applicable
Whole Loan REO Account.

 

(h)          Except
as otherwise set forth in Section 3.06(b), with respect to each Due Date and any related Serviced Companion Loan, on each
Serviced Whole Loan Remittance Date, the Master Servicer shall remit, from amounts on deposit in the applicable Serviced Whole
Loan Collection Account in accordance with Section 3.06(b)(i)(A), to the applicable Serviced Companion Loan Noteholder by
wire transfer in immediately available funds to the account of such Serviced Companion Loan Noteholder or an agent therefor appearing
on the Serviced Companion Loan Noteholder Register on the related date such amounts as are required to be remitted (or, if no such
account so appears or information relating thereto is not provided at least five (5) Business Days prior to the date such amounts
are required to be remitted, by check sent by first class mail to the address of such Serviced Companion Loan Noteholder or its
agent appearing on the Serviced Companion Loan Noteholder Register) the portion of the applicable Serviced Whole Loan Remittance
Amount allocable to such Serviced Companion Loan Noteholder.

 

(i)           Prior
to the Master Servicer Remittance Date relating to any Collection Period in which Gain-on-Sale Proceeds are received, the Certificate
Administrator shall establish and maintain the Gain-on-Sale Reserve Account, which may have one or more sub-accounts, to be held
in its own name for the benefit of the Trustee, for the benefit of the Certificateholders (other than the Holders of the Class
V Certificates), and with respect to each Serviced Whole Loan, the related Serviced Companion Loan Noteholders, and the Trustee
as holder of the Lower-Tier Regular Interests. Each account that constitutes an Gain-on-Sale Reserve Account shall be an Eligible
Account or a sub-account of an Eligible Account. On each Master Servicer Remittance Date, the Master Servicer shall withdraw from
the Collection Account or, if allocable to any Serviced Whole Loan, the Master Servicer shall withdraw from the applicable Serviced
Whole Loan Collection Account, and remit to the Certificate Administrator (i) in the case of the Mortgage Loans (other than the
Serviced Whole Loans), for deposit in the Lower-Tier Distribution Account, as applicable (which the Certificate Administrator
shall then deposit in the Gain-on-Sale Reserve Account), and (ii) in the case of the Serviced Whole Loans, for deposit in the Gain-on-Sale
Reserve Account, all Gain-on-Sale Proceeds received during the Collection Period ending on the Determination Date immediately prior
to such Master Servicer Remittance Date which are allocable to a Mortgage Loan or Serviced Whole Loan; provided that on
the Business Day prior to the final Distribution Date, the Certificate Administrator shall withdraw

 

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from the Gain-on-Sale Reserve
Account and deposit in the Lower-Tier Distribution Account (after allocation to any related Serviced Companion Loan as provided
in Section 4.01(e)), for distribution on such Distribution Date, any and all amounts then on deposit in the Gain-on-Sale
Reserve Account attributable to the Mortgage Loans.

 

(j)           Funds
in the Collection Account, the Serviced Whole Loan Collection Account, the Distribution Accounts, the Interest Reserve Account,
the Gain-on-Sale Reserve Account and the REO Account may be invested in Permitted Investments in accordance with the provisions
of Section 3.07 of this Agreement; provided, however, that for so long as Wells Fargo Bank, National Association
is the Certificate Administrator, funds on deposit in the Distribution Accounts, the Interest Reserve Account and the Gain-on-Sale
Reserve Account shall not be invested.

 

The Master Servicer shall
give written notice to the Depositor, the Trustee, the Certificate Administrator and the Special Servicer of the location and account
number of the Collection Account and, if applicable, the Serviced Whole Loan Collection Accounts as of the Closing Date and shall
notify the Depositor, the Special Servicer, the Certificate Administrator and the Trustee, as applicable, in writing on or prior
to the Closing Date and prior to any subsequent change thereof. In addition, the Master Servicer shall provide notice to each affected
holder of a Serviced Companion Loan of the location and account number of the relevant Serviced Whole Loan Collection Account as
well as notice in writing on or prior to the Closing Date and prior to any subsequent change thereof. The Certificate Administrator
shall give written notice to the Depositor, the Trustee, the Special Servicer and the Master Servicer of the location and account
number of the Interest Reserve Account and the Distribution Accounts as of the Closing Date and shall notify the Depositor, the
Trustee, the Special Servicer and the Master Servicer, as applicable, in writing prior to any subsequent change thereof.

 

(k)          The
Certificate Administrator shall establish and maintain the Excess Interest Distribution Account, in its own name, for the benefit
of the Holders of the Class V Certificates, with respect to the Excess Interest, which shall be an asset of the Grantor Trust and
beneficially owned by the Holders of the Class V Certificates and shall not be an asset of any Trust REMIC or the Prudential Plaza
Loan REMIC. The Excess Interest Distribution Account shall be established and maintained as an Eligible Account or as a subaccount
of an Eligible Account. Following the distribution of Excess Interest to the Holders of the Class V Certificate on the first Distribution
Date after which there are no longer any Mortgage Loans outstanding which pursuant to their terms could pay Excess Interest, the
Certificate Administrator shall terminate the Excess Interest Distribution Account.

 

(l)           The
Certificate Administrator shall establish and maintain the Prudential Plaza Loan REMIC Residual Interest Distribution Account,
in its own name, for the benefit of the Holders of the Class R Certificates, with respect to the Prudential Plaza Loan REMIC Residual
Interest, which shall be an asset of the Grantor Trust and beneficially owned by the Holders of the Class R Certificates and shall
not be an asset of any Trust REMIC or the Prudential Plaza Loan REMIC. The Prudential Plaza Loan REMIC Residual Interest Distribution
Account shall be established and maintained as an Eligible Account or as a subaccount of an Eligible Account. Following the distribution
of any amounts to the Holders of the Class R Certificate on the first Distribution Date after which the Prudential Plaza Loan REMIC
Regular

 

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Interest is no longer outstanding, the Certificate Administrator shall terminate the Prudential Plaza Loan REMIC Residual
Interest Distribution Account.

 

(m)          The
Certificate Administrator shall establish and maintain the Legal Fee Reserve Account. On the Closing Date, the Depositor shall
deposit $250,000.00 with the Certificate Administrator, to be credited to the Legal Fee Reserve Account. Funds held in the Legal
Fee Reserve Account shall remain uninvested. Annually, on or about April 1st beginning 2017, upon receipt by the Certificate Administrator
from the Depositor of a legal invoice related to Commission compliance matters, the Certificate Administrator shall pay such legal
invoice from and solely to the extent of funds then on deposit in the Legal Fee Reserve Account. Any such instruction shall be
sent by email to cts.cmbs.bond.admin@wellsfargo.com, along with a copy of the invoice, and a subject line reference of “CD
2016-CD1 - Legal Fee Reserve Account”. The Legal Fee Reserve Account will not be a part of the Trust Fund, either Trust REMIC,
the Prudential Plaza Loan REMIC or the Grantor Trust. The Depositor will be the beneficial owner of the Legal Fee Reserve Account
for all federal income tax purposes, and shall be taxable on all income earned therefrom.

 

Upon the depletion of
the Legal Fee Reserve Account, or if there are insufficient funds to pay any invoice, the Certificate Administrator shall notify
the Depositor, and thereafter the Depositor shall pay any additional legal invoices from its own funds and the Certificate Administrator
shall have no responsibility in connection therewith.

 

The Certificate Administrator
shall have no responsibility for verifying the accuracy, reasonableness, or appropriateness of any invoice received. On the final
Distribution Date, the Certificate Administrator shall pay to the Depositor any funds then remaining in the Legal Fee Reserve Account
in accordance with directions provided by the Depositor.

 

Section
3.06     Permitted Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution
Accounts; Trust Ledger. (a) The Master Servicer shall maintain a separate Trust Ledger with respect to the Mortgage Loans
that it is servicing on which it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited)
with respect thereto. On each Master Servicer Remittance Date (or such other date as may be specified below or on which funds
are available for such purpose as specified below), with respect to each Mortgage Loan (other than any Mortgage Loan related
to a Serviced Whole Loan unless otherwise specified in clauses (i), (ii), (v), (vi), (x), (xi), (xii), (xiii), (xv), (xvi)
and (xvii) of this Section 3.06(a)), the Master Servicer shall make withdrawals from amounts allocated thereto
in the Collection Account (and may debit the Trust Ledger) for the purposes listed below (the order set forth below
not constituting an order of priority for such withdrawals):

 

(i)        
  on or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, to remit to the Certificate
Administrator the amounts to be deposited into the Lower-Tier Distribution Account (including any amount transferred from the
Serviced Whole Loan Collection Account in respect of each Mortgage Loan that is part of a Serviced Whole Loan) (including
without limitation the aggregate of the Available Funds, Prepayment Premiums, Yield Maintenance Charges and Gain-on-Sale
Proceeds) which the Certificate Administrator shall then deposit into the Upper-Tier Distribution

 

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Account, the Interest
Reserve Account and the Gain-on-Sale Reserve Account, pursuant to Section 3.05(f), Section 3.05(e) and Section
3.05(i) of this Agreement, respectively;

 

(ii)           to
pay (A) itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees to
the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement); the Operating Advisor, unpaid
Operating Advisor Fees; and the Special Servicer, unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of
each Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (exclusive of each Mortgage Loan or Serviced REO Loan included
in a Serviced Whole Loan), as applicable, the Master Servicer’s, the Operating Advisor’s or Special Servicer’s,
as applicable, rights to payment of Servicing Fees, Operating Advisor Fees and Special Servicing Fees, Liquidation Fees and Workout
Fees pursuant to this clause (ii)(A) with respect to any Mortgage Loan, Specially Serviced Loan or Serviced REO Loan (exclusive
of each Mortgage Loan or Serviced REO Loan included in a Serviced Whole Loan), as applicable, being limited to amounts received
on or in respect of such Mortgage Loan, Specially Serviced Loan or REO Loan, as applicable (whether in the form of payments, Liquidation
Proceeds, Insurance Proceeds or Condemnation Proceeds), that are allocable as recovery of interest thereon, (B) the Special Servicer,
any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of each Specially Serviced Loan or Serviced REO
Loan, as applicable, remaining unpaid out of general collections on the Mortgage Loans, Specially Serviced Loans and REO Properties,
but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan Collection
Account are insufficient therefor (provided that the Master Servicer shall, after receiving payment from amounts on deposit
in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable
efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro
rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders),
(C) each month to the Other Servicer or Other Special Servicer (or Other Indemnified Party under Section 1.04 of this Agreement),
as applicable, the Trust’s pro rata portion (based on the related Mortgage Loan’s Stated Principal Balance)
of any unpaid special servicing fees, liquidation fees, workout fees and additional trust expenses in respect of a Non-Serviced
Mortgage Loan remaining unpaid (including amounts payable to such parties and Other Indemnified Parties under Section 1.04
of this Agreement), out of general collections on the Mortgage Loans, Specially Serviced Loans and REO Properties, (D) the Operating
Advisor, any unpaid Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees were received
from the related Borrower) and (E) the Asset Representations Reviewer, the unpaid Asset Representations Reviewer Asset Review Fee
(to the extent such fee is to be paid by the Trust Fund) payable in connection with any Asset Review that was performed as a result
of an Affirmative Asset Review Vote;

 

(iii)   
      to reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances (other than
Nonrecoverable Advances, which are reimbursable pursuant to clause (v) below, and exclusive of the Mortgage Loans or Serviced
REO Loans included in the Serviced Whole Loans) the Master Servicer’s or the Trustee’s right to

 

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reimbursement
pursuant to this clause (iii) being limited to amounts received which represent Late Collections for the applicable Mortgage
Loan (exclusive of the Mortgage Loan or Serviced REO Loan included in the Serviced Whole Loan; provided, that to the
extent such amounts are insufficient to repay such P&I Advances on any Mortgage Loan as to which there is a related
Serviced Subordinate Companion Loan, such P&I Advances may be reimbursed, on a pro rata basis with any
reimbursement to the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest advances
with respect to any related Serviced Pari Passu Companion Loan, from collections on the related Serviced Whole Loan allocable
to such Serviced Subordinate Companion Loan) during the applicable period; provided, further, that if such
P&I Advance becomes a Workout-Delayed Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed from
amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse such
Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of all
of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or
recoveries of principal to the extent provided in clause (v) below;

 

(iv)         to
reimburse the Trustee or itself, in that order, (with respect to any Mortgage Loan or Serviced REO Property) (exclusive of the
Mortgage Loans or Serviced REO Loans included in the Serviced Whole Loans or any Serviced REO Property securing any Serviced Whole
Loan), for unreimbursed Servicing Advances, the Master Servicer’s or the Trustee’s respective rights to receive payment
pursuant to this clause (iv) with respect to any Mortgage Loan or Serviced REO Property being limited to, as applicable, payments
received from the related Borrower which represent reimbursements of such Servicing Advances, Liquidation Proceeds, Insurance Proceeds,
Condemnation Proceeds and REO Proceeds with respect to the applicable Mortgage Loan or Serviced REO Property; provided,
that if such Servicing Advance becomes a Workout-Delayed Reimbursement Amount, then such Servicing Advance shall thereafter be
reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse
such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of the
Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries
of principal to the extent provided in clause (v) below;

 

(v)          (A)
to reimburse the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property), (1) with respect
to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds,
if any, received on the related Mortgage Loan and related REO Properties, second, out of the principal portion of general
collections on the Mortgage Loans and REO Properties, and then, to the extent the principal portion of general collections
is insufficient and with respect to such deficiency only, subject to any election at its sole discretion (or at the Trustee’s
sole discretion for the reimbursement of the Trustee) to defer reimbursement thereof pursuant to this Section 3.06(a) of
this Agreement, out of other collections on the Mortgage Loans and REO Properties and (2) with respect to the Workout-Delayed Reimbursement
Amounts, out of the principal portion of the general

 

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collections on the Mortgage Loans and REO Properties, net of such amounts
being reimbursed pursuant to the preceding clause (1) above, but in the case of either clause (1) or (2) above with respect to
each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan Collection Account are
insufficient therefor after taking into account any allocation set forth in the related Intercreditor Agreement (provided
that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly
notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any
rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion (or such other amount as
may be set forth in the related Intercreditor Agreement) of such amount representing Servicing Advances allocable to the related
Serviced Companion Loans from the related Companion Loan Noteholders), and (B) to pay itself or the Special Servicer out of general
collections on the Mortgage Loans and REO Properties, with respect to any Mortgage Loan or Serviced REO Property any related earned
Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout Fee, as applicable, that remained unpaid in accordance with clause
(ii) above following a Final Recovery Determination made with respect to such Mortgage Loan or Serviced REO Property and the deposit
into the Collection Account of all amounts received in connection therewith, but in the case of each Serviced Whole Loan, only
to the extent that amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor (provided
that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly
notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any
rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable
to the related Serviced Companion Loans from the related Companion Loan Noteholders) and (C) to reimburse the related Other Servicer,
the related Other Special Servicer, the related Other Trustee, the related Other Operating Advisor and the trust of the related
Other Securitization, as applicable, out of general collections on the Mortgage Loans and REO Properties for the Trust’s
pro rata portion (based on the related Non-Serviced Mortgage Loan’s Stated Principal Balance) of nonrecoverable servicing
advances (and interest thereon at the reimbursement rate) and any additional trust fund expenses previously made or incurred with
respect to the related Non-Serviced Mortgage Loans;

 

(vi)        (A)
at such time as it reimburses the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property),
for (1) any unreimbursed P&I Advance (including any such P&I Advance that constitutes a Workout-Delayed Reimbursement Amount)
made with respect to a Mortgage Loan pursuant to clause (iii) above, to pay itself or the Trustee, as applicable, any Advance Interest
Amounts accrued and payable thereon, (2) any unreimbursed Servicing Advances (including any such Advance that constitutes a Workout-Delayed
Reimbursement Amount) made with respect to a Mortgage Loan or Serviced REO Property pursuant to clause (iv) above, to pay itself
or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon or (3) any Nonrecoverable P&I
Advances made with respect to a Mortgage Loan or Serviced REO Property and any Nonrecoverable Servicing Advances made with respect
to a Mortgage Loan or REO Property or any Workout-Delayed Reimbursement Amounts pursuant to clause (v) above, to pay itself or
the Trustee, as the case may be, any

 

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Advance Interest Amounts accrued and payable thereon, in each case, first, from Penalty Charges
as provided in Section 3.12(d) and then, from general collections, but in the case of a Serviced Whole Loan only to the extent
that such Nonrecoverable Advance has been reimbursed and only to the extent that amounts on deposit in the applicable Serviced
Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related Intercreditor
Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account,
if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf
of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such
amount representing Advance Interest Amounts on Servicing Advances allocable to the related Serviced Companion Loans from the related
Companion Loan Noteholders) and (B) at such time as it reimburses the related Other Servicer, the related Other Special Servicer
and the related Other Trustee, as applicable, for any nonrecoverable servicing advances made with respect to any related Non-Serviced
Mortgage Loan or the related REO Property pursuant to clause (v) above, to pay the related Other Servicer, the related Other Special
Servicer and the related Other Trustee, as applicable, any interest accrued and payable thereon;

 

(vii)        to
reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, for any
unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect giving rise to a repurchase or substitution
obligation of the applicable Mortgage Loan Seller or any other obligation of the applicable Mortgage Loan Seller under Section
6 of the applicable Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of the performance
of its duties under Section 2.03 of this Agreement or out of the enforcement of the repurchase or substitution obligation
of the applicable Mortgage Loan Seller or any other obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable
Mortgage Loan Purchase Agreement, together with interest thereon at the Reimbursement Rate, each such Person’s right to reimbursement
pursuant to this clause (vii) with respect to any Mortgage Loan exclusive of any Mortgage Loan included in the Serviced Whole Loan)
subject to the following: (a) if the Purchase Price is paid for such Mortgage Loan, then such Person’s right to reimbursement
shall be limited to that portion of the Purchase Price that represents such expense in accordance with clause (f) of the definition
of Purchase Price, or (b) if no Purchase Price is paid or if an amount less than the Purchase Price is paid and proceedings are
instituted to enforce the related Mortgage Loan Seller’s payment or performance pursuant to the applicable Mortgage Loan
Purchase Agreement or if a Loss of Value Payment is made, then such Person shall be entitled to reimbursement from the Trust following
the adjudication of such proceedings in favor of such Mortgage Loan Seller, settlement of the Breach or Defect claim, or payment
of such Loss of Value Payment, as the case may be;

 

(viii)       to
pay itself all Prepayment Interest Excesses on the Mortgage Pool (exclusive of any Mortgage Loan or Serviced REO Loan included
in the Serviced Whole Loan) not required to be used pursuant to Section 3.17(c) of this Agreement;

 

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(ix)          (A)
to pay itself, as additional servicing compensation in accordance with Section 3.12(a) of this Agreement, (1) interest and
investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account as provided in Section
3.12(b) of this Agreement (but only to the extent of the net investment earnings with respect to such Collection Account for
any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date) and (2) Penalty Charges on
the Mortgage Loans that are non-Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in a Serviced
Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts then due and payable
with respect to the related Mortgage Loan have been paid and are not needed to pay interest on Advances in accordance with Section
3.12 and/or pay or reimburse the Trust for Additional Trust Fund Expenses incurred with respect to such Mortgage Loan during
or prior to the related Collection Period (including Special Servicing Fees, Workout Fees or Liquidation Fees); and (B) to pay
the Special Servicer, as additional servicing compensation in accordance with Section 3.12(b), Net Default Interest and
any other Penalty Charges on Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in the Serviced
Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts then due and payable
with respect to the related Specially Serviced Loan have been paid and are not needed to pay interest on Advances or Additional
Trust Fund Expenses (including Special Servicing Fees, Workout Fees or Liquidation Fees), all in accordance with Section 3.12;

 

(x)           to
pay itself, the Special Servicer, the Depositor, the Operating Advisor or any of their respective directors, officers, members,
managers, employees and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) of
this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable Serviced
Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related Intercreditor
Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account,
if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf
of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such
amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders)); provided,
that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if relating
to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among
all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xi)          to
pay for the cost of the Opinions of Counsel contemplated by Sections 3.10(d), 3.10(e), 3.15(a), 3.15(b)
and 12.08 of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit in
the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth
in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on
deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially
reasonable efforts to exercise on behalf of the Trust any rights under the

 

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related Intercreditor Agreement to obtain reimbursement
for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan
Noteholders)); provided, that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall
be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular
Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xii)         to
pay out of general collections on the Mortgage Loans and REO Properties any and all federal, state and local taxes imposed on the
Lower-Tier REMIC, the Upper-Tier REMIC, the Prudential Plaza Loan REMIC or any of their assets or transactions, together with all
incidental costs and expenses, to the extent that none of the Master Servicer, the Special Servicer or the Trustee is liable therefor
pursuant to this Agreement, except to the extent such amounts relate solely to the Serviced Whole Loans, in which case, such amounts
will be reimbursed, first, out of the related Serviced Whole Loan Collection Account from collections on the related Serviced
Companion Loan and the related Mortgage Loan on a pro rata basis by principal balance, and second, to the extent
any such costs and expenses remain unreimbursed, out of the Collection Account; provided, that for the purposes of allocating
Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan,
to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on
the respective Stated Principal Balances of the Mortgage Loans;

 

(xiii)        to
reimburse the Trustee, the Custodian or the Certificate Administrator out of general collections on the Mortgage Loans and REO
Properties for expenses incurred by and reimbursable to it by the Trust Fund, except to the extent such amounts relate solely to
a Serviced Whole Loan, in which case, such amounts will be reimbursed first, from the applicable Serviced Whole Loan Collection
Account(s) in accordance with Section 3.06(b) and then, out of general collections on the Mortgage Loans; provided,
that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if relating
to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among
all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xiv)        to
pay any Person permitted to purchase a Mortgage Loan under Section 3.16 of this Agreement with respect to each Mortgage
Loan (exclusive of any Mortgage Loan included in the Serviced Whole Loan), if any, previously purchased by such Person pursuant
to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after the date of purchase;

 

(xv)    
    (A) to pay to itself, the Special Servicer, the Trustee, the Certificate Administrator, the
Custodian, the Operating Advisor, the Asset Representations Reviewer or the Depositor, as the case may be, any amount
specifically required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement to
which reference is not made in any other clause of this Section 3.06(a) of this Agreement and (B) to reimburse or pay
any party to this Agreement any unpaid expenses specifically reimbursable from the Collection Account under this Agreement
(and, in the case of an

 

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amount specifically related to a Serviced Whole Loan, only to the extent that such amounts on deposit
in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation
set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment
from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii)
use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement
to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from
the related Companion Loan Noteholders)), it being acknowledged that this clause (xv) shall not be construed to modify
any limitation or requirement otherwise set forth in this Agreement as to the time at which any Person is entitled to payment
or reimbursement of any amount or as to the funds from which any such payment or reimbursement is permitted to be made; provided,
that (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan
and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective
Stated Principal Balances of the Mortgage Loans;

 

(xvi)        to
withdraw from the Collection Account any sums deposited therein in error and pay such sums to the Persons entitled thereto (including
any amounts relating to a Mortgage Loan that is part of a Serviced Whole Loan);

 

(xvii)  
    to pay from time to time to itself in accordance with Section 3.07(b) of this Agreement any
interest or investment income earned on funds deposited in the Collection Account;

 

(xviii) 
    to transfer Gain-on-Sale Proceeds allocable to Mortgage Loans to the Lower-Tier Distribution Account
for deposit by the Certificate Administrator into the Gain-on-Sale Reserve Account in accordance with Section 3.05(i)
of this Agreement;

 

(xix)  
      to pay itself, the Special Servicer or the related Mortgage Loan Seller, as the case may be,
with respect to each Mortgage Loan, if any, previously purchased or substituted (i.e., replaced) by such Person
pursuant to or as contemplated by this Agreement, all amounts received on such Mortgage Loan subsequent to the date of
purchase or substitution, and, in the case of a substitution, with respect to the related Qualified Substitute Mortgage
Loan(s), all Periodic Payments due thereon during or prior to the month of substitution, in accordance with the third
paragraph of Section 2.03(g) of this Agreement;

 

(xx)   
      to pay to the Certificate Administrator, the Trustee, the Custodian or any of their
directors, officers, employees, representatives and agents, as the case may be, any amounts payable or reimbursable to any
such Person pursuant to Section 8.05(d) of this Agreement; provided, that any amounts so paid shall be deemed
allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular
Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage
Loans;

 

(xxi)  
      pursuant to the CREFC® License Agreement, to pay the CREFC®
Intellectual Property Royalty License Fee to CREFC® on a monthly basis; and

 

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(xxii)      to
clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01 of this Agreement.

 

The Master Servicer
shall also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for the payments
or reimbursement of amounts required to be paid to the applicable Non-Serviced Mortgage Loan Service Providers and the related
trust of the applicable Other Securitization by the holder of a Non-Serviced Mortgage Loan pursuant to the applicable Intercreditor
Agreement and the applicable Other Pooling and Servicing Agreement.

 

The Master Servicer shall
pay to the Special Servicer from the Collection Account amounts permitted to be paid to it therefrom promptly upon receipt of a
certificate of a Servicing Officer of the Special Servicer describing the item and amount to which the Special Servicer is entitled.
The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts stated therein.
The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and Serviced REO Loan and any
related Serviced Companion Loan, on a loan-by-loan and property-by-property basis, for the purpose of justifying any request for
withdrawal from the Collection Account.

 

The Master Servicer shall
keep and maintain separate accounting records, on a Mortgage Loan by Mortgage Loan basis, reflecting amounts allocable to each
Mortgage Loan, and on a property-by-property basis when appropriate, for the purpose of justifying any withdrawal, debit or credit
from the Collection Account or the Trust Ledger. Upon written request, the Master Servicer shall provide to the Certificate Administrator
such records and any other information in the possession of the Master Servicer to enable the Certificate Administrator to determine
the amounts attributable to (i) the Lower-Tier REMIC with respect to the Mortgage Loans, (ii) the Excess Interest and (iii) the
Companion Loans.

 

The Master Servicer shall
pay to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Special Servicer,
the Other Trustee, the Other Servicer or the Other Special Servicer, from the Collection Account amounts permitted to be paid to
such person therefrom, promptly upon receipt of a certificate of a Responsible Officer of the Trustee, a responsible officer of
the Other Trustee, a Responsible Officer of the Certificate Administrator, a certificate of an officer of the Operating Advisor,
a certificate of an officer of the Asset Representations Reviewer, a certificate of a Servicing Officer or a certificate of the
Other Servicer or Other Special Servicer, as applicable, describing the item and amount to which such Person is entitled (unless
such payment to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Special
Servicer, the Other Trustee, the Other Servicer or Other Special Servicer, as the case may be, is specifically required pursuant
to this Agreement and the timing and the amount of payment is specified in, or calculable pursuant to, this Agreement, in which
case a certificate is not required). The Master Servicer may rely conclusively on any such certificate and shall have no duty to
recalculate the amounts stated therein.

 

The Trustee, the Certificate
Administrator, the Custodian, the Special Servicer, the Master Servicer, CREFC®, the Operating Advisor, the Asset
Representations Reviewer and the Non-Serviced Mortgage Loan Service Providers (to the extent specified in Section 12.12)
shall in all cases have a right prior to the Certificateholders to any funds on deposit in the

 

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Collection Account from time to time for
the reimbursement or payment of the Servicing Compensation (including investment income), Certificate Administrator/Trustee Fees,
Special Servicing Compensation (including investment income), the CREFC® Intellectual Property Royalty License
Fee, Operating Advisor Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees
are actually received from the Borrowers), the Asset Representations Reviewer Asset Review Fee (to the extent owed by the Trust
pursuant to Section 11.02(c) of this Agreement), Advances, Advance Interest Amounts (for each of such Persons other than
CREFC®), their respective indemnification payments (if any) pursuant to Section 6.03, Section 8.05
or Section 12.02 of this Agreement (for each of such Persons other than CREFC®), their respective expenses
hereunder to the extent such fees and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account
pursuant to this Agreement. For the avoidance of doubt, any fees or expenses (including legal fees) for which a party is to be
indemnified pursuant to Section 6.03 herein may be submitted directly to the Trust Fund and paid from amounts on deposit
in the Collection Account on behalf of such party pursuant to this Agreement. In addition, the Certificate Administrator, the
Trustee, the Special Servicer, the Master Servicer, the Operating Advisor and the Asset Representations Reviewer shall in all
cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the
reimbursement and payment of any federal, state or local taxes imposed on any Trust REMIC or the Prudential Plaza Loan REMIC.

 

Upon the determination
that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would exceed the full
amount of the principal portion of general collections on the Mortgage Loans (or with respect to Servicing Advances, the Serviced
Whole Loans) deposited in the Collection Account and available for distribution on the next Distribution Date, the Master Servicer
or the Trustee, each at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement for the remaining
amount of such Nonrecoverable Advance pursuant to Section 3.06(a) or Section 3.06(b) of this Agreement immediately,
may elect to refrain from obtaining such reimbursement for such portion of the Nonrecoverable Advance during the Collection Period
ending on the then-current Determination Date for successive one-month periods for a total period not to exceed 12 months (with
the consent of the Directing Holder, for so long as no Control Termination Event has occurred and is continuing, for any deferral
in excess of 6 months). If the Master Servicer or the Trustee makes such an election at its sole option and in its sole discretion
to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with interest thereon), then such
Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable in the subsequent
Collection Period (subject, again, to the same sole discretion to elect to defer; it is acknowledged that, in such a subsequent
period, such Nonrecoverable Advance shall again be payable first from principal collections as described above prior to
payment from other collections). In connection with a potential election by the Master Servicer or the Trustee to refrain from
the reimbursement of a particular Nonrecoverable Advance or portion thereof during the one-month Collection Period ending on the
related Determination Date for any Distribution Date, the Master Servicer or the Trustee shall further be authorized (in its sole
discretion) to wait for principal collections on the Mortgage Loans and Serviced Companion Loans to be received before making its
determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance (or portion thereof) until the
end of such Collection Period; provided, the Master Servicer or the Trustee shall use reasonable efforts to give notice
of its election to the 17g-5

 

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Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement), at least 15 days prior to any reimbursement to it of Nonrecoverable
Advances from amounts in the Collection Account allocable to interest on the Mortgage Loans unless (1) the Master Servicer or the
Trustee determines in its sole discretion that waiting 15 days after such a notice could jeopardize its ability to recover Nonrecoverable
Advances, (2) changed circumstances or new or different information becomes known to the Master Servicer or the Trustee that could
affect or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer reimbursement of a Nonrecoverable
Advance or the determination in clause (1) above, or (3) the Master Servicer or the Trustee has not timely received from the Certificate
Administrator information requested by the Master Servicer or the Trustee to consider in determining whether to defer reimbursement
of a Nonrecoverable Advance; provided that, if clause (1), (2) or (3) apply, the Master Servicer or the Trustee shall give
notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest
on the Mortgage Loans as soon as reasonably practicable in such circumstances to the 17g-5 Information Provider (who shall promptly
post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). Neither
the Master Servicer nor the Trustee shall have any liability for any loss, liability or expense resulting from any notice provided
to each Rating Agency contemplated by the immediately preceding sentence.

 

The foregoing shall not,
however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply
with the conditions to making such an election under this Section 3.06(a) or to comply with the terms of this Section
3.06(a) and the other provisions of this Agreement that apply once such an election, if any, has been made. If the Master Servicer
or the Trustee, as applicable, determines, in its sole discretion, that it should recover the Nonrecoverable Advances without deferral
as described above, then the Master Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable
Advances with interest thereon at the Reimbursement Rate from all amounts in the Collection Accounts for such Distribution Date.
Any such election by any such party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable Advance
or portion thereof with respect to any one or more Collection Periods shall not limit the accrual of interest at the Reimbursement
Rate on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. The Master
Servicer’s or the Trustee’s, as applicable, election to defer reimbursement of such Nonrecoverable Advances as set
forth above is an accommodation to the Certificateholders and, as applicable, the Serviced Companion Loan Noteholders and shall
not be construed as an obligation on the part of the Master Servicer or the Trustee, as applicable, or a right of the Certificateholders
or the Serviced Companion Loan Noteholders. Nothing herein shall be deemed to create in the Certificateholders or the Serviced
Companion Loan Noteholders a right to prior payment of distributions over the Master Servicer’s or the Trustee’s, as
applicable, right to reimbursement for Advances (deferred or otherwise). In all events, the decision to defer reimbursement or
to seek immediate reimbursement of Nonrecoverable Advances shall be deemed to be in accordance with the Servicing Standard and
neither the Master Servicer, the Trustee nor the other parties to this Agreement shall have any liability to one another or to
any of the Certificateholders or any of the Serviced Companion Loan Noteholders for any such election that such party makes as
contemplated by this Section 3.06(a) or for any losses, damages or other adverse economic or other effects that may arise
from such an election.

 

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None of the Master Servicer,
the Special Servicer or the Trustee shall be permitted to reverse any other Person’s determination, or to prohibit any such
other authorized Person from making a determination, that an Advance constitutes, or would constitute a Nonrecoverable Advance.

 

If the Master Servicer,
the Trustee or any Non-Serviced Mortgage Loan Service Provider, as applicable, is reimbursed out of general collections for any
unreimbursed Advances that are determined to be Nonrecoverable Advances (together with any Advance Interest Amount), then (for
purposes of calculating distributions on the Certificates) such reimbursement and payment of interest shall be deemed to have been
made: first, out of the Principal Distribution Amount, which, but for its application to reimburse a Nonrecoverable Advance
and/or to pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution Date and, second,
out of other amounts which, but for their application to reimburse a Nonrecoverable Advance and/or to pay the Advance Interest
Amount, would be included in Available Funds for any subsequent Distribution Date.

 

If and to the extent
that any payment is deemed to be applied as contemplated in the paragraph above to reimburse a Nonrecoverable Advance or to pay
the Advance Interest Amount, then the Principal Distribution Amount for such Distribution Date shall be reduced, to not less than
zero, by the amount of such reimbursement. If and to the extent (i) any Advance is determined to be a Nonrecoverable Advance, (ii)
such Advance and/or the Advance Interest Amount is reimbursed out of the Principal Distribution Amount as contemplated above and
(iii) the particular item for which such Advance was originally made is subsequently collected out of payments or other collections
in respect of the related Mortgage Loan, then the Principal Distribution Amount for the Distribution Date that corresponds to the
Collection Period in which such item was recovered shall be increased by an amount equal to the lesser of (A) the amount of such
item and (B) any previous reduction in the Principal Distribution Amount for a prior Distribution Date as contemplated in the paragraph
above resulting from the reimbursement of the subject Advance and/or the payment of the Advance Interest Amount.

 

(b)          The
Master Servicer shall maintain a separate Trust Ledger with respect to the Serviced Whole Loans that it is servicing on which it
shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On each Master
Servicer Remittance Date (or such other date as may be specified below or on which funds are available for such purpose as specified
below), with respect to each Serviced Whole Loan, the Master Servicer shall make withdrawals from amounts allocated thereto in
the related Serviced Whole Loan Collection Account (and may debit the Trust Ledger) for any of the following purposes (the order
set forth below not constituting an order of priority for such withdrawals):

 

(i)            to
make remittances each month in an aggregate amount of immediately available funds equal to the allocable portion of the applicable
Serviced Whole Loan Remittance Amount (A) to the related Serviced Companion Loan Noteholders within the time frame specified in,
and otherwise in accordance with Section 3.05(h) and (B) to the Collection Account for the benefit of the Trust in respect
of amounts allocable to the related Mortgage Loan, in each case in accordance with the related Intercreditor Agreement (after taking
into account the amounts permitted to be withdrawn from the Serviced Whole Loan Collection Account pursuant to this Section
3.06(b)) provided, that Liquidation Proceeds relating to the repurchase of any Serviced Companion Loan by the

 

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related
seller thereof shall be remitted solely to the holder of such Serviced Companion Loan, as the case may be, and Liquidation Proceeds
relating to the repurchase of a Mortgage Loan related to a Serviced Whole Loan by the related Mortgage Loan Seller shall be remitted
solely to the Collection Account;

 

(ii)           to
pay (A) to itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees
to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement) and to the Special Servicer
unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan or related Serviced REO
Loan, as applicable, the Master Servicer’s or the Special Servicer’s, as applicable, rights to payment of Servicing
Fees, Special Servicing Fees, Liquidation Fees and Workout Fees, as applicable, pursuant to this clause (ii)(A) with respect to
such Serviced Whole Loan or related Serviced REO Loan, as applicable, being limited to amounts received on or in respect of such
Serviced Whole Loan (whether in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), or such
Serviced REO Loan (whether in the form of REO Proceeds, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), that
are allocable as recovery of interest thereon and (B) to the Special Servicer, each month to the extent not covered by clause (ii)(A)
above, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan or related Serviced
REO Loan, as applicable, remaining unpaid out of general collections in the Collection Account as provided in Section 3.06(a)(ii)
of this Agreement;

 

(iii)          to
reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances with respect to the applicable Mortgage Loan
and to reimburse the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest advances with
respect to the applicable Serviced Companion Loan, the Master Servicer’s, the Trustee’s and the applicable Serviced
Companion Loan Service Provider’s right to reimbursement pursuant to this clause (iii) being limited to amounts received
in the applicable Serviced Whole Loan Collection Account which represent Late Collections received in respect of such Mortgage
Loan or Serviced Companion Loan, as applicable (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor
Agreement), during the applicable period; provided, that to the extent such amounts are insufficient to repay such P&I
Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I Advances may be
reimbursed, from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan; provided,
further, that if such P&I Advance on the applicable Mortgage Loan becomes a Nonrecoverable Advance or a Workout-Delayed
Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed in accordance with clause (v) below;

 

(iv)          to
reimburse the Trustee or itself, in that order, as applicable (with respect to such Serviced Whole Loan or Serviced REO Property),
for unreimbursed Servicing Advances with respect to such Serviced Whole Loan or related Serviced REO Property, the Master Servicer’s
or the Trustee’s respective rights to receive payment pursuant to this clause (iv) being limited to, as applicable, related
payments by the applicable Borrower with respect to such Servicing Advance, Liquidation Proceeds, Insurance Proceeds and

 

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Condemnation
Proceeds and REO Proceeds with respect to such Serviced Whole Loan; provided, that if such Servicing Advance becomes a Nonrecoverable
Advance or a Workout-Delayed Reimbursement Amount, then such Servicing Advance shall thereafter be reimbursed in accordance with
clause (v) below;

 

(v)          (A)
to reimburse the Trustee or itself, in that order, (with respect to such Serviced Whole Loan or related REO Property), as applicable
(x) with respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds
and REO Proceeds received on the related Serviced Whole Loan and related REO Properties, and second, out of general collections
in the Collection Account as provided in Section 3.06(a) and (y) with respect to the Workout-Delayed Reimbursement Amounts,
first, out of the principal portion of the general collections on the Serviced Whole Loan and related REO Properties, net
of such amounts being reimbursed pursuant to the subclause first in the preceding clause (x) above and second out
of general collections in the Collection Account as provided in Section 3.06(a); provided that in the case of both
clause (x) and clause (y) of this clause (v), prior to making any reimbursement from general collections, such reimbursements shall
be made first, from collections on, and proceeds of the applicable Subordinate Companion Loan, if any, and then from collections
on, and proceeds of the related Mortgage Loan, or in the case of a Serviced Pari Passu Whole Loan with a Serviced Pari Passu Companion
Loan, on a pro rata basis as between the Mortgage Loan and any related Serviced Pari Passu Companion Loans (based on the
Mortgage Loan’s Stated Principal Balance or related Serviced Pari Passu Companion Loan’s principal balance) and then
from general collections of the Trust (provided that, in the case of a Servicing Advance that is a Nonrecoverable Advance,
the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify
the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights
under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the
related Serviced Companion Loans from the related Companion Loan Noteholders) or (B) to pay itself or the Special Servicer out
of general collections on such Serviced Whole Loan and related REO Properties, any related earned Servicing Fee, Special Servicing
Fee, Liquidation Fee or Workout Fee, as applicable, that remained unpaid in accordance with clause (ii) above following a Final
Recovery Determination made with respect to such Serviced Whole Loan or related REO Property and the deposit into the applicable
Serviced Whole Loan Collection Account of all amounts received in connection therewith; provided that, notwithstanding the
foregoing, such party’s rights to reimbursement pursuant to this clause (v) with respect to any such Nonrecoverable Advance
or Workout-Delayed Reimbursement Amount that is a P&I Advance, being limited (except to the extent set forth in Section
3.06(a)) to amounts on deposit in the applicable Serviced Whole Loan Collection Account that were received in respect of the
particular Mortgage Loan (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor Agreement)
in the related Serviced Whole Loan as to which such Nonrecoverable Advance or such Workout-Delayed Reimbursement Amount were incurred
(provided, that to the extent such amounts are insufficient to repay such Advances on any Mortgage Loan as to which there
is a related Subordinate Companion Loan, such P&I Advances may be

 

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reimbursed from collections on the related Serviced Whole
Loan allocable to such Subordinate Companion Loan);

 

(vi)         at
such time as it reimburses the Trustee or itself, in that order, as applicable, for (A) any unreimbursed P&I Advance with respect
to the applicable Mortgage Loan (including any such Advance that constitutes a Workout-Delayed Reimbursement Amount) or any unreimbursed
principal and/or interest advance with respect to the related Serviced Companion Loan pursuant to clause (iii) above, to pay itself,
the Trustee or such Serviced Companion Loan Service Provider, as applicable, any Advance Interest Amounts accrued and payable thereon,
(B) any unreimbursed Servicing Advances (including any such Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant
to clause (iv) above, to pay itself, the Special Servicer or the Trustee, as the case may be, any Advance Interest Amounts accrued
and payable thereon or (C) any Nonrecoverable Advances pursuant to clause (v) above, to pay itself, the Special Servicer, the Trustee
or any Serviced Companion Loan Service Provider, as the case may be, any Advance Interest Amounts accrued and payable thereon,
with such amounts payable in the case of clauses (A), (B) and (C) above, first, from Penalty Charges pursuant to Section
3.12(d), then, from collections on, and proceeds of the applicable Subordinate Companion Loan, if any, and then, from collections
on, and proceeds of on a pro rata basis as between the Mortgage Loan and any related other Serviced Pari Passu Companion Loans
(based on the Mortgage Loan’s Stated Principal Balance or related Serviced Pari Passu Companion Loan’s principal balance),
provided that, notwithstanding the foregoing, such party’s rights to reimbursement pursuant to this clause (vi) with
respect to any such interest on P&I Advances (including any such P&I Advance that is a Nonrecoverable Advance or a Workout-Delayed
Reimbursement Amount) being limited to amounts on deposit in the applicable Serviced Whole Loan Collection Account that were received
in respect of the particular Mortgage Loan (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor
Agreement) in the related Serviced Whole Loan as to which such advance relates (provided, that any Mortgage Loan as to which
there is a related Subordinate Companion Loan, such interest on P&I Advances may be reimbursed from collections on the related
Serviced Whole Loan allocable to such Subordinate Companion Loan);

 

(vii)         to
reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, as applicable,
for any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect with respect to the Mortgage
Loan giving rise to a repurchase obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan
Purchase Agreement or, with respect to a Serviced Companion Loan, under the related mortgage loan purchase agreement, including,
without limitation, any expenses arising out of the enforcement of the repurchase obligation, each such Person’s right to
reimbursement pursuant to this clause (vii) with respect to such Serviced Whole Loan being limited to that portion of the Purchase
Price paid for the related Mortgage Loan that represents such expense in accordance with clause (e) of the definition of Purchase
Price (or, with respect to a Serviced Companion Loan, a comparable expense);

 

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(viii)       to
pay itself all Prepayment Interest Excesses on any related Mortgage Loan or Serviced Companion Loan included in the Serviced Whole
Loans not required to be used pursuant to Section 3.17(c) of this Agreement;

 

(ix)          (A)
to pay itself, as additional servicing compensation in accordance with Section 3.12(a), (1) interest and investment income
earned in respect of amounts relating to such Serviced Whole Loan held in the applicable Serviced Whole Loan Collection Account
as provided in Section 3.07(b) (but only to the extent of the net investment earnings with respect to such Serviced Whole
Loan Collection Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date)
and (2) any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the extent prohibited by the related
Intercreditor Agreement and other than Specially Serviced Loans) but only to the extent collected from the related Borrower and
to the extent that all amounts then due and payable with respect to the Serviced Whole Loans have been paid and are not needed
to pay Advance Interest Amounts, interest on debt service advances made by the related Serviced Companion Loan Service Provider
and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related Intercreditor Agreement; and (B) to
pay the Special Servicer, as additional servicing compensation in accordance with the second paragraph of Section 3.12,
the portion of any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the extent prohibited by
the related Intercreditor Agreement), during the period it is a Specially Serviced Loan (but only to the extent collected from
the related Borrower and to the extent that all amounts then due and payable with respect to the related Specially Serviced Loan
have been paid and are not needed to pay interest on Advances, interest on debt service advances made by the related Serviced Companion
Loan Service Provider and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related Intercreditor
Agreement);

 

(x)           to
recoup any amounts deposited in such Serviced Whole Loan Collection Account in error;

 

(xi)          to
pay itself, the Special Servicer, the Depositor or any of their respective directors, officers, members, managers, employees and
agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) or 6.03(b), to the
extent that such amounts relate to such Serviced Whole Loans;

 

(xii)         to
pay for the cost of the Opinions of Counsel contemplated by Section 3.10(d), 3.10(e), 3.15(a), 3.15(b)
and 12.08 to the extent that such opinions specifically relate to such Serviced Whole Loans;

 

(xiii)        to
pay out of general collections on such Serviced Whole Loan and related Serviced REO Property any and all federal, state and local
taxes imposed on the Upper-Tier REMIC, the Lower-Tier REMIC, the Prudential Plaza Loan REMIC or any of their assets or transactions,
together with all incidental costs and expenses, in each case to the extent that neither the Master Servicer, the Special Servicer,
the Certificate Administrator nor the Trustee is liable therefor pursuant to this Agreement and only to the extent that such amounts
relate to the related Mortgage Loan or to the Serviced Companion Loans (but only to the extent that any Serviced Companion Loan
is included in a REMIC);

 

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(xiv)        to
reimburse the Trustee and the Certificate Administrator out of general collections on such Serviced Whole Loan and related REO
Properties for expenses incurred by and reimbursable to it by the Trust Fund specifically related to such Serviced Whole Loan;

 

(xv)         to
pay any Person permitted to purchase a Mortgage Loan under Section 3.16 with respect to the Mortgage Loan included in such
Serviced Whole Loan, if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent
to the date of purchase relating to periods after the date of purchase;

 

(xvi)        to
deposit in the Interest Reserve Account the amounts with respect to the Mortgage Loan included in such Serviced Whole Loan required
to be deposited in the Interest Reserve Account pursuant to Section 3.05(e);

 

(xvii)       to
pay to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Depositor, as the case may
be, to the extent that such amounts relate to the Mortgage Loan included in such Serviced Whole Loan, any amount specifically required
to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement to which reference is not made
in any other clause of this Section 3.06(b), it being acknowledged that this clause (xvii) shall not be construed to modify
any limitation or requirement otherwise set forth in this Agreement or in the related Intercreditor Agreement as to the time at
which any Person is entitled to payment or reimbursement of any amount or as to the funds from which any such payment or reimbursement
is permitted to be made;

 

(xviii)      to
pay the related Mortgage Loan Seller with respect to the Mortgage Loan included in such Serviced Whole Loan, if any, previously
purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement, all amounts received
on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of a substitution, with respect to the
related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month of substitution,
in accordance with the third paragraph of Section 2.03(g); and

 

(xix)        to
clear and terminate such Serviced Whole Loan Collection Account at the termination of this Agreement pursuant to Section 9.01.

 

In the case of the amounts
payable as set forth above in this Section 3.06(b) with respect to any Serviced Whole Loan, if such amount is not specifically
payable, pursuant to the terms of this Agreement or the related Intercreditor Agreement, out of collections or proceeds allocable
to any particular note that is a part of such Serviced Whole Loan, such amount shall be paid from collections on, and proceeds
of the related Serviced Subordinate Companion Loan, if any, and then, from collections on, and proceeds of, on a pro rata
basis as between, the related Mortgage Loan and any related Serviced Pari Passu Companion Loans (based on the related Mortgage
Loan’s principal balance or the related Serviced Pari Passu Companion Loan’s principal balance), and then, to the extent
provided for in this Agreement, from general collections.

 

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The Master Servicer shall
keep and maintain separate accounting records, on a loan by loan and property by property basis when appropriate, for the purpose
of justifying any withdrawal from any Serviced Whole Loan Collection Account. All withdrawals with respect to any Serviced Whole
Loan shall be made first, from the applicable Serviced Whole Loan Collection Account and then, from the Master Servicer’s
Collection Account to the extent permitted by Section 3.06(a). Upon request, the Master Servicer shall provide to the Certificate
Administrator such records and any other information in the possession of the Master Servicer to enable the Certificate Administrator
to determine the amounts attributable to the Lower-Tier REMIC and the Companion Loans.

 

The Master Servicer shall
pay to the Special Servicer from the Serviced Whole Loan Collection Accounts amounts permitted to be paid to it therefrom promptly
upon receipt of a certificate of a Servicing Officer of such Special Servicer describing the item and amount to which the Special
Servicer is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to recalculate the
amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan included
in the Serviced Whole Loan and related REO Loan, on a loan by loan and property by property basis, for the purpose of justifying
any request for withdrawal from any Serviced Whole Loan Collection Account.

 

Any permitted withdrawals
under this Section 3.06(b) with respect to reimbursement for advances or other amounts payable to an Other Trustee shall,
if applicable, also be deemed to be a permitted withdrawal for similar amounts owed to the fiscal agent of the Other Trustee, if
any.

 

Notwithstanding anything
to the contrary contained herein, with respect to each Serviced Companion Loan, the Master Servicer shall withdraw from the related
Serviced Whole Loan Collection Account and remit to the related Serviced Companion Loan Noteholders, within (x) with respect to
any Serviced Subordinate Companion Loan, if required pursuant to the terms of the related Intercreditor Agreement, two (2) Business
Days of receipt of properly identified funds and (y) with respect to any Serviced Pari Passu Companion Loan, one (1) Business Day
of receipt of properly identified funds, any amounts that represent Late Collections or Principal Prepayments on such Serviced
Companion Loan or any successor REO Loan with respect thereto, that are received by the Master Servicer prior to 3:00 p.m. (New
York City time) on any given Business Day (and to the extent any such amounts are received after 3:00 p.m. Eastern time on any
given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such Late Collections or Principal Prepayments
to the related Serviced Companion Loan Noteholders 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) (exclusive
of any portion of such amount payable or reimbursable to any third party in accordance with the related Intercreditor Agreement
or this Agreement), unless such amount would otherwise be included in the monthly remittance to the holder of such Serviced Companion
Loan for such month.

 

If the Master Servicer
fails, as of 5:00 p.m. (New York City time) on any Master Servicer Remittance Date or any other date a remittance is required to
be made, to remit to the Certificate Administrator (in respect of the related Mortgage Loan) or the Serviced Companion Loan Noteholders
(in respect of any related Serviced Companion Loan) any amounts required to

 

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be so remitted hereunder by such date (including any
P&I Advance pursuant to Section 4.07 and any Gain-on-Sale Proceeds allocable to the Serviced Companion Loans pursuant
to Section 4.01(d)(i)), the Master Servicer shall pay to the Certificate Administrator (in respect of the Mortgage Loan)
or the Serviced Companion Loan Noteholders (in respect of the Serviced Companion Loan), for the account of the Certificate Administrator
(in respect of the Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect of the Serviced Companion Loans), interest,
calculated at the Prime Rate, on such amount(s) not timely remitted, from the time such payment was required to be made (without
regard to any grace period) until (but not including) the date such late payment is received by the Certificate Administrator or
the Serviced Companion Loan Noteholders, as applicable.

 

(c)          On
each Master Servicer Remittance Date, all net income and gain realized from investment of funds to which the Master Servicer or
the Special Servicer is entitled pursuant to Section 3.07(b) of this Agreement shall be subject to withdrawal by the Master
Servicer or the Special Servicer, as applicable.

 

(d)          With
respect to the Serviced Whole Loans, if amounts required to pay the expenses allocable to any related Serviced Companion Loan exceed
amounts on deposit in the Serviced Whole Loan Collection Account, the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, as applicable, may seek reimbursement from the Trust Fund with respect to such expenses allocable to such Serviced
Companion Loan. The Master Servicer or Special Servicer, as applicable, shall seek (on behalf of the Trust Fund, subject to the
related Intercreditor Agreement) payment or reimbursement from the holder of the related Serviced Subordinate Companion Loan, if
any, and then for the pro rata portion of such expenses allocable to the Serviced Pari Passu Companion Loan from the related
Serviced Companion Loan Noteholder or, if such Serviced Companion Loan has been deposited into a securitization, out of general
collections in the collection account established pursuant to the related Other Pooling and Servicing Agreement.

 

(e)          If
any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related Serviced
REO Property, then the Special Servicer shall (provided that, (1) with respect to clause (iv) below, the Special Servicer shall
have provided notice to the Master Servicer of the occurrence of such liquidation event and (2) with respect to clause (v) below,
the Certificate Administrator shall have provided the Master Servicer and the Special Servicer with five Business Days’ prior
notice of such final Distribution Date), transfer such Loss of Value Payments (up to the remaining portion thereof) from the Loss
of Value Reserve Fund to the Master Servicer for deposit into the Collection Account for the following purposes:

 

(i)            to
reimburse the Master Servicer or the Trustee, in accordance with Section 3.06(a) of this Agreement, for any Nonrecoverable
Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together with the Advance Interest
Amount);

 

(ii)           to
pay, in accordance with Section 3.06(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense
relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of such Loss of Value
Payments, would constitute an Additional Trust Fund Expense;

 

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(iii)      
   to offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the
case may be (as calculated without regard to the application of such Loss of Value Payments), incurred with respect to such
Mortgage Loan or any related successor REO Loan;

 

(iv)         following
the occurrence of a liquidation event with respect to such Mortgage Loan or any related Serviced REO Property and any related transfers
from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii) as to
such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect of any other Mortgage
Loan or Serviced REO Loan; and

 

(v)          On
the final Distribution Date after all distributions have been made as set forth in clause (i) through (iv) above, to each Mortgage
Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed by such Mortgage
Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses that are attributable to such
Mortgage Loan or related REO Property, Additional Trust Fund Expenses or any Nonrecoverable Advances incurred with respect to the
Mortgage Loan related to such contribution.

 

Any Loss of Value Payments
transferred to the Collection Account pursuant to clauses (i)-(iii) of the prior paragraph shall be treated as Liquidation Proceeds
received by the Trust in respect of the related Mortgage Loan or any successor REO Loan with respect thereto for which such Loss
of Value Payments were received; and any Loss of Value Payments transferred to the Collection Account pursuant to clause (iv) of
the prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the Mortgage Loan or REO Loan
for which such Loss of Value Payments are being transferred to the Collection Account to cover an item contemplated by clauses
(i)-(iv) of the prior paragraph.

 

(f)           The
Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier Distribution Account for any of the following
purposes (the order set forth below shall not indicate any order of priority), in each case to the extent not previously paid from
the Collection Account:

 

(i)            to
make deposits of the Lower-Tier Distribution Amount and the amount of any Prepayment Premium and Yield Maintenance Charges distributable
pursuant to Section 4.01(a) of this Agreement in the Upper-Tier Distribution Account, and to make distributions on the Class
R Certificates in respect of the Class LTR Interest pursuant to Section 4.01(a) of this Agreement;

 

(ii)           to
pay itself, the Trustee and the Custodian respective portions of any accrued but unpaid Trustee/Certificate Administrator Fees;

 

(iii)          to
pay itself an amount equal to all net income and gain realized from investment of funds in the Lower-Tier Distribution Account
pursuant to Section 3.07(b) of this Agreement;

 

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(iv)          to
pay to itself, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents, as the case
may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(b), Section 8.05(c) and Section
8.05(d) of this Agreement;

 

(v)          to
recoup any amounts deposited in the Lower-Tier Distribution Account in error; and

 

(vi)         to
clear and terminate the Lower-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of
this Agreement.

 

(g)          The
Certificate Administrator may make withdrawals from the Upper-Tier Distribution Account for any of the following purposes:

 

(i)            to
make distributions to Certificateholders (other than Holders of the Class V Certificates) on each Distribution Date pursuant to
Section 4.01 or Section 9.01 of this Agreement (in the case of Holders of the Class R Certificates, in respect of
the Class UTR Interest), as applicable;

 

(ii)           to
recoup any amounts deposited in the Upper-Tier Distribution Account in error; and

 

(iii)          to
clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of
this Agreement.

 

Section 3.07     Investment
of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, the Interest Reserve
Account, the Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and the Reserve
Accounts. (a) The Master Servicer (with respect to the Collection Account, and any Serviced Whole Loan Collection Account
and any Borrower Accounts (as defined below and subject to the second succeeding sentence)), the Special Servicer (with respect
to any REO Account and any Loss of Value Reserve Fund) and the Certificate Administrator (with respect to the Distribution Accounts,
the Interest Reserve Account and the Gain-on-Sale Reserve Account) may direct any depository institution maintaining the Collection
Account, any Serviced Whole Loan Collection Account, the Gain-on-Sale Reserve Account, any Borrower Accounts, any REO Account,
any Loss of Value Reserve Fund, the Interest Reserve Account and the Distribution Accounts (each such account, for purposes of
this Section 3.07, an “Investment Account”), to invest the funds in such Investment Account in one or
more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable on demand, no later than
the Business Day preceding the date on which such funds are required to be withdrawn from such Investment Account pursuant to
this Agreement. Any investment of funds on deposit in an Investment Account by the Master Servicer, the Special Servicer or the
Certificate Administrator shall be documented in writing and shall provide evidence that such investment is a Permitted Investment
which matures at or prior to the time required hereby or is payable on demand. In the case of any Escrow Account, Lock-Box Account,
Cash Collateral Account or Reserve Account (the “Borrower Accounts”), the Master Servicer shall act upon the
written request of the related Borrower or Manager to the extent that the Master Servicer is required to do so under the terms
of the respective Loan Documents, provided that in the absence of appropriate written

 

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instructions from the related Borrower
or Manager meeting the requirements of this Section 3.07, the Master Servicer shall have no obligation to, but will be
entitled to, direct the investment of funds in such accounts in Permitted Investments. All such Permitted Investments shall be
held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name of the
Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Certificate Administrator shall have sole control
(except with respect to investment direction which shall be in the control of the Master Servicer or the Special Servicer, with
respect to any REO Accounts, as an independent contractor to the Trust Fund) over each such investment and any certificate or
other instrument evidencing any such investment shall be delivered directly to the Certificate Administrator or its agent (which
shall initially be the Master Servicer), together with any document of transfer, if any, necessary to transfer title to such investment
to the Trustee or its nominee. Neither the Certificate Administrator nor the Trustee shall have any responsibility or liability
with respect to the investment directions of the Master Servicer, the Special Servicer, any Borrower or Manager or any losses
resulting therefrom, whether from Permitted Investments or otherwise. The Master Servicer shall have no responsibility or liability
with respect to the investment directions of the Special Servicer, the Certificate Administrator, the Trustee, any Borrower or
Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall have no
responsibility or liability with respect to the investment directions of the Master Servicer, the Certificate Administrator, the
Trustee, any Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event
amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master Servicer
(or the Special Servicer or the Certificate Administrator, as applicable) shall:

 

(x)          consistent
with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment
may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount required
to be withdrawn on such date; and

 

(y)          demand
payment of all amounts due thereunder promptly upon determination by the Master Servicer (or the Special Servicer or the Certificate
Administrator, as applicable) that such Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter
on deposit in the related Investment Account.

 

(b)          All
income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the Master Servicer
(except with respect to the investment of funds deposited in (i) any Borrower Account, which shall be for the benefit of the related
Borrower to the extent required under the related Loan Documents for the Mortgage Loan or applicable law, (ii) any REO Account
and the Loss of Value Reserve Fund, which shall be for the benefit of the Special Servicer or (iii) the Gain-on-Sale Reserve Account,
the Interest Reserve Account and the Distribution Accounts, which shall be for the benefit of the Certificate Administrator) and,
if held in the Collection Account, any Serviced Whole Loan Collection Account, REO Account or Distribution Account shall be subject
to withdrawal by the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, in accordance with
Section 3.06 or Section 3.15(b) of this Agreement, as applicable. The Master Servicer, or with respect to any REO
Account or Loss of Value Reserve Fund, the Special Servicer, or with

 

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respect to the Gain-on-Sale Reserve Account, the Distribution
Accounts, the Certificate Administrator, shall deposit from its own funds into the Collection Account, applicable Serviced Whole
Loan Collection Account, any REO Account or Loss of Value Reserve Fund, the Gain-on-Sale Reserve Account, the Interest Reserve
Account or the Distribution Accounts, as applicable, the amount of any loss incurred in respect of any such Permitted Investment
immediately upon realization of such loss; provided, that the Master Servicer, the Special Servicer or the Certificate Administrator,
as applicable, may reduce the amount of such payment to the extent it forgoes any investment income in such Investment Account
otherwise payable to it. The Master Servicer shall also deposit from its own funds in any Borrower Account immediately upon realization
of such loss the amount of any loss incurred in respect of Permitted Investments, except to the extent that amounts are invested
at the direction of or for the benefit of the Borrower under the terms of the related Loan Documents for the Mortgage Loan, Serviced
Whole Loan or applicable law; provided that neither the Master Servicer nor the Special Servicer shall be required to deposit
any loss on an investment of funds in an Investment Account if such loss is incurred solely as a result of the insolvency of the
federal or state chartered depository institution or trust company that holds such Investment Account, so long as such depository
institution or trust company has satisfied the qualifications set forth in the definition of Eligible Account both (x) at the time
the investment was made and (y) 30 days prior to such insolvency.

 

(c)          Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, in either case as a result of an action
or inaction of the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, the Trustee may, and
upon the request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class shall, take such
action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.
If the Trustee takes any such action, (i) the Master Servicer, if such Permitted Investment was for the benefit of the Master Servicer,
(ii) the Special Servicer, if such Permitted Investment was for the benefit of the Special Servicer or (iii) the Certificate Administrator,
if such Permitted Investment was for the benefit of the Certificate Administrator, shall pay or reimburse the Trustee for all reasonable
out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in connection therewith.

 

Section 3.08     Maintenance
of Insurance Policies and Errors and Omissions and Fidelity Coverage. (a) In the case of each Mortgage Loan or Serviced Whole
Loan, as applicable (but excluding any REO Loan and any Non-Serviced Mortgage Loan), the Master Servicer shall use commercially
reasonable efforts consistent with the Servicing Standard to cause the related Borrower, with respect to the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) and Serviced Whole Loans that it is servicing, to maintain the following insurance coverage
(including identifying the extent to which such Borrower is maintaining insurance coverage and, if such Borrower does not so maintain,
the Master Servicer will itself cause to be maintained with Qualified Insurers) for the related Mortgaged Property: (x) except
where the Loan Documents permit a Borrower to rely on self-insurance provided by a tenant, a fire and casualty extended coverage
insurance policy, which does not provide for reduction due to depreciation, in an amount that is at least equal to the lesser
of (i) the full replacement cost of improvements securing such Mortgage Loan or Serviced Whole Loan, as applicable, and (ii) the
Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan, as applicable, but, in

 

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any event, in an amount sufficient
to avoid the application of any co-insurance clause and (y) all other insurance coverage (including, but not limited to, coverage
for acts of terrorism) that is required, subject to applicable law, under the related Loan Documents; provided, that:

 

(i)   
        the Master Servicer shall not be required to maintain any earthquake or
environmental insurance policy on any Mortgaged Property unless the Trustee has an insurable interest and (x) such insurance
policy was in effect at the time of the origination of the related Mortgage Loan or Serviced Whole Loan, as applicable, or
(y) such insurance policy was required by the related Loan Documents and is available at commercially reasonable rates, provided
that the Master Servicer shall require the related Borrower to maintain such insurance in the amount, in the case of clause
(x), maintained at origination, and in the case of clause (y), required by such Mortgage Loan or Serviced Whole Loan, in each
case, to the extent such amounts are available at commercially reasonable rates and to the extent the Trustee has an
insurable interest;

 

(ii)           if
and to the extent that any Loan Document grants the lender thereunder any discretion (by way of consent, approval or otherwise)
as to the insurance provider from whom the related Borrower is to obtain the requisite insurance coverage, the Master Servicer
shall (to the extent consistent with the Servicing Standard) require the related Borrower to obtain the requisite insurance coverage
from Qualified Insurers;

 

(iii)          the
Master Servicer shall have no obligation beyond using its reasonable efforts consistent with the Servicing Standard to cause any
Borrower to maintain the insurance required to be maintained under the Loan Documents; provided, that this clause shall
not limit the Master Servicer’s obligation to obtain and maintain a force-placed insurance policy, as provided herein;

 

(iv)          except
as provided below (including under clause (vi) below), in no event shall the Master Servicer be required to cause the Borrower
to maintain, or itself obtain, insurance coverage to the extent that the failure of such Borrower to maintain insurance coverage
is an Acceptable Insurance Default (as determined by the Special Servicer);

 

(v)           to
the extent that the Master Servicer itself is required to maintain insurance that the Borrower does not maintain, the Master Servicer
will not be required to maintain insurance other than what is available to the Master Servicer on a force-placed basis at commercially
reasonable rates, and only to the extent the Trust as lender has an insurable interest thereon; and

 

(vi)  
       any explicit terrorism insurance requirements contained in the related Loan Documents
shall be enforced by the Master Servicer in accordance with the Servicing Standard (unless the Special Servicer with the
consent of, if no Control Termination Event has occurred and is continuing, the Directing Holder has consented to a waiver
(including a waiver to permit the Master Servicer to accept insurance that does not comply with specific requirements
contained in the Loan Documents) in writing of that provision in accordance with the Servicing Standard); provided
that the Special Servicer shall promptly notify the Master Servicer in writing of such waiver.

 

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The Master Servicer shall
notify the Special Servicer, the Certificate Administrator, the Trustee and the Directing Holder if the Master Servicer determines
in accordance with the Servicing Standard that a Borrower under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) has failed
to maintain insurance required under the Loan Documents and such failure materially and adversely affects the interests of the
Certificateholders or if a Borrower under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) has notified the Master Servicer
in writing that the Borrower does not intend to maintain such insurance and that the Master Servicer has determined in accordance
with the Servicing Standard that such failure materially and adversely affects the interests of the Certificateholders.

 

Subject to Section
3.15(b) of this Agreement, with respect to each Serviced REO Property, the Special Servicer shall use reasonable efforts and
only if the Trustee has an insurable interest, consistent with the Servicing Standard, to maintain (subject to the right of the
Special Servicer to direct the Master Servicer to make a Servicing Advance for the costs associated with coverage that the Special
Servicer determines to maintain, in which case the Master Servicer shall make such Servicing Advance) with Qualified Insurers
to the extent reasonably available at commercially reasonable rates and to the extent the Trustee has an insurable interest, (a)
a fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation, in an amount
that is at least equal to the lesser of the full replacement value of the Mortgaged Property or the Stated Principal Balance of
the Mortgage Loan, Serviced REO Loan or the Serviced Whole Loan, as applicable (or such greater amount of coverage required by
the related Loan Documents (unless such amount is not available or, if no Control Termination Event has occurred and is continuing,
the Directing Holder has consented to a lower amount)), but, in any event, in an amount sufficient to avoid the application of
any co-insurance clause, (b) a comprehensive general liability insurance policy with coverage comparable to that which would be
required under prudent lending requirements and in an amount not less than $1.0 million per occurrence, and (c) to the extent
consistent with the Servicing Standard, a business interruption or rental loss insurance covering revenues or rents for a period
of at least 12 months; provided, that the Special Servicer shall not be required in any event to maintain or obtain insurance
coverage described in this paragraph beyond what is reasonably available at a commercially reasonable rate and consistent with
the Servicing Standard.

 

All such insurance policies
maintained as described above shall contain (if they insure against loss to property) a “standard” mortgagee clause,
with loss payable to the Master Servicer (on behalf of the Trustee on behalf of Certificateholders and, with respect to a Serviced
Whole Loan, the related Serviced Companion Loan Noteholders), or shall name the Trustee as the insured, with loss payable to the
Special Servicer on behalf of the Trustee (on behalf of Certificateholders and, with respect to a Serviced Whole Loan, the related
Serviced Companion Loan Noteholders) (in the case of insurance maintained in respect of an REO Property). Any amounts collected
by the Master Servicer or Special Servicer, as applicable, under any such policies (other than amounts to be applied to the restoration
or repair of the related Mortgaged Property or Serviced REO Property or amounts to be released to the related Borrower, in each
case in accordance with the Servicing Standard) shall be deposited in the Collection Account (or, in the case of the Serviced Whole
Loans, in the applicable Serviced Whole Loan Collection Account), subject to withdrawal pursuant to Section 3.06 of this
Agreement, in the case of amounts received in respect of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or

 

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Serviced
Whole Loan, or in the applicable REO Account of the Special Servicer, subject to withdrawal pursuant to Section 3.15 of
this Agreement, in the case of amounts received in respect of a Serviced REO Property. Any cost incurred by the Master Servicer
or the Special Servicer in maintaining any such insurance shall not, for purposes hereof, including calculating monthly distributions
to Certificateholders or Serviced Companion Loan Noteholders, be added to the Stated Principal Balance of the related Mortgage
Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan so permit; provided,
that this sentence shall not limit the rights of the Master Servicer or Special Servicer on behalf of the Trust Fund to enforce
any obligations of the related Borrower under such Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan.
Any costs incurred by the Master Servicer in maintaining any such insurance policies in respect of the Mortgage Loans or Specially
Serviced Loans (other than REO Properties) (i) if the Borrower defaults on its obligation to do so, shall be advanced by the Master
Servicer as a Servicing Advance and will be charged to the related Borrower and (ii) shall not, for purposes of calculating monthly
distributions to Certificateholders, be added to the Stated Principal Balance of the related Mortgage Loan, notwithstanding that
the terms of such Mortgage Loan so permit. Any cost incurred by the Special Servicer in maintaining any such insurance policies
with respect to Serviced REO Properties shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such
expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) payable out of
the related REO Account (or Serviced Whole Loan REO Account, as applicable) or, if the amount on deposit therein is insufficient
therefor, advanced by the Master Servicer as a Servicing Advance (or paid from the Collection Account if the Master Servicer determines
such Advance would be a Nonrecoverable Advance, subject to Section 3.21(d) of this Agreement).

 

(b)          If
either:

 

(x) the Master
Servicer or Special Servicer obtains and maintains, or causes to be obtained and maintained, a blanket policy or master force-placed
policy insuring against hazard losses on all of the Mortgage Loans (other than Non-Serviced Mortgage Loans), Serviced Whole Loans
or Serviced REO Properties, as applicable, then, to the extent such policy

 

(i)         is
obtained from a Qualified Insurer, and

 

(ii)        provides
protection equivalent to the individual policies otherwise required, or

 

(y) the Master
Servicer or the Special Servicer (or, in each case, its corporate parent), as applicable, has long-term unsecured debt obligations
or deposit accounts that are rated not lower than “A2” by Moody’s, “A-” by Fitch and “A (low)”
by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by at least any one other NRSRO (which may include Moody’s
and/or Fitch)), and the Master Servicer or Special Servicer self-insures for its obligation to maintain the individual policies
otherwise required,

 

then the Master Servicer
or the Special Servicer shall conclusively be deemed to have satisfied its obligation to cause hazard insurance to be maintained
on the related Mortgaged Properties or Serviced REO Properties, as applicable.

 

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Such a blanket or master
force-placed policy may contain a deductible clause (not in excess of a customary amount), in which case the Master Servicer or
Special Servicer, as the case may be, that maintains such policy shall, if there shall not have been maintained on any Mortgaged
Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced REO Property thereunder a hazard insurance
policy complying with the requirements of Section 3.08(a) of this Agreement, and there shall have been one or more losses
that would have been covered by such an individual policy, promptly deposit into the Collection Account (or, in the case of a Serviced
Whole Loan, in the related Serviced Whole Loan Collection Account), from its own funds, the amount not otherwise payable under
the blanket or master force-placed policy in connection with such loss or losses because of such deductible clause to the extent
that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan or the related Serviced
Whole Loan, as applicable (or, in the absence of any such deductible limitation, the deductible limitation for an individual policy
which is consistent with the Servicing Standard). The Master Servicer and Special Servicer shall prepare and present, on behalf
of itself, the Trustee, Certificateholders and, if applicable the Serviced Companion Loan Noteholders, claims under any such blanket
or master force-placed policy maintained by it in a timely fashion in accordance with the terms of such policy. If the Master Servicer
or Special Servicer, as applicable, causes any Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or Serviced REO Property to be covered by such “force-placed” insurance policy, the incremental costs of such
insurance applicable to such Mortgaged Property or Serviced REO Property (i.e., other than any minimum or standby premium
payable for such policy whether or not any Mortgaged Property or Serviced REO Property is covered thereby) shall be paid as a Servicing
Advance.

 

(c)          With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, as applicable, that is subject
to an Environmental Insurance Policy, if the Master Servicer has actual knowledge of any event giving rise to a claim under an
Environmental Insurance Policy, the Master Servicer shall notify the Special Servicer to such effect and the Master Servicer shall
take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental Insurance
Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust is entitled thereunder. With respect
to each Specially Serviced Loan and Serviced REO Property that is subject to an Environmental Insurance Policy, if the Special
Servicer has actual knowledge of any event giving rise to a claim under an Environmental Insurance Policy, such Special Servicer
shall take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental
Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust, on behalf of the Certificateholders
and, if applicable, the Serviced Companion Loan Noteholders (giving due regard to the junior nature of the related Subordinate
Companion Loan, if any), is entitled thereunder. Any legal fees or other out-of-pocket costs incurred in accordance with the Servicing
Standard in connection with any claim under an Environmental Insurance Policy described above (whether by the Master Servicer or
Special Servicer) shall be paid by, and reimbursable to, the Master Servicer as a Servicing Advance.

 

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(d)          The
Master Servicer and the Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special Servicer,
at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO Properties as to which
it is the Special Servicer are included in the Trust Fund) keep in force with a Qualified Insurer, a fidelity bond in such form
and amount as are consistent with the Servicing Standard. The Master Servicer and Special Servicer, as applicable, shall be deemed
to have complied with the foregoing provision if an Affiliate thereof has such fidelity bond coverage and, by the terms of such
fidelity bond, the coverage afforded thereunder extends to the Master Servicer and Special Servicer, as the case may be. Such fidelity
bond shall provide that it may not be canceled without ten days’ prior written notice to the Trustee. So long as the long-term
unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate parent if such insurance is guaranteed
by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated not lower than “A2” by Moody’s,
“A-” by Fitch and “A (low)” by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by at least
any one other NRSRO (which may include Moody’s and/or Fitch)), the Master Servicer or the Special Servicer, as applicable,
may self-insure with respect to the fidelity bond coverage required as described above, in which case it shall not be required
to maintain an insurance policy with respect to such coverage.

 

The Master Servicer and
Special Servicer, as applicable, shall at all times during the term of this Agreement (or, in the case of the Special Servicer,
at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO Properties exist as part
of the Trust Fund) also keep in force with a Qualified Insurer a policy or policies of insurance covering loss occasioned by the
errors and omissions of its officers and employees in connection with their servicing obligations hereunder, which policy or policies
shall be in such form and amount as are consistent with the Servicing Standard. The Master Servicer or the Special Servicer, as
applicable, shall be deemed to have complied with the foregoing provisions if an Affiliate thereof has such insurance and, by the
terms of such policy or policies, the coverage afforded thereunder extends to the Master Servicer or Special Servicer, as the case
may be. Any such errors and omissions policy shall provide that it may not be canceled without ten days’ prior written notice
to the Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate
parent if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated
not lower than “A2” by Moody’s, “A-” by Fitch, and “A (low)” by DBRS (or, if not rated
by DBRS, an equivalent (or higher) rating by (A) at least any two other NRSROs (which may include Moody’s and/or Fitch),
or (B) one NRSRO (which may include Moody’s and/or Fitch) and A.M. Best Company), the Master Servicer or the Special Servicer,
as applicable, may self-insure with respect to the errors and omissions coverage required as described above, in which case it
shall not be required to maintain an insurance policy with respect to such coverage.

 

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Section
3.09     Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions. (a) If any Mortgage Loan (other
than a Non-Serviced Mortgage Loan) or Serviced Whole Loan contains a provision in the nature of a “due-on-sale”
clause (including, without limitation, sales or transfers of Mortgaged Properties (in full or part) or the sale, transfer,
pledge or hypothecation of direct or indirect interests in the Borrower or its owners), which by its terms:

 

(i)            provides
that such Mortgage Loan or Serviced Whole Loan will (or may at the mortgagee’s option) become due and payable upon the sale
or other transfer of an interest in the related Mortgaged Property (including, without limitation, the sale, transfer, pledge or
hypothecation of direct or indirect interests in the Borrower or its owners),

 

(ii)           provides
that such Mortgage Loan or Serviced Whole Loan may not be assumed without the consent of the related mortgagee in connection with
any such sale or other transfer, or

 

(iii)          provides
that such Mortgage Loan or Serviced Whole Loan may be assumed or transferred without the consent of the mortgagee, provided
certain conditions set forth in the Loan Documents are satisfied,

 

then, for so long as such Mortgage
Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan (or related Mortgage Loan) is included in the Trust Fund,
subject to the rights of the Directing Holder and Section 3.25, the Special Servicer, on behalf of the Trust Fund, shall
not be required to enforce any such due-on-sale clauses and in connection therewith shall not be required to (x) accelerate payments
thereon or (y) withhold its consent to such an assumption if (1) such provision is not exercisable under applicable law or if the
Special Servicer determines, subject to the rights of the Directing Holder, that the enforcement of such provision is reasonably
likely to result in meritorious legal action by the Borrower or (2) the Special Servicer determines, in accordance with the Servicing
Standard and subject to the rights of the Directing Holder, that granting such consent would be likely to result in a greater recovery,
on a present value basis (discounting at the related Calculation Rate), than would enforcement of such clause. The Special Servicer
shall be responsible for determining whether (i) to enforce any such due-on-sale clauses or (ii) to provide its consent to such
an assumption, and for the handling of all related processing and documentation, or, if mutually agreed to by the Master Servicer
and the Special Servicer, the Master Servicer shall be required to process such request subject to the consent of the Special Servicer.
If the Special Servicer determines that (A) granting such consent would be likely to result in a greater recovery, (B) such provision
is not legally enforceable, or (C) that the conditions described in clause (a)(iii) above relating to the assumption or transfer
of a related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan have been satisfied, the Special Servicer
is authorized to take or enter into an assumption agreement from or with the Person to whom the related Mortgaged Property has
been or is about to be conveyed, and to release the original Borrower from liability upon such Mortgage Loan and substitute the
new Borrower as obligor thereon, provided that (a) the credit status of the prospective new Borrower is in compliance with
the Servicing Standard and the terms of the related Mortgage and (b) the Special Servicer has followed the Rating Agency Confirmation
process pursuant to Section 3.30 relating to the Certificates and Serviced Companion Loan Securities, if any, with respect
to Moody’s, Fitch or DBRS in the case of any such Mortgage Loan that (1) represents more than 5% of the aggregate Stated
Principal Balance of the Mortgage Loans then outstanding

 

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and has a Stated Principal Balance of at least $10,000,000, (2) has a
Stated Principal Balance that is more than $35,000,000, (3) represents one of the ten largest Mortgage Loans or groups of cross-collateralized
Mortgage Loans based on Stated Principal Balance and has a Stated Principal Balance of at least $10,000,000 or (4) is a Mortgage
Loan as to which the related Serviced Companion Loan represents one of the ten largest mortgage loans in the related Other Securitization
based on outstanding principal balance (provided, that the Master Servicer or Special Servicer, as applicable, shall be
entitled to reasonably rely upon the written notification provided by the master servicer, special servicer, trustee or certificate
administrator of the applicable Other Securitization as to whether such Serviced Companion Loan is one of the 10 largest mortgage
loans in such Other Securitization). In addition, with respect to a Serviced Companion Loan, the Special Servicer shall not waive
any rights under a due on sale clause unless it first obtains a Rating Agency Confirmation with respect to the related Serviced
Companion Loan Securities. The Master Servicer and the Special Servicer shall be entitled to rely on the master servicer and/or
the special servicer of the Other Securitization to determine whether a No Downgrade Confirmation is required with respect to the
Serviced Companion Loans under the Other Securitization. In connection with each such assumption or substitution entered into by
the Special Servicer, the Special Servicer shall give prior notice thereof to the Master Servicer. The Special Servicer shall notify
the Trustee, the Certificate Administrator, the Directing Holder and the Master Servicer that any such assumption or substitution
agreement has been completed by forwarding to the Custodian (with a copy to the Master Servicer, the Certificate Administrator,
the Trustee and the Directing Holder, as applicable) the original copy of such agreement, which copies shall be added to the related
Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents
and instruments constituting a part thereof. To the extent not precluded by the Loan Documents, the Special Servicer shall not
approve an assumption or substitution without requiring the related Borrower to pay any fees owed to the Rating Agencies associated
with the approval of such assumption or substitution. However, if the related Borrower is required but fails to pay such fees,
such fees shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in
accordance with the allocation provisions of the related Intercreditor Agreement); provided that in the case of a Serviced
Whole Loan the Master Servicer (if such Serviced Whole Loan is a Performing Loan) or the Special Servicer (if such Serviced Whole
Loan is a Specially Serviced Loan) shall be required, after receiving payment from amounts on deposit in the Collection Account,
if any, to (i) promptly notify the holder of the related Companion Loan and (ii) use commercially reasonable efforts to exercise
on behalf of the Trust Fund the rights of the Trust Fund under the related Intercreditor Agreement to obtain reimbursement for
a pro rata portion of such amount allocable to the related Serviced Companion Loan from the holders of such Serviced Companion
Loan.

 

(b)          If
any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan contains a provision in the nature of a “due-on-encumbrance”
clause, which by its terms:

 

(i)            provides
that such Mortgage Loan or Serviced Whole Loan shall (or may at the mortgagee’s option) become due and payable upon the creation
of any lien or other encumbrance on the related Mortgaged Property or any direct or indirect ownership interest in the borrower
(including, unless specifically permitted, any mezzanine financing

 

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of the Borrower or the Mortgaged Property or any sale or transfer
of preferred equity in the Borrower or its owners),

 

(ii)           requires
the consent of the related mortgagee to the creation of any such lien or other encumbrance on the related Mortgaged Property (including,
without limitation, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity
in the Borrower or its owners), or

 

(iii)          provides
that such Mortgaged Property may be further encumbered without the consent of the mortgagee (including, without limitation, any
mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its
owners), provided certain conditions set forth in the Loan Documents are satisfied,

 

then, subject to Section 3.25,
the Special Servicer, on behalf of the Trust Fund, shall not be required to enforce such due-on-encumbrance clauses and in connection
therewith, will not be required to (i) accelerate the payments on the related Mortgage Loan or Serviced Whole Loan or (ii) withhold
its consent to such lien or encumbrance, if the Special Servicer, subject to the rights of the Directing Holder, (x) determines,
in accordance with the Servicing Standard that such enforcement would not be in the best interests of the Trust Fund or the holder
of the related Serviced Companion Loan, if applicable (giving due regard to the junior nature of the related Subordinate Companion
Loan, if any), or that in the case of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan described
in clause (b)(iii) above that the conditions to further encumbrance have been satisfied and (y) as to any Mortgage Loan or Serviced
Whole Loan, follows the Rating Agency Confirmation procedure pursuant to Section 3.30 with respect to Moody’s, Fitch
or DBRS in the case of any such Mortgage Loan that (1) represents more than 2% of the aggregate Stated Principal Balance of the
Mortgage Loans then outstanding, (2) has a Stated Principal Balance that is more than $20,000,000, (3) represents one of the ten
largest Mortgage Loans or groups of cross-collateralized Mortgage Loans based on Stated Principal Balance, (4) has an aggregate
loan-to-value ratio (including any existing and proposed additional debt) that is equal to or greater than 85%, (5) has an aggregate
Debt Service Coverage Ratio (in each case, determined based upon the aggregate of the Stated Principal Balance of the related Mortgage
Loan, any existing additional debt and the principal amount of the proposed additional lien) that is less than 1.20x or (6) is
a Mortgage Loan as to which the related Serviced Companion Loan represents one of the ten largest mortgage loans in the related
Other Securitization based on outstanding principal balance (provided, that the Master Servicer or Special Servicer, as
applicable, shall be entitled to reasonably rely upon the written notification provided by the master servicer, special servicer,
trustee or certificate administrator, as applicable, of the applicable Other Securitization as to whether such Serviced Companion
Loan is one of the 10 largest mortgage loans in such Other Securitization); provided that with respect to clauses (1), (3),
(4), (5) and (6), such Mortgage Loan shall have a Stated Principal Balance of at least $10,000,000 for the requirement of a Rating
Agency Confirmation to apply. In addition, with respect to each Serviced Companion Loan, the Special Servicer shall not waive any
rights under a due-on-encumbrance clause unless it first obtains a Rating Agency Confirmation with respect to the related Serviced
Companion Loan Securities. To the extent not precluded by the Loan Documents, the Special Servicer shall not approve an assumption
or substitution without requiring the related Borrower to pay any fees owed to the Rating Agencies

 

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associated with the approval
of such lien or encumbrance. However, if the related Borrower is required but fails to pay such fees, such fees shall be an expense
of the Trust Fund; provided that in the case of a Serviced Whole Loan the Master Servicer (if such Serviced Whole Loan is
a Performing Loan) or the Special Servicer (if such Serviced Whole Loan is a Specially Serviced Loan) shall be required, after
receiving payment from amounts on deposit in the Collection Account, if any, to (i) promptly notify the holder of the related Companion
Loan and (ii) use commercially reasonable efforts to exercise on behalf of the Trust Fund the rights of the Trust Fund under the
related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced
Companion Loans from the holders of such Serviced Companion Loans. The Special Servicer shall be responsible for determining whether
(i) to enforce any such due-on-encumbrance clauses or (ii) to provide its consent to such a lien or due-on-encumbrance, and for
the handling of all related processing and documentation or, if mutually agreed to by the Master Servicer and the Special Servicer,
the Master Servicer shall be required to process such request subject to the consent of the Special Servicer.

 

(c)          Notwithstanding
any other provision of this Agreement, the Special Servicer may not waive its rights or grant its consent under any “due-on-sale”
or “due-on-encumbrance” clause relating to any Mortgage Loan without, if no Control Termination Event has occurred
and is continuing, the consent of the Directing Holder. The Directing Holder shall have 10 Business Days (or longer period provided
by the related Intercreditor Agreement) after receipt of notice along with the Special Servicer’s recommendation and analysis
with respect to such waiver and any additional information the Directing Holder may reasonably request from the Special Servicer
of a proposed waiver or consent under any “due-on-sale” or “due-on-encumbrance” clause in which to grant
or withhold its consent (provided that if the Special Servicer fails to receive a response to such notice from the Directing Holder
in writing within such period, then the Directing Holder shall be deemed to have consented to such proposed waiver or consent).

 

(d)          The
Master Servicer and the Special Servicer, as applicable, shall provide copies of any waivers it effects pursuant to Section
3.09(a) or (b) of this Agreement to the other party, the 17g-5 Information Provider (who shall promptly post such waivers
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and the related Other 17g-5
Information Provider (if any) with respect to each Mortgage Loan or Serviced Whole Loan.

 

(e)          Nothing
in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice
of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any lien
or other encumbrance with respect to such Mortgaged Property.

 

(f)   
       In connection with the taking of, or the failure to take, any action pursuant to
this Section 3.09, the Special Servicer shall not agree to modify, waive or amend, and no assumption or substitution
agreement entered into pursuant to Section 3.09(a) of this Agreement shall contain any terms that are different from,
any term of any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan or the related Mortgage Note,
other than pursuant to Section 3.26 hereof, as applicable.

 

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(g)          With
respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan which permits release of Mortgaged
Properties through defeasance:

 

(i)            Subject
to the consent rights and processes set forth in Section 6.07 with respect to Major Decisions and Section 3.26(m)
with respect to actions that are Special Servicer Decisions, the Master Servicer shall process all defeasances of Mortgage Loans
(other than any Non-Serviced Mortgage Loan) and Serviced Companion Loans in accordance with the terms of the related Loan Documents,
and shall be entitled to any defeasance fees paid relating thereto (provided that for the avoidance of doubt, any such defeasance
fee shall not include the Special Servicer’s portion of any Modification Fees or waiver fees in connection with a defeasance
that the Special Servicer is entitled to under this Agreement). Notwithstanding anything herein to the contrary, the Master Servicer
shall process such defeasances without the consent of the Special Servicer (or Directing Holder, if applicable), subject only to
the Special Servicer’s consent rights (including any required Directing Holder approval of Special Servicer actions) with
respect to any modification, waiver or amendment that constitutes a Major Decision or a Special Servicer Decision.

 

(ii)           If
such Mortgage Loan or Serviced Whole Loan requires that the lender purchase the required government securities, then the Master
Servicer shall purchase, or shall cause the purchase of, such obligations on behalf of the Trust, at the related Borrower’s
expense, in accordance with the terms of such Mortgage Loan; provided that the Master Servicer shall not accept the amounts
paid by the related Borrower to effect defeasance until acceptable government securities have been identified.

 

(iii)          To
the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require the related Borrower
to provide an Opinion of Counsel (which shall be an expense of the related Borrower) to the effect that the Trustee has a first
priority perfected security interest in the defeasance collateral (including the government securities) and the assignment of the
defeasance collateral is valid and enforceable; such opinion, together with any other certificates or documents to be required
in connection with such defeasance shall be in form and substance acceptable to each Rating Agency.

 

(iv)          To
the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require a certificate at
the related Borrower’s expense from an Independent certified public accountant certifying to the effect that the government
securities will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity) on
such Mortgage Loan or Serviced Whole Loan in compliance with the requirements of the terms of the related Loan Documents.

 

(v)          Prior
to permitting the release of any Mortgaged Property through defeasance, the Master Servicer shall obtain, at the related Borrower’s
expense, a Rating Agency Confirmation; provided, the Master Servicer shall not be required to obtain such Rating Agency
Confirmation from any Rating Agency if such Mortgage Loan at the time of such defeasance is not (x) a Mortgage Loan that (together
with any Mortgage Loans cross-collateralized with such Mortgage Loan) is one of the ten largest Mortgage Loans by

 

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Stated Principal
Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or greater than $20,000,000 or (z) a Mortgage Loan that represents
5% or more of the Stated Principal Balance of all Mortgage Loans.

 

(vi)         Prior
to permitting release of any Mortgaged Property through defeasance, the Master Servicer shall require an Opinion of Counsel to
the effect that such release will not cause any Trust REMIC or the Prudential Plaza Loan REMIC to fail to qualify as a REMIC at
any time that any Certificates are outstanding or cause a tax to be imposed on the Trust Fund under the REMIC Provisions; provided
that to the extent not inconsistent with the Mortgage Loan or Serviced Whole Loan, the related Borrower shall pay the cost related
to the Opinion of Counsel (and shall otherwise be a Servicing Advance).

 

(vii)        No
defeasance shall occur on or prior to the second anniversary of the Startup Day of the Trust REMICs or the Prudential Plaza Loan
REMIC, as applicable, or in the case of any Companion Loan (other than the Prudential Plaza Companion Loans), the later of the
second anniversary of the Startup Day of the Trust REMICs and the second anniversary of the startup day of any REMIC holding such
Companion Loan.

 

(viii)       The
Trustee shall at the expense of the related Borrower (to the extent not inconsistent with the related Loan Documents) hold the
U.S. government securities as pledgee for the benefit of the Certificateholders and, if applicable, the Serviced Companion Loan
Noteholders, and the Certificate Administrator shall apply payments of principal and interest received on the government obligations
to the Collection Account (or Serviced Whole Loan Collection Account) in respect of the defeased Mortgage Loan or Serviced Whole
Loan according to the payment schedule existing immediately prior to the defeasance.

 

(ix)          The
Master Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Mortgage Loans that it is servicing
requiring Borrowers to pay all reasonable expenses associated with a defeasance.

 

(x)           To
the extent not inconsistent with such Mortgage Loan, or to the extent the related Loan Documents provide the lender with discretion,
the Master Servicer shall require a single purpose entity, formed solely for the purpose of owning and pledging the government
securities related to one or more of the Mortgage Loans, to act as a successor borrower.

 

(xi)          The
Master Servicer may accept as defeasance collateral of any “government security,” within the meaning of Treasury Regulation’s
Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents; provided, that the
Master Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will not cause an Adverse REMIC
Event.

 

(xii)         Neither
the Master Servicer nor the Special Servicer shall charge a fee for defeasance in excess of that permitted under the Loan Documents
in the event that the Loan Documents provide for such a fee limitation.

 

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(h)          With
respect to all Specially Serviced Loans and Performing Loans, the Special Servicer shall, prior to waiving its rights or granting
its consent to any proposed action of the Master Servicer under this Section 3.09, and prior to itself taking such an action,
obtain the written consent of the Directing Holder, which consent shall be deemed given 10 Business Days (or such longer period
if necessary for a Serviced Whole Loan pursuant to the terms of the related Intercreditor Agreement) after receipt (unless earlier
objected to) by the Directing Holder of the Master Servicer’s and/or Special Servicer’s, as applicable, written analysis
and recommendation with respect to such action together with such other information reasonably requested by the Directing Holder.
When the Special Servicer’s consent is requested under this Section 3.09, such consent shall be deemed given 15 Business
Days (or such longer time period pursuant to the terms of the related Intercreditor Agreement but not less than five (5) Business
Days after the time period set forth therein for Directing Holder approval) after receipt (unless earlier objected to) by the Special
Servicer from the Master Servicer of the Master Servicer’s written analysis and recommendation with respect to such proposed
action together with such other information reasonably requested by the Special Servicer.

 

Section
3.10     Appraisals; Realization upon Defaulted Loans. (a) Other than with respect to a Non-Serviced Mortgage Loan,
contemporaneously with the earliest of (i) the effective date of any (A) modification of the Maturity Date or extended
Maturity Date, a Mortgage Rate, principal balance or amortization terms of any Mortgage Loan or Serviced Whole Loan or any
other term of a Mortgage Loan or Serviced Whole Loan, (B) extension of the Maturity Date or extended Maturity Date of a
Mortgage Loan or Serviced Whole Loan as described below in Section 3.26 of this Agreement, or (C) consent to the
release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related
Mortgage Loan or Serviced Whole Loan, (ii) the occurrence of an Appraisal Reduction Event, (iii) a default in the payment of
a Balloon Payment for which an extension is not granted, or (iv) the date on which the Special Servicer, consistent with the
Servicing Standard, requests an Updated Valuation, the Special Servicer shall use commercially reasonable efforts to obtain
an Updated Valuation (or a letter update for an existing appraisal which is less than two years old) within 60 days of such
request, the cost of which shall constitute a Servicing Advance; provided, that the Special Servicer shall not be
required to obtain an Updated Valuation pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for
which there exists an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate which is less than nine months old unless
the Special Servicer has actual knowledge of a material adverse change in circumstances that, consistent with the
Servicing Standard, would call into question the validity of such Appraisal, Updated Appraisal or Small Loan Appraisal
Estimate. For so long as such Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, (i) the Special Servicer
shall, within 30 days of the end of each 9-month period following the related Appraisal Reduction Event, use commercially
reasonable efforts to order an Appraisal (which may be an update of a prior Appraisal), the cost of which shall constitute a
Servicing Advance and (ii) the Master Servicer shall recalculate the Appraisal Reduction Amount prior to the Special Servicer
granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the same
Mortgage Loan or Serviced Whole Loan. Subject to any required consent from the Directing Holder, nothing herein is intended
to limit the Special Servicer’s ability to pursue multiple strategies contemporaneously if the Special Servicer deems
such actions appropriate under the Servicing Standard. The Special Servicer shall update, in accordance with the timing
described above, each Small Loan Appraisal Estimate or Updated

 

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Appraisal for so long as an Appraisal Reduction Event exists
with respect to the related Mortgage Loan or Serviced Whole Loan and the Master Servicer shall recalculate the Appraisal
Reduction Amount based on such updated Small Loan Appraisal Estimate or Updated Appraisal and receipt of information
reasonably requested by the Master Servicer from the Special Servicer to the extent such information is in the possession of
the Special Servicer, reasonably necessary to calculate the Appraisal Reduction Amount. The Special Servicer shall send all
such letter updates and Updated Valuations to the Master Servicer, the Trustee, the Operating Advisor, the 17g-5 Information
Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement), the related Serviced Companion Loan Noteholder (if any) and, for so long as no Consultation
Termination Event has occurred and is continuing, the Directing Holder.

 

The Special Servicer
shall monitor each Specially Serviced Loan, evaluate whether the causes of the default can be corrected over a reasonable period
without significant impairment of the value of the related Mortgaged Property, initiate corrective action in cooperation with the
Borrower if, in the Special Servicer’s judgment, cure is likely, and take such other actions (including without limitation,
negotiating and accepting a discounted payoff of a Mortgage Loan or Serviced Whole Loan) as are consistent with the Servicing Standard.
If, in the Special Servicer’s judgment, such corrective action has been unsuccessful, no satisfactory arrangement can be
made for collection of delinquent payments, and the Specially Serviced Loan has not been released from the Trust Fund pursuant
to any provision hereof, and except as otherwise specifically provided in Section 3.09(a) and 3.09(b) of this Agreement,
the Special Servicer may, to the extent consistent with the Asset Status Report (and with the consent of the Directing Holder if
no Control Termination Event has occurred and is continuing) and with the Servicing Standard, accelerate such Specially Serviced
Loan and commence a foreclosure or other acquisition with respect to the related Mortgaged Property or Properties, provided
that the Special Servicer determines that such acceleration and foreclosure are more likely to produce a greater recovery to Certificateholders
and, if applicable, Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders, constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate
Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan) on a present value basis (discounting
at the related Calculation Rate) than would a waiver of such default or an extension or modification in accordance with the provisions
of Section 3.26 hereof. In connection with causing the Trust to foreclose on collateral that consists of multiple properties
held for sale to customers by the related Borrower (such as unsold condominium units in a single project), the Special Servicer
directing such foreclosure shall consider the effect of the bidding price for the properties on the tax basis of such properties
if such properties are likely to be treated in the hands of the Trust as properties held for sale to customers. The Master Servicer
shall pay the costs and expenses in any such proceedings as a Servicing Advance unless the Master Servicer or the Special Servicer,
as applicable, determines, in its good faith judgment, that such Servicing Advance would constitute a Nonrecoverable Advance; provided,
if such Servicing Advance would constitute a Nonrecoverable Advance but the Special Servicer determines that such payment would
be in the best interests of the Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole
as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect
to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such
Serviced

 

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Subordinate Companion Loan) (with the Master Servicer required to conclusively rely upon any such determination by the
Special Servicer), the Special Servicer shall direct the Master Servicer to make such payment from the Collection Account (or,
if applicable, the applicable Serviced Whole Loan Collection Account), which payment shall be an Additional Trust Fund Expense.
The Trustee shall be entitled to conclusively rely (and with respect to the Special Servicer, required to rely) upon any determination
of the Master Servicer or Special Servicer that a Servicing Advance, if made, would constitute a Nonrecoverable Advance. If the
Master Servicer does not make such Servicing Advance in violation of the second preceding sentence, the Trustee shall make such
Servicing Advance, unless the Trustee determines that such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer
and the Trustee, as applicable, shall be entitled to reimbursement of Servicing Advances (with interest at the Reimbursement Rate)
made pursuant to this paragraph to the extent permitted by Section 3.06 of this Agreement.

 

(b)          If
the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where the Mortgaged
Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against the related Borrower or
any other liable party if (i) the laws of the state do not permit such a deficiency judgment after a non-judicial foreclosure or
(ii) if the Special Servicer determines, in its best judgment, that the likely recovery if a deficiency judgment is obtained will
not be sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment and such determination
is evidenced by an Officer’s Certificate delivered to the Trustee and the Certificate Administrator.

 

(c)          In
the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate
of sale shall be issued to the Trustee (on behalf of the Trust Fund), or to its nominee (which shall not include the Special Servicer)
or a separate Trustee or co-Trustee on behalf of the Trustee as Holder of the Lower-Tier Regular Interests and the Certificateholders
and, if applicable, the Serviced Companion Loan Noteholders. Notwithstanding any such acquisition of title and cancellation of
the related Mortgage Loan or Serviced Whole Loan, as applicable, such Mortgage Loan or Serviced Whole Loan, as applicable, shall
(except for purposes of Section 9.01 of this Agreement) be considered to be a Serviced REO Loan until such time as the related
Serviced REO Property shall be sold by the Trust Fund and shall be reduced only by collections net of expenses. Consistent with
the foregoing, for purposes of all calculations hereunder, so long as such Mortgage Loan or Serviced Whole Loan, as applicable,
shall be considered to be an outstanding Mortgage Loan or Serviced Whole Loan, as applicable:

 

(i)           it
shall be assumed that, notwithstanding that the indebtedness evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and, for purposes of determining the Stated Principal Balance thereof, the related amortization schedule in
effect at the time of any such acquisition of title shall remain in effect; and

 

(ii)          subject
to Section 1.02(g) of this Agreement, Net REO Proceeds received in any month shall be applied to amounts that would have
been payable under the related Mortgage Note(s) in accordance with the terms of such Mortgage Note(s) and any applicable Intercreditor
Agreement. In the absence of such terms, Net REO Proceeds shall, subject to Section 1.02(g) of this Agreement, be deemed
to have been received first, in payment of the accrued interest that remained unpaid on the date that the related

 

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Serviced
REO Property was acquired by the Trust Fund; second, in respect of the delinquent principal installments that remained unpaid
on such date; and thereafter, Net REO Proceeds received in any month shall be applied to the payment of installments of
principal and accrued interest on such Mortgage Loan or Serviced Companion Loan, as applicable, deemed to be due and payable in
accordance with the terms of such Mortgage Note(s) and such amortization schedule until such principal has been paid in full and
then to other amounts due under such Mortgage Loan or Serviced Companion Loan, as applicable. If such Net REO Proceeds exceed the
Periodic Payment then payable, the excess shall be treated as a Principal Prepayment received in respect of such Mortgage Loan
or Serviced Companion Loan, as applicable.

 

(d)          Notwithstanding
any provision herein to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund any personal property
pursuant to this Section 3.10 unless either:

 

(i)           such
personal property is incident to real property (within the meaning of Section 856(e)(l) of the Code) so acquired by the Special
Servicer for the benefit of the Trust Fund; or

 

(ii)          the
Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Lower-Tier REMIC)
to the effect that the holding of such personal property by the Lower-Tier REMIC will not cause the imposition of a tax on any
Trust REMIC or the Prudential Plaza Loan REMIC under the REMIC Provisions or cause any Trust REMIC or the Prudential Plaza Loan
REMIC to fail to qualify as a REMIC at any time that any Certificate is outstanding (and such Opinion of Counsel may be premised
on the designation hereby of any such personal property as being deemed part of an “outside reserve fund” (within the
meaning of Treasury Regulations Section 1.860G-2(h)) with the owner of such personal property for federal income tax purposes to
be designated at such time).

 

(e)          Notwithstanding
any provision to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund, obtain title to any
direct or indirect partnership interest or other equity interest in any Borrower pledged pursuant to any pledge agreement unless
the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund
(and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the
related Intercreditor Agreement)) to the effect that the holding of such partnership interest or other equity interest by the Trust
Fund will not cause the imposition of a tax on any Trust REMIC under the REMIC Provisions or cause any Trust REMIC or the Prudential
Plaza Loan REMIC to fail to qualify as a REMIC at any time that any Certificate is outstanding.

 

(f)           Notwithstanding
any provision to the contrary contained in this Agreement, the Special Servicer shall not cause the Trustee, on behalf of the Trust
Fund, to obtain title to a Mortgaged Property as a result of or in lieu of foreclosure or otherwise, to obtain title to any direct
or indirect partnership interest in any Borrower pledged pursuant to a pledge agreement and thereby be the beneficial owner of
a Mortgaged Property, have a receiver of rents appointed with respect to, and shall not otherwise cause the Trustee to acquire
possession of, or take any other action with respect to, any Mortgaged Property if, as a result of any such action,

 

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the Trustee,
for the Trust Fund, the Certificateholders or Serviced Companion Loan Noteholders, if applicable, would be considered to hold title
to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of such Mortgaged
Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from
time to time, or any comparable law, unless the Special Servicer has previously determined in accordance with the Servicing Standard,
based on an updated environmental assessment report prepared by an Independent Person who regularly conducts environmental audits
(which report shall be an expense of the Trust), performed within six months prior to any such acquisition of title or other action
that:

 

(i)           such
Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant,
that it would be in the best economic interest of the Certificateholders (and with respect to the Serviced Whole Loans, the Serviced
Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking
into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such actions as are necessary to bring
such Mortgaged Property in compliance therewith, and

 

(ii)           there
are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials
for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders
(and with respect to any Serviced Whole Loan, the Serviced Companion Loan holders), as a collective whole as if such Certificateholders
and, if applicable, Serviced Companion Loan holders constituted a single lender (and with respect to any Serviced Whole Loan with
a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), to take such
actions with respect to the affected Mortgaged Property.

 

In the event that the
environmental assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates that such Mortgaged
Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present but does not definitively
establish such fact, the Special Servicer shall cause such further environmental tests to be conducted by an Independent Person
who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests of Certificateholders and,
if applicable, the Serviced Companion Loan Noteholders. Any such tests shall be deemed part of the environmental assessment obtained
by the Special Servicer for purposes of this Section 3.10.

 

(g)          The
environmental assessment contemplated by Section 3.10(f) of this Agreement shall be prepared within three months (or as
soon thereafter as practicable) of the determination that such assessment is required by any Independent Person who regularly conducts
environmental audits for purchasers of commercial property where the Mortgaged Property is located, as determined by the Special
Servicer in a manner consistent with the Servicing Standard. Upon the written direction of the Special Servicer and delivery by
the

 

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Special Servicer to the Master Servicer of pertinent back-up information the Master Servicer shall advance the cost of preparation
of such environmental assessments as a Servicing Advance unless the Master Servicer determines, in its good faith judgment, that
such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer shall be entitled to reimbursement of Servicing Advances
(with interest at the Reimbursement Rate) made pursuant to the preceding sentence to the extent permitted by Section 3.06.
The Special Servicer shall provide written reports and a copy of any environmental assessments in electronic format to the Directing
Holder (if no Consultation Termination Event has occurred and is continuing), the Master Servicer, the related Serviced Companion
Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement), monthly regarding any actions taken by the Special Servicer with
respect to any Mortgaged Property securing a Defaulted Loan or defaulted Serviced Companion Loan as to which the environmental
testing contemplated by Section 3.10(f) of this Agreement has revealed that either of the conditions set forth in clauses
(i) and (ii) of the first sentence thereof has not been satisfied, in each case until the earlier to occur of (i) satisfaction
of both such conditions, (ii) repurchase of the related Mortgage Loan by the Mortgage Loan Seller or (iii) release of the lien
of the related Mortgage on such Mortgaged Property.

 

(h)          If
the Special Servicer determines pursuant to Section 3.10(f)(i) of this Agreement that a Mortgaged Property is not in compliance
with applicable environmental laws but that it is in the best economic interest of the Trust Fund (and with respect to the Serviced
Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced
Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such
actions as are necessary to bring such Mortgaged Property in compliance therewith, or if the Special Servicer determines pursuant
to Section 3.10(f)(ii) of this Agreement that the circumstances referred to therein relating to Hazardous Materials are
present but that it is in the best economic interest of the Trust Fund (and with respect to the Serviced Whole Loans, the Serviced
Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking
into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such action with respect to the containment,
clean-up or remediation of Hazardous Materials affecting such Mortgaged Property as is required by law or regulation, the Special
Servicer shall (with the consent of the Directing Holder if no Control Termination Event has occurred and is continuing) take such
action as it deems to be in the best economic interest of the Trust Fund (and with respect to the Serviced Whole Loans, the Serviced
Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking
into account the subordinate nature of such Serviced Subordinate Companion Loan), but only if the Certificate Administrator has
mailed notice to the Holders of the Regular Certificates and the related Serviced Companion Loan Noteholders of such proposed action,
which notice shall be prepared by the Special Servicer, and only if the Certificate Administrator does not receive, within 30 days
of such notification, instructions from the Holders of Regular Certificates entitled to a majority of the Voting Rights and, with
respect to Serviced Whole Loans, the applicable

 

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Serviced Companion Loan Noteholders directing the Special Servicer not to take
such action. Notwithstanding the foregoing, if the Special Servicer reasonably determines that it is likely that within such 30-day
period irreparable environmental harm to such Mortgaged Property would result from the presence of such Hazardous Materials and
provides a prior written statement to the Trustee and the Certificate Administrator setting forth the basis for such determination,
then the Special Servicer may take or cause to be taken such action to remedy such condition as may be consistent with the Servicing
Standard. None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall be obligated to
take any action or not take any action pursuant to this Section 3.10(h) at the direction of the Certificateholders or with
respect to any Serviced Whole Loan, at the direction of the Certificateholders and the related Serviced Companion Loan Noteholders
unless the Certificateholders and, with respect to any Serviced Companion Loan, the Serviced Companion Loan Noteholders agree to
indemnify the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer with respect to such action
or inaction. The Master Servicer shall advance the cost of any such compliance, containment, clean-up or remediation as a Servicing
Advance unless the Master Servicer determines, in its good faith judgment, that such Advance would constitute a Nonrecoverable
Advance.

 

(i)    
      The Special Servicer shall notify the Master Servicer of any Mortgaged Property (other
than a Mortgaged Property securing a Non-Serviced Mortgage Loan) which is abandoned or foreclosed that requires reporting to
the IRS and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and required to be
reported with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan which is
abandoned or foreclosed and the Master Servicer shall report to the IRS and the related Borrower, in the manner required by
applicable law, such information and the Master Servicer shall report, via Form 1099C or Form 1099A, all forgiveness of
indebtedness to the extent such information has been provided to the Master Servicer by the Special Servicer. The Master
Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.

 

(j)           The
costs of any Updated Valuation obtained pursuant to this Section 3.10 shall be paid by the Master Servicer as a
Servicing Advance and shall be reimbursable from the Collection Account or, with respect to the Serviced Whole Loans, first,
from the applicable Serviced Whole Loan Collection Account and second, to the extent amounts in the Serviced Whole
Loan Collection Accounts are insufficient therefor, from the Collection Account in accordance with Section 3.06(a); provided
that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i)
promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of
the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such
amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders.

 

Section
3.11     Custodian to Cooperate; Release of Mortgage Files. Upon the payment in full of any
Mortgage Loan or Serviced Whole Loan, or the receipt by the Master Servicer of a notification that payment in full has been
escrowed in a manner customary for such purposes, the Master Servicer shall immediately notify the Custodian by a
certification (which certification shall include a statement to the effect that all amounts received or to be received in

 

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connection with such payment which are required to be deposited in the Collection Account or the applicable Serviced Whole
Loan Collection Account, as applicable, pursuant to Section 3.05 of this Agreement have been or will be so deposited)
of a Servicing Officer and shall request delivery to it of the related Mortgage File. Any expense incurred in connection with
any instrument of satisfaction or deed of reconveyance that is not paid by the related Borrower shall be chargeable to the
Trust Fund. The Master Servicer agrees to use reasonable efforts in accordance with the Servicing Standard to enforce any
provision in the relevant Loan Documents that require the Borrower to pay such amounts. No expenses incurred in connection
with any instrument of satisfaction or deed of reconveyance shall be an expense of the Custodian.

 

From time to time upon
request of the Master Servicer or the Special Servicer and delivery to the Custodian of a Request for Release, the Custodian shall
promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the Master Servicer or the
Special Servicer, as applicable. Upon return of the foregoing to the Custodian, or in the event of a liquidation or conversion
of the Mortgage Loan or the Serviced Whole Loan into a Serviced REO Property, or in the event of a substitution of a Mortgage Loan
pursuant to Section 2.03 of this Agreement, or receipt by the Custodian of a certificate of a Servicing Officer stating
that such Mortgaged Property was liquidated and that all amounts received or to be received in connection with such liquidation
which are required to be deposited into the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable,
have been so deposited, or that such Mortgage Loan or Serviced Whole Loan has become a Serviced REO Property, or that the Master
Servicer has received a Qualified Substitute Mortgage Loan and the applicable Substitution Shortfall Amount, the Custodian shall
deliver a copy of the Request for Release to the Master Servicer or the Special Servicer, as applicable. If from time to time,
pursuant to the terms of the applicable Intercreditor Agreement or Other Pooling and Servicing Agreement, and as appropriate for
enforcing the terms of the related Non-Serviced Mortgage Loan, the Other Servicer or the Other Special Servicer requests delivery
to it of the original Mortgage Note by providing the Trustee and the Custodian a Request for Release, then the Custodian shall
release or cause the release of such original Mortgage Note to the Other Servicer or the Other Special Servicer or its designee.

 

Within five (5) Business
Days (or, in case of an emergency, within such shorter period as is reasonable under the circumstances) after receipt of a written
certification of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer (with respect to Performing
Loans) and the Special Servicer (with respect to Specially Serviced Loans and REO Loans) any court pleadings, requests for a trustee’s
sale or other documents prepared by the Special Servicer, its agents or attorneys, necessary to the foreclosure or trustee’s
sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Borrower on the Mortgage
Note or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Mortgage Note or
Mortgage or otherwise available at law or in equity. Each such certification shall include a request that such pleadings or documents
be executed by the Trustee and a statement as to the reason such documents or pleadings are required, that the proposed action
is consistent with the Servicing Standard and that the execution and delivery thereof by the Trustee will not invalidate or otherwise
affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee’s
sale.

 

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With respect to each
Servicing Shift Whole Loan, on and after the related Servicing Shift Securitization Date, if pursuant to the related Intercreditor
Agreement and the related Other Pooling and Servicing Agreement, and as appropriate for enforcing the terms of such Servicing Shift
Whole Loan, as applicable, the related Other Servicer requests in writing delivery to it of the original Note, then the Custodian
shall release or cause the release of such original Note to the related Other Servicer or its designee.

 

Section 3.12     Servicing
Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation.  (a) As compensation for its activities
hereunder, the Master Servicer shall be entitled to the Servicing Fee with respect to each Mortgage Loan and Serviced Companion
Loan. The Master Servicer’s rights to the Servicing Fee may not be transferred in whole or in part except in connection
with the transfer of all of the Master Servicer’s responsibilities and obligations under this Agreement or as provided in
the second succeeding paragraph with respect to the Excess Servicing Fee.

  

In addition, the Master
Servicer shall be entitled to receive, as additional Servicing Compensation, to the extent permitted by applicable law and the
related Loan Documents and any related Intercreditor Agreement, (i) all investment income earned on amounts on deposit in the Collection
Account (and with respect to each Serviced Whole Loan, the related Serviced Whole Loan Collection Account) and certain Reserve
Accounts (to the extent consistent with the related Loan Documents), (ii) any Net Default Interest and any other Penalty Charges
collected by the Master Servicer or the Special Servicer during a Collection Period accrued on any Performing Loan (and the related
Serviced Companion Loan, if applicable), in each case, remaining after application thereof during such Collection Period to pay
the Advance Interest Amount relating to such Performing Loan and to pay or reimburse the Trust for any unreimbursed Additional
Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) relating to such Performing Loan incurred
during or prior to such Collection Period, and, in the case of the Serviced Whole Loans, to the extent allocated to the related
Mortgage Loan in the related Intercreditor Agreement and as further described in Section 3.12(d), (iii) to the extent permitted
by applicable law and the related Loan Documents, (A) with respect to any Mortgage Loan (and the related Serviced Companion Loans)
that is a non-Specially Serviced Loan, (1) 100% of any Modification Fees and consent fees (or similar fees) which do not involve
a Major Decision or Special Servicer Decision and (2) 50% of any Modification Fees and consent fees (or similar fees) which involve
a Major Decision or Special Servicer Decision (whether or not processed by the Special Servicer) and (B) with respect to any Specially
Serviced Loans, 0% of any Modification Fees and consent fees (or similar fees), (iv) 100% of any defeasance fees provided that
for the avoidance of doubt, any such defeasance fee shall not include the Special Servicer’s portion of any Modification
Fees or waiver fees in connection with a defeasance that the Special Servicer is entitled to hereunder, (v) (A) with respect to
any Mortgage Loan (and the related Serviced Companion Loans) that is a non-Specially Serviced Loan, (1) 100% of Assumption Fees
and consent fees which do not involve a Major Decision or Special Servicer Decision and (2) 50% of Assumption Fees and consent
fees which involve a Major Decision or Special Servicer Decision (whether or not processed by the Special Servicer) and (B) with
respect to Specially Serviced Loans, 0% of Assumption Fees and consent fees, (vi) 100% of beneficiary statement charges, demand
fees or similar items (but not including Prepayment Premiums or Yield Maintenance Charges) on all Mortgage Loans (and the related
Serviced Companion Loans) that are non-Specially Serviced Loans, (vii) 100% of

 

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assumption application fees with respect to Mortgage
Loans (and the related Serviced Companion Loans) for which the Master Servicer is processing the underlying assumption related
transaction (whether or not the consent of the Special Servicer is required), (viii) any amounts collected for checks returned
for insufficient funds (with respect to any Mortgage Loan or Specially Serviced Loan) and (ix) 50% of any fee paid in connection
with any Major Decision or Special Servicer Decision for a non-Specially Serviced Loan (regardless of whether the Master Servicer
or Special Servicer processes the related request) and 0% of any fee paid in connection with any Major Decision or Special Servicer
Decision for a Specially Serviced Loan. The Master Servicer shall also be entitled pursuant to, and to the extent provided in,
Section 3.06(a)(viii) or 3.07(b) of this Agreement, as applicable, to withdraw from the Collection Account and to
receive from any Borrower Accounts (to the extent not payable to the related Borrower under the Mortgage Loan or applicable law),
Net Prepayment Interest Excess, if any, that accrue on the Mortgage Loans that it is servicing and any interest or other income
earned on deposits therein. In addition, the Master Servicer shall be entitled to the portion of Net Default Interest and any late
payment fees or penalty charges collected by the Other Servicer servicing a Non-Serviced Mortgage Loan that are allocated to such
Non-Serviced Mortgage Loan remaining after application thereof to reimburse interest on related P&I Advances and to reimburse
the Trust for certain expenses of the Trust, if applicable, as provided in this Agreement. Except as specified in the preceding
sentence and except with respect to clause (i) in this paragraph, the Master Servicer will not be entitled to the compensation
set forth in clauses (iii) and (iv) in this paragraph with respect to a Non-Serviced Mortgage Loan.

 

Notwithstanding anything
to the contrary, the Master Servicer and the Special Servicer will each be entitled to charge the related Borrower reasonable review
fees in connection with any borrower request to the extent such fees are not prohibited under the related Mortgage Loan Documents
and are actually paid by or on behalf of the related Borrower.

 

With respect to any of
the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the
Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge its
respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have the right to
reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the Master Servicer or
the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any such fee, the party that
reduced or elected not to charge its respective portion of such fee shall not have any right to share in any part of the other
party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer shall nevertheless
be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled if the Master Servicer
had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer.

 

The Master Servicer and
any successor holder of the Excess Servicing Fee Rights that relate to the Mortgage Loans (and any successor REO Loans with respect
to such Mortgage Loans) shall be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign such
Excess Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited
Investor (other than a Plan); provided that no such transfer, sale, pledge or other assignment shall be made unless (i)
that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification requirements of

 

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the Act and
any applicable state securities laws and is otherwise made in accordance with the Act and such state securities laws, (ii) the
prospective transferor shall have delivered to the Depositor a certificate substantially in the form attached as Exhibit AA-1
hereto and (iii) the prospective transferee shall have delivered to the Master Servicer and the Depositor a certificate substantially
in the form attached as Exhibit AA-2 hereto. None of the Depositor, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or the Certificate Registrar is obligated to register or qualify an Excess Servicing
Fee Right under the Act or any other securities law or to take any action not otherwise required under this Agreement to permit
the transfer, sale, pledge or assignment of an Excess Servicing Fee Right without registration or qualification. The Master Servicer
and each holder of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge or other assignment of such Excess
Servicing Fee Right shall, and the Master Servicer hereby agrees, and each such holder of an Excess Servicing Fee Right by its
acceptance of such Excess Servicing Fee Right shall be deemed to have agreed, in connection with any transfer of such Excess Servicing
Fee Right effected by such Person, to indemnify the Certificateholders, the Trust, the Depositor, the Underwriters, the Certificate
Administrator, the Trustee, the Master Servicer, the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer
and the Special Servicer against any liability that may result if such transfer is not exempt from registration and/or qualification
under the Act or other applicable federal and state securities laws or is not made in accordance with such federal and state laws
or in accordance with the foregoing provisions of this paragraph. By its acceptance of an Excess Servicing Fee Right, the holder
thereof shall be deemed to have agreed not to use or disclose such information in any manner that could result in a violation of
any provision of the Act or other applicable securities laws or that would require registration of such Excess Servicing Fee Right
or any Certificate pursuant to the Act. From time to time following any transfer, sale, pledge or assignment of an Excess Servicing
Fee Right, the Master Servicer with respect to the related Mortgage Loan or successor REO Loan with respect thereto to which the
Excess Servicing Fee Right relates, shall pay, out of each amount paid to the Master Servicer as Servicing Fee with respect to
such Mortgage Loan or REO Loan, as the case may be, the related Excess Servicing Fees to the holder of such Excess Servicing Fee
Right within one Business Day following the payment of such Servicing Fee to the Master Servicer, in each case in accordance with
payment instructions provided by such holder in writing to the Master Servicer. The holder of an Excess Servicing Fee Right shall
not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate
Administrator, the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer, the Depositor, the Special
Servicer or the Trustee shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or
transfer of the Excess Servicing Fee Right.

 

As compensation for its
activities hereunder on each Distribution Date, the Certificate Administrator shall be entitled with respect to each Mortgage Loan
to its portion of the Certificate Administrator/Trustee Fee, which shall be payable from amounts on deposit in the Lower-Tier Distribution
Account. The Certificate Administrator shall pay the Trustee the Trustee’s portion of the Certificate Administrator/Trustee
Fee. The Certificate Administrator’s rights to the Certificate Administrator/Trustee Fee may not be transferred in whole
or in part except in connection with the transfer of all of its responsibilities and obligations under this Agreement.

 

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Except as otherwise provided
herein, the Master Servicer shall pay all of its overhead expenses incurred by it in connection with its servicing activities hereunder,
including all fees of any sub-servicers retained by it (but excluding Mortgage Loan Seller Sub-Servicers). Except as otherwise
provided herein, the Trustee and the Certificate Administrator shall each pay all expenses incurred by it in connection with its
activities hereunder.

 

(b)          As
compensation for its activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced Loan
and Serviced REO Loan to the Special Servicing Compensation, which shall be payable from amounts on deposit in the Collection Account
or the Serviced Whole Loan Collection Account, as applicable, as set forth in Section 3.06 of this Agreement. The Special
Servicer’s rights to the Special Servicing Fee may not be transferred in whole or in part except in connection with the transfer
of all of the Special Servicer’s responsibilities and obligations under this Agreement. In addition, the Special Servicer
shall be entitled to receive, as Special Servicing Compensation, to the extent permitted by applicable law and the related Loan
Documents, (i) any Net Default Interest and any other Penalty Charges collected by the Master Servicer or the Special Servicer
during a Collection Period accrued on any Specially Serviced Loan remaining after application thereof during such Collection Period
(and in the case of the Serviced Whole Loans, as set forth in and subject to the terms of the related Intercreditor Agreement and
Section 3.12(d) herein) to pay the Advance Interest Amount relating to such Specially Serviced Loan and any unreimbursed
Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior to
such Collection Period on such related Specially Serviced Loan (but not NSF check fees and the like, which shall be paid to the
Master Servicer) as further described below in this subsection (b), (ii) (a) 100% of any Modification Fees and consent fees (or
similar fees) related to the Specially Serviced Loans, (b) 50% of any Modification Fees and consent fees (or similar fees) on Mortgage
Loans (and the related Serviced Companion Loans) that are non-Specially Serviced Loans which involve a Major Decision or Special
Servicer Decision (whether or not processed by the Special Servicer) and (c) 0% of any Modification Fees and consent fees (or similar
fees) on Mortgage Loans (and the related Serviced Companion Loans) that are non-Specially Serviced Loans which do not involve a
Major Decision or Special Servicer Decision, (iii) (a) 100% of any Assumption Fees and consent fees on Specially Serviced Loans,
(b) 50% of any Assumption Fees and consent fees on Mortgage Loans (and the related Serviced Companion Loans) that are non-Specially
Serviced Loans which involve a Major Decision or Special Servicer Decision (whether or not processed by the Special Servicer) and
(c) 0% of any Assumption Fees and consent fees on Mortgage Loans (and the related Serviced Companion Loans) that are non-Specially
Serviced Loans which do not involve a Major Decision or Special Servicer Decision, (iv) 100% of assumption application fees received
with respect to the Mortgage Loans (and the related Serviced Companion Loans) for which the Special Servicer is processing the
underlying assumption related transaction), (v) 100% of beneficiary statement charges, demand fees or similar items (but not including
Prepayment Premiums or Yield Maintenance Charges) on Specially Serviced Loans, and (vi) any interest or other income earned on
deposits in the REO Accounts.

 

Notwithstanding anything
to the contrary, the Master Servicer and the Special Servicer will each be entitled to charge the related Borrower reasonable review
fees in connection with any borrower request.

 

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With respect to any of
the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the
Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge its
respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have the right to
reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the Master Servicer or
the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any such fee, the party that
reduced or elected not to charge its respective portion of such fee shall not have any right to share in any part of the other
party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer shall nevertheless
be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled if the Master Servicer
had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer.

 

Except as otherwise provided
herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder, including
all fees of any sub-servicers retained by it.

 

In addition, the Special
Servicer shall be entitled to the portion of Net Default Interest and any other Penalty Charges collected by the Other Special
Servicer servicing the related Non-Serviced Mortgage Loan and that are allocated to such Non-Serviced Mortgage Loan remaining after
application thereof during such Collection Period to pay the Advance Interest Amount relating to such Non-Serviced Mortgage Loan
and any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred
during or prior to such Collection Period on such related Non-Serviced Mortgage Loan (but not NSF check fees and similar fees,
which shall be paid to the Master Servicer) as provided in this Agreement. Except as specified in the preceding sentence, the Special
Servicer will not be entitled to the compensation set forth in this Section 3.12(b) with respect to a Non-Serviced Mortgage
Loan.

 

(c)          In
addition, a Workout Fee will be payable to the Special Servicer with respect to each Mortgage Loan (other than any Non-Serviced
Mortgage Loan) or Serviced Whole Loan that ceases to be a Specially Serviced Loan pursuant to the definition thereof. As to each
such Mortgage Loan or Serviced Whole Loan, the Workout Fee will be payable out of each collection of interest and principal (including
scheduled payments, prepayments, Balloon Payments and payments at maturity) received on such Mortgage Loan or Serviced Whole Loan
for so long as it remains a Corrected Mortgage Loan. The Workout Fee with respect to any such Mortgage Loan or Serviced Whole Loan
will cease to be payable if such loan again becomes a Specially Serviced Loan or if the related Mortgaged Property becomes a Serviced
REO Property; provided that a new Workout Fee will become payable if and when such Mortgage Loan or Serviced Whole Loans
again ceases to be a Specially Serviced Loan. If the Special Servicer is terminated (other than for cause) or resigns with respect
to any or all of its servicing duties, it shall retain the right to receive any and all Workout Fees payable with respect to the
Mortgage Loans that cease to be a Specially Serviced Loan during the period that it had responsibility for servicing such Specially
Serviced Loan (or for any Specially Serviced Loan that had not yet become a Corrected Mortgage Loan because as of the time that
the Special Servicer is terminated the borrower has not made three consecutive monthly debt service payments and subsequently the
Specially Serviced Loan becomes a Corrected Mortgage Loan) at the time of such

 

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termination or resignation (and the successor Special
Servicer shall not be entitled to any portion of such Workout Fees), in each case until the Workout Fee for any such loan ceases
to be payable in accordance with the preceding sentence.

 

A Liquidation Fee will
be payable to the Special Servicer, except as described below, with respect to (i) each Mortgage Loan repurchased by a Mortgage
Loan Seller, (ii) each Specially Serviced Loan or REO Loan or (iii) each Defaulted Mortgage Loan that is a Non-Serviced Mortgage
Loan sold by the Special Servicer in accordance with the proviso in Section 3.16(b) of this Agreement, in each case, as
to which the Special Servicer obtains a full, partial or discounted payoff from the related Borrower, a loan purchaser or Mortgage
Loan Seller, as applicable, and, except as otherwise described below, with respect to any Specially Serviced Loan or REO Property
as to which the Special Servicer recovered any Liquidation Proceeds; provided, however, for clarification, in the
case of clause (iii), should the Non-Serviced Mortgage Loan be sold by the Other Special Servicer, then the Liquidation Fee shall
be paid to such Other Special Servicer. As to each such Mortgage Loan repurchased by a Mortgage Loan Seller after the Initial Resolution
Period (and giving effect to any Resolution Extension Period) in accordance with Section 2.03(e) of this Agreement or Specially
Serviced Loan and Serviced REO Property, the Liquidation Fee will be payable from the related payment or proceeds. Notwithstanding
anything to the contrary described above, no Liquidation Fee will be payable based on, or out of, Liquidation Proceeds to the extent
set forth in the definition of “Liquidation Fee” herein. With respect to any future mezzanine debt, to the extent not
prohibited by the Loan Documents, the Master Servicer or Special Servicer, as applicable, shall require that the related mezzanine
intercreditor agreement provide that if a Mortgage Loan is purchased by the related mezzanine lender on a date that is more than
90 days following the date that the related option first becomes exercisable, such mezzanine lender shall be required to pay a
Liquidation Fee equal to the amount that the Special Servicer would otherwise be entitled to under this Agreement with respect
to a liquidation of such Mortgage Loan (provided, that such Liquidation Fee shall in all circumstances be payable by the
related mezzanine lender and shall not, under any circumstances, be payable out of the Trust unless the Master Servicer fails to
require the related mezzanine intercreditor agreement to require the mezzanine lender to pay such amounts in breach of its obligation
to do so under this paragraph). If Liquidation Proceeds are received with respect to any Specially Serviced Loan as to which the
Special Servicer is properly entitled to a Workout Fee, such Workout Fee will be payable based on and out of the portion of such
Liquidation Proceeds that constitute principal and/or interest. Notwithstanding anything herein to the contrary, the Special Servicer
shall only be entitled to receive a Liquidation Fee or a Workout Fee, but not both, with respect to Liquidation Proceeds received
on any Mortgage Loan or any Specially Serviced Loan. If (i) the Special Servicer resigns or has been terminated, and (ii) either
prior or subsequent to such resignation or termination, either (A) a Specially Serviced Loan was liquidated or modified pursuant
to an action plan submitted by the initial Special Servicer and approved (or deemed approved) by the Directing Holder or the Special
Servicer has determined to grant a forbearance, or (B) a Specially Serviced Loan being monitored by the Special Servicer subsequently
became a Corrected Mortgage Loan, then in either such event the Special Servicer shall be paid the related Workout Fee or Liquidation
Fee, as applicable.

 

The total amount of Workout
Fees and Liquidation Fees that are payable by the Trust with respect to each Mortgage Loan, Serviced Whole Loan or Serviced REO
Loan through

 

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the period such Mortgage Loan is an asset of the Trust shall be subject to an aggregate cap of $1,000,000. For the
purposes of determining whether any such cap has been reached with respect to a Special Servicer and a Mortgage Loan, Serviced
Whole Loan or Serviced REO Loan, only the Workout Fees and Liquidation Fees paid to such Special Servicer with respect to such
Mortgage Loan, Serviced Whole Loan or Serviced REO Loan shall be taken into account, and any Workout Fees or Liquidation Fees for
any other Mortgage Loans, Serviced Whole Loans or Serviced REO Loans shall not be taken into account (and any Workout Fees or Liquidation
Fees paid to a predecessor or successor special servicer or Other Special Servicer shall also not be taken into account).

 

The Special Servicer
shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder
(including, without limitation, any amounts, other than management fees in respect of REO Properties, due and owing to any of its
sub-servicers, any amounts due and owing to any of its Affiliates, and the premiums for any blanket insurance policy obtained by
it insuring against hazard losses pursuant to Section 3.08 of this Agreement, except to the extent such premiums are reimbursable
pursuant to Section 3.08 of this Agreement), if and to the extent such expenses are not expressly payable directly out of
the Collection Account or if a Serviced Whole Loan is involved, the applicable Serviced Whole Loan Collection Account or the applicable
REO Account or as a Servicing Advance, and the Special Servicer shall not be entitled to reimbursement therefor except as expressly
provided in this Agreement.

 

The Special Servicer
and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration (including, without
limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any
Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor in respect of a Mortgage
Loan or Serviced Whole Loan and any purchaser of any Mortgage Loan, Serviced Companion Loan or REO Property) in connection with
the disposition, workout or foreclosure of any Mortgage Loan or Serviced Whole Loan, the management or disposition of any REO Property,
or the performance of any other special servicing duties under this Agreement, other than as expressly provided in this Section
3.12; provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

(d)          In
determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any
Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan or, unless prohibited by the related Intercreditor
Agreement to be so applied, any Serviced Companion Loan, during the related Collection Period shall be applied (as between Default
Interest and late payment charges, in the priority set forth in the definition of “Advance Interest Amount”)
to reimburse (i) the Master Servicer or the Trustee for interest on Advances at the Reimbursement Rate with respect to such Mortgage
Loan that accrued in the period that such Penalty Charges were collected and advance interest to any related Serviced Companion
Loan Service Provider for any debt service advance made by such party with respect to any related Serviced Companion Loan that
accrued in the period that such Penalty Charges were collected, (ii) the Trust Fund for all interest on Advances with respect to
such Mortgage Loan or Serviced Whole Loan previously paid to the Master Servicer, the Trustee or to any Serviced Companion Loan
Service Provider pursuant to Section 3.06(a)(vi) or Section 3.06(b)(vi) of this Agreement and (iii) the Trust Fund
for any

 

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Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) with respect to such
Mortgage Loan or Serviced Whole Loan paid in the Collection Period that such Penalty Charges were collected and not previously
paid out of Penalty Charges, and any Penalty Charges remaining thereafter shall be distributed pro rata to the Master Servicer
and the Special Servicer based upon the amount of Penalty Charges the Master Servicer or the Special Servicer would otherwise have
been entitled to receive during such period with respect to such Mortgage Loan without any such application. Except as set forth
in this Agreement, the Special Servicer shall not be entitled to any Special Servicing Fees, Workout Fees or Liquidation Fees with
respect to any Non-Serviced Mortgage Loan or any related REO Property. For the avoidance of doubt, the portion of Penalty Charges
allocated to a Mortgage Loan that is part of a Non-Serviced Whole Loan (in accordance with the applicable Intercreditor Agreement
and, if applicable, the Other Pooling and Servicing Agreement) shall be allocated in accordance with clauses (i), (ii) and (iii)
above (except that, Advances in clauses (i) and (ii) shall mean P&I Advances).

 

If a Servicing Shift
Whole Loan becomes a Specially Serviced Loan prior to the applicable Servicing Shift Securitization Date, the Special Servicer
shall service and administer such Servicing Shift Whole Loan and any related REO Property in the same manner as any other Specially
Serviced Loan or Serviced REO Property and shall be entitled to all rights and compensation earned with respect to such Serviced
Whole Loan as Special Servicer of such Serviced Whole Loan. With respect to a Servicing Shift Mortgage Loan, prior to the applicable
Servicing Shift Securitization Date, no other special servicer will be entitled to any such compensation or have such rights and
obligations. If a Servicing Shift Whole Loan is still a Specially Serviced Loan on the applicable Servicing Shift Securitization
Date, the Other Special Servicer and the Special Servicer shall be entitled to compensation with respect to such Servicing Shift
Whole Loan as if the Special Servicer were being terminated as the Special Servicer with respect to such Servicing Shift Whole
Loan and the Other Special Servicer were replacing the Special Servicer as the successor Special Servicer with respect to such
Servicing Shift Whole Loan.

 

If a Servicing Shift
Whole Loan is being specially serviced on the applicable Servicing Shift Securitization Date, the Special Servicer shall be entitled
to compensation for the period during which it acted as Special Servicer with respect to such Whole Loan, including its share of
any liquidation or workout fees and any additional servicing compensation as well as all surviving indemnity and other rights in
respect of such special servicing role under this Agreement.

 

(e)          The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to reimbursement from the
Trust Fund (and, prior to recovery from the Trust Fund, in the case of any Serviced Whole Loans, subject to the related Intercreditor
Agreement, first, from the related Subordinate Companion Loan up to the full principal balance thereof, if any, and second,
to the extent any such costs and expenses remain unreimbursed, from the related Mortgage Loan and the Collection Account, or in
the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, first, out of the related Serviced Whole Loan
Collection Account from collections on the related Serviced Pari Passu Companion Loan and the related Mortgage Loan on a pro
rata basis by principal balance, and second, to the extent any such costs and expenses remain unreimbursed, out of the
Collection Account) for the costs and

 

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expenses incurred by them in the performance of their duties under this Agreement which are
“unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii).
Such expenses shall include, by way of example and not by way of limitation, environmental assessments, Updated Appraisals and
appraisals in connection with foreclosure, the fees and expenses of any administrative or judicial proceeding and expenses expressly
identified as reimbursable in Section 3.06(a)(xv) of this Agreement. All such costs and expenses shall be treated as costs
and expenses of the Lower-Tier REMIC and the related Serviced Whole Loan, if applicable.

 

(f)          No
provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator or the Trustee to expend or risk their own funds or otherwise
incur any financial liability in the performance of any of their duties hereunder or thereunder, or in the exercise of any of their
rights or powers, if, in the good faith business judgment of the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as the case may be, repayment of such funds would
not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Liquidation Proceeds and other collections on or
in respect of the Mortgage Loans, or from adequate indemnity from other assets comprising the Trust Fund against such risk or liability.

 

If the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee receives
a request or inquiry from a Borrower, any Certificateholder or any other Person the response to which would, in the Master Servicer’s,
the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s, the Asset Representations Reviewer’s
or the Trustee’s good faith business judgment require the assistance of Independent legal counsel or other consultant to
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Trustee, the cost of which would not be an expense of the Trust Fund or any Serviced Companion Loan Noteholder hereunder,
then the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or the Trustee, as the case may be, shall not be required to take any action in response to such request or inquiry unless
such Borrower, such Certificateholder, or such other Person, as applicable, makes arrangements for the payment of the Master Servicer’s,
the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s, the Asset Representations Reviewer’s
or the Trustee’s reasonable expenses associated with such counsel (including, without limitation, posting an advance payment
for such expenses) satisfactory to the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer or the Trustee, as the case may be, in its sole discretion. Unless such arrangements have been
made, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or the Trustee, as the case may be, shall have no liability to any Person for the failure to respond to such request or
inquiry.

 

Section 3.13     Reports
to the Certificate Administrator; Collection Account Statements.   (a) The Master Servicer shall deliver to the Certificate Administrator
no later than 3:00 p.m. (New York City time) one Business Day prior to the Master Servicer Remittance Date prior to each Distribution
Date (beginning September 2016), the CREFC® Loan Periodic Update

 

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File with respect to all of the Mortgage
Loans that it is servicing for the related Distribution Date (which shall include, without limitation, the amount of Available
Funds allocable to the Mortgage Loans) including information therein that states the anticipated P&I Advances for the related
Distribution Date. The Master Servicer’s responsibilities under this Section 3.13(a) with respect to Serviced REO
Loans shall be subject to the satisfaction of the Special Servicer’s obligations under Section 3.23 of this Agreement.
The Master Servicer shall (no later than the time(s) that it or any portion thereof is made available to the Certificate Administrator)
make available to each Serviced Companion Loan Noteholder with respect to the related Whole Loan or, if such Serviced Companion
Loan is securitized, the respective Other Servicer and Other Trustee, the CREFC® Investor Reporting Package
(CREFC® IRP) (excluding any templates) pursuant to the terms of this Agreement on a monthly basis.

 

(b)          For
so long as the Master Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account or any Serviced
Whole Loan Collection Account, not later than 15 days after each Distribution Date, the Master Servicer shall forward to the Certificate
Administrator a statement prepared by the Master Servicer setting forth the status of each of the Collection Account and each Serviced
Whole Loan Collection Account as of the close of business on the last Business Day of the prior Collection Period and showing the
aggregate amount of deposits into and withdrawals from the Collection Account and each Serviced Whole Loan Collection Account of
each category of deposit (or credit) specified in Section 3.05 of this Agreement and each category of withdrawal (or debit)
specified in Section 3.06 of this Agreement for the related Collection Period, in each case for the Mortgage Loans (including
the Non-Serviced Mortgage Loans). The Trustee and the Certificate Administrator and its agents and attorneys may at any time during
normal business hours, upon reasonable notice, inspect and copy the books, records and accounts of the Master Servicer solely relating
to the Mortgage Loans and the performance of its duties hereunder.

 

(c)          Beginning
in September 2016, no later than 4:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall
deliver or cause to be delivered to the Certificate Administrator (who shall promptly post such reports to the Certificate Administrator’s
Website pursuant to Section 4.02(b)(iii)(B) of this Agreement), the Serviced Companion Loan Noteholders and the Operating
Advisor the following reports (in electronic form) with respect to the Mortgage Loans that it is servicing (and, if applicable,
the related REO Properties), providing the required information as of the immediately preceding Determination Date: (i) to the
extent the Master Servicer has received the most recent CREFC® Special Servicer Loan File from the Special
Servicer at the time required, the most recent CREFC® Delinquent Loan Status Report, CREFC®
Historical Loan Modification and Corrected Mortgage Loan Report, the CREFC® Loan Setup File (with respect
to the first Distribution Date) and CREFC® REO Status Report received from such Special Servicer, (ii) the
most recent CREFC® Property File, CREFC® Financial File, CREFC®
Comparative Financial Status Report and the CREFC® Loan Level Reserve/LOC Report (in each case incorporating
the data required to be included in the CREFC® Special Servicer Loan File), (iii) the CREFC®
Servicer Watch List with information that is current as of such Determination Date and (iv) the CREFC® Advance
Recovery Report.

 

The information that
pertains to Specially Serviced Loans and REO Properties reflected in such reports shall be based solely upon the reports delivered
by the Special Servicer

 

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to the Master Servicer (other than information as to which the Master Servicer has the primary responsibility
to generate) no later than the related Determination Date in the form required by Section 3.13(g) of this Agreement or shall
be provided by means of such reports so delivered by the Special Servicer to the Master Servicer in the form so required. In the
absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, the
information and reports delivered to it by the Special Servicer, and the Certificate Administrator shall be entitled to conclusively
rely upon the Master Servicer’s reports and the Special Servicer’s reports and any information provided by the Certificate
Administrator or the Trustee without any duty or obligation to recompute, verify or recalculate any of the amounts and other information
stated therein.

 

(d)          The
Master Servicer (with respect to a Mortgage Loan that is not a Specially Serviced Loan) or the Special Servicer (with respect to
Specially Serviced Loans and REO Properties) shall deliver or cause to be delivered to the Trustee, the Certificate Administrator,
the Serviced Companion Loan Noteholders, the Underwriters, the Initial Purchasers and the Operating Advisor the following materials,
in each case to the extent that such materials or the information on which they are based have been received by the Master Servicer
or Special Servicer, as applicable, with respect to the Mortgage Loans or REO Properties, as applicable, that the Master Servicer
or Special Servicer, as applicable, is servicing:

 

(i)          Within
30 days after receipt of any quarterly operating statement, if any, commencing within 30 days of receipt of such quarterly operating
statement for the quarter ending December 31, 2016, with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan),
Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special Servicer (in written format
or in electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan), a CREFC® Operating Statement
Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar quarter, together
with copies of the related operating statements and rent rolls (but only to the extent the related Borrower is required by the
Mortgage to deliver, or otherwise agrees to provide such information and, with respect to operating statements and rent rolls for
Specially Serviced Loans and REO Properties, only to the extent received by the Special Servicer); provided that, to the
extent the annual CREFC® Operating Statement Analysis Report is delivered as described under clause (b) below, then such delivery
shall satisfy the requirement under this clause (a) to deliver a quarterly CREFC® Operating Statement Analysis Report for the
quarter ending June 30 of each year, commencing in 2017. The Master Servicer (or the Special Servicer in the case of Specially
Serviced Loans and Serviced REO Properties) shall use commercially reasonable efforts to obtain said quarterly and other periodic
operating statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect
to any Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such quarterly and other periodic operating statements
and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the
related Loan Documents; provided, however, that any analysis or update with respect to the first calendar quarter
of each year shall not be required to the extent such analysis or update is not required to be provided under the then current
applicable CREFC® guidelines.

 

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(ii)        At
least annually, on or before June 30 of each year, beginning with June 30, 2017, with respect to each Mortgage Loan (other than
a Non-Serviced Mortgage Loan), Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special
Servicer (in written format or in electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan), a CREFC®
Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding
calendar year (initially, year-end 2016), together with copies of the related operating statements and related rent rolls (but
only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide such information
and, with respect to operating statements and related rent rolls for Specially Serviced Loans and REO Properties, only to the extent
received by the Special Servicer) for the current trailing 12 months, if available, or year-to-date, provided, however,
that with respect to any obligation of the Master Servicer or Special Servicer, as applicable, to provide a year end analysis or
update, such analysis or update shall not be required to the extent such analysis or update is not required to be provided under
the then current applicable CREFC® guidelines. The Master Servicer (or the Special Servicer in the case of Specially
Serviced Loans and Serviced REO Properties) shall use commercially reasonable efforts to obtain said annual and other periodic
operating statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect
to any Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such annual and other periodic operating statements
and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the
related Loan Documents. Upon receipt of such annual and other periodic operating statements (including year-to-date statements)
and related rent rolls, the Master Servicer shall promptly update the CREFC® Operating Statement Analysis Report
(commencing with the quarter ending September 30, 2016).

 

(iii)       Within
45 days after receipt by the Master Servicer (or within 60 days of receipt by the Special Servicer in the case of a Specially Serviced
Loan or Serviced REO Property) of any annual year-end operating statements and related rent rolls with respect to any Mortgaged
Property (except with respect to any Non-Serviced Mortgage Loan) or Serviced REO Property (to the extent prepared by and received
from the Special Servicer in the case of any Specially Serviced Loan or Serviced REO Property), commencing within 45 or 60 days,
as applicable, of receipt of such statements for year-end 2016, a CREFC® NOI Adjustment Worksheet for such
Mortgaged Property (with the annual year-end operating statements attached thereto as an exhibit). The Master Servicer will use
the “Normalized” column from the CREFC® NOI Adjustment Worksheet to update the full year-end
data on any CREFC® Operating Statement Analysis Report and will use any operating statements received with
respect to any Mortgaged Property (other than any Mortgaged Property which is a Serviced REO Property or constitutes security for
a Specially Serviced Loan or a Non-Serviced Mortgage Loan) to update the CREFC® Operating Statement Analysis
Report for such Mortgaged Property; provided, however, that any analysis or update with respect to the year-end or
first quarter of each year shall not be required to the extent such analysis or update is not required to be provided under the
then current applicable CREFC® guidelines.

 

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Except with respect to
a request received through the Rating Agency Q&A Forum and Document Request Tool, upon request for receipt of any such items
from any Rating Agency, the Master Servicer shall forward such items to the 17g-5 Information Provider (who shall promptly post
such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The Master Servicer shall
maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property (and shall not be required
to maintain any such report for a Mortgaged Property securing a Non-Serviced Mortgage Loan) and Serviced REO Property (to the extent
prepared by and received from the Special Servicer in the case of any Serviced REO Property or any Mortgaged Property constituting
security for a Specially Serviced Loan) relating to a Mortgage Loan that it is servicing. The CREFC® Operating
Statement Analysis Report for each Mortgaged Property (other than any such Mortgaged Property that secures a Non-Serviced Mortgage
Loan or that is a Serviced REO Property or constitutes security for a Specially Serviced Loan) is to be updated with trailing 12-month
information, as available, or year-to-date information until 12-month trailing information (commencing with the quarter ending
September 30, 2016) is available by the Master Servicer and such updated report shall be delivered to the Trustee, the Certificate
Administrator, the Operating Advisor, the Directing Holder and any related Serviced Companion Loan Noteholder in the calendar month
following receipt by the Master Servicer of such updated trailing or year-to-date operating statements and related rent rolls for
such Mortgaged Property.

 

The Master Servicer (with
respect to Performing Loans) and the Special Servicer (with respect to REO Properties and Specially Serviced Loans) shall deliver
to the Certificate Administrator, the Operating Advisor and (solely with respect to the related Mortgaged Property) each holder
of a Serviced Companion Loan by electronic means the CREFC® Operating Statement Analysis Report for each
Mortgaged Property upon request.

 

The Special Servicer
shall pursuant to Section 3.13(h) of this Agreement, deliver to the Master Servicer the information required of it pursuant
to this Section 3.13(d) with respect to Specially Serviced Loans and Serviced REO Loans.

 

(e)          In
connection with their servicing of the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and Serviced REO Properties,
the Master Servicer and the Special Servicer, as applicable, shall provide to each other and to the Trustee and the Certificate
Administrator, written notice of any event that comes to their knowledge with respect to a Mortgage Loan or Serviced REO Property
that the Master Servicer or the Special Servicer, respectively, determines, in accordance with the Servicing Standard, would have
a material adverse effect on such Mortgage Loan or Serviced REO Property, which notice shall include an explanation as to the reason
for such material adverse effect.

 

(f)           The
Master Servicer or the Special Servicer, as applicable, shall make available to the Controlling Class Representative copies of
all rent rolls, operating statements and financial statements actually provided by each Borrower, including any monthly or quarterly
statements or rent rolls, within 15 Business Days of receipt.

 

(g)          On
or before 2:00 p.m. Central Time on each Determination Date, the Special Servicer shall deliver, or cause to be delivered, to the
Master Servicer and, upon the

 

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request of any of the Trustee, the Certificate Administrator, the Operating Advisor, the Depositor,
the Controlling Class Representative or any Rating Agency, to such requesting party, the CREFC® Special Servicer
Loan File with respect to the Specially Serviced Loans (and, if applicable, the related Serviced REO Properties), providing the
required information as of the Determination Date (or, upon the reasonable request of any Master Servicer, data files in a form
acceptable to the Master Servicer), which CREFC® Special Servicer Loan File shall include data, to enable
the Master Servicer to produce the CREFC® Supplemental Servicer Reports. Such reports or data shall be presented
in writing and in an electronic format acceptable to the Master Servicer.

 

(h)          The
Special Servicer shall deliver or cause to be delivered to the Master Servicer and, upon the request of any of the Trustee, the
Certificate Administrator, the Operating Advisor, the Depositor, the Controlling Class or any Rating Agency, to such requesting
party, without charge, the following materials for Specially Serviced Loans or Serviced REO Properties, as applicable, in each
case to the extent that such materials or the information on which they are based have been received by the Special Servicer:

 

(i)          At
least annually, on or before June 1 of each year, commencing in 2017, with respect to each Specially Serviced Loan and Serviced
REO Loan, a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO
Property as of the end of the preceding calendar year (initially year-end December 31, 2016) together with copies of the operating
statements and related rent rolls for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar
year (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide, such
information and, with respect to operating statements and related rent rolls for Specially Serviced Loans and Serviced REO Properties,
only to the extent requested by the Special Servicer) and for the current trailing 12 months, if available, or year-to-date. The
Special Servicer shall use its reasonable efforts to obtain said annual and other periodic operating statements and related rent
rolls with respect to each Mortgaged Property constituting security for a Specially Serviced Loan and each Serviced REO Property.

 

(ii)        Within
60 days of receipt by the Special Servicer (with respect to Specially Serviced Loans and REO Properties) or within 45 days of receipt
by the Master Servicer (with respect to a Mortgage Loan that is not a Specially Serviced Loan) of any annual operating statements
with respect to any Mortgaged Property relating to a Specially Serviced Loan or Serviced REO Property, a CREFC®
NOI Adjustment Worksheet for such Mortgaged Property or Serviced REO Property (with the annual operating statements attached thereto
as an exhibit); provided, that, with the consent of the Master Servicer, the Special Servicer may instead provide data files
in a form acceptable to the Master Servicer. The Special Servicer will use the “Normalized” column from the CREFC®
NOI Adjustment Worksheet to update the full year-end data on any CREFC® Operating Statement Analysis Report
and will use any operating statements received with respect to any Mortgaged Property relating to a Specially Serviced Loan or
Serviced REO Property to update the CREFC® Operating Statement Analysis Report for such Mortgaged Property.

 

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Except with respect to
a request received through the Rating Agency Q&A Forum and Document Request Tool, upon request for receipt of any such items
from any Rating Agency, the Special Servicer shall forward such items to the 17g-5 Information Provider (who shall promptly post
such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The Special Servicer
shall maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property securing a Specially
Serviced Loan and each Serviced REO Property. The CREFC® Operating Statement Analysis Report for each Mortgaged
Property securing a Specially Serviced Loan and each Serviced REO Property is to be updated by the Special Servicer and such updated
report delivered to the Master Servicer within 45 days after receipt by the Special Servicer of updated operating statements for
each such Mortgaged Property; provided, that, the Special Servicer may instead provide data files in an electronic form
acceptable to the Special Servicer. The Special Servicer shall provide each such report to the Master Servicer in the then applicable
CREFC® format.

 

(i)          If
the Master Servicer or the Special Servicer, as applicable, is required to deliver any statement, report or information under any
provision of this Agreement (including Section 3.14), the Master Servicer or the Special Servicer, as the case may be, may
satisfy such obligation by (x) delivering such statement, report or information in a commonly used electronic format or (y) making
such statement, report or information available on the Master Servicer’s website, unless this Agreement expressly specifies
a particular method of delivery or such statement, report or information must be filed with the Commission as contemplated in Article
X; provided that all reports required to be delivered to the Certificate Administrator shall be delivered in accordance
with clause (x).

 

(j)          The
Master Servicer may, but is not required to, make any of the reports or files it delivers pursuant to this Section 3.13
available each month on the Master Servicer’s website only with the use of a password, in which case the Master Servicer
shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed
to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder
who requests such password, and has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master
Servicer. In connection with providing access to the Master Servicer’s website, the Master Servicer may require registration
and the acceptance of a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which
may include, to the extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement
governing the availability, use and disclosure of such information, and which may provide indemnification to the Master Servicer
for any liability or damage that may arise therefrom.

 

(k)         With
respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within two
Business Days following the Determination Date and the Master Servicer shall, to the extent it has received, deliver to the Certificate
Administrator, without charge and on the same day as the Master Servicer is required to deliver the CREFC® Investor
Reporting Package, an electronic report which may include html, word or excel compatible format, clean and searchable pdf. format
or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer (or Master

 

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Servicer on
its behalf) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer
or any of its Affiliates during the related Collection Period; provided that no report regarding Disclosable Special Servicer
Fees shall be required to be delivered if there are no Disclosable Special Servicer Fees for the related Collection Period.

 

Section 3.14     Access
to Certain Documentation.    (a) The Master Servicer and Special Servicer, as applicable, shall provide to any Certificateholders
and any Serviced Companion Loan Noteholders that are federally insured financial institutions, the Operating Advisor (but only
if a Control Termination Event has occurred and is continuing), the Directing Holder (but only if no Consultation Termination
Event has occurred and is continuing), the Federal Reserve Board, the FDIC and the Office of the Comptroller of the Currency and
the supervisory agents and examiners of such boards and such corporations, and any other federal or state banking or insurance
regulatory authority that may exercise authority over any Certificateholder or Serviced Companion Loan Noteholder is subject,
access to the documentation regarding the Mortgage Loans or the Whole Loans, as applicable, that it is servicing required by applicable
regulations of the Federal Reserve Board, FDIC, Office of the Comptroller of the Currency or any such federal or state banking
or regulatory authority, such access being afforded without charge but only upon reasonable written request and during normal
business hours at the offices of the Master Servicer or Special Servicer, as applicable. At the election of the Master Servicer,
the Special Servicer or the Certificate Administrator, such access may be afforded to such Person identified above by the delivery
of copies of information as requested by such Person and the Master Servicer, the Special Servicer or the Certificate Administrator
shall be permitted to require payment (other than from the Directing Holder and the Trustee and the Certificate Administrator
on its own behalf or on behalf of the Certificateholders, as applicable) of a sum sufficient to cover the reasonable out-of-pocket
costs incurred by it in making such copies. Such access shall (except as described in the preceding sentence) be afforded without
charge but only upon reasonable prior written request and during normal business hours at the offices of the Certificate Administrator
or the Custodian. In addition, upon reasonable prior written notice to the Master Servicer or the Special Servicer, as the case
may be, the Trustee, the Certificate Administrator, the Operating Advisor (but only if a Control Termination Event has occurred
and is continuing), the Depositor or their accountants or other representatives shall have reasonable access to review the documents,
correspondence and records in the possession of the Master Servicer or the Special Servicer, as the case may be, as they relate
to a Mortgaged Property and any Serviced REO Property during normal business hours at the offices of the Master Servicer or the
Special Servicer, as the case may be. Nothing in this Section 3.14 shall detract from the obligation of the Master Servicer
and Special Servicer to observe any applicable law prohibiting disclosure of information with respect to the Borrowers, and the
failure of the Master Servicer and Special Servicer to provide access as provided in this Section 3.14 as a result of such
obligation shall not constitute a breach of this Section 3.14.

 

(b)          In
connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, Serviced
Companion Loan Noteholder or any regulatory authority that may exercise authority over a Certificateholder or Serviced Companion
Loan Noteholder, the Master Servicer and the Special Servicer may each require payment from such Certificateholder or Serviced
Companion Loan Noteholder (to the extent

 

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permitted in the related Intercreditor Agreement) of a sum sufficient to cover the reasonable
costs and expenses of providing such information or access, including copy charges and reasonable fees for employee time and for
space; provided that no charge may be made if such information or access was required to be given or made available under
applicable law. In connection with providing Certificateholders or Serviced Companion Loan Noteholders access to the information
described in the preceding paragraph the Master Servicer and the Special Servicer, as applicable, may require (prior to affording
such access) a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable
to the Master Servicer or the Special Servicer, as the case may be, generally to the effect that such Person is a Holder of Certificates
or a beneficial holder of Book-Entry Certificates or Serviced Companion Loan Noteholder or a regulator or governmental body and
will keep such information confidential.

 

(c)          Upon
the reasonable request of (1) any Certificateholder identified to the Master Servicer to the Master Servicer’s reasonable
satisfaction (or, with respect to any Serviced Companion Loan, the request of any Serviced Companion Loan Noteholder), the Master
Servicer may provide (or forward electronically) (at the expense of such Certificateholder, Serviced Companion Loan Noteholder)
copies of any appraisals, operating statements, rent rolls and financial statements obtained by the Master Servicer, or (2) any
Controlling Class Certificateholder identified to the Master Servicer (in the case of a Performing Loan) or the Special Servicer
(in the case of a Specially Serviced Loan) to the Master Servicer’s or Special Servicer’s reasonable satisfaction,
the Master Servicer or Special Servicer, as applicable, shall provide (or forward electronically) (at the expense of such Controlling
Class Certificateholder) any Excluded Information in the Master Servicer’s or Special Servicer’s, as applicable, possession
(available on the Certificate Administrator’s Website but not accessible to such Controlling Class Certificateholder through
the Certificate Administrator’s Website on account of it constituting Excluded Information) relating to any Excluded Controlling
Class Mortgage Loan in which such Controlling Class Certificateholder is not an Excluded Controlling Class Holder; provided
that, in connection therewith, the Master Servicer or Special Servicer, as applicable, may require a written confirmation executed
by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or Special Servicer,
generally to the effect that such Person is a Holder of Certificates or a Serviced Companion Loan Noteholder or a beneficial holder
of Book-Entry Certificates or a regulator or a governmental body and will keep such information confidential and will use such
information only for the purpose of analyzing asset performance and evaluating any continuing rights the Certificateholder may
have under this Agreement. For the avoidance of doubt, the Master Servicer shall not make any Asset Status Reports available to
any Certificateholders on its website. None of the parties to this Agreement shall provide any Asset Status Report or any Final
Asset Status Report to the Certificate Administrator.

 

(d)          The
17g-5 Information Provider shall make available solely to the Depositor and to any NRSRO that delivers an NRSRO Certification to
the 17g-5 Information Provider the following items to the extent such items are delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com
(or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto) in an electronic
format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically
with a subject reference of “CD 2016-CD1 Mortgage Trust, Series 2016-

 

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CD1” and an identification of the type of information
being provided in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties
hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial
(provided, if such information is not in electronic format readable and uploadable (that is not locked or corrupted), then
the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon such party shall promptly
deliver the subject information in such format):

 

(i)          any
waivers delivered to the 17g-5 Information Provider pursuant to Section 3.09 of this Agreement;

 

(ii)         any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance
delivered to the 17g-5 Information Provider pursuant to Section 3.21(d) or Section 4.07(c) of this Agreement and
notice of determination not to refrain from reimbursement of all Nonrecoverable Advances;

 

(iii)        any
Asset Status Report delivered by the Special Servicer pursuant to Section 3.23(e) of this Agreement;

 

(iv)        any
environmental reports delivered by the Special Servicer pursuant to Section 3.10(g) of this Agreement;

 

(v)         any
annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 10.11 and Section
10.12 of this Agreement;

 

(vi)        any
annual independent public accountants’ attestation reports delivered pursuant to Section 10.13 of this Agreement;

 

(vii)       any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.10 of this Agreement;

 

(viii)      any
notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving a Rating
Agency Confirmation from any Rating Agency as set forth in the definition of “Rating Agency Confirmation” pursuant
to Section 3.30 of this Agreement;

 

(ix)        copies
of any questions or requests submitted by the Rating Agencies directed toward the Master Servicer, Special Servicer, Certificate
Administrator or Trustee;

 

(x)         any
requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.30
of this Agreement;

 

(xi)        any
notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor
Trustee or successor Certificate Administrator pursuant to Section 8.07 or Section 8.08 of this Agreement;

 

(xii)       any
notice of resignation or assignment of the rights of the Master Servicer or the Special Servicer pursuant to Section 6.04
of this Agreement;

 

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(xiii)      any
notice of Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section
7.03 of this Agreement;

 

(xiv)      any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09 of this Agreement;

 

(xv)       any
notice of the merger or consolidation of the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer pursuant to Section 6.02 of this Agreement;

 

(xvi)      any
notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to Section 12.08
of this Agreement;

 

(xvii)     any
notice or other information provided by the Master Servicer pursuant to Section 12.07 of this Agreement;

 

(xviii)    any
summary of oral communication with the Rating Agencies delivered to the 17g-5 Information Provider pursuant to Section 3.14(f)
of this Agreement; provided that the summary of such oral communication shall not attribute which Rating Agency the communication
was with;

 

(xix)       the
Rating Agency Q&A Forum and Document Request Tool; and

 

(xx)        such
information as is delivered to the 17g-5 Information Provider by the Depositor in mutually agreeable electronic format within fifteen
(15) days of the Closing Date.

 

The foregoing information
shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website (a link to which shall
be provided on the Depositor’s website at www.intralinks.com or such other website as the Depositor may notify the
parties hereto in writing). Information will be posted on the same Business Day of receipt provided that such information is received
by 2:00 p.m. (eastern time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. New York City time. The 17g-5
Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered
is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be or whether
such information (other than (solely with respect to the 17g-5 Information Provider’s obligation to post such information)
the information set forth in clauses (i) through (xix) above) is required to be posted on the 17g-5 Information Provider’s
Website pursuant to this Agreement or Rule 17g-5. If any information is delivered or posted in error, the 17g-5 Information Provider
may remove it from the 17g-5 Information Provider’s Website. The Certificate Administrator and the 17g-5 Information Provider
have not obtained and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting to the
17g-5 Information Provider’s Website. Access will be provided by the 17g-5 Information Provider to the Rating Agencies, and
to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit Z hereto (which certification may be submitted
electronically via the 17g-5 Information Provider’s Website). If a Rating Agency requests access to the 17g-5 Information
Provider’s Website, access will be provided by the 17g-5 Information Provider on the same Business Day provided such request
is made prior to 2:00

 

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p.m., on such Business Day, or, if received after 2:00 p.m., on the following Business Day. Questions regarding
delivery of information to the 17g-5 Information Provider may be directed to 17g5informationprovider@wellsfargo.com (or
such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto).

 

Upon delivery by the
Depositor to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Depositor and the 17g-5 Information
Provider) of information designated by the Depositor as having been previously made available to NRSROs by the Depositor (the “Pre-Closing
17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the
Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 3.14(b) The Depositor shall not
be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other information
on the 17g-5 Information Provider’s Website to any designee or other third party.

 

The 17g-5 Information
Provider shall notify any party that delivers information to the 17g-5 Information Provider under this Agreement that such information
was received and that it has been posted. The 17g-5 Information Provider shall notify each NRSRO that has provided a NRSRO Certification
each time a document is posted to the 17g-5 Information Provider’s Website and such notice shall specifically identify such
document. The 17g-5 Information Provider shall send such notice to such Persons to the email address that has been provided by
and is used by such Person for the purpose of accessing the 17g-5 Information Provider’s Website, including a general email
address if such general email address has been provided to the 17g-5 Information Provider in connection with a completed NRSRO
Certification in the form of Exhibit Z hereto.

 

The 17g-5 Information
Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The “Rating Agency
Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information Provider’s Website,
where Rating Agencies and NRSROs may (i) submit Inquiries to the Certificate Administrator relating to the Distribution Date Statement,
submit Inquiries to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant
to this Section 4.02(d), the Mortgage Loans (other than a Non-Serviced Mortgage Loan) or the Mortgaged Properties or submit
inquiries to the Operating Advisor relating to the Operating Advisor Annual Reports or actions by the Master Servicer or the Special
Servicer as to which the Operating Advisor has consultation rights pursuant to Section 3.31, whether or not referenced in
such Operating Advisor Annual Report, (ii) view Inquiries that have been previously submitted and answered, together with the answers
thereto and (iii) submit requests for loan-level reports and information. Upon receipt of an Inquiry for the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, the 17g-5 Information Provider shall forward the Inquiry to
the Certificate Administrator, Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and in the case of
an inquiry relating to any Non-Serviced Mortgage Loan, to the applicable party under the related Other Pooling and Servicing Agreement,
in each case within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry or request relating
to the subject matters described in clauses (i) or (iii) above, the Certificate Administrator, the Operating Advisor, the Master
Servicer or the Special Servicer, as applicable, unless it determines not to

 

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answer such Inquiry as provided below, shall reply
to the Inquiry, which reply of the Certificate Administrator, the Operating Advisor, Master Servicer or Special Servicer shall
be by email to the 17g-5 Information Provider. The 17g-5 Information Provider shall post (within a commercially reasonable period
following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer (or reports, as applicable)
to the 17g-5 Information Provider’s Website. Any report posted by the 17g-5 Information Provider in response to a request
may be posted on a page accessible by a link on the 17g-5 Information Provider’s Website. If the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) the
question is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests of the Trust and/or
the Certificateholders or would be in violation of applicable law, the Servicing Standard, this Agreement or the applicable Loan
Documents, (iii) answering any Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or
the disclosure of attorney work product or answering such inquiry is otherwise not advisable or (iv) (A) answering any Inquiry
would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (or in
good faith, in the case of the Certificate Administrator or the Operating Advisor) that the performance of such duties or the payment
of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Operating Advisor, Master
Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Inquiry and, in the
case of the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, shall promptly notify
the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such Inquiry on the Rating Agency Q&A Forum and
Document Request Tool together with a statement that such Inquiry was not answered. Answers posted on the Rating Agency Q&A
Forum and Document Request Tool will be attributable only to the respondent, and shall not be deemed to be answers from any of
the Depositor, the Underwriters, the Initial Purchasers, the Master Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator or the Trustee or any of their respective Affiliates and no such party shall have any responsibility
or liability for the content of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5
Information Provider’s Website any Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole
discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool will not reflect
questions, answers and other communications between the 17g-5 Information Provider and any Person which are not submitted via the
17g-5 Information Provider’s Website.

 

In connection with providing
access to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, the Certificate Administrator
and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The Certificate Administrator
and the 17g-5 Information Provider, as the case may be, shall not be liable for the dissemination of information in accordance
with the terms of this Agreement, make no representations or warranties as to the accuracy or completeness of such information
being made available, and assume no responsibility for such information; provided that it is acknowledged and agreed that
the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information solely by virtue
of its compliance with its

 

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obligations to post such information to the 17g-5 Information Provider’s Website. The 17g-5 Information
Provider shall not be liable for its failure to make any information available to the NRSROs unless such information was delivered
to the 17g-5 Information Provider at the email address set forth herein in an electronic format readable and uploadable (that is
not locked or corrupted) on the 17g-5 Information Provider’s system, with a subject heading of “CD 2016-CD1 Mortgage
Trust, Series 2016-CD1” and sufficient detail to indicate that such information is required to be posted on the 17g-5 Information
Provider’s Website; provided, if such information is not in electronic format readable and uploadable (that is not
locked or corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon
such party shall promptly deliver the subject information in such format.

 

The 17g-5 Information
Provider shall not be responsible or have any liability for any act, omission or delay attributable to the failure of any other
party to this Agreement to timely deliver information to be posted on the 17g-5 Information Provider’s Website or for any
errors or defects in the information supplied by any such party.

 

The 17g-5 Information
Provider’s obligations in respect of Rule 17g-5 or any other law or regulation related thereto shall be limited to the specific
obligations contained in this Agreement and the 17g-5 Information Provider makes no representations or warranties as to the compliance
of the Depositor with Rule 17g-5 or any other law or regulation related thereto.

 

With respect to each
Non-Serviced Mortgage Loan, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall
provide to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website, promptly upon receipt
from a Non-Serviced Mortgage Loan Service Provider, all reports, statements, documents, notices and other information it receives
in respect of such Non-Serviced Mortgage Loan that such party would otherwise have been required to be submitted to the 17g-5 Information
Provider under this Agreement for posting had such Non-Serviced Mortgage Loan been a Serviced Mortgage Loan. The 17g-5 Information
Provider shall post on the 17g-5 Information Provider’s Website all such information it receives in accordance with this
Agreement.

 

(e)          Each
of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also
deliver, produce or otherwise make available through its website or otherwise, any additional information identified in Section
3.14(d) of this Agreement relating to the Mortgage Loans or Whole Loans, the Mortgaged Properties or the related Borrowers,
for review by the Depositor, the Underwriters, the Initial Purchasers and any other Persons who deliver an Investor Certification
in accordance with this Section 3.14, the related Serviced Companion Loan Noteholder (if any), the Directing Holder and
the Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional information
is simultaneously or previously delivered to the 17g-5 Information Provider in accordance with the provisions of Section 3.14(d)
of this Agreement, who shall post such additional information on the 17g-5 Information Provider’s Website in accordance with
the provisions of Section 3.14(d) of this Agreement), in each case, except to the extent doing so is prohibited by this
Agreement, applicable law or by the related Loan Documents. Each of the Master Servicer and the Special Servicer shall be entitled
to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion and/or (ii)
require that the recipient of such information (A) except for the Depositor, enter into an

 

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Investor Certification or other confidentiality
agreement acceptable to the Master Servicer or the Special Servicer, as the case may be, and (B) acknowledge that the Master Servicer
or the Special Servicer may contemporaneously provide such information to any other Disclosure Party. In addition, to the extent
access to such information is provided via the Master Servicer’s or the Special Servicer’s website, the Master Servicer
and the Special Servicer may require registration and the acceptance of a reasonable and customary disclaimer and/or an additional
or alternative agreement as to the confidential nature of such information. In connection with providing access to or copies of
the information described in this Section 3.14(e) to current or prospective Certificateholders the form of confidentiality
agreement used by the Master Servicer or the Special Servicer, as applicable, shall be: (i) in the case of a Certificateholder
(or a licensed or registered investment advisor acting on behalf of such Certificateholder), an Investor Certification executed
by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except
that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators and (y) to any other
Person that holds or is contemplating the purchase of any Certificate or interest therein (provided that such other Person
confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential));
and (ii) in the case of a prospective purchaser of Certificates or interests therein (or a licensed or registered investment advisor
acting on behalf of such prospective purchaser), an Investor Certification indicating that such Person is a prospective purchaser
of a Certificate or an interest therein and is requesting the information for use in evaluating a possible investment in Certificates
and will otherwise keep such information confidential with no further dissemination (except that such Certificateholder may provide
such information to its auditors, legal counsel and regulators). In the case of a licensed or registered investment advisor acting
on behalf of a current or prospective Certificateholder, the Investor Certification shall be executed and delivered by both the
investment advisor and such current or prospective Certificateholder.

 

Neither the Master Servicer
nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in
violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible or have any
liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this
Section 3.14 unless (i) the Master Servicer or Special Servicer, as applicable, is the original source for such information
and (ii) such failure to deliver complete and accurate information is by reason of such party’s willful misconduct, bad faith,
fraud and/or negligence.

 

In connection with the
delivery by the Master Servicer or the Special Servicer, as applicable, to the 17g-5 Information Provider of any information, report,
notice or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify the
Master Servicer or the Special Servicer, as applicable, of when such information, report, notice or document has been posted to
the 17g-5 Information Provider’s Website. The Master Servicer or the Special Servicer, as applicable, may, but is not obligated
to, send such information report, notice or other document to the applicable Rating Agency or Rating Agencies following the earlier
of (a) receipt of notification from the 17g-5 Information Provider that such information, report, notice or other document has
been posted to the Rule 17g-5 Information Provider’s Website and (b) 12:00 p.m. on the first Business Day following the date
the Master

 

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Servicer or the Special Servicer, as applicable, has provided such information, report, notice or other document to
the 17g-5 Information Provider.

 

(f)          The
Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee shall be permitted (but shall not be required) to orally communicate with the Rating Agencies regarding any Mortgage
Loan, Serviced Whole Loan, any Certificateholder, any Serviced Companion Loan Noteholder, any Mortgaged Property or any REO Property;
provided that such party summarizes the information provided to the Rating Agencies in such communication and provides the
17g-5 Information Provider and the related Other 17g-5 Information Provider (if any) with such summary in accordance with the procedures
set forth in Section 3.14(d) of this Agreement the same day such communication takes place; provided that the summary
of such oral communications shall not attribute which Rating Agency the communication was with. The 17g-5 Information Provider
shall post such summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section
3.14(d) of this Agreement.

 

(g)         None
of the foregoing restrictions in this Section 3.14 or otherwise in this Agreement shall prohibit or restrict oral or written
communications, or providing information, between the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s
or NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the Master Servicer, the Operating
Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a commercial mortgage master, special or
primary servicer or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s, the Operating
Advisor, the Asset Representations Reviewer or the Special Servicer’s, as applicable, servicing operations in general; provided,
that the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, shall
not provide any information relating to the Certificates or the Mortgage Loans to any Rating Agency or NRSRO in connection with
such review and evaluation by such Rating Agency or NRSRO unless (x) Borrower, property and other deal specific identifiers are
redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5
Information Provider’s Website or the Master Servicer or Special Servicer, as applicable, has in fact provided such information
to such Rating Agency in accordance with Section 3.14(e); or (z) the Rating Agency confirms in writing that it does not
intend to use such information in undertaking credit rating surveillance with respect to the Certificates; provided, however,
that the Rating Agencies may use information delivered under this clause (z) for any purpose to the extent it is publicly available
(unless the availability results from a breach of this Agreement or any other confidentiality agreement to which such Rating Agency
is subject) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s Website
(or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section 3.14(g).

 

(h)         The
costs and expenses of compliance with this Section 3.14 by the Depositor, the Master Servicer, the Special Servicer, the
Trustee and any other party hereto shall not be Additional Trust Fund Expenses.

 

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Section 3.15     Title
and Management of REO Properties and REO Accounts.   (a) If title to any Mortgaged Property (other than with respect to a Non-Serviced Mortgage Loan) is acquired for the benefit of
Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) in foreclosure,
by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken
in the name of the Trust where permitted by applicable law or regulation and consistent with customary servicing procedures, and
otherwise in the name of the Trustee, or its nominee (which shall not include the Master Servicer), or a separate Trustee or co-Trustee,
on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders). The
Special Servicer, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan
Noteholders), shall dispose of any Serviced REO Property prior to the close of the third calendar year following the year in which
the Trust Fund acquires ownership of such Serviced REO Property for purposes of Section 860G(a)(8) of the Code, unless (i) the
Special Servicer on behalf of the Lower-Tier REMIC has applied for an extension of such period pursuant to Sections 856(e)(3)
and 860G(a)(8)(A) of the Code, in which case the Special Servicer shall sell such Serviced REO Property within the applicable
extension period or if the Special Servicer has applied for extension as provided in this clause (i) but such request has
not yet been granted or denied, the additional time specified in such request, or (ii) the Special Servicer seeks and subsequently
receives an Opinion of Counsel (which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan,
such expenses shall be allocated in accordance with the allocation provisions set forth in the related Intercreditor Agreement),
addressed to the Special Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by the Trust
Fund of such Serviced REO Property for an additional specified period will not cause such Serviced REO Property to fail to qualify
as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception
applicable for purposes of Section 860D(a) of the Code) at any time that any Certificate is outstanding, in which event such period
shall be extended by such additional specified period subject to any conditions set forth in such Opinion of Counsel. The Special
Servicer, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders),
shall dispose of any Serviced REO Property held by the Trust Fund prior to the last day of such period (taking into account extensions)
by which such Serviced REO Property is required to be disposed of pursuant to the provisions of the immediately preceding sentence
in a manner provided under Section 3.16 hereof. In the case of the Trust Fund’s beneficial interest in any REO Property
acquired by the Other Trustee pursuant to an Other Pooling and Servicing Agreement, the Special Servicer shall coordinate with
the Other Special Servicer with respect to any REO extension on behalf of the Trust Fund. The Special Servicer shall manage, conserve,
protect and operate each Serviced REO Property for the Certificateholders (and, in the case of the Serviced Whole Loans, the related
Serviced Companion Loan Noteholders) solely for the purpose of its prompt disposition and sale in a manner which does not cause
such Serviced REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of the Code) and such that income
from the operation or sale of such property does not result in receipt by the Trust Fund of any income from non-permitted assets
as described in Section 860F(a)(2)(B) of the Code with respect to such property.

 

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(b)          The
Special Servicer shall have full power and authority, subject only to the Servicing Standard and the specific requirements and
prohibitions of this Agreement, to do any and all things in connection with any Serviced REO Property as are consistent with the
manner in which the Special Servicer manages and operates similar property owned or managed by the Special Servicer or any of its
Affiliates, all on such terms and for such period as the Special Servicer deems to be in the best interests of Certificateholders
and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders and, in connection therewith, the
Special Servicer shall agree to the payment of management fees that are consistent with general market standards. Consistent with
the foregoing, the Special Servicer shall cause or permit to be earned with respect to such Serviced REO Property any “net
income from foreclosure property,” within the meaning of Section 860G(c) of the Code, which is subject to tax under the REMIC
Provisions, only if it has determined, and has so advised the Trustee and the Certificate Administrator in writing, that the earning
of such income on a net after-tax basis could reasonably be expected to result in a greater recovery on behalf of Certificateholders
(and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) than an alternative method of operation
or rental of such Serviced REO Property that would not be subject to such a tax.

 

The Special Servicer
shall segregate and hold all revenues received by it with respect to any Serviced REO Property separate and apart from its own
funds and general assets and shall establish and maintain with respect to any Serviced REO Property a segregated custodial account
(each, an “REO Account”), each of which shall be an Eligible Account and shall be entitled “Rialto Capital
Advisors, LLC, as Special Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders
of CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-CD1 and the related Serviced Companion
Loan Noteholders REO Account,” to be held for the benefit of the Certificateholders and the related Serviced Companion Loan
Noteholders. The Special Servicer shall be entitled to withdraw for its account any interest or investment income earned on funds
deposited in an REO Account to the extent provided in Section 3.07(b) of this Agreement. The Special Servicer shall deposit
or cause to be deposited REO Proceeds in the REO Account or the applicable Serviced Whole Loan REO Account within two Business
Days after receipt of such properly identified and available REO Proceeds, and shall withdraw therefrom funds necessary for the
proper operation, management and maintenance of such Serviced REO Property and for other Property Protection Expenses with respect
to such Serviced REO Property, including:

 

(i)          all
insurance premiums due and payable in respect of any Serviced REO Property;

 

(ii)         all
real estate taxes and assessments in respect of any Serviced REO Property that may result in the imposition of a lien thereon;

 

(iii)        all
costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any Serviced REO Property
including, if applicable, the payments of any ground rents in respect of such Serviced REO Property; and

 

(iv)        any
taxes imposed on the Lower-Tier REMIC, as applicable, in respect of net income from foreclosure property in accordance with Section
4.05, and with respect to a Serviced Whole Loan, such expenses shall be allocated pro rata to the Mortgage Loan

 

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and
any related Serviced Companion Loans based on each loan’s Stated Principal Balance and only to the extent any such Serviced
Companion Loan is included in a REMIC.

 

To the extent that such
REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iii) above, the Master Servicer shall make such
Advance unless the Master Servicer or the Special Servicer determines, in accordance with the Servicing Standard, that such Servicing
Advance would constitute a Nonrecoverable Advance (provided that with respect to advancing insurance premiums or delinquent
tax assessments the Master Servicer shall comply with the provisions of the second to last paragraph in Section 3.21(d)
of this Agreement) and if the Master Servicer does not make any such Advance, the Trustee, to the extent the Trustee has actual
knowledge of the Master Servicer’s failure to make such Advance, shall make such Advance, unless in each case, the Master
Servicer, the Special Servicer or the Trustee, as applicable, determines that such Advance would be a Nonrecoverable Advance. The
Trustee shall be entitled to rely, conclusively, on any determination by the Special Servicer or the Master Servicer, as applicable,
that an Advance, if made, would be a Nonrecoverable Advance, and in the case of such determination by the Special Servicer, shall
be bound by such determination. The Trustee, when making an independent determination whether or not a proposed Advance would be
a Nonrecoverable Advance, shall use its good faith business judgment. The Master Servicer or the Trustee, as applicable, shall
be entitled to reimbursement of such Advances (with interest at the Reimbursement Rate) made pursuant to the preceding sentence,
to the extent permitted by Section 3.06 of this Agreement. The Special Servicer shall withdraw from each REO Account or
Serviced Whole Loan REO Account, as applicable, and remit to the Master Servicer for deposit into the Collection Account or the
applicable Serviced Whole Loan Collection Account, as applicable, on a monthly basis on the later of the date that is (x) on or
prior to the related Determination Date or (y) two (2) Business Days after such amounts are received and properly identified and
determined to be available, the Net REO Proceeds received or collected from each Serviced REO Property, except that in determining
the amount of such Net REO Proceeds, the Special Servicer may retain in each REO Account reasonable reserves for repairs, replacements
and necessary capital improvements and other related expenses.

 

Notwithstanding the foregoing,
the Special Servicer shall not:

 

(i)          permit
any New Lease to be entered into, renewed or extended, if the New Lease by its terms will give rise to any income that does not
constitute Rents from Real Property;

 

(ii)         permit
any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;

 

(iii)        authorize
or permit any construction on any Serviced REO Property, other than the repair or maintenance thereof or the completion of a building
or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement
was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the
Code; or

 

(iv)       Directly
Operate or allow any Person to Directly Operate any Serviced REO Property on any date more than 90 days after its date of acquisition
by the Trust Fund, unless such Person is an Independent Contractor;

 

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unless, in any such case, the Special Servicer
has requested and received an Opinion of Counsel addressed to the Special Servicer, the Certificate Administrator and the Trustee
(which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan with a Serviced Companion Loan,
such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) to the effect
that such action will not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the
meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a)
of the Code) at any time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as are specified
in such Opinion of Counsel.

 

The Special Servicer
shall be required to contract with an Independent Contractor, the fees and expenses of which shall be an expense of the Trust Fund
(and, in the case of the Serviced Whole Loans, such expense shall be allocated in accordance with the allocation provisions of
the related Intercreditor Agreement) and payable out of REO Proceeds, for the operation and management of any Serviced REO Property,
within 90 days of the Trust Fund’s acquisition thereof (unless the Special Servicer shall have provided the Trustee and the
Certificate Administrator with an Opinion of Counsel that the operation and management of any Serviced REO Property other than
through an Independent Contractor shall not cause such Serviced REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code) (which opinion shall be an expense of the Trust Fund, and in the case of
a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement), provided that:

 

(i)          the
terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be
inconsistent herewith;

 

(ii)         any
such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred
in connection with the operation and management of such Serviced REO Property, including those listed above, and remit all related
revenues (net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than 30 days following
the receipt thereof by such Independent Contractor;

 

(iii)        none
of the provisions of this Section 3.15(b) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund, the Trustee
on behalf of the Certificateholders and, in the case of a Serviced Whole Loan, the related Companion Loan Noteholders, with respect
to the operation and management of any such Serviced REO Property; and

 

(iv)        the
Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations
in connection with the operation and management of such Serviced REO Property.

 

The Special Servicer
shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties
and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement
shall be deemed to limit or modify such indemnification.

 

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(c)          Promptly
following any acquisition by the Special Servicer of a Serviced REO Property on behalf of the Trust Fund, the Special Servicer
shall notify the Master Servicer thereof, and, upon delivery of such notice, the Special Servicer shall obtain an Updated Valuation
thereof, but only if any Updated Valuation with respect thereto is more than 9 months old and the Special Servicer has no actual
knowledge of any material adverse change in circumstances that, consistent with the Servicing Standard, would call into question
the validity of such Updated Valuation, in order to determine the fair market value of such Serviced REO Property and shall notify
the Depositor and the Master Servicer and with respect to a Serviced Whole Loan, the holder of the related Companion Loan, if any,
and of the results of such Updated Valuation. Any such Updated Appraisal shall be conducted in accordance with Appraisal Institute
standards and the cost thereof shall be an expense of the Trust Fund and allocated to the Classes of Sequential Pay Certificates
in the following order, in each case until the Certificate Balance of such Class of Certificates is reduced to zero: first,
to the Class G Certificates; second, to the Class F Certificates; third, to the Class E Certificates; fourth,
to the Class D Certificates; fifth, to the Class C Certificates; sixth, to the Class B Certificates; seventh,
to the Class A-M Certificates; and then to Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, pro
rata based on their respective Certificate Balances. In the case of any Serviced Pari Passu Whole Loan such expenses shall
be allocated in accordance with the allocation provisions set forth in the related Intercreditor Agreement. The Special Servicer
shall obtain a new Updated Valuation or a letter update every 9 months thereafter until the Serviced REO Property is sold.

 

(d)          When
and as necessary, the Special Servicer shall send to the Certificate Administrator a statement prepared by the Special Servicer
setting forth the amount of net income or net loss, as determined for federal income tax purposes, resulting from the operation
and management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt
of any other amount not constituting Rents from Real Property in respect of, any Serviced REO Property in accordance with Sections
3.15(a) and 3.15(b) of this Agreement.

 

(e)          Upon
the disposition of any Serviced REO Property in accordance with this Section 3.15, the Special Servicer shall calculate
the Gain-on-Sale Proceeds allocable to a Mortgage Loan or the applicable Serviced Whole Loan, if any, realized in connection with
such sale.

 

Section 3.16     Sale
of Specially Serviced Loans and REO Properties.    (a) The parties hereto may sell or purchase, or permit the sale or purchase
of, a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan only on the terms and subject to the conditions
set forth in this Section 3.16 or as otherwise expressly provided in or contemplated by Section 2.03(e) and Section
9.01 of this Agreement or in an applicable Intercreditor Agreement.

 

(b)          If
the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders
and, in the case of a Serviced Whole Loan, the Certificateholders and the related Serviced Companion Loan Noteholders (as a collective
whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with
respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the

 

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subordinate nature
of such Serviced Subordinate Companion Loan) to attempt to sell a Defaulted Loan (other than any Non-Serviced Mortgage Loan) and
any related Serviced Companion Loan, the Special Servicer shall use reasonable efforts to solicit offers for each such Defaulted
Loan on behalf of the Certificateholders and, if applicable, the related Serviced Companion Loan Noteholders in such manner as
will be reasonably likely to realize a fair price. In the case of a Non-Serviced Mortgage Loan, to the extent that such Non-Serviced
Mortgage Loan is not sold together with the related Non-Serviced Companion Loan by the Other Special Servicer for the related Non-Serviced
Whole Loan and, if permitted under the related Intercreditor Agreement, the Special Servicer shall be entitled to sell (with the
consent of the Directing Holder prior to the occurrence and continuance of a Control Termination Event) such Non-Serviced Mortgage
Loan if it determines in accordance with the Servicing Standard that such action would be in the best interests of the Certificateholders
(and shall be entitled to a Liquidation Fee in connection with such sale). The Special Servicer shall accept the first cash offer
received from any Person that constitutes a fair price for such Defaulted Loan. Subject to Section 3.16(k), if the Special
Servicer receives more than one cash offer that constitutes a fair price for such Defaulted Loan during the period designated by
the Special Servicer for receipt of offers, the Special Servicer shall accept the highest price.

 

The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor and the Directing Holder, not
less than ten Business Days’ prior written notice of its intention to sell any such Defaulted Loan, and notwithstanding
anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer
for or purchase any such Defaulted Loan pursuant to this Agreement. 

(c)          Whether
any cash offer constitutes a fair price for such Defaulted Loan, as the case may be, shall be determined by the Special Servicer,
if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested
Person; provided, that no offer from an Interested Person shall constitute a fair price unless (i) if the offer is equal
to or greater than the applicable Purchase Price, then the offer is the highest offer received, or (ii) if the offer is less than
the applicable Purchase Price, then (a) the offer is the highest offer received and (b) at least two other offers are received
from independent third parties. In determining whether any offer received from an Interested Person represents a fair price for
any such Defaulted Loan, the Trustee shall be supplied with and shall rely on the most recent Appraisal or Updated Appraisal conducted
in accordance with this Agreement within the preceding 9-month period or in the absence of any such Appraisal, on a narrative appraisal
prepared by an Independent MAI appraiser selected by (i) the Special Servicer if the Special Servicer or an Affiliate of the Special
Servicer is not making an offer with respect to such Defaulted Loan, (ii) by the Master Servicer if the Special Servicer is making
such an offer unless the Master Servicer and Special Servicer are Affiliates or (iii) the Operating Advisor if the Master Servicer
and Special Servicer are Affiliates and the Special Servicer is making an offer. The cost of any such Updated Appraisal or narrative
appraisal shall be covered by, and shall be reimbursable as, a Servicing Advance. In addition, the Trustee shall be permitted to
retain, at the expense of the related Interested Person, an independent third party expert in real estate or commercial mortgage
loan matters with at least 5 years’ experience in valuing or investing in loans similar to the subject Mortgage Loan or Serviced
Whole Loan, as the case may be, that has been selected with reasonable care by the trustee to determine such fair price and will
be

 

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permitted to conclusively rely on the
opinion of such third party’s determination. Any costs and fees of the Trustee in connection with an offer by an Interested
Person and the Trustee’s duties therewith shall be reimbursable by such Interested Person.

 

In determining whether
any offer from a Person other than an Interested Person constitutes a fair price for any such Defaulted Loan, the Special Servicer
shall take into account (in addition to the results of any Appraisal, Updated Appraisal or narrative appraisal that it may have
obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person
constitutes a fair price for any such Defaulted Loan, any appraiser shall be instructed to take into account, as applicable, among
other factors, the period and amount of the Delinquency on such Defaulted Loan, the period and amount of the occupancy level and
physical condition of the related Mortgaged Property, the state of the local economy in the area where the Mortgaged Property is
located, the expected recovery from such Defaulted Loan if the Special Servicer were to pursue a workout strategy, and the time
and expense associated with a purchaser’s foreclosing on the related Mortgaged Property.

 

In addition, the Special
Servicer shall refer to all other relevant information obtained by it or otherwise contained in the Mortgage File; provided
that the Special Servicer shall take account of any change in circumstances regarding the related Mortgaged Property known to the
Special Servicer that has occurred subsequent to, and that would, in the Special Servicer’s reasonable judgment, materially
affect the value of the related Mortgaged Property reflected in the most recent related Appraisal. Furthermore, the Special Servicer
may consider available objective third party information obtained from generally available sources, as well as information obtained
from vendors providing real estate services to the Special Servicer, concerning the market for distressed real estate loans and
the real estate market for the subject property type in the area where the related Mortgaged Property is located. The Special Servicer
may, to the extent it is reasonable to do so in accordance with the Servicing Standard, conclusively rely on any opinions or reports
of qualified Independent experts in real estate or commercial mortgage loan matters with at least five years’ experience
in valuing or investing in loans similar to the subject Specially Serviced Loan, selected with reasonable care by the Special Servicer,
in making such determination. All reasonable costs and expenses incurred by the Special Servicer pursuant to this Section 3.16(c)
shall constitute, and be reimbursable as, Servicing Advances. The other parties to this Agreement shall cooperate with all reasonable
requests for information made by the Special Servicer in order to allow the Special Servicer to perform its duties pursuant to
this Section 3.16(c).

 

The Purchase Price (which,
in connection with the administration of a Defaulted Loan related to a Serviced Whole Loan, shall be construed and calculated as
if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder) for any such Defaulted Loan shall
in all cases be deemed a fair price.

 

(d)          Subject
to subsection (c) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders and,
in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other action
necessary or appropriate in connection with the sale of any such Defaulted Loan, and the applicable collection of all amounts payable
in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective offerors, and
may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of

 

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information pertaining
to such sales or exchanging offers without obligation to deposit such amounts into the REO Account the Collection Account or, in
the case of any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of such Defaulted Loan shall
be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations
and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if
such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the
Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee shall have any
liability to any Certificateholder or Companion Loan Noteholder with respect to the purchase price therefor accepted by the Special
Servicer or the Trustee.

 

(e)          Any
sale of such Defaulted Loan shall be for cash only.

 

(f)          The
parties hereto may sell or purchase, or permit the sale or purchase of, a Serviced REO Property only on the terms and subject to
the conditions set forth in this Section 3.16 or as otherwise expressly provided in an applicable Intercreditor Agreement.

 

(g)          The
Special Servicer shall use reasonable efforts to solicit offers for each Serviced REO Property on behalf of the Certificateholders
and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders in such manner as will be reasonably
likely to realize a fair price within the time period provided for by Section 3.15(a) of this Agreement. The Special Servicer
(with the consent of the Directing Holder) shall accept the first cash offer received from any Person that constitutes a fair price
for such Serviced REO Property. Subject to Section 3.16(k), if the Special Servicer receives more than one cash offer that
constitutes a fair price for such Serviced REO Property during the period designated by the Special Servicer for receipt of offers,
the Special Servicer shall accept the highest price. If the Special Servicer determines, in its good faith and reasonable judgment,
that it will be unable to realize a fair price for any Serviced REO Property within the time constraints imposed by Section
3.15(a) of this Agreement, then the Special Servicer (with the consent of the Directing Holder) shall dispose of such Serviced
REO Property upon such terms and conditions as the Special Servicer shall deem necessary and desirable to maximize the recovery
thereon under the circumstances and, in connection therewith, shall accept the highest outstanding cash offer, regardless of from
whom received.

 

The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
and the Directing Holder, not less than ten Business Days’ prior written notice of its intention to sell any Serviced REO
Property, and notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its
Affiliates may make an offer for or purchase any Serviced REO Property pursuant to this Agreement.

 

(h)          Whether
any cash offer constitutes a fair price for any Serviced REO Property, as the case may be, shall be determined by the Special Servicer,
if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested
Person; provided, that no offer from an Interested Person shall constitute a fair price unless it is the highest offer received.
In determining whether any offer received from an Interested Person represents a fair price for any such Serviced REO Property,
the Trustee shall be

 

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supplied with and shall rely on the most recent appraisal or Updated Appraisal conducted in accordance with
this Agreement within the preceding 9-month period or in the absence of any such appraisal, on a narrative appraisal prepared by
an Independent MAI appraiser selected by the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is
not making an offer with respect to a Serviced REO Property (or by the Master Servicer if the Special Servicer is making such an
offer). The cost of any such Updated Appraisal or narrative appraisal and any related costs and fees of the Trustee shall be covered
by, and shall be reimbursable as, a Servicing Advance. In determining whether any offer from a Person other than an Interested
Person constitutes a fair price for any such Serviced REO Property, the Special Servicer shall take into account (in addition to
the results of any appraisal, updated appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within
the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such Serviced
REO Property, any appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount
of the occupancy level and physical condition of the Mortgaged Property or Serviced REO Property, the state of the local economy
and the obligation to dispose of any Serviced REO Property within the time period specified in Section 3.15(a) of this Agreement.
The Purchase Price (which, in connection with the administration of a Serviced REO Property related to a Serviced Whole Loan, shall
be construed and calculated as if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder)
for any Serviced REO Property shall in all cases be deemed a fair price. In addition, the Trustee shall be permitted to retain,
at the expense of the related Interested Person, an independent third party to determine such fair price and will be permitted
to conclusively rely on the opinion of such third party’s determination. Any costs and fees of the Trustee in connection
with an offer by an Interested Person and the Trustee’s duties therewith shall be reimbursable by such Interested Person.

 

(i)          Subject
to subsections (g) and (h) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders
and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other
action necessary or appropriate in connection with the sale of any Serviced REO Property, and the applicable collection of all
amounts payable in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective
offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information
pertaining to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account or, in the
case of any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of a Serviced REO Property shall
be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations
and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if
such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the
Depositor or the Trustee shall have any liability to any Certificateholder or Serviced Companion Loan Noteholder with respect to
the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(j)          Any
sale of a Serviced REO Property shall be for cash only.

 

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(k)          Notwithstanding
any of the foregoing paragraphs of this Section 3.16, the Special Servicer shall not be obligated to accept the highest
cash offer if the Special Servicer determines, (in consultation with the Directing Holder (unless a Consultation Termination Event
exists) and, in the case of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Loan
Noteholder(s)), in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of the Certificateholders
and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders
and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan
with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), and
the Special Servicer may accept a lower cash offer (from any Person other than itself or its Affiliate) if it determines, in its
reasonable and good faith judgment, that acceptance of such offer would be in the best interests of the Certificateholders (for
example, if the prospective buyer making the lower offer is more likely to perform its obligations or the terms offered by the
prospective buyer making the lower offer are more favorable) and, in the case of a Serviced Whole Loan, the related Serviced Companion
Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted
a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the
subordinate nature of such Subordinate Companion Loan).

 

(l)          With
respect to each defaulted Serviced Companion Loan, the Special Servicer shall generally have the right to sell such defaulted Serviced
Companion Loan together with the related Mortgage Loan pursuant to the terms of the related Intercreditor Agreement as if such
Mortgage Loan and Serviced Companion Loans were one whole loan on behalf of the Certificateholders and the related Serviced Companion
Loan Noteholders. The Special Servicer shall provide notice and other information required under the related Intercreditor Agreement
to the applicable Other Special Servicer as soon as practicable following its decision to attempt to sell, and prior to commencement
or marketing of, any Serviced Companion Loan. With respect to Serviced Whole Loans, the Special Servicer shall be required to obtain
the consent of any holder of a related Serviced Companion Loan prior to a sale of such Serviced Whole Loan, unless (i) such holder
is the related Borrower or an Affiliate or agent of the related Borrower or (ii) the Special Servicer delivers to such holders
of the related Serviced Companion Loans: (A) at least fifteen (15) Business Days’ prior written notice of any decision to
attempt to sell the related Serviced Whole Loan; (B) at least ten (10) days prior to the proposed sale date, a copy of each bid
package (together with any material amendments to such bid packages) received by the Special Servicer in connection with any such
proposed sale; (C) at least ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for such Serviced
Whole Loan, and any documents in the servicing file reasonably requested by the holders of the applicable Serviced Companion Loans
that are material to the sale price of such Serviced Whole Loan; and (D) until the sale is completed, and a reasonable period of
time (but not less time than is afforded to other offerors and the Directing Holder) prior to the proposed sale date, all information
and other documents being provided to other offerors and all leases or other documents that are approved by the Special Servicer
in connection with the proposed sale. The holders of the Serviced Companion Loans (or, in any case, their respective representatives)
shall be permitted to submit an offer at any sale of such related Serviced Whole Loan; however, the related Borrower and its agents
and Affiliates shall not be permitted to submit an offer at such sale.

 

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Section 3.17     Additional
Obligations of the Master Servicer and the Special Servicer; Inspections.    (a) The Master Servicer (at its own expense)
(or, with respect to Specially Serviced Loans and Serviced REO Properties, the Special Servicer) shall inspect or cause to be
inspected each Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) that it is servicing at such
times and in such manner as is consistent with the Servicing Standard, but in any event shall inspect each Mortgaged Property
with a Stated Principal Balance (or in the case of a Mortgage Loan secured by more than one Mortgaged Property, having an Allocated
Loan Amount) of (A) $2,000,000 or more at least once every 12 months (commencing in 2017) and (B) less than $2,000,000 at least
once every 24 months (commencing in 2018), (or, in each case, at such decreased frequency as each Rating Agency shall have provided
a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any); provided, that
if a physical inspection has been performed by the Special Servicer in the previous twelve (12) months and the Master Servicer
has no knowledge of a material change in the Mortgaged Property since such physical inspection, the Master Servicer will not be
required to perform or cause to be performed, such physical inspection; provided, further, that if any scheduled
payment becomes more than sixty (60) days delinquent on the related Mortgage Loan, the Special Servicer shall inspect or cause
to be inspected the related Mortgaged Property as soon as practicable after such Mortgage Loan becomes a Specially Serviced Loan
and annually thereafter for so long as such Mortgage Loan remains a Specially Serviced Loan. The reasonable cost of each such
inspection performed in accordance with the Servicing Standard by the Special Servicer shall be paid by the Master Servicer as
a Servicing Advance; provided, that if such Advance would be a Nonrecoverable Advance, then the cost of such inspections
shall be an expense of the Trust payable out of general collections. With respect to a Serviced Whole Loan, the costs described
in the preceding sentence above that relate to the applicable Serviced Whole Loan shall be paid out of amounts on deposit in the
Serviced Whole Loan Collection Account related to such Serviced Whole Loan (allocated in accordance with the expense allocation
provision of the related Intercreditor Agreement). If funds in the applicable Serviced Whole Loan Collection Account relating
to a Serviced Whole Loan are insufficient, then any deficiency shall be paid from amounts on deposit in the Collection Account;
provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if
any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf
of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such
amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders. The Master Servicer or the
Special Servicer, as applicable, shall prepare a written report of the inspection describing, among other things, the condition
of and any damage to the Mortgaged Property securing a Mortgage Loan that it is servicing and specifying the existence of any
material vacancies in such Mortgaged Property, any sale, transfer or abandonment of such Mortgaged Property of which it has actual
knowledge, any material adverse change in the condition of the Mortgaged Property, or any visible material waste committed on
applicable Mortgaged Property. The Master Servicer or Special Servicer, as applicable, shall send such reports to the 17g-5 Information
Provider (who shall promptly post such reports to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), the related Other 17g-5 Information Provider (if any) and, upon request, to the Underwriters and the Initial
Purchasers within 35 days of completion and receipt (by the Master Servicer or Special Servicer, as applicable, or, if earlier,
any sub-servicer on their behalf) of the inspection report, each inspection report.

 

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(b)          With
respect to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, as applicable, the Master Servicer
(or the Special Servicer, in the case of a Specially Serviced Loan) shall exercise the Trustee’s rights, in accordance with
the Servicing Standard, with respect to the Manager under the related Loan Documents and Management Agreement, if any.

 

(c)          The
Master Servicer shall deliver all Compensating Interest Payments (other than the portion of any Compensating Interest Payment allocated
to a Serviced Pari Passu Companion Loan) to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account
on each Master Servicer Remittance Date, without any right of reimbursement therefor. The Master Servicer shall deliver the portion
of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan to the holder of the Serviced Companion
Loan on each Master Servicer Remittance Date, without any right of reimbursement therefor.

 

(d)          The
Master Servicer shall, as to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan that is secured
by the interest of the related Borrower under a ground lease (or, with respect to a leasehold interest that is a space lease or
an air rights lease, such space lease or air rights lease), promptly (and in any event within 60 days) after the Closing Date notify
the related ground lessor of the transfer of such Mortgage Loan or Serviced Whole Loan to the Trust pursuant to this Agreement
and inform such ground lessor that any notices of default under the related ground lease (or, with respect to a leasehold interest
that is a space lease or an air rights lease, the related space lease or air rights lease) should thereafter be forwarded to the
Master Servicer.

 

(e)          The
Master Servicer shall, to the extent consistent with the Servicing Standard and permitted by the related Loan Documents, not apply
any funds with respect to a Mortgage Loan or Serviced Whole Loan (whether arising in the form of a holdback, earnout reserve, cash
trap or other similar feature) to the prepayment of the related Mortgage Loan or Serviced Whole Loan prior to an event of default
or reasonably foreseeable event of default with respect to such Mortgage Loan or Serviced Whole Loan. Prior to an event of default
or reasonably foreseeable event of default any such amounts described in the immediately preceding sentence shall be held by the
Master Servicer as additional collateral for the related Mortgage Loan or Serviced Whole Loan.

 

Section 3.18     Authenticating
Agent.    The Certificate Administrator may appoint an Authenticating Agent to execute and to authenticate Certificates.
The Authenticating Agent must be acceptable to the Depositor and must be a corporation organized and doing business under the
laws of the United States of America or any state, having a principal office and place of business in a state and city acceptable
to the Depositor, having a combined capital and surplus of at least $15,000,000, authorized under such laws to do a trust business
and subject to supervision or examination by federal or state authorities. The Certificate Administrator shall serve as the initial
Authenticating Agent.

 

Any corporation into
which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any corporation succeeding to the
corporate agency business of the Authenticating Agent, shall be the

 

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Authenticating Agent without the execution or filing of any
paper or any further act on the part of the Certificate Administrator or the Authenticating Agent.

 

The Authenticating Agent
may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator,
the Trustee, the Depositor and the Master Servicer. The Certificate Administrator may at any time terminate the agency of the
Authenticating Agent by giving written notice of termination to the Authenticating Agent, the Depositor and the Master Servicer.
Upon receiving a notice of resignation or upon such a termination, or in case at any time the Authenticating Agent shall cease
to be eligible in accordance with the provisions of this Section 3.18, the Certificate Administrator may appoint a successor
Authenticating Agent, which shall be acceptable to the Depositor, and shall mail notice of such appointment to all Certificateholders.
Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers,
duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein.
No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 3.18. 

 

The Authenticating Agent
shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator.
Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator, as applicable.

 

Section 3.19     Appointment
of Custodians.    The Certificate Administrator shall be the initial Custodian hereunder. The Certificate Administrator
may appoint one or more additional Custodians to hold all or a portion of the Mortgage Files on behalf of the Trustee and otherwise
perform the duties set forth in Article II, by entering into a Custodial Agreement with any Custodian who is not the Depositor.
The Certificate Administrator agrees to comply with the terms of each Custodial Agreement and to enforce the terms and provisions
thereof against the Custodian for the benefit of the Certificateholders. The Certificate Administrator shall not be liable for
any act or omission of the Custodian under the Custodial Agreement. Each Custodian shall be a depository institution subject to
supervision by federal or state authority, shall have a combined capital and surplus of at least $10,000,000, shall have a long-term
debt rating of at least “Baa2” from Moody’s, “BBB” from Fitch and “A (low)” by DBRS.
Each Custodial Agreement may be amended only as provided in Section 12.08 of this Agreement. Any compensation paid to the
Custodian shall be an unreimbursable expense of the Certificate Administrator. If the Custodian is an entity other than the Certificate
Administrator, the Custodian shall maintain a fidelity bond in the form and amount that are customary for securitizations similar
to the securitization evidenced by this Agreement. The Custodian shall be deemed to have complied with this provision if one of
its Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends
to the Custodian. In addition, the Custodian shall keep in force during the term of this Agreement a policy or policies of insurance
covering loss occasioned by the errors and omissions of its officers and employees in connection with its obligations hereunder
in the form and amount that are customary for securitizations similar to the securitization evidenced by this Agreement. All fidelity
bonds and policies of errors and omissions insurance obtained under this Section 3.19 shall be issued by a Qualified Insurer.

 

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Section 3.20     Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts.   The Master Servicer shall administer each Lock-Box
Account, Cash Collateral Account, Escrow Account and Reserve Account in accordance with the related Mortgage or Loan Agreement,
Cash Collateral Account Agreement or Lock-Box Agreement, if any relating to the Mortgage Loans (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loans it is servicing.

 

Section 3.21     Servicing
Advances.    (a) The Master Servicer (or, to the extent provided in Section 3.21(c) of this Agreement, the Trustee)
to the extent specifically provided for in this Agreement, shall make any Servicing Advances as and to the extent otherwise required
pursuant to the terms hereof with respect to the Mortgage Loans (other than Non-Serviced Mortgage Loans) or Serviced Whole Loans
that it is servicing. For purposes of distributions to Certificateholders and compensation to the Master Servicer, the Special
Servicer or the Trustee, Servicing Advances shall not be considered to increase the Stated Principal Balance of any such Mortgage
Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loans so provide.

 

(b)          Notwithstanding
anything in this Agreement to the contrary, the Special Servicer shall give the Master Servicer not less than five Business Days’
written notice with respect to any Servicing Advance to be made on any Specially Serviced Loan, before the date on which the Master
Servicer is required to make such Servicing Advance with respect to such Specially Serviced Loan or Serviced REO Loan; provided,
that the Special Servicer shall be required to provide the Master Servicer with only two Business Days’ written notice in
respect of Servicing Advances required to be made on an urgent or emergency basis (which may include, without limitation, Servicing
Advances required to make tax or insurance payments). If the Master Servicer or the Trustee makes a Servicing Advance with respect
to any Serviced Whole Loan then it shall provide written notice to the related Other Servicer, Other Special Servicer and Other
Trustee of the amount of such Servicing Advance with respect to such Serviced Whole Loan as part of its monthly report following
the making of such Servicing Advance.

 

(c)          The
Master Servicer shall notify the Trustee and the Certificate Administrator in writing promptly upon, and in any event within one
Business Day after, becoming aware that it will be unable to make any Servicing Advance required to be made pursuant to the terms
hereof, and in connection therewith, shall set forth in such notice the amount of such Servicing Advance, the Person to whom it
is to be paid, and the circumstances and purpose of such Servicing Advance, and shall set forth therein information and instructions
for the payment of such Servicing Advance, and, on the date specified in such notice for the payment of such Servicing Advance,
or, if the date for payment has passed or if no such date is specified, then within five Business Days following such notice, the
Trustee, subject to the provisions of Section 3.21(d) of this Agreement, shall pay the amount of such Servicing Advance
in accordance with such information and instructions.

 

(d)          The
Special Servicer shall promptly furnish any party required to make Servicing Advances hereunder with any information in its possession
regarding the Specially Serviced Loans and REO Properties as such party required to make Servicing Advances may reasonably request
for purposes of making recoverability determinations. Notwithstanding anything to the contrary in this Agreement, the Special Servicer
shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance, and

 

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in
the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions
shall remain with the Master Servicer or Trustee, as applicable.

 

Notwithstanding anything
herein to the contrary, no Servicing Advance shall be required hereunder if the Person otherwise required to make such Servicing
Advance determines that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In addition, neither
the Master Servicer nor the Trustee shall make any Servicing Advance to the extent that it has received written notice that the
Special Servicer has determined that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In making
such recoverability determination, such Person will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance
or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery of which, at the time of such consideration,
is being deferred or delayed by the Master Servicer or the Trustee, as applicable, in light of the fact that proceeds on the related
Mortgage Loan (or the related Serviced Whole Loan, as applicable) are a source of recovery not only for the Servicing Advance under
consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount
which is being or may be deferred or delayed and (ii) consider (among other things) the obligations of the Borrower under the terms
of the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) as it may have been modified, (iii) consider (among
other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified
by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer)
regarding the possibility and effects of future adverse changes with respect to such Mortgaged Properties, (iv) estimate and consider
(consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) (among other things) future
expenses and (v) estimate and consider (among other things) the timing of recoveries.

 

The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior Servicing Advances
for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed Servicing Advances. If an Appraisal
of the related Mortgaged Property shall not have been obtained within the prior 9 month period (and the Master Servicer and the
Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence)
or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good
faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master
Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal,
the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination
that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the
expense of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the
allocation provisions of the related Intercreditor Agreement).

 

Any determination by
the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as the case may be, has made a Servicing
Advance that is a Nonrecoverable Servicing Advance or any determination by the Master Servicer, the Special

 

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Servicer or the Trustee
that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance shall be evidenced in the case
of the Master Servicer or the Special Servicer by a certificate of a Servicing Officer delivered to the other, to the Trustee,
the Directing Holder (but only if no Consultation Termination Event has occurred and is continuing), the Operating Advisor, the
Certificate Administrator, any related Companion Loan holder(s) and the Depositor and, in the case of the Trustee, by a certificate
of a Responsible Officer of the Trustee, delivered to the Depositor, the Directing Holder (but only if no Consultation Termination
Event has occurred and is continuing), the Operating Advisor, the Certificate Administrator, any related Companion Loan holder(s),
the Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations
of the Master Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate
accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and
other information used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make such determination,
together with any existing Appraisal or any Updated Appraisal); provided, that the Special Servicer may, at its option,
make a determination in accordance with the Servicing Standard, that any Servicing Advance previously made or proposed to be made
is nonrecoverable and shall deliver to the Master Servicer, the Certificate Administrator, the Directing Holder (but only if no
Consultation Termination Event has occurred and is continuing), the Operating Advisor, the Trustee, the related Serviced Companion
Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement), notice of such determination. Any such determination may be relied
upon by but shall not be binding on the Master Servicer, the Special Servicer and the Trustee. Any such determination by the Special
Servicer may be relied upon and shall be binding on the Master Servicer and the Trustee. Notwithstanding the foregoing, the Special
Servicer shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance,
and in the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions
shall remain with the Master Servicer or the Trustee, as applicable. If the Special Servicer makes a determination that only a
portion, and not all, of any previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance, the Master Servicer
and the Trustee shall each have the right to make its own subsequent determination that any remaining portion of any such previously
made or proposed Servicing Advance is a Nonrecoverable Servicing Advance.

 

Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any
such other authorized Person from making a determination, that a Servicing Advance is a Nonrecoverable Advance) and (consistent
with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at the expense of the Trust
(and, in the case of a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the
related Intercreditor Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent
bad faith, any such determination as to the recoverability of any Servicing Advance shall be conclusive and binding on the Certificateholders
and the Serviced Companion Loan Noteholders.

 

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The Trustee, in determining
whether or not a Servicing Advance previously made is, or a proposed Servicing Advance, if made, would be, a Nonrecoverable Servicing
Advance shall use its reasonable judgment.

 

With respect to the payment
of insurance premiums and delinquent tax assessments, in the event that the Master Servicer determines that a Servicing Advance
of such amounts would constitute a Nonrecoverable Advance, the Master Servicer shall deliver notice of such determination to the
Trustee, the Certificate Administrator and the Special Servicer. Upon receipt of such notice, the Master Servicer (with respect
to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan that is a Performing Loan) and the Special
Servicer (with respect to any Specially Serviced Loan or REO Property) shall determine (with the reasonable assistance of the Master
Servicer) whether the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the
best interests of the Certificateholders and, in the case of any Serviced Companion Loans, the related Serviced Companion Loan
Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted
a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the
subordinate nature of such Subordinate Companion Loan)). If the Master Servicer or the Special Servicer determines that the payment
of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests of the Certificateholders
and, in the case of any Serviced Companion Loan, the related Serviced Companion Loan Noteholder, the Special Servicer (in the case
of a determination by the Special Servicer) shall direct the Master Servicer in writing to make such payment and the Master Servicer
shall make such payment, to the extent of available funds, from amounts in the Collection Account or, if a Serviced Whole Loan
is involved, from amounts in the applicable Serviced Whole Loan Collection Account.

 

Notwithstanding anything
to the contrary contained in this Section 3.21, the Master Servicer may elect (but shall not be required) to make a payment
out of the Collection Account to pay for certain expenses specified in this sentence notwithstanding that the Master Servicer has
determined that a Servicing Advance with respect to such expenditure would be a Nonrecoverable Servicing Advance (unless, with
respect to Specially Serviced Loans or Serviced REO Loans, the Special Servicer has notified the Master Servicer to not make such
expenditure), where making such expenditure would prevent (i) the related Mortgaged Property from being uninsured or being sold
at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any
security for the related Mortgage Loan; provided that in each instance, the Master Servicer determines in accordance with
the Servicing Standard (as evidenced by a certificate of a Servicing Officer delivered to the Trustee and the Certificate Administrator)
that making such expenditure is in the best interests of the Certificateholders and, in the case of a Serviced Whole Loan, the
related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion
Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). The Master Servicer may elect to obtain
reimbursement of Nonrecoverable Servicing Advances from the Trust Fund in accordance with Section 3.06 of this Agreement.

 

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(e)          The
Master Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Servicing Advances made by any of
them to the extent permitted pursuant to Section 3.06 of this Agreement, if applicable, together with any related Advance
Interest Amount in respect of such Servicing Advances, and the Master Servicer, the Special Servicer and the Trustee each hereby
covenants and agrees to promptly seek and effect the reimbursement of such Servicing Advances from the related Borrowers to the
extent permitted by applicable law and the related Loan Documents.

 

The parties acknowledge
that, pursuant to the applicable Other Pooling and Servicing Agreement, the applicable Other Servicer is obligated to make Servicing
Advances with respect to the related Non-Serviced Mortgage Loan. The Other Servicer, the Other Special Servicer (to the extent
it has made an advance), the Other Trustee or fiscal agent or other Persons making advances under the applicable Other Pooling
and Servicing Agreement shall be entitled to reimbursement in accordance with Section 3.06(b) of this Agreement for the
pro rata portion (based on Stated Principal Balance) of the related Mortgage Loan (after amounts allocated to the related
Subordinate Companion Loan, if any) with respect to any Servicing Advance that is nonrecoverable (with, in each case, any pro
rata portion of accrued and unpaid interest thereon provided for under the Other Pooling and Servicing Agreement) in the manner
set forth in the Other Pooling and Servicing Agreement and the related Intercreditor Agreement, as applicable.

 

With respect to any Serviced
Whole Loan, if the Master Servicer, the Special Servicer or Trustee, as applicable, determines that a proposed Servicing Advance
with respect to such Serviced Whole Loan, if made, or any outstanding Servicing Advance with respect to any such Mortgage Loan
previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable, shall
provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement
with written notice of such determination, together with supporting evidence for such determination within two (2) Business Days
after such determination or such longer time period permitted by the applicable Intercreditor Agreement.

 

Section
3.22     Appointment and Replacement of Special Servicer. (a) Rialto Capital Advisors, LLC,
is hereby appointed as the initial Special Servicer to service each Specially Serviced Loan and related REO Property.

 

(b)          For
so long as no Control Termination Event has occurred and is continuing, the Directing Holder shall be entitled to terminate the
rights (subject to Section 3.05, Section 3.12 and Section 6.03(a) of this Agreement) and obligations of the
Special Servicer under this Agreement, with or without cause, and appoint a successor Special Servicer pursuant to Section 7.02
of this Agreement, upon ten (10) Business Days’ notice to the Special Servicer, the Master Servicer, the Paying Agent, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee; provided that, with
respect to any Serviced Whole Loan, the related Directing Holder’s right to terminate the rights and obligations of the Special
Servicer under this Agreement with respect to such Serviced Whole Loan shall be subject to the limitations set forth in the related
Intercreditor Agreement; provided, further that with respect to a Servicing Shift Whole Loan, the limitations on
termination without cause set forth in clause (b) shall not apply to the related Loan-Specific Directing Holder’s
right to terminate the Special Servicer’s rights and obligations under this Agreement without cause with

 

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respect to such
Servicing Shift Whole Loan pursuant to the terms of the related Intercreditor Agreement.

 

(c)          Following
the occurrence of a Consultation Termination Event, subject to the immediately succeeding paragraph, if the Operating Advisor determines
that the Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance with the
Servicing Standard, the Operating Advisor shall deliver to the Trustee and to the Certificate Administrator, with a copy to the
Special Servicer, a written report setting forth the reasons supporting its recommendation (along with any information the Operating
Advisor considered relevant to its recommendation) and recommending a replacement special servicer; provided, that in no
event shall the information or any other content included in such written recommendation contravene any provision of this Agreement.
In such event, the Certificate Administrator shall promptly post notice to all Certificateholders of such recommendation and the
related report on the Certificate Administrator’s Website, and by mail (or through the DTC system, as applicable), and shall
conduct the solicitation of votes of all Certificates in such regard. Subsequently, upon (i) the written direction of Holders of
Sequential Pay Certificates evidencing at least a majority of the aggregate Voting Rights (taking into account the application
of any Realized Losses and Appraisal Reduction Amounts to notionally reduce the respective Certificate Balances) (which vote shall
occur not more than 180 days from the date the Certificate Administrator posts such recommendation on the Certificate Administrator’s
Website; provided that if such written direction is not provided within 180 days of the posting of the initial request for
a vote to terminate and replace the Special Servicer, then such written direction shall have no force and effect) and (ii) receipt
of a Rating Agency Confirmation from each Rating Agency with respect to the Certificates and, if such successor Special Servicer
shall also specially service a Serviced Whole Loan, any class of related Serviced Companion Loan Securities, by the Trustee following
satisfaction of the foregoing clause (i), the Trustee shall (x) terminate all of the rights and obligations of the Special Servicer
under this Agreement and appoint a successor Special Servicer approved by the Certificateholders; provided such termination
is subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding fees and other compensation,
reimbursement of advances and other rights set forth in this Agreement which survive termination and (y) promptly notify such outgoing
Special Servicer of the effective date of such termination. The reasonable out-of-pocket costs and expenses associated with administering
such vote shall be an Additional Trust Fund Expense. If the Trustee does not receive at least 50% of the requested votes, then
the Trustee shall not remove the Special Servicer. Prior to the appointment of any replacement special servicer, such replacement
special servicer shall have agreed to succeed to the obligations of the Special Servicer under this Agreement and to act as the
Special Servicer’s successor hereunder. No penalty or fee shall be payable to the terminated Special Servicer with respect
to any termination pursuant to this Section 3.22(c).

 

(d)          If
a Control Termination Event has occurred and is continuing and upon (a) the written direction of holders of Sequential Pay Certificates
evidencing not less than 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally
reduce the Certificate Balances of the Certificates pursuant to Section 4.08 of this Agreement) of the Sequential Pay Certificates
requesting a vote to replace the Special Servicer with a new special servicer designated in such written direction, (b) payment
by such holders to the Certificate Administrator of the reasonable fees and expenses (including any legal fees and

 

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expenses and
any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection with administering such vote
and (c) delivery by such holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation from each Rating
Agency with respect to the Certificates and, if such successor Special Servicer shall also specially service a Serviced Whole Loan,
any class of related Serviced Companion Loan Securities, the Certificate Administrator shall promptly provide written notice to
all Certificateholders of such request by posting such notice on the Certificate Administrator’s Website, and by mail (or
through the DTC system, as applicable), and conduct the solicitation of votes of all Certificates in such regard. Subsequently,
if a Control Termination Event has occurred and is continuing, upon the written direction of (i) holders of Sequential Pay Certificates
evidencing at least 66 2/3% of a Certificateholder Quorum of Certificates or (ii) holders of Non-Reduced Certificates evidencing
more than 50% of the Voting Rights of each Class of Non-Reduced Certificates, the Trustee shall (x) terminate all of the rights
and obligations of the Special Servicer under this Agreement and appoint the successor Special Servicer designated by such Certificateholders,
provided such termination is subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding
fees and other compensation, reimbursement of advances and other rights set forth in this Agreement which survive termination and
(y) promptly notify such outgoing Special Servicer of the effective date of such termination; provided that if such written
direction is not provided within 180 days of the notice from the Certificate Administrator of the request for a vote to terminate
and replace the Special Servicer, then such written direction shall have no force and effect. The reasonable fees and out-of-pocket
costs associated with administering such vote shall be an Additional Trust Fund Expense. The Certificate Administrator shall include
on each Distribution Date Statement a statement that each Certificateholder and Certificate Owner may access notices on the Certificate
Administrator’s Website and each Certificateholder and Certificate Owner may register to receive email notifications when
such notices are posted on the Certificate Administrator’s Website; provided that the Certificate Administrator shall
be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting such notices.

 

(e)          The
Trustee shall, promptly after receiving any removal notice pursuant to Section 3.22(b) of this Agreement or direction to
terminate pursuant to Section 3.22(c) or Section 3.22(d) of this Agreement, so notify the Certificate Administrator,
the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). The termination of the
Special Servicer and appointment of a successor Special Servicer pursuant to this Section 3.22 shall not be effective until
(i) the Trustee receives from each Rating Agency a Rating Agency Confirmation and, if such successor Special Servicer shall also
specially service a Serviced Whole Loan, a Serviced Companion Loan Rating Agency Confirmation, (ii) the successor special servicer
has assumed all of its responsibilities, duties and liabilities hereunder pursuant to a writing reasonably satisfactory to the
Trustee, (iii) receipt by the Trustee of an Opinion of Counsel to the effect that (x) the designation of such replacement to serve
as Special Servicer is in compliance with this Agreement, (y) such replacement will be bound by the terms of this Agreement and
(z) this Agreement will be enforceable against such replacement in accordance with its terms, (iv) the replacement Special Servicer
certifies that such replacement special servicer satisfies all related qualifications set forth in the Intercreditor Agreement
relating to such Serviced Companion Loan and (v) receipt by the Certificate

 

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Administrator (with a confirmation of such receipt
delivered to the Trustee) of notice and information required to be delivered by the successor Special Servicer under Section
10.03 of this Agreement. Any successor Special Servicer shall make the representations and warranties provided for in Section
2.04(b) of this Agreement mutatis mutandis. Further, such successor Special Servicer shall be a Person that (i)
satisfies all of the eligibility requirements applicable to the special servicer contained in this Agreement, (ii) is not the Operating
Advisor or former operating advisor, the Asset Representations Reviewer or former asset representations reviewer, or an affiliate
of any of the foregoing, (iii) is not obligated or allowed to pay the Operating Advisor any fees or otherwise compensate the Operating
Advisor (x) in respect of its obligations under this Agreement or (y) for the appointment of the successor Special Servicer or
the recommendation by the Operating Advisor for the replacement Special Servicer to become the Special Servicer, (iv) is not entitled
to receive any compensation from the Operating Advisor other than compensation that is not material and is unrelated to the Operating
Advisor’s recommendation that such party be appointed as the replacement special servicer, (v) is not entitled to receive
any fee from the Operating Advisor for its appointment as successor Special Servicer, in each case, unless expressly approved by
100% of the Certificateholders, (vi) is not a special servicer that has been cited by Moody’s as having servicing concerns
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 the applicable servicer prior
to the time of determination, (vii) currently has a special servicer rating of at least “CSS3” from Fitch, and (viii)
is currently acting as a special servicer in a transaction rated by DBRS and has not been cited by DBRS as having servicing concerns
as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status”
in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior
to the time of determination. In addition, any replacement Special Servicer that will service any Serviced Whole Loan shall meet
any requirements specified in the related Intercreditor Agreement or, if applicable, the related Other Pooling and Servicing Agreement.

 

The existing Special
Servicer shall be deemed to have been removed simultaneously with such designated Person’s becoming the Special Servicer
hereunder; provided, that the Special Servicer removed pursuant to this Section shall be entitled to receive, and shall
have received, all amounts accrued or owing to it under this Agreement on or prior to the effective date of such resignation and
it shall continue to be entitled to any rights that accrued prior to the date of such resignation (including the right to receive
all fees, expenses and other amounts accrued or owing to it under this Agreement, plus the right to receive any Workout Fee specified
in Section 3.12(c) of this Agreement if the Special Servicer is terminated and any indemnification rights that the Special
Servicer is entitled to pursuant to Section 6.03(a) of this Agreement) notwithstanding any such removal. Such removed Special
Servicer shall cooperate with the Trustee and the replacement Special Servicer in effecting the termination of the resigning Special
Servicer’s responsibilities and rights hereunder, including without limitation the transfer within two Business Days to the
successor Special Servicer for administration by it of all cash amounts that are thereafter received with respect to the Mortgage
Loans and, if applicable, Whole Loans.

 

(f)          The
appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective obligations
to make Advances as set forth

 

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herein; provided, that neither the Trustee nor the Master Servicer shall be liable for any
actions or any inaction of such successor Special Servicer. Any termination fee payable to the terminated Special Servicer (and
it is acknowledged that there is no such fee payable in the event of a termination for breach of this Agreement) shall be paid
by the Certificateholders or the Directing Holder, as applicable, so terminating the Special Servicer and shall not in any event
be an expense of the Trust Fund or any Serviced Companion Loan Noteholder (unless such Serviced Companion Loan Noteholder is the
Directing Holder).

 

(g)          If
a replacement special servicer is appointed with respect to a Serviced Whole Loan or any related Serviced REO Property in accordance
with this Section 3.22 such that there are multiple parties acting as Special Servicer hereunder, then, unless the context
clearly requires otherwise: (i) when used in the context of imposing duties and obligations on the Special Servicer hereunder or
the performance of such duties and obligations, the term “Special Servicer” shall mean the applicable Serviced Whole
Loan Special Servicer, insofar as such duties and obligations relate to the subject Serviced Whole Loan or any related Serviced
REO Property, and shall mean the General Special Servicer (as defined below in clause (h)), in all other cases (provided,
that in Section 3.14 and Article VII of this Agreement, the term “Special Servicer” shall mean each of
the Serviced Whole Loan Special Servicers and the General Special Servicer); (ii) when used in the context of identifying the recipient
of any information, funds, documents, instruments and/or other items, the term “Special Servicer” shall mean the applicable
Serviced Whole Loan Special Servicer, insofar as such information, funds, documents, instruments and/or other items relate to the
subject Serviced Whole Loan or any related Serviced REO Property, and shall mean the General Special Servicer, in all other cases;
(iii) when used in the context of granting the Special Servicer the right to purchase Defaulted Loans pursuant to Section 3.16
of this Agreement, the term “Special Servicer” shall mean the General Special Servicer only; (iv) when used
in the context of granting the Special Servicer the right to purchase all of the Mortgage Loans and all other property held by
the Trust Fund pursuant to Section 9.01 of this Agreement, the term “Special Servicer” shall mean the General
Special Servicer only; (v) when used in the context of the Special Servicer being replaced pursuant to this Section 3.22
by the applicable Directing Holder, the term “Special Servicer” shall mean the General Special Servicer or the
Serviced Whole Loan Special Servicer, if applicable; (vi) when used in the context of granting the Special Servicer any protections,
limitations on liability, immunities and/or indemnities hereunder, the term “Special Servicer” shall mean each of the
Serviced Whole Loan Special Servicers and the General Special Servicer; and (vii) when used in the context of requiring indemnification
from, imposing liability on, or exercising any remedies against, the Special Servicer for any breach of a representation, warranty
or covenant hereunder or for any negligence, bad faith or willful misconduct in the performance of duties and obligations hereunder
or any negligent disregard of such duties and obligations or otherwise holding the Special Servicer responsible for any of the
foregoing, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer or the General
Special Servicer, as applicable.

 

(h)          References
in this Section 3.22 to “General Special Servicer” mean the Person performing the duties and obligations of
special servicer with respect to the Mortgage Pool (exclusive of any Whole Loan or related REO Property as to which a different
Serviced Whole Loan Special Servicer has been appointed with respect thereto).

 

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(i)          No
penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section
3.22. All costs and expenses of any such termination made without cause shall be paid by the Controlling Class Certificateholders.

 

(j)          Notwithstanding
anything to the contrary contained in this Section 3.22, with respect to any Excluded Special Servicer Mortgage Loan, if
any, the Special Servicer shall resign with respect to such Excluded Special Servicer Mortgage Loan.

 

In the event the Special
Servicer is required to resign as Special Servicer with respect to any Excluded Special Servicer Mortgage Loan because it obtains
knowledge that it is a Borrower Party prior to the occurrence and continuance of a Consultation Termination Event, then (i) if
the Excluded Special Servicer Mortgage Loan is not also an Excluded Mortgage Loan, then the Controlling Class Representative shall
appoint (and replace with or without cause) the Excluded Special Servicer, as successor to the resigning Special Servicer, in accordance
with this Agreement for the Excluded Special Servicer Mortgage Loan, (ii) if the Excluded Special Servicer Mortgage Loan is also
an Excluded Mortgage Loan, then the largest Controlling Class Certificateholder (by Certificate Balance) that is not an Excluded
Controlling Class Holder shall appoint (and replace with or without cause) the Excluded Special Servicer for the Excluded Special
Servicer Mortgage Loan, and (iii) if there is no Controlling Class Certificateholder that is not an Excluded Controlling Class
Certificateholder, then the Excluded Special Servicer shall be appointed as described in the following paragraph.

 

In the event the Special
Servicer is required to resign as Special Servicer with respect to any Excluded Special Servicer Mortgage Loan because it obtains
knowledge that it is a Borrower Party and either (i) a Consultation Termination Event has occurred and is continuing or (ii) there
is no Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, then, at the expense of the Trust Fund,
the Certificate Administrator shall promptly provide written notice of such resignation to all Certificateholders by posting such
notice on the Certificate Administrator’s Website and the Excluded Special Servicer shall be appointed upon the written direction
of more than 50% of the Voting Rights of the Certificates that exercise their right to vote (provided that holders of at least
20% of the Voting Rights of the Certificates exercise their right to vote). If such Excluded Special Servicer has not been appointed
pursuant to the preceding sentence within 30 days after the Special Servicer has provided its written notice of resignation, the
Certificate Administrator shall provide written notice to the resigning Special Servicer that such Excluded Special Servicer has
not been appointed and such resigning Special Servicer shall appoint such Excluded Special Servicer. The Special Servicer shall
not have any liability with respect to the actions or inactions of the applicable Excluded Special Servicer or with respect to
the identity of the applicable Excluded Special Servicer.

 

If at any time the Special
Servicer that had acted as the Special Servicer for an Excluded Special Servicer Mortgage Loan prior to it becoming an Excluded
Special Servicer Mortgage Loan is no longer a Borrower Party (including, without limitation, as a result of the related Mortgaged
Property becoming REO Property) with respect to an Excluded Special Servicer Mortgage Loan, (1) the related Excluded Special Servicer
shall resign, (2) the related Mortgage Loan shall no longer be an Excluded Special Servicer Mortgage Loan, (3) such Special Servicer
shall become the Special Servicer again for such related Mortgage Loan and (4) such original Special Servicer shall be entitled
to all special servicing compensation with respect to

 

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such Mortgage Loan earned during such time on and after such Mortgage Loan
is no longer an Excluded Special Servicer Mortgage Loan.

 

The Excluded Special
Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Mortgage Loan and
will be entitled to all special servicing compensation with respect to such Excluded Special Servicer Mortgage Loan earned during
such time as the related Mortgage Loan is an Excluded Special Servicer Mortgage Loan (provided that the Special Servicer shall
remain entitled to all other special servicing compensation with respect all Mortgage Loans and Serviced Whole Loans that are not
Excluded Special Servicer Mortgage Loans during such time).

 

If a Servicing Officer
or Special Servicing Officer, as applicable, of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer,
as applicable, has actual knowledge that a Mortgage Loan is no longer an Excluded Mortgage Loan, an Excluded Controlling Class
Mortgage Loan or an Excluded Special Servicer Mortgage Loan, as applicable, the Master Servicer, the related Excluded Special Servicer
or Special Servicer, as applicable, shall provide prompt written notice thereof to each of the other parties to this Agreement.

 

(k)          No
removal or replacement of the Special Servicer as contemplated by this Agreement shall become effective until (i) a successor Special
Servicer shall have assumed the resigning or terminated Special Servicer’s responsibilities, duties, liabilities and obligations
hereunder, (ii) the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 10.09, (iii) any
other information required under Section 10.03 or Section 10.09 has been delivered to any applicable Other Depositor
with respect to any related Companion Loan, and (iv) as to any resignation, removal, succession, merger or consolidation of the
Special Servicer that would constitute a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective
date of such event, the Certificate Administrator and the Depositor shall cooperate in a timely manner with the Special Servicer
or any other Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in connection with
the Depositor’s or the Certificate Administrator’s obligation to file any related required Form 8-K relating to this
Trust on the anticipated effective date of such event.

 

Section 3.23     Transfer
of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report.     (a) Upon the
occurrence of any event specified in the definition of Specially Serviced Loan with respect to any Mortgage Loan (other than any
Non-Serviced Mortgage Loan) or Serviced Whole Loan of which the Master Servicer may have notice, the Master Servicer shall promptly
give notice thereof to the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the related Mortgage
Loan Seller, if no Consultation Termination Event has occurred and is continuing, the Directing Holder and, if applicable, the
related Serviced Companion Loan Noteholders and shall use efforts in accordance with the Servicing Standard to provide the Special
Servicer with the Servicing File and all other information, documents (but excluding the original documents constituting the Mortgage
File) and records (including records stored electronically) relating to such Mortgage Loan or Serviced Whole Loan, as applicable,
and reasonably requested by the Special Servicer to enable it to assume its duties hereunder with respect thereto without acting
through a sub-servicer. The Master Servicer shall use efforts in accordance with the Servicing Standard to comply with the preceding
sentence within five Business Days of the date it has notice of the occurrence of any event specified in the definition of Specially
Serviced Loan and in any event

 

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shall continue to act as Master Servicer and administrator of such Mortgage Loan or Serviced Whole
Loan, until the Special Servicer has commenced the servicing of such Mortgage Loan or Serviced Whole Loan, which shall occur upon
the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence. With respect
to each Mortgage Loan or Serviced Whole Loan that becomes a Specially Serviced Loan, the Master Servicer shall instruct the related
Borrower to continue to remit all payments in respect of such Mortgage Loan or Serviced Whole Loan to the Master Servicer. The
Master Servicer shall forward any notices it would otherwise send to the Borrower of a Specially Serviced Loan to the Special
Servicer, who shall send such notice to the related Borrower.

 

Upon determining that
a Specially Serviced Loan has become a Corrected Mortgage Loan, the Special Servicer shall immediately give notice thereof to the
Master Servicer, and upon giving such notice, such Mortgage Loan or Serviced Whole Loan shall cease to be a Specially Serviced
Loan in accordance with the first proviso of the definition of Specially Serviced Loan, the Special Servicer’s obligation
to service such Mortgage Loan or Serviced Whole Loan shall terminate and the obligations of the Master Servicer to service and
administer such Mortgage Loan or Serviced Whole Loan as a Mortgage Loan or Serviced Whole Loan that is a Performing Loan shall
resume.

 

(b)          In
servicing any Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within
the definition of “Mortgage File” for inclusion in the related Mortgage File (to the extent such documents are in the
possession of the Special Servicer) and copies of any additional related Mortgage Loan information, including correspondence with
the related Borrower, and the Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer as
well as copies of any analysis or internal review prepared by or for the benefit of the Special Servicer.

 

(c)          Not
later than two Business Days preceding each date on which the Master Servicer is required to furnish a report under Section
3.13(a) of this Agreement to the Certificate Administrator, the Special Servicer shall deliver to the Certificate Administrator,
with a copy to the Trustee, the Operating Advisor and the Master Servicer, a written statement describing, on a loan by loan basis,
(i) the amount of all payments on account of interest received on each Specially Serviced Loan, the amount of all payments on account
of principal, including Principal Prepayments, on each Specially Serviced Loan, the amount of Net Insurance Proceeds and Net Liquidation
Proceeds received with respect to each Specially Serviced Loan, and with respect to REO Properties, the amount of net income or
net loss, as determined from management of a trade or business on, the furnishing or rendering of a non-customary service to the
tenants of, or the receipt of any rental income that does not constitute Rents from Real Property with respect to the Serviced
REO Property relating to each applicable Specially Serviced Loan, in each case in accordance with Section 3.15 of this Agreement
(it being understood and agreed that to the extent this information is provided in accordance with Section 3.13(g) of this
Agreement, this Section 3.23(c) shall be deemed to be satisfied) and (ii) such additional information relating to the Specially
Serviced Loans as the Master Servicer, the Certificate Administrator or the Trustee reasonably request, to enable it to perform
its duties under this Agreement. Such statement and information shall be furnished to the Master Servicer in writing and/or in
such electronic media as is acceptable to the Master Servicer.

 

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(d)          Notwithstanding
the provisions of the preceding Section 3.23(c), the Master Servicer shall maintain ongoing payment records with respect
to each of the Specially Serviced Loans relating to a Mortgage Loan that it is servicing and shall provide the Special Servicer
and the Operating Advisor with any information reasonably required by the Special Servicer or the Operating Advisor to perform
its duties under this Agreement. The Special Servicer shall provide the Master Servicer with any information reasonably required
by the Master Servicer to perform its duties under this Agreement.

 

(e)          No
later than 30 days after a Mortgage Loan or Serviced Whole Loan becomes a Specially Serviced Loan, the Special Servicer shall deliver
to the Master Servicer, the Directing Holder (only if no Consultation Termination Event has occurred and is continuing), with respect
to any related Serviced Companion Loan, to the extent the related Serviced Companion Loan has been included in a securitization
transaction, to the master servicer of such securitization into which the related Serviced Companion Loan has been sold or to the
holder of the related Serviced Companion Loan, the Operating Advisor (but only if a Control Termination Event has occurred and
is continuing), the Controlling Class Representative (so long as such Mortgage Loan is not an Excluded Mortgage Loan), the 17g-5
Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement), each related Serviced Companion Loan Noteholder, and upon request, the Underwriters and the Initial
Purchasers, a report (the “Asset Status Report”) with respect to such Mortgage Loan or Serviced Whole Loan and
the related Mortgaged Property; provided, the Special Servicer shall not be required to deliver an Asset Status Report to
the Directing Holder if the Special Servicer and the Directing Holder are the same entity. A summary of each Asset Status Report
shall be provided to the Certificate Administrator and the Trustee. Such Asset Status Report shall set forth the following information
to the extent reasonably determinable:

 

(i)          summary
of the status of such Specially Serviced Loan and any negotiations with the related Borrower;

 

(ii)         a
discussion of the legal and environmental considerations reasonably known to the Special Servicer, consistent with the Servicing
Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties or other
collateral for the related Mortgage Loan or Serviced Whole Loan and whether outside legal counsel has been retained;

 

(iii)        the
most current rent roll and income or operating statement available for the related Mortgaged Property;

 

(iv)        (A)
the Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including
the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for
regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted Loan or Serviced REO Property),
(B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered
by the Special Servicer in connection with the proposed or taken actions;

 

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(v)          the
status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Mortgage Loan, any proposed
workouts and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults
under the related Mortgage Loan or Serviced Whole Loan;

 

(vi)         a
description of any amendment, modification or waiver of a material term of any ground lease (or, with respect to a leasehold interest
that is a space lease or an air rights lease, any such space lease or air rights lease) or franchise agreement;

 

(vii)        the
decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(viii)       an
analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis
than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net
present value calculation (including the applicable Calculation Rate used) and all related assumptions;

 

(ix)          the
appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property) together
with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together with an
explanation of those adjustments; and

 

(x)           such
other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

As provided in Section
3.12(d), if a Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the applicable Servicing Shift Securitization
Date, the Special Servicer shall service and administer such Servicing Shift Whole Loan and related REO Property in the same manner
as any other Specially Serviced Loan or Serviced REO Property, shall be entitled to all Special Servicing Compensation earned with
respect to such Serviced Whole Loan and shall have all the rights and obligations with respect to such Serviced Whole Loan as Special
Servicer of such Serviced Whole Loan.

 

For so long as no Control
Termination Event has occurred and is continuing, if within 10 Business Days of receiving an Asset Status Report, the Directing
Holder does not disapprove such Asset Status Report in writing, the Directing Holder will be deemed to have approved such Asset
Status Report and the Special Servicer shall implement the recommended action as outlined in such Asset Status Report; provided,
that such Special Servicer may not take any action that is contrary to applicable law, this Agreement, the Servicing Standard (taking
into consideration the best interests of all the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced
Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into
account the subordinate nature of such Subordinate Companion Loan)), the terms of the applicable Loan Documents or any related
Intercreditor Agreement. For so long as no Control Termination Event has occurred and is continuing, if the Directing Holder

 

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disapproves
such Asset Status Report within such 10 Business Day period, the Special Servicer will revise such Asset Status Report and deliver
to the Directing Holder, the Master Servicer, the 17g-5 Information Provider (who shall promptly post such report to the 17g-5
Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and each related Serviced Companion
Loan Noteholder, a new Asset Status Report as soon as practicable, but in no event later than 30 days after such disapproval. The
Special Servicer shall revise such Asset Status Report as described above in this Section 3.23(e) until the Directing Holder
fails to disapprove such revised Asset Status Report in writing within 10 Business Days of receiving such revised Asset Status
Report or until the Special Servicer makes a determination consistent with the Servicing Standard, that such objection is not in
the best interests of all the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan
Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted
a single lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the
subordinate nature of such Subordinate Companion Loan)). In any event, for so long as no Control Termination Event has occurred
and is continuing, if the Directing Holder does not approve an Asset Status Report within 60 Business Days from the first submission
of an Asset Status Report, the Special Servicer may act upon the most recently submitted form of Asset Status Report if consistent
with the Servicing Standard. The Special Servicer may, from time to time, modify any Asset Status Report it has previously delivered
and implement such report, provided such report shall have been prepared, reviewed and not rejected pursuant to the terms
of this Section, and in particular, shall modify and resubmit such Asset Status Report to the Directing Holder (with a copy to
the Trustee and the Certificate Administrator) if (i) the estimated sales proceeds, foreclosure proceeds, workout or restructure
terms or anticipated debt forgiveness varies materially from the amount on which the original report was based or (ii) the related
Borrower becomes the subject of bankruptcy proceedings. Notwithstanding the foregoing, the Special Servicer (i) may, following
the occurrence of an extraordinary event with respect to the related Mortgaged Property, take any action set forth in such Asset
Status Report before the expiration of a 10 Business Day period if the Special Servicer has reasonably determined that failure
to take such action would materially and adversely affect the interests of the Certificateholders and, with respect to any Serviced
Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate
Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)), and it has made a reasonable effort
to contact the Directing Holder and, if any Serviced Whole Loan is involved, the related Serviced Companion Loan Noteholders and
(ii) in any case, shall determine whether such affirmative disapproval is not in the best interests of all the Certificateholders
and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such
Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any
Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion
Loan)) pursuant to the Servicing Standard, and, upon making such determination, shall implement the recommended action outlined
in the Asset Status Report. The Asset Status Report is not intended to replace or satisfy any specific consent or approval right
which the Directing Holder may have. Any Asset Status Report delivered with respect to an Excluded Controlling Class Mortgage Loan
shall be sent via email (or such other electronic means mutually acceptable to the

 

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parties) in one or more separate files labeled
by the Special Servicer “Excluded Information” followed by the applicable loan number and loan name to cmbsexcludedinformation@wellsfargo.com.

 

The Special Servicer
shall have the authority to meet with the Borrower for any Specially Serviced Loan and take such actions consistent with the Servicing
Standard and the related Asset Status Report. The Special Servicer shall not take any action inconsistent with the related Asset
Status Report, unless such action would be required in order to act in accordance with the Servicing Standard, this Agreement,
applicable law or the related Loan Documents. 

 

During the period
when a Control Termination Event has occurred and is continuing, the Special Servicer shall consult on a non-binding basis
with the Operating Advisor in connection with each Asset Status Report prior to finalizing and executing such Asset Status
Report and the Operating Advisor shall propose, by written notice, alternative courses of action within 10 days of receipt of
each Asset Status Report to the extent the Operating Advisor determines such alternatives to be in the best interest of the
Certificateholders (including any Certificateholders that were previously included in the Control Eligible Certificates), as
a collective whole as if such Certificateholders constituted a single lender (and with respect to any Serviced Whole Loan
with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate
Companion Loan). This determination shall be made pursuant to the Operating Advisor Standard. The Special Servicer shall
consider any such proposals from the Operating Advisor and determine whether any changes to its proposed Asset Status Report
should be made, such determination being made in accordance with the Servicing Standard and the other terms of this
Agreement. In addition, with respect to a Serviced Whole Loan, such Asset Status Reports are subject to any non-binding
consultation rights, if any, that the holders of the related Pari Passu Companion Loans have pursuant to the related
Intercreditor Agreement.

 

During the period when
a Control Termination Event has occurred and is continuing and for so long as no Consultation Termination Event has occurred and
is continuing, the Special Servicer shall consult on a non-binding basis with the Directing Holder in connection with each Asset
Status Report prior to finalizing and executing such Asset Status Report and the Directing Holder shall have the right to propose,
by written notice, alternative courses of action within 10 days of receipt of each Asset Status Report. The Special Servicer shall
consider any such proposals from the Directing Holder and determine whether any changes to its proposed Asset Status Report should
be made, such determination being made in accordance with the Servicing Standard and the other terms of this Agreement.

 

If neither the Operating
Advisor nor the Directing Holder proposes alternative courses of action within 10 days after receipt of such Asset Status Report,
the Special Servicer shall implement the Asset Status Report as proposed by the Special Servicer.

 

Notwithstanding anything
to the contrary herein, if a Consultation Termination Event has occurred and is continuing, the Directing Holder shall have no
right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to any matter set forth therein.
If a Control Termination Event has occurred and is continuing, the Directing Holder shall have no right to consent to any Asset
Status Report under this Section 3.23.

 

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No direction, advice,
consent, approval or disapproval of the Directing Holder or Operating Advisor shall (a) require, permit or cause the Special Servicer
to violate the terms of a Specially Serviced Loan, any related Intercreditor Agreement, applicable law or any provision of this
Agreement, including, but not limited to, Section 3.09, Section 3.16, Section 3.18 and Section 3.25
and the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC status of
the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza Loan REMIC and the grantor trust status of the Grantor Trust,
or (b) result in the imposition of a “prohibited transaction” or “contribution” tax under the REMIC Provisions,
or (c) expose the Master Servicer, the Special Servicer, the Depositor, the Trust Fund, the Certificate Administrator, the Paying
Agent, the Operating Advisor, the Trustee or their respective officers, directors, employees or agents to any claim, suit or liability
or (d) materially expand the scope of the Special Servicer’s, Certificate Administrator’s, Trustee’s or the Master
Servicer’s responsibilities under this Agreement. The Special Servicer shall not be required to follow any direction of the
Directing Holder described in this paragraph.

 

(f)          Unless
a Control Termination Event has occurred and is continuing, the Special Servicer shall deliver to the Operating Advisor only each
Final Asset Status Report.

 

Section 3.24     Special
Instructions for the Master Servicer and/or Special Servicer.    (a) Prior to taking any action with respect to a Mortgage
Loan or a Serviced Whole Loan secured by Mortgaged Properties located in a “one-action” state, the Master Servicer
or Special Servicer, as applicable, shall consult with legal counsel, the fees and expenses of which shall be an expense of the
Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions
of the related Intercreditor Agreement).

 

(b)         The
Master Servicer shall send written notice to each Borrower (other than with respect to a Non-Serviced Mortgage Loan) and the related
Manager and clearing bank relating to a Mortgage Loan (other than with respect to a Non-Serviced Mortgage Loan) that it is servicing
that, if applicable, it and/or the Trustee has been appointed as the “Designee” of the “Lender” under any
related Lock-Box Agreement.

 

(c)         Without
limiting the obligations of the Master Servicer hereunder with respect to the enforcement of a Borrower’s obligations under
the related Loan Documents, the Master Servicer agrees that it shall, in accordance with the Servicing Standard, enforce the provisions
of the Loan Documents relating to the Mortgage Loans (other than with respect to a Non-Serviced Mortgage Loan) that it is servicing
with respect to the collection of Prepayment Premiums and Yield Maintenance Charges.

 

(d)         If
a Rating Agency shall charge a fee in connection with providing a Rating Agency Confirmation, the Master Servicer shall require
the related Borrower (other than with respect to a Non-Serviced Mortgage Loan) to pay such fee to the extent not inconsistent with
the applicable Loan Documents. If such fee remains unpaid, such fee shall be an expense of the Trust Fund (allocated as an Additional
Trust Fund Expense in the same manner as Realized Losses as set forth in Section 4.01(f) of this Agreement) and, (1) in
the case of a Serviced Pari Passu Whole Loan with a Serviced Pari Passu Companion Loan (but not a Subordinate Companion Loan),
allocated in accordance with the allocation provisions of the related Intercreditor Agreement, the costs of which may be advanced
as a Servicing Advance.

 

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(e)         The
Master Servicer shall, in accordance with the Servicing Standard, use commercially reasonable efforts to exercise on behalf of
the Trust any right of the Trust to recover any amounts owed by the Serviced Companion Loan Noteholders to the Trust Fund pursuant
to the related Intercreditor Agreement (but in the case of any Serviced Subordinate Companion Loan, subject to Section 1.02).
The cost of such enforcement on behalf of the Trust shall be paid and reimbursable as a Servicing Advance.

 

(f)          With
respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan with a Stated Principal Balance equal
to or greater than the lesser of 5% of the Stated Principal Balance of all Mortgage Loans held by the Trust Fund and $35,000,000,
or with respect to any Mortgage Loan that is one of the ten largest Mortgage Loans based on Stated Principal Balance, to the extent
not inconsistent with the related Mortgage Loan or Serviced Whole Loan, the Master Servicer shall not consent to a change of franchise
affiliation with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage Loan) serviced
hereunder or the property manager with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced
Mortgage Loan) serviced hereunder unless the Master Servicer obtains a Rating Agency Confirmation relating to the Certificates
and Serviced Companion Loan Securities, if any.

 

Section 3.25     Certain
Rights and Obligations of the Master Servicer and/or the Special Servicer.     (a) In addition to its rights and obligations
with respect to Specially Serviced Loans, the Special Servicer has the right, whether or not the applicable Mortgage Loan (other
than a Non-Serviced Mortgage Loan) is a Specially Serviced Loan, to process or approve (i) certain modifications to the extent
described under Section 3.26 of this Agreement and (ii) certain waivers of due-on-sale or due-on-encumbrance clauses as
described above under Section 3.09 of this Agreement. With respect to Performing Loans (other than Non-Serviced Mortgage
Loans), the Master Servicer shall notify the Special Servicer of any request for approval if it recommends approval of such request
for approval (a “Request for Approval”) received relating to the Special Servicer’s above-referenced
processing or approval rights and, unless the Special Servicer and the Master Servicer mutually agree that the Master Servicer
shall process such request, the Master Servicer shall take no further action, and shall have no obligation to take any further
action other than to cooperate with the Special Servicer to the extent required pursuant to the terms of this Agreement, with
respect to such borrower request. If the Special Servicer and the Master Servicer mutually agree that the Master Servicer shall
process such borrower request, the Master Servicer shall prepare and forward to the Special Servicer its written recommendation
and analysis and any other information or documents reasonably requested by the Special Servicer (to the extent such information
or documents are in the Master Servicer’s possession). Subject to Section 3.09(h) of this Agreement, the Special
Servicer shall have 15 Business Days (from the date that the Special Servicer receives the information it requested from the Master
Servicer) to analyze and make a recommendation with respect to a Request for Approval with respect to a Performing Loan and, prior
to the end of such 15 Business Day period, for so long as no Control Termination Event has occurred and is continuing, is required
to notify the Directing Holder and each Serviced Companion Loan Noteholder of such Request for Approval relating to a Major Decision
and its recommendation with respect thereto. Following such notice, the Directing Holder shall have 10 Business Days from the
date it receives the Special Servicer recommendation and any other information it may reasonably request to approve any recommendation
of the Special Servicer relating to any

 

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Request for Approval. In any event, if the Directing Holder does not respond to a Request
for Approval by 5 p.m. on the 10th Business Day after such request, the Special Servicer or the Master Servicer, as applicable,
may deem such Request for Approval or recommendation, as the case may be, approved by the Directing Holder and if the Special
Servicer does not respond to a Request for Approval within the required 15 Business Days (or such longer period as provided under
a related Intercreditor Agreement but not less than five (5) Business Days after the time period set forth therein for Directing
Holder approval), the Master Servicer may deem its recommendation approved by the Special Servicer. With respect to a Specially
Serviced Loan, the Special Servicer must notify the Directing Holder of any Request for Approval received relating to the Directing
Holder’s above-referenced approval rights and its recommendation with respect thereto. The Directing Holder shall have 10
Business Days (after receipt of all information reasonably requested) to approve any recommendation of the Special Servicer relating
to any such Request for Approval. In any event, if the Directing Holder does not respond to any such Request for Approval by 5
p.m. on the 10th Business Day after such request, the Special Servicer may deem its recommendation approved by the Directing Holder.
Notwithstanding the foregoing, (i) with respect to any Whole Loan, the procedure and timing for approval by the Directing Holder
(to the extent it is the related Companion Loan Noteholder) of the related Request for Approval shall be governed by the terms
of the related Intercreditor Agreement and (ii) if the Special Servicer determines that immediate action is necessary to protect
the interests of the Certificateholders and, with respect to any Serviced Whole Loan, the Certificateholders and the related Serviced
Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into
account the subordinate nature of such Subordinate Companion Loan) and the Special Servicer has made a reasonable effort to contact
the Directing Holder, it need not wait for a response from the Directing Holder.

 

(b)          Notwithstanding
any other provision of this Agreement, neither the Master Servicer nor the Special Servicer shall be required to take or refrain
from taking any action pursuant to instructions from the Directing Holder or a Non-Controlling Note Holder, or due to any failure
to approve an action by the Directing Holder, or due to any objection by the Directing Holder or a Non-Controlling Note Holder
that would (i) cause any one of them to violate applicable law, the terms of any Loan Documents, any Intercreditor Agreement, this
Agreement, including the Servicing Standard, or the REMIC Provisions of the Code, (ii) expose the Master Servicer, the Special
Servicer, the Depositor, the Paying Agent, a Mortgage Loan Seller, the Trust Fund, the Operating Advisor, the Asset Representations
Reviewer, the Trustee, the Certificate Administrator (in any of its capacities), or the Custodian or their respective Affiliates,
officers, directors, employees or agents to any claim, suit or liability, (iii) materially expand the scope of the Master Servicer’s
or the Special Servicer’s responsibilities, or (iv) cause the Master Servicer or the Special Servicer to act, or fail to
act, in a manner that is not in the best interests of the Certificateholders.

 

(c)          The
Master Servicer and the Special Servicer, as applicable, shall discuss with the Directing Holder, on a monthly basis, the performance
of any Mortgage Loan or Serviced Whole Loan that is a Specially Serviced Loan, which is delinquent, has been placed on a “Watch
List” or has been identified by the Master Servicer or the Special Servicer as exhibiting deteriorating performance.

 

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Section 3.26     Modification,
Waiver, Amendment and Consents.     (a) Subject to Sections 3.25, 3.26(f) and 3.27, and, if applicable,
each Intercreditor Agreement, (i) with respect to any Mortgage Loan that is not a Specially Serviced Loan and actions that do
not involve Major Decisions or Special Servicer Decisions (other than the items listed in clause (e)(i) and clause (e)(ii) of
Special Servicer Decisions, which the Master Servicer shall process, subject to the Special Servicer’s consent or deemed
consent as set forth in Section 3.09 and Section 3.26(m), the Master Servicer or (ii)(A) with respect to any Specially
Serviced Loans or (B) as to Major Decisions or Special Servicer Decisions (other than the items listed in clause (e)(i)
and clause (e)(ii) of Special Servicer Decisions, which the Master Servicer shall process, subject to the Special Servicer’s
consent or deemed consent as set forth in Section 3.09 and Section 3.26(m)) irrespective of whether such Mortgage
Loan is a Specially Serviced Loan, the Special Servicer, in each case subject to the rights of the Directing Holder and, in the
case of the Special Servicer, consultation with the Operating Advisor (if a Control Termination Event has occurred and is continuing
and to the extent the Operating Advisor has consultation rights pursuant to Section 3.23(e), Section 3.31 and Section
6.07 of this Agreement), may modify, waive, amend, consent or take such other action with respect to any term of any Mortgage
Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan if such modification, waiver, amendment, consent or other
action (A) is consistent with the Servicing Standard and (B) would not constitute a “significant modification” of
such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise cause an
Adverse REMIC Event; provided, however, that notwithstanding the foregoing, the Master Servicer and Special Servicer
may mutually agree as set forth in Section 3.25 that the Master Servicer will process any of the foregoing matters that
are Major Decisions or Special Servicer Decisions with respect to any Mortgage Loan that is not a Specially Serviced Loan. Each
of the Master Servicer and the Special Servicer may conclusively rely on an Opinion of Counsel in meeting this requirement. In
order to meet the foregoing requirements, in the case of a release of real property collateral securing a Mortgage Loan, the Master
Servicer or Special Servicer, as applicable, shall observe the REMIC requirements of the Code with respect to a required payment
of principal if the loan-to-value ratio immediately after the release exceeds 125% with respect to the related real property collateral.
In connection with (i) the release of a Mortgaged Property or any portion of a Mortgaged Property from the lien of the related
Mortgage or (ii) the taking of a Mortgaged Property or any portion of a Mortgaged Property by exercise of the power of eminent
domain or condemnation, if the Loan Documents require the Master Servicer or the Special Servicer, as applicable, to calculate
(or to approve the calculation of the related Borrower of) the loan-to-value ratio of the remaining Mortgaged Property or Mortgaged
Properties or the fair market value of the real property constituting the remaining Mortgaged Property or Mortgaged Properties,
for purposes of REMIC qualification of the related Mortgage Loan or Serviced Whole Loan, then such calculation shall, unless permitted
by the REMIC provisions, exclude the value of any personal property and going concern value, if any as determined by an appropriate
third party. If, following any such release or taking, the loan-to-value ratio as so calculated is greater than 125%, the Master
Servicer or Special Servicer, as applicable, shall require payment of principal by a “qualified amount” as determined
under Revenue Procedure 2010-30 or successor provisions, unless the related Borrower provides an Opinion of Counsel that if such
amount is not paid the related Mortgage Loan will not fail to be a Qualified Mortgage.

 

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(b)          Neither
the Master Servicer nor the Special Servicer may extend the Maturity Date of any Mortgage Loan, Serviced Whole Loan or Specially
Serviced Loan beyond the date that is the date occurring later than the earlier of (1) five years prior to the Rated Final Distribution
Date and (2) in the case of a Mortgage Loan, Serviced Whole Loan or Specially Serviced Loan secured solely or primarily by the
related Borrower’s interest in a ground lease (or, with respect to a leasehold interest where the Borrower is the lessee
and that is a space lease or an air rights lease, such space lease or air rights lease), the date that is 20 years prior to the
expiration date of such ground lease (or, with respect to a leasehold interest where the Borrower is the lessee and that is a space
lease or an air rights lease, such space lease or air rights lease) (or 10 years prior to the expiration date of such lease if
the Master Servicer or the Special Servicer, as applicable gives due consideration to the remaining term of such ground lease (or,
with respect to a leasehold interest where the Borrower is the lessee and that is a space lease or an air rights lease, such space
lease or air rights lease) and such extension is in the best interest of the Certificateholders and, with respect to a Serviced
Whole Loan, the related Serviced Companion Loan Noteholder (as a collective whole as if such Certificateholders and (with respect
to a Serviced Whole Loan) Serviced Companion Loan Noteholder constituted a single lender (and with respect to any Serviced Whole
Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan))
and, if no Control Termination Event has occurred and is continuing, with the consent of the Directing Holder).

 

(c)          Neither
the Master Servicer nor the Special Servicer shall permit any Borrower to add or substitute any collateral for an outstanding Mortgage
Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, which collateral constitutes real property, unless the Master
Servicer or the Special Servicer, as applicable, shall have obtained a Rating Agency Confirmation relating to the Certificates
and Serviced Companion Loan Securities, if any.

 

(d)          Any
payment of interest, which is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall not, for purposes
hereof, including, without limitation, calculating monthly distributions to Certificateholders or, if applicable, Serviced Companion
Loan Noteholders, be added to the unpaid principal balance of the related Mortgage Loan or Serviced Whole Loan, notwithstanding
that the terms of such Mortgage Loan or Serviced Whole Loan or such modification, waiver or amendment so permit.

 

(e)          Except
for waivers of Penalty Charges and waivers of notice periods, all material modifications, waivers and amendments of the Mortgage
Loans (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loans in accordance with this Section 3.26 or Section
3.27 of this Agreement (with respect to Serviced Whole Loans) shall be in writing.

 

(f)           The
Master Servicer or the Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, the Directing
Holder (other than if a Consultation Termination Event has occurred and is continuing), the Operating Advisor (only if a Control
Termination Event has occurred and is continuing), the Depositor, the related Serviced Companion Loan Noteholder (if any) and the
17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement), in writing, of any modification, waiver, material consent or amendment of any term of any Mortgage
Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and the date thereof, and shall deliver to the Custodian
for deposit in the related Mortgage File, an

 

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original counterpart of the agreement relating to such modification, waiver, material
consent or amendment, promptly (and in any event within 10 Business Days) following the execution thereof.

 

(g)          The
Master Servicer or the Special Servicer may (subject to the Servicing Standard), as a condition to granting any request by a Borrower
for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant
to the terms of the instruments evidencing or securing the related Mortgage Loan or Serviced Whole Loan and is permitted by the
terms of this Agreement and applicable law, require that such Borrower pay to it (i) as additional servicing compensation, a reasonable
and customary fee for the additional services performed in connection with such request (provided that the charging of such
fee would not constitute a “significant modification” of the related Mortgage Loan or Serviced Whole Loan within the
meaning of Treasury Regulations Section 1.860G-2(b)), and (ii) any related costs and expenses incurred by it. In no event shall
the Master Servicer or the Special Servicer be entitled to payment for such fees or expenses unless such payment is collected from
the related Borrower.

 

(h)          Notwithstanding
the foregoing, the Master Servicer shall not permit the substitution of any Mortgaged Property pursuant to the defeasance provisions
of any Mortgage Loan or Serviced Whole Loan (or any portion thereof), if any, unless such defeasance complies with Treasury Regulations
Section 1.860G-2(a)(8) and satisfies the conditions set forth in Section 3.09(g) of this Agreement.

 

(i)           Notwithstanding
anything herein or in the related Loan Documents to the contrary (but subject to the consent rights and process set forth in Section
6.07(a) with respect to Major Decisions or Special Servicer Decisions), the Master Servicer may permit the substitution of
direct, non-callable “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of
1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (including U.S. government agency
securities if such securities are eligible defeasance collateral under then current guidelines of the Rating Agencies) for any
Mortgaged Property pursuant to the defeasance provisions of any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced
Whole Loan (or any portion thereof) in lieu of the defeasance collateral specified in the related Loan Documents; provided
that, the Master Servicer reasonably determines that allowing their use would not cause a default or event of default under the
related Loan Documents to become reasonably foreseeable and the Master Servicer receives an Opinion of Counsel (at the expense
of the Borrower to the extent permitted under the Loan Documents) to the effect that such use would not be and would not constitute
a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations Section
1.860G-2(b) and would not otherwise cause an Adverse REMIC Event and provided, that the requirements set forth in Section
3.09(g) of this Agreement are satisfied.

 

(j)           If
required under the related Loan Documents or if otherwise consistent with the Servicing Standard, the Master Servicer shall establish
and maintain one or more accounts, which may be sub-accounts of the Collection Account (the “Defeasance Accounts”),
into which all payments received by the Master Servicer from any defeasance collateral substituted for any Mortgaged Property shall
be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Loan Documents. Each Defeasance
Account shall at all times be an Eligible Account. Notwithstanding the foregoing, in no event shall the Master

 

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Servicer permit
such amounts to be maintained in the Defeasance Account for a period in excess of 12 months, unless such amounts are reinvested
by the Master Servicer in “government securities” within the meaning of Section 2(a)(16) of the Investment Company
Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the extent not required
or permitted to be placed in a separate account, the Master Servicer shall deposit all payments received by it from defeasance
collateral substituted for any Mortgaged Property into the Collection Account or, if a Serviced Whole Loan is involved, the Serviced
Whole Loan Collection Account and treat any such payments as payments made on the Mortgage Loan or Serviced Whole Loan, as applicable,
in advance of its Due Date in accordance with clause (a) of the definition of Principal Distribution Amount, and not as a prepayment
of the related Mortgage Loan or Serviced Whole Loan. Notwithstanding anything herein to the contrary, in no event shall the Master
Servicer permit such amounts to be maintained in the Collection Account or, if a Serviced Whole Loan is involved, the Serviced
Whole Loan Collection Account for a period in excess of 365 days.

 

(k)          Any
right to take any action, grant or withhold any consent or otherwise exercise any right, election or remedy afforded the Directing
Holder under this Agreement may, unless otherwise expressly provided herein to the contrary, be affirmatively waived by the Directing
Holder by written notice given to the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable.
Upon delivery of any such notice of waiver given by the Directing Holder, any time period (exclusive or otherwise) afforded the
Directing Holder to exercise any such right, make any such election or grant or withhold any such consent shall thereupon be deemed
to have expired with the same force and effect as if the specific time period set forth in this Agreement applicable thereto had
itself expired. If the Master Servicer or Special Servicer determines that a refusal to consent by the Directing Holder or any
advice from the Directing Holder would cause the Master Servicer or Special Servicer, as applicable, to violate applicable law,
the terms of the applicable Loan Documents, any related Intercreditor Agreements, the REMIC Provisions or the terms of this Agreement,
including without limitation, the Servicing Standard, the Master Servicer or Special Servicer shall disregard such refusal to consent
or advice and notify the Directing Holder, the Trustee, the Certificate Administrator, the related Serviced Companion Loan Noteholder
(if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website
pursuant to Section 3.14(d) of this Agreement) of its determination, including a reasonably detailed explanation of the
basis therefor.

 

(l)          Any
modification, waiver or amendment of or consents or approvals relating to a Mortgage Loan or Serviced Whole Loan that is a Specially
Serviced Loan or Serviced REO Loan (i) shall be performed by the Special Servicer and not the Master Servicer, (ii) to the extent
provided in this Agreement and/or the applicable Intercreditor Agreement, shall be subject to the consent of the related Directing
Holder and (iii) shall be structured so as to be consistent with the allocation and payment priorities in the related Loan Documents
and Intercreditor Agreement, if any, such that neither the Trust as holder of the Mortgage Loan nor a holder of any related Serviced
Companion Loan gains a priority over the other such holder that is not reflected in the related Loan Documents and Intercreditor
Agreement.

 

(m)          In
addition, with respect to a Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer, prior to taking action
with respect to any Major Decision

 

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(or making a determination not to take action with respect to a Major Decision) or any Special
Servicer Decision, shall refer the request to the Special Servicer, which shall process the request directly or, if mutually agreed
to by the Special Servicer and the Master Servicer, the Master Servicer shall (subject to the consent of the Special Servicer)
process such request (other than the items listed in clause(e)(i) and clause (e)(ii) of Special Servicer Decisions,
which the Master Servicer shall process, subject to the Special Servicer’s consent or deemed consent as set forth in Section
3.09 and Section 3.26(m)). If the Master Servicer processes such request, the Master Servicer shall prepare and submit
its written recommendation and analysis to the Special Servicer with all information in the Master Servicer’s possession
that the Special Servicer may reasonably request in order to withhold or grant its consent, and in all cases the Special Servicer
shall be entitled (subject to the consultation rights of the Operating Advisor or the consent or consultation rights of the Directing
Holder) to approve or disapprove any modification, waiver or amendment that constitutes a Major Decision or Special Servicer Decision.
When the Special Servicer’s consent is required hereunder, such consent shall be deemed given 15 Business Days, or such longer
time period pursuant to the terms of the related Intercreditor Agreement but not less than five (5) Business Days after the time
period set forth therein for Directing Holder approval, (or in connection with an Acceptable Insurance Default, 90 days) after
receipt (unless earlier objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s written analysis
and recommendation with respect to such proposed Major Decision or Special Servicer Decision together with such other information
reasonably required by the Special Servicer and reasonably available to the Master Servicer. With respect to all Specially Serviced
Loans and Performing Loans (other than Non-Serviced Mortgage Loans), the Special Servicer shall, prior to consenting to such a
proposed action of the Master Servicer, and prior to itself taking such a Major Decision, obtain the written consent of the related
Directing Holder, which consent shall be deemed given 10 Business Days after receipt (or in connection with an Acceptable Insurance
Default, 30 days) (unless earlier objected to) by such Directing Holder of the Master Servicer’s and/or Special Servicer’s,
as applicable, written analysis and recommendation with respect to such action together with such other information reasonably
requested by such Directing Holder.

 

(n)          For
the avoidance of doubt, and without limiting the generality of the foregoing, any request for the disbursement of earnouts or holdback
amounts with respect to (i) any Specially Serviced Loan shall be processed by the Special Servicer and (ii) any Mortgage Loan listed
on Exhibit Y received by the Master Servicer shall be processed by the Master Servicer and submitted to the Special Servicer
for approval. For purposes of this Agreement, “disbursement of earnouts or holdback amounts” shall mean the disbursement
or funding to a borrower of previously unfunded, escrowed or otherwise reserved portions of the loan proceeds of the applicable
Mortgage Loan until certain conditions precedent thereto relating to the satisfaction of performance-related criteria (i.e.,
project reserve thresholds, lease-up requirements, sales requirements, etc.), as set forth in the applicable loan documents, have
been satisfied.

 

(o)          The
Master Servicer shall provide the Special Servicer with any notice that it receives relating to a default by the borrower under
a ground lease where the collateral for the Mortgage Loan is the ground lease, and the Special Servicer will determine in accordance
with the Servicing Standard whether to cure any borrower defaults relating to ground leases.

 

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Section 3.27     Certain
Intercreditor Matters Relating to the Whole Loans.    (a) With respect to Serviced Whole Loans, except for those duties
to be performed by, and notices to be furnished by, the Trustee under this Agreement, the Master Servicer or the Special Servicer,
as applicable, shall perform such duties and furnish such notices, reports and information on behalf of the Trust Fund as may
be the obligation of the Trust, or the obligation of the master servicer or the special servicer, as applicable, following securitization,
under the related Intercreditor Agreement.

 

(b)          The
Master Servicer shall maintain a register (the “Serviced Companion Loan Noteholder Register”) on which the Master
Servicer shall record the names and addresses of the Serviced Companion Loan Noteholders and wire transfer instructions for such
Serviced Companion Loan Noteholders from time to time, to the extent such information is provided in writing to the Master Servicer
by a Serviced Companion Loan Noteholder. Each Serviced Companion Loan Noteholder has agreed to inform the Master Servicer of its
name, address, taxpayer identification number and wiring instructions (to the extent the foregoing information is not already contained
in the related Intercreditor Agreement) and of any transfer thereof (together with any instruments of transfer). The name and address
of each initial Serviced Companion Loan Noteholder as of the Closing Date is set forth on Schedule VII hereto. The Master
Servicer shall be entitled to conclusively rely upon the information delivered by any Serviced Companion Loan Noteholder until
it receives notice of transfer or of any change in information.

 

In no event shall the
Master Servicer be obligated to pay any party the amounts payable to a Serviced Companion Loan Noteholder hereunder other than
the Person listed as the applicable Serviced Companion Loan Noteholder on the Serviced Companion Loan Noteholder Register. In the
event that a Serviced Companion Loan Noteholder transfers the related Serviced Companion Loan without notice to the Master Servicer,
the Master Servicer shall have no liability whatsoever for any misdirected payment on such Serviced Companion Loan and shall have
no obligation to recover and redirect such payment.

 

The Master Servicer shall
promptly provide the names and addresses of any Serviced Companion Loan Noteholder to any party hereto, any related Companion Loan
Noteholder or any successor thereto upon written request, and any such party or successor may, without further investigation, conclusively
rely upon such information. The Master Servicer shall have no liability to any Person for the provision of any such names and addresses.

 

(c)          The
Directing Holder shall not owe any fiduciary duty to the Trustee, any Master Servicer, any Special Servicer, any Certificateholder
(including the Controlling Class Representative, if applicable) or any noteholder of a Serviced Whole Loan. The Directing Holder
will not have any liability to the Certificateholders (including the Controlling Class Representative, if applicable) or any other
noteholder of a Serviced Whole Loan, as applicable, for any action taken, or for refraining from the taking of any action or the
giving of any consent, pursuant to this Agreement, or for errors in judgment.

 

(d)          With
respect to any Serviced Whole Loan, the Directing Holder shall be entitled to exercise the consent rights, cure rights and purchase
rights, as applicable, to the extent set forth in the applicable Intercreditor Agreement, in accordance with the terms of the related
Intercreditor Agreement and this Agreement.

 

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(e)          The
Special Servicer (if any Serviced Companion Loan is a Specially Serviced Loan or has become a Serviced REO Loan) or the Master
Servicer (otherwise), as applicable, shall take all actions relating to the servicing and/or administration of, and (subject to
Section 3.13 and Section 3.17 of this Agreement and the following paragraph) the preparation and delivery of reports
and other information with respect to, the Serviced Whole Loan related to any Serviced Companion Loan or any related Serviced REO
Property required to be performed by the holder of the related Mortgage Loan or contemplated to be performed by a servicer, in
any case pursuant to and as required by each related Intercreditor Agreement and/or any related mezzanine intercreditor agreement
existing on the Closing Date and any related Intercreditor Agreement or mezzanine intercreditor agreement not existing on the Closing
Date that is provided to the Master Servicer or Special Servicer, as applicable. In addition notwithstanding anything herein to
the contrary, the following considerations shall apply with respect to the servicing of a Serviced Companion Loan:

 

(i)          none
of the Master Servicer, the Special Servicer or the Trustee shall make any P&I Advance with respect to the Serviced Companion
Loan; and

 

(ii)        the
Master Servicer and the Special Servicer shall each consult with and obtain the consent of the related Serviced Companion Loan
Noteholder(s) to the extent required by the related Intercreditor Agreement.

 

The Master Servicer or
Special Servicer, as applicable, shall timely provide to each related Serviced Companion Loan Noteholder any reports or notices
required to be delivered to such Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement, and the Special
Servicer shall reasonably cooperate with the Master Servicer and the Master Servicer shall reasonably cooperate with the Special
Servicer in preparing/delivering any such report or notice with respect to special servicing matters.

 

If any Serviced Companion
Loan or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust” (within
the meaning of the Grantor Trust Provisions), then neither the Master Servicer nor the Special Servicer shall knowingly take any
action that would result in the equivalent of an Adverse REMIC Event with respect to such REMIC or adversely affect the tax status
of such grantor trust as a grantor trust.

 

The parties hereto acknowledge
that a Serviced Companion Loan Noteholder shall not (1) owe any fiduciary duty to the Trustee, the Certificate Administrator, the
Master Servicer, the Special Servicer or any Certificateholder or (2) have any liability to the Trustee or the Certificateholders
for any action taken, or for refraining from the taking of any action pursuant to the related Intercreditor Agreement or the giving
of any consent or for errors in judgment. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have confirmed
its understanding that a Serviced Companion Loan Noteholder (i) may take or refrain from taking actions that favor its interests
or the interests of its affiliates over the Certificateholders, (ii) may have special relationships and interests that conflict
with the interests of the Certificateholders and shall be deemed to have agreed to take no action against a Serviced Companion
Loan Noteholder or any of its officers, directors, employees, principals or agents as a result of such special relationships or
conflicts and (iii) shall not be liable by reason of its having acted or refrained from acting solely in its interest or in the
interest of its affiliates.

 

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The parties hereto recognize
and acknowledge the respective rights of each Serviced Companion Loan Noteholder under the related Intercreditor Agreement. Each
of the rights of a Serviced Companion Loan Noteholder under or contemplated by this Section 3.27(e) may be exercisable by
a designee thereof on its behalf; provided that the Master Servicer, the Special Servicer, the Certificate Administrator
and the Trustee are provided with written notice by the related Serviced Companion Loan Noteholder of such designation (upon which
such party may conclusively rely) and the contact details of the designee.

 

Notwithstanding anything
herein or in the Intercreditor Agreement to the contrary, no direction or objection by the Serviced Companion Loan Noteholder may
require or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision of any Mortgage Loan, applicable
law, this Agreement, any Intercreditor Agreement or the REMIC Provisions, including without limitation the Master Servicer’s
or Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special
Servicer, the Depositor, a Mortgage Loan Seller, the Operating Advisor, the Asset Representations Reviewer, the Paying Agent, the
Trust Fund, the Certificate Administrator (in any of its capacities) or the Trustee to liability, or materially expand the scope
of the Master Servicer’s or Special Servicer’s responsibilities hereunder.

 

Any reference to servicing
any of the Mortgage Loans in accordance with any of the related Loan Documents (including the related Mortgage Note and Mortgage)
shall also mean, in the case of a Serviced Whole Loan, in accordance with the related Intercreditor Agreement.

 

To the extent not otherwise
expressly included herein, any provisions required to be included herein pursuant to any Intercreditor Agreement for a Serviced
Whole Loan or a Non-Serviced Whole Loan are deemed incorporated herein by reference, and the parties hereto shall comply with those
provisions as if set forth herein in full.

 

For purposes of exercising
any rights that the Directing Holder of the Mortgage Note for any Mortgage Loan in a Serviced Whole Loan may have under the related
Intercreditor Agreement, the Directing Holder shall be the designee of the Trust, as such noteholder, and the Trustee shall, upon
request, take such actions as may be necessary under the related Intercreditor Agreement to effect such designation. The Certificate
Administrator shall provide notice of the identity of the Controlling Class Representative (to the extent the Certificate Administrator
has received notice of a change in the identity of the Controlling Class Representative), upon request, to the other parties to
the related Intercreditor Agreement, to the extent the identity and contact information of such parties to such Intercreditor Agreement
are actually known to the Certificate Administrator.

 

(f)          With
respect to a Non-Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above described information
in Section 3.13(c) and Section 3.13(d) hereof to the same Persons as described above in Section 3.13(c) and
Section 3.13(d) and according to the same time frames as described above in Section 3.13(c) and Section 3.13(d),
to the extent such Master Servicer has timely received such information from the Other Servicer under the Other Pooling and Servicing
Agreement.

 

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Promptly following the
Closing Date or, as applicable, upon the receipt of notice by the Certificate Administrator of a Servicing Shift Securitization
Date, the Certificate Administrator shall send written notice (which notice may be by email) substantially in the form of Exhibit
EE hereto, accompanied by a copy of an executed version of this Agreement, with respect to each Non-Serviced Mortgage Loan
to each applicable Other Servicer, Other Special Servicer, Other Trustee and Other Operating Advisor stating that, as of the Closing
Date, the Trustee is the holder of the applicable Non-Serviced Mortgage Loan and directing each such recipient to remit to the
Master Servicer no later than one (1) Business Day after each Determination Date all amounts payable to, and to forward, deliver
or otherwise make available, as the case may be, to the Master Servicer no later than one (1) Business Day after each Determination
Date all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise
made available to, the holder of the applicable Non-Serviced Mortgage Loan under the related Intercreditor Agreement and Other
Pooling and Servicing Agreement. Such notice shall also provide contact information for the Certificate Administrator, the Trustee,
the Master Servicer, the Special Servicer, the Directing Holder, the 17g-5 Information Provider and the Rating Agencies.

 

With respect to a Non-Serviced
Mortgage Loan, if the applicable Other Servicer, Other Special Servicer or Other Trustee shall be replaced in accordance with the
terms of the related Other Pooling and Servicing Agreement, promptly upon notice thereof, the applicable party to this Agreement
that receives such notice shall, upon request, acknowledge such successor as the successor to the Other Servicer, Other Special
Servicer or Other Trustee, as the case may be.

 

With respect to a Non-Serviced
Mortgage Loan, upon its receipt of written notice of the replacement of the Master Servicer or the Trustee, the Certificate Administrator
shall give prompt written notice thereof to each related Other Servicer, Other Special Servicer, Other Trustee and Other Operating
Advisor, together with relevant contact information of the successor Master Servicer or Trustee, as applicable.

 

With respect to each
Serviced Whole Loan, the Master Servicer or the Special Servicer, as applicable, shall provide each Companion Loan Noteholder and,
if applicable, related Non-Directing Holder (or its designee or representative), within the same time frame and to the same extent
it is required to provide such information and materials to the Certificateholders or the Directing Holder, as applicable (but
without regard to whether or not the Directing Holder actually has lost any rights to receive such information as a result of a
Consultation Termination Event), hereunder with (1) copies of each financial statement received by the Master Servicer pursuant
to the terms of the related Loan Documents, (2) copies of any notice of default sent to the Borrower and (3) subject to the terms
of the Loan Documents, copies of any other documents or information relating to the Serviced Whole Loan (including, without limitation,
property inspection reports, loan servicing statements, Borrower requests and asset status reports) that the Master Servicer delivers
to the related Directing Holder and copies of any other notice, information or report that it is required to provide to the Directing
Holder pursuant to this Agreement with respect to any Major Decision or with respect to any “major decisions” or “major
actions” as set forth in the related Intercreditor Agreement or the implementation of any recommended actions outlined in
an Asset Status Report relating to such Serviced Whole Loan.

 

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Any copies to be furnished by the Master Servicer or the Special Servicer
may be furnished by hard copy or electronic means.

 

(g)          With
respect to each Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous
term defined in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement,
the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the Other Asset Representations
Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such asset review by providing the
Other Asset Representations Reviewer or such other requesting party with any documents reasonably requested by the Other Asset
Representations Reviewer or such other requesting party (not at its own expense or the expense of the Trust but at the expense
of the related mortgage loan seller, such Other Asset Representations Reviewer or such other requesting party to the Other Pooling
and Servicing Agreement), but only to the extent that (i) Other Asset Representations Reviewer or such other requesting party has
not been able to obtain such documents from the related mortgage loan seller or any party to the related Other Pooling and Servicing
Agreement, and (ii) such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian,
as the case may be. For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Trustee or the Custodian
(i) shall have any further obligations with respect to any such asset review nor shall any such party be bound by the results of
any such asset review, or (ii) shall be obligated to provide such documents if providing such documents, in its reasonable determination,
would be a violation of this Agreement or any related Intercreditor Agreement.

 

(h)          To
the extent that the Other Pooling and Servicing Agreement or Intercreditor Agreement relating to any Non-Serviced Whole Loan permits
the holder of the related Non-Serviced Mortgage Loan to terminate the related Other Servicer or Other Special Servicer or appoint
a sub-servicer or replacement therefor, the Trustee may, and at the written direction of the Holders of at least 25% of the aggregate
Voting Rights of all Certificates (or the Depositor with respect to any such right arising from such Other Servicer’s or
Other Special Servicer’s failure to comply with Exchange Act reporting obligations) upon five (5) Business Days’ notice,
shall, exercise the right to terminate the related Other Servicer or Other Special Servicer or appoint a sub-servicer or replacement
therefor, as applicable.

 

Section 3.28     Directing
Holder Contact with the Master Servicer and the Special Servicer.    Each of the Master Servicer and the Special Servicer
shall, not more frequently than once per month, without charge, make a knowledgeable Servicing Officer via telephone available
during normal business hours to verbally answer questions from the Directing Holder (for so long as no Consultation Termination
Event has occurred and is continuing) and the Operating Advisor (for so long as a Control Termination Event has occurred and is
continuing) regarding the performance and servicing of the Mortgage Loans and/or REO Properties for which the Master Servicer
or the Special Servicer, as the case may be, is responsible.

 

Section 3.29     Controlling
Class Certificateholders and the Controlling Class Representative; Certain Rights and Powers of the Directing Holder.     (a)
Each Certificateholder and Certificate Owner of a Control Eligible Certificate is hereby deemed to have agreed by virtue of its
purchase of such Certificate (or beneficial ownership interest in such Certificate) to provide its name and address to the Certificate
Registrar and to notify the Certificate Registrar of

 

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the transfer of any Control Eligible
Certificate (or the beneficial ownership of any Control Eligible Certificate), the selection of a Controlling Class Representative
or the resignation or removal thereof. Any such Certificateholder (or Certificate Owner) or its designee at any time appointed
Controlling Class Representative is hereby deemed to have agreed by virtue of its purchase of a Control Eligible Certificate (or
the beneficial ownership interest in a Control Eligible Certificate) to notify the Certificate Registrar when such Certificateholder
(or Certificate Owner) or designee is appointed Controlling Class Representative and when it is removed or resigns. Upon receipt
of such notice, the Certificate Registrar shall notify the Special Servicer, the Master Servicer, the Certificate Administrator,
the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Trustee, each Serviced Companion Loan Noteholder
of the identity of the Controlling Class Representative, any resignation or removal thereof and/or any new Holder or Certificate
Owner of a Control Eligible Certificate.

 

On the Closing Date,
the initial Controlling Class Representative shall deliver a certification substantially in the form of Exhibit L-1G to
this Agreement. Upon the resignation or removal of the existing Controlling Class Representative, any successor Controlling Class
Representative shall also deliver a certification substantially in the form of Exhibit L-1G to this Agreement prior to being
recognized as the new Controlling Class Representative.

 

In addition, upon the
request of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or, for
so long as no Consultation Termination Event has occurred and is continuing, the Directing Holder, the Certificate Registrar shall
promptly (but no later than five (5) Business Days after such request) provide to the requesting party the identity of the then-current
Controlling Class and a list of the Holders of Certificates of the Controlling Class. However, if any Certificate of the Controlling
Class is a Global Certificate, then the Certificate Administrator shall promptly (but in no event more than five (5) Business Days
following such request) request from the Depository, with the assistance of the Trustee, the list of Depository Participants for
the Controlling Class and make reasonable efforts to obtain a list of Certificate Owners from such Depository Participants, and
the Certificate Administrator shall provide such list of Depository Participants and such list of Certificate Owners (to the extent
the Certificate Administrator obtains such list of Certificate Owners), to the requesting party promptly upon receipt. The Certificate
Administrator shall be entitled to conclusively rely on the list of Depository Participants for the Controlling Class provided
by the Depository and the list of Certificate Owners provided by any Depository Participant and shall not have any liability for
such reliance; provided that, if any Certificate of the Controlling Class is a Global Certificate and the Certificate Administrator
has actual knowledge of the identity of the related Certificate Owners, then the Certificate Administrator shall include such Certificate
Owner in the list provided to any requesting party pursuant to first sentence of this paragraph. The Master Servicer, the Special
Servicer, the Trustee, the Operating Advisor and the Directing Holder shall be entitled to conclusively rely on any such information
so provided. Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting party,
except that if (i) such expenses arise in connection with an event as to which the Directing Holder (or Controlling Class Representative)
has review, consent or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant
to this Agreement or the related Other Pooling and Servicing Agreement or in connection with a request made by the Operating Advisor
in connection with its obligation under this Agreement to deliver a copy of the Operating Advisor Annual Report to the Controlling

 

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Class Representative and (ii) the requesting
party has not been notified of the identity of the Directing Holder (or Controlling Class Representative) or reasonably believes
that the identity of the Directing Holder (or Controlling Class Representative) has changed, then such expenses shall be at the
expense of the Trust.

 

To the extent the Master
Servicer has actual knowledge of any change in the identity of a Holder (or Certificate Owners) of the Controlling Class, then
the Master Servicer shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer.

 

(b)          The
initial Controlling Class Representative on the Closing Date shall be RREF III Debt AIV, LP on behalf of one or more managed funds
or accounts. The Certificate Registrar shall be entitled to assume RREF III Debt AIV, LP or any subsequent Controlling Class Representative
selected in accordance with this Agreement and notified to the Certificate Registrar thereof in writing, is the Controlling Class
Representative appointed by the Holder (or Certificate Owner) of each Class of Control Eligible Certificates, until the Certificate
Registrar receives (i) written notice of a replacement Controlling Class Representative from a majority of the Controlling Class
Certificateholders by Certificate Balance, (ii) written notice from a majority of the Controlling Class Certificateholders, by
Certificate Balance, that a Controlling Class Representative is no longer designated, (iii) written notice from a Controlling Class
Representative of the resignation of such Controlling Class Representative, or (iv) written notice that the Holder (or Certificate
Owner) of a majority of the applicable Class of Control Eligible Certificates is no longer the Holder (or Certificate Owner) of
a majority of the applicable Class of Control Eligible Certificates due to a transfer of those Certificates (or a beneficial ownership
interest in those Certificates). Upon the resignation of a Controlling Class Representative, the Certificate Administrator shall
request the Controlling Class Certificateholders to select a new Controlling Class Representative.

 

In the event either (y)
the Certificate Registrar receives notice identified in any of clause (ii) through (iv) of the immediately preceding paragraph
and no successor Controlling Class Representative is then identified to the Certificate Registrar or (z) a party to this Agreement
requests from the Certificate Administrator the identity of the Controlling Class Representative and such identity is not known
to the Certificate Administrator, then the Certificate Administrator shall promptly deliver a notice of such event (the “Initial
Notice”) to all the Certificateholders via the Depository (and a copy of such Initial Notice shall be simultaneously
sent to each of the Master Servicer, the Special Servicer, the Trustee and the Operating Advisor), which notice shall include a
request that the Controlling Class Certificateholder that believes it may own the largest aggregate Certificate Balance of the
Controlling Class represent in writing to the Certificate Administrator that it owns the largest aggregate Certificate Balance
of the Controlling Class (with evidence of its ownership) and provide its contact information. Upon receipt of such written representation
(and any subsequent written representation), the Certificate Administrator shall deliver a notice (the “Subsequent Notice”)
to all the Certificateholders via the Depository of such representation (and a copy of such Subsequent Notice shall be simultaneously
sent to each of the Master Servicer, the Special Servicer, the Trustee and the Operating Advisor) and so long as another party
holding an equal or larger aggregate Certificate Balance of the Controlling Class does not provide a written

 

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representation within
thirty (30) days from the date of delivery of the latest Subsequent Notice, the party making the original assertion shall become
the Controlling Class Certificateholder until replaced by another party pursuant to the terms of this Agreement. Notwithstanding
the foregoing, Controlling Class Certificateholder(s) providing notice that it (or they) are the Holders of a majority of the Controlling
Class Certificateholders, by Certificate Balance, shall have the right to select the Controlling Class Representative at any time
without regard to such 30-day period, and a Controlling Class Representative selected by the Holders of a majority of the Controlling
Class Certificateholders, by Certificate Balance, shall be recognized as such immediately upon being selected in accordance with
this Agreement whether or not such 30-day period has expired.

 

In the event that a Controlling
Class Representative is selected pursuant to this Section 3.29(b) or there is deemed to be no Controlling Class Representative
pursuant to this Section 3.29(b), the Certificate Registrar shall notify the Special Servicer, the Master Servicer, the
Certificate Administrator, the Depositor, the Operating Advisor, the Asset Representations Reviewer and the Trustee of the identity
of the new Controlling Class Representative or the absence of a Controlling Class Representative, as applicable.

 

At any time more than
50% of the Percentage Interest of the Controlling Class Certificateholders direct the Certificate Administrator in writing to hold
an election for a Controlling Class Representative, the Certificate Administrator shall hold such election as soon as practicable
at the expense of such requesting Certificateholders.

 

(c)          The
Master Servicer, Special Servicer, Trustee, Operating Advisor and Asset Representations Reviewer shall be entitled to request that
the Certificate Administrator provide, and the Certificate Administrator shall promptly (but no later than five (5) Business Days
after such request) provide (i) for so long as no Consultation Termination Event has occurred and is continuing, the identity of
the Controlling Class Representative, including names and contact information and, to the extent reasonably available, a list of
Controlling Class Certificateholders and (ii) confirmation as to whether a Control Termination Event or Consultation Termination
Event has occurred in the 12 months preceding any such request or any other period specified in such request. In addition to the
foregoing, (i) within two (2) Business Days of receiving notice of the selection of a new Controlling Class Representative or the
existence of a new Controlling Class Certificateholder or (ii) within ten (10) days of the commencement or cessation of any Consultation
Termination Event or Control Termination Event, the Certificate Administrator shall notify the Trustee, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer and the Special Servicer. Any expenses incurred in connection with obtaining
such information shall be at the expense of the requesting party, except that if (i) such expenses arise in connection with an
event as to which the Directing Holder (or Controlling Class Representative) has review, consent or consultation rights with respect
to an action taken by, or report prepared by, the requesting party pursuant to this Agreement or the related Other Pooling and
Servicing Agreement or in connection with a request made by the Operating Advisor in connection with its obligation under this
Agreement to deliver a copy of the Operating Advisor Annual Report to the Controlling Class Representative and (ii) the requesting
party has not been notified of the identity of the Directing Holder (or Controlling Class Representative) or reasonably believes
that the identity of the Directing Holder

 

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(or Controlling Class Representative) has changed, then such expenses shall be at the expense of the Trust.

 

The Special Servicer,
the Master Servicer, the Certificate Administrator, the Depositor, the Operating Advisor, the Asset Representations Reviewer and
the Trustee shall be entitled to assume RREF III Debt AIV, LP is the Controlling Class Representative appointed by the Holder (or
Certificate Owner) of each Class of Control Eligible Certificates until such party receives notice to the contrary. At any time
that a party to this Agreement receives notice of the selection of a Controlling Class Representative from the Certificate Registrar,
the Certificate Administrator or a majority of the Controlling Class Certificateholders, by Certificate Balance, then such party
to this Agreement shall be entitled to rely on the most recent notification with respect to the identity of the Controlling Class
Certificateholder and the Controlling Class Representative. The Special Servicer shall have no obligation to obtain the consent
of or consult with any entity appointed as a successor Controlling Class Representative until the Special Servicer receives written
notice of such successor Controlling Class Representative’s identity and contact information.

 

(d)          If
to the extent the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate
Administrator shall notify the related Certificateholders of such Class (through the Depository) of such event.

 

(e)          Each
Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Directing Holder may have special
relationships and interests that conflict with those of Holders of one or more Classes of Certificates or Companion Loan Noteholders;
(ii) the Directing Holder may act solely in the interests of the Holders of the Controlling Class (or, in the case of a Whole Loan,
in the interests of one or more Companion Loan Noteholders); (iii) the Directing Holder does not have any liability or duties to
the Holders of any Class of Certificates other than the Controlling Class; (iv) the Directing Holder may take actions that favor
the interests of the Directing Holder or one or more Classes of the Certificates including the Holders of the Controlling Class
(or, in the case of a Whole Loan, one or more Companion Loan Noteholders) over the interests of the Holders of one or more Classes
of Certificates and other Companion Loan Noteholders; and (v) the Directing Holder shall have no liability whatsoever to any Certificateholder,
the Trust, any Companion Loan Noteholder any party hereto or any other Person (including any Borrower under a Mortgage Loan) for
having so acted as set forth in clauses (i) through (iv) of this paragraph, and no Certificateholder or Companion Loan Noteholder
may take any action whatsoever against the Directing Holder or any director, officer, employee, agent or principal thereof for
having so acted.

 

(f)          The
Certificate Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2) Business
Days of a request from the Master Servicer, Special Servicer, Trustee, the Operating Advisor, the Certificate Administrator or
any Certificateholder and provide such information to the requesting party.

 

(g)          At
any time when the most senior Class of Control Eligible Certificates is the Controlling Class, the Holder of more than 50% of the
Controlling Class (by Certificate Balance) may waive its right to act as, or appoint a representative to act as, the Controlling
Class Representative and to exercise any of the rights of the Controlling Class Representative or cause the exercise of any of
the rights of the Controlling Class Representative by irrevocable written

 

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notice delivered to the Depositor, Certificate Administrator,
Certificate Registrar, Trustee, Master Servicer, Special Servicer, Operating Advisor and Asset Representations Reviewer. Any such
waiver shall remain effective with respect to such Holder and the most senior Class of Control Eligible Certificates until such
time as that Certificateholder has (i) sold a majority of the most senior Class of Control Eligible Certificates (by Certificate
Balance) to an unaffiliated third party and (ii) certified to the Depositor, Certificate Administrator, Certificate Registrar,
Trustee, Master Servicer, Special Servicer, Operating Advisor and Asset Representations Reviewer, that (a) the transferor retains
no direct or indirect voting rights with respect to the most senior Class of Control Eligible Certificates that it does not own,
(b) there is no voting agreement between the transferee and the transferor and (c) the transferor retains no direct or indirect
controlling interest in the most senior Class of Control Eligible Certificates. During such waiver period a Consultation Termination
Event shall be deemed to exist and the rights of the Controlling Class to appoint a Controlling Class Representative and the rights
of the Controlling Class Representative shall not be operative (notwithstanding whether a Control Termination Event or a Consultation
Termination Event is or would otherwise then be in effect). Following any transfer of more than 50% of the most senior Class of
Control Eligible Certificates, the successor Holder of more than 50% of the most senior Class of Control Eligible Certificates,
if the most senior Class of Control Eligible Certificates is the Controlling Class (by Certificate Balance) shall again have the
right to act as, or appoint a representative to act as, the Controlling Class Representative without regard to any prior waiver
by the predecessor Certificateholder. The successor Certificateholder shall also have the right to irrevocably waive its right
to act as or appoint a Controlling Class Representative or to exercise any of the rights of the Controlling Class Representative
or cause the exercise of any of the rights of the Controlling Class Representative. No successor Certificateholder described above
shall have any consent rights with respect to any Mortgage Loan that became a Specially Serviced Loan prior to its acquisition
of a majority of the most senior Class of Control Eligible Certificates that had not also become a corrected loan prior to such
acquisition until such Mortgage Loan becomes a Corrected Mortgage Loan.

 

Section 3.30     Rating
Agency Confirmation.  (a) Notwithstanding the terms of any related
Mortgage Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan documents or this Agreement
requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting Party”)
attempting and/or required to obtain such Rating Agency Confirmation from each Rating Agency has made a request to any Rating
Agency for such Rating Agency Confirmation and, within 10 Business Days of the Rating Agency Confirmation request being posted
to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner
that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation,
then such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the
17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request,
and, if it has not, promptly request the related Rating Agency Confirmation again (which may also be through direct communication).
The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario.”
Once the Requesting Party has sent a request for a Rating Agency Confirmation to the 17g-5 Information Provider, such Requesting
Party, may, but shall not be obligated to send such request directly to the Rating Agencies in accordance with the procedures
set forth in Section 3.14.

 

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If there is no response
to such Rating Agency Confirmation request within 5 Business Days of such second request in a RAC No-Response Scenario or if such
Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement
for Rating Agency Confirmation, then (x) with respect to any condition in any Mortgage Loan document requiring such Rating Agency
Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than
as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be deemed not to apply (as
if such requirement did not exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case
may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination
(made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would
still be consistent with the Servicing Standard, (y) with respect to a replacement of the Master Servicer or Special Servicer,
such condition shall be deemed not to apply (as if such requirement did not exist) if (i)(A) the applicable replacement master
servicer or special servicer has been appointed as a master servicer or special servicer, as applicable, on a transaction-level
basis on the Closing Date of a commercial mortgage loan securitization and, as of the date of such determination, is the master
servicer or special servicer, as applicable, of such securitization, with respect to which Moody’s rated one or more classes
of certificates and one or more classes of such certificates are still outstanding and rated by Moody’s and (B) Moody’s
has not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or
withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of
securities rated by Moody’s in a commercial mortgage-backed securitization transaction serviced by the applicable master
servicer or special servicer prior to the time of determination, if Moody’s is the non-responding Rating Agency, (ii) the
applicable replacement master servicer or special servicer is rated at least “CMS3” (in the case of the master servicer)
or “CSS3” (in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) DBRS has not
cited servicing concerns of the applicable replacement master servicer or special servicer, as applicable, as the sole or material
factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced
by the applicable replacement master servicer or special servicer prior to the time of determination, if DBRS is the non-responding
Rating Agency and (z) with respect to a replacement or successor to the Operating Advisor in any circumstance where a Rating Agency
Confirmation is required pursuant to the terms hereof, such condition will be deemed to be waived with respect to any non-responding
Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor as the sole or material
factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securities transaction with respect
to which the replacement operating advisor acts as trust advisor or operating advisor prior to the date of determination.

 

Any Rating Agency Confirmation
request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement,
shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request,
and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation
request shall be

 

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provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post
such request on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

Promptly following the
Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.30(a) following
any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist), the Master
Servicer or Special Servicer, as the case may be, shall provide electronic written notice to the 17g-5 Information Provider of
the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information
Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

(b)          Notwithstanding
anything to the contrary in this Section 3.30, for purposes of the provisions of any Loan Document relating to defeasance
(including without limitation the type of collateral acceptable for use as defeasance collateral), release or substitution of any
collateral, any Rating Agency Confirmation requirement in the Loan Documents with respect to which the Master Servicer or Special
Servicer would have been required to make the determination described in Section 3.30(a) shall be deemed not to apply regardless
of any such determination by the Requesting Party (or, if the Requesting Party is the related Borrower, the Master Servicer (with
respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans and Serviced REO Loans), as applicable);
provided, that the Requesting Party (or the Master Servicer or the Special Servicer, as applicable) shall in any event review
the other conditions required under the related Loan Documents with respect to such defeasance, release or substitution and confirm
to its satisfaction in accordance with the Servicing Standard that such conditions (other than the requirement for a Rating Agency
Confirmation) have been satisfied.

 

(c)          For
all other matters or actions not specifically discussed in Section 3.30(a) above, the applicable Requesting Party shall
deliver a Rating Agency Confirmation from each Rating Agency.

 

(d)          Notwithstanding
the terms of the related Loan Documents, the other provisions of this Agreement or the applicable Intercreditor Agreement, with
respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating to the
servicing and administration of the related Whole Loan or any related REO Property (the “Relevant Action”) requires
delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement, then, except as set
forth below in this paragraph, such action shall also require delivery of a Serviced Companion Loan Rating Agency Confirmation
as a condition precedent to such action from each related Serviced Companion Loan Rating Agency. Each Serviced Companion Loan Rating
Agency Confirmation shall be sought by the Master Servicer or Special Servicer, as applicable, depending on whichever such party
is seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a
Serviced Companion Loan Rating Agency Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will
be permitted to be waived by the Master Servicer and the Special Servicer on, and will be deemed not to apply on, the same terms
and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided that the Master
Servicer or Special Servicer, as applicable, depending on which is seeking the subject Serviced Companion Loan

 

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Rating Agency Confirmation,
shall forward to one or more of its counterparts (i.e., the Other Servicer or Other Special Servicer, as applicable), the Other
17g-5 Information Provider, or such other party or parties as are agreed to by the Master Servicer or the Special Servicer, as
applicable, and the applicable parties for the related Other Securitization, at the expense of the Other Securitization to the
extent not borne by the related Borrower, and in such format as the sender and recipient may reasonably agree, (i) the request
for such Serviced Companion Loan Rating Agency Confirmation, (ii) all materials forwarded to the 17g-5 Information Provider under
this Agreement in connection with seeking the Rating Agency Confirmation(s) for the applicable Relevant Action at approximately
the same time that such materials are forwarded to the 17g-5 Information Provider and (iii) any other materials that the applicable
Serviced Companion Loan Rating Agency may reasonably request in connection with such Serviced Companion Loan Rating Agency Confirmation
promptly following receipt of such request from the Other Trustee.

 

The Certificate Administrator
shall, promptly following receipt of written request from the Master Servicer or the Special Servicer, as applicable, provide to
the Master Servicer or the Special Servicer, as applicable, the contact information for the Other Servicer, the Other Special Servicer,
the Other Trustee and the Other 17g-5 Information Provider for the Other Securitization, solely to the extent in its possession.

 

Section 3.31     Appointment
and Duties of the Operating Advisor.

 

(a)          Park
Bridge Lender Services LLC is hereby appointed to serve as the initial Operating Advisor.

 

(b)          The
Operating Advisor, as an independent contractor, shall review the Special Servicer’s operational practices in respect of
Specially Serviced Loans, consult, in certain circumstances with the Special Servicer and perform each other obligation of the
Operating Advisor as set forth in this Agreement solely on behalf of the Trust Fund and in the best interest of, and for the benefit
of, the Certificateholders and, with respect to any Serviced Whole Loan (other than any Servicing Shift Whole Loan) for the benefit
of the related Companion Loan Noteholders (as a collective whole as if such Certificateholders and Companion Loan Noteholders constituted
a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the
subordinate nature of such Subordinate Companion Loan)), and not any particular Class of Certificateholders (as determined by the
Operating Advisor in the exercise of its good faith and reasonable judgment), but without regard to any conflict of interest arising
from any relationship that the Operating Advisor or any of its affiliates may have with any of the Borrowers, the Mortgage Loan
Seller, the Depositor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Directing Holder or any
of their affiliates (the “Operating Advisor Standard”). The Operating Advisor shall not owe any fiduciary duty
to the Master Servicer, the Special Servicer or any other Person in connection with this Agreement. By purchasing a Certificate,
Certificateholders are deemed to acknowledge and agree that there could be multiple strategies to resolve any Specially Serviced
Loan and that the goal of the Operating Advisor’s participation is to provide additional oversight relating to the Special
Servicer’s compliance with the Servicing Standard in making its determinations as to which strategy to execute.

 

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(c)          With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan or Servicing Shift Mortgage Loan) or Serviced Whole Loan
(other than a Servicing Shift Whole Loan), if no Control Termination Event has occurred and is continuing, the Operating Advisor
shall:

 

(i)           promptly
review all information available to Privileged Persons on the Certificate Administrator’s Website relevant to the Operating
Advisor’s obligations under this Agreement;

 

(ii)          promptly
review each Final Asset Status Report; and

 

(iii)         review
any Appraisal Reduction Amount and net present value calculations pursuant to Section 3.31(e) of this Agreement.

 

(d)          With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan or Servicing Shift Mortgage Loan) or Serviced Whole Loan
(other than a Servicing Shift Whole Loan), while a Control Termination Event has occurred and is continuing, the Operating Advisor
shall:

 

  (i)           consult
(on a non-binding basis) with the Special Servicer in connection with each Asset Status Report pursuant to Section 3.23(e)
of this Agreement;

 

  (ii)          consult
(on a non-binding basis) with the Special Servicer in connection with any Major Decision pursuant to Section 6.07 of this
Agreement;

 

  (iii)         review,
recalculate and verify the accuracy of any Appraisal Reduction Amount and net present value calculations pursuant to Section
3.31(f) of this Agreement;

 

  (iv)        in
connection with the preparation of the Operating Advisor Annual Report (defined below), review, in accordance with the Operating
Advisor Standard, the Special Servicer’s operational practices on a Platform-Level Basis in respect of Specially Serviced
Loans in order to formulate an opinion as to whether or not those operational practices generally satisfy the Servicing Standard
with respect to the resolution and/or liquidation of the Specially Serviced Loans;

 

  (v)         within
120 days of the end of the prior calendar year (if any such Mortgage Loans (other than Servicing Shift Mortgage Loans) were Specially
Serviced Loans during the prior calendar year), deliver an annual report setting forth the Operating Advisor’s assessment
of the Special Servicer’s performance of its duties under this Agreement on a Platform-Level Basis with respect to the resolution
and liquidation of Specially Serviced Loans during the prior calendar year (the “Operating Advisor Annual Report”)
to the Trustee, the Master Servicer, the Certificate Administrator (which shall promptly post such Operating Advisor Annual Report
on the Certificate Administrator’s Website), the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement). Each Operating Advisor Annual Report shall be substantially in the form of Exhibit BB of this Agreement
(which form may be modified or altered as to either its organization or content by the Operating Advisor,

 

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subject to compliance
of such form with the terms and provisions of this Agreement) and shall be based on the Operating Advisor’s review of any
annual compliance statement and any assessment of compliance delivered to the Operating Advisor pursuant to Section 10.11
of this Agreement, as applicable, any attestation report delivered to the Operating Advisor pursuant to Section 10.13 of
this Agreement, any Asset Status Report, other information (other than any communications between the Directing Holder and the
Special Servicer that would be Privileged Information) delivered to the Operating Advisor by the Special Servicer and oral communications
with the Special Servicer; provided that in no event shall the information or any other content included in the Operating
Advisor Annual Report contravene any provision of this Agreement. Subject to the restrictions in this Agreement, including, without
limitation, Section 3.31(b) of this Agreement, each such Operating Advisor Annual Report shall (A) identify any material
deviations (i) from the Servicing Standard and (ii) from the Special Servicer’s obligations under this Agreement with respect
to the resolution or liquidation of Specially Serviced Loans and (B) comply with all of the confidentiality requirements applicable
to the Operating Advisor described in this Agreement. Promptly upon receipt of each Operating Advisor Annual Report, the Certificate
Administrator shall post such Operating Advisor Annual Report on the Certificate Administrator’s Website. Each of the Special
Servicer and the Directing Holder (for so long as no Consultation Termination Event has occurred and is continuing) shall be given
an opportunity to review any Operating Advisor Annual Report at least five Business Days prior to its delivery to the Trustee and
the Certificate Administrator; provided, that the Operating Advisor shall have no obligation to consider any comments to
such Operating Advisor Annual Report that are provided by the Special Servicer or Directing Holder. Notwithstanding the foregoing,
no Operating Advisor Annual Report shall be required from the Operating Advisor with respect to the Special Servicer if during
the prior calendar year no Asset Status Report was prepared by the Special Servicer in connection with a Specially Serviced Loan
or Serviced REO Property.

 

(vi)        Notwithstanding
anything in this Agreement to the contrary (i) the Operating Advisor’s assessment of the Special Servicer’s performance
shall be based on the provisions of this Agreement, (ii) so long as Rialto Capital Advisors, LLC is acting as Special Servicer,
it shall not be required to provide its written policies and procedures to the Operating Advisor, except that, in the event the
Operating Advisor’s assessment determines that the Special Servicer has not materially performed its obligations under this
Agreement with respect to a particular Mortgage Loan, and Rialto Capital Advisors, LLC rebuts or defends such assessment based
upon its compliance with its written policies and procedures, Rialto Capital Advisors, LLC shall produce to the Operating Advisor
the relevant portions of Rialto Capital Advisors, LLC’s written policies and procedures, and (iii) the Operating Advisor’s
assessment may not take into account the fact that the Operating Advisor did not have access to the Rialto Capital Advisors, LLC
written policies and procedures. The Operating Advisor shall be permitted to review such portions of the policies and procedures
but shall not be permitted to retain hard copies. The Operating Advisor shall keep all information contained in the policies and
procedures strictly confidential, except (A) the Operating Advisor may disclose such information if (i) such information becomes
generally available and known to the public other than as a result of a disclosure directly or indirectly by the Operating Advisor,
or (ii) such disclosure is required by applicable law, rule, order or regulation (as demonstrated by

 

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evidence reasonably satisfactory
to the Special Servicer) and (B) the Operating Advisor may disclose a particular portion of the policies and procedures solely
when necessary to support specific conclusions (i) in the Operating Advisor Annual Report, or (ii) in connection with a recommendation
by the Operating Advisor to replace Rialto Capital Advisors, LLC as the Special Servicer pursuant to the provisions of this Agreement.
Notwithstanding the foregoing, the Operating Advisor will be permitted to share such information with its Affiliates and any subcontractors
of the Operating Advisor to the extent reasonably necessary to perform the Operating Advisor’s obligations under this Agreement
and provided such Operating Advisor affiliate and subcontractors agree in writing prior to receiving such information to
be bound by the same confidentiality provisions applicable to the Operating Advisor. Nothing set forth herein shall limit or affect
the scope of the Operating Advisor’s platform level review in connection with its preparation of the Operating Advisor Annual
Report, provided that the Operating Advisor’s access to or reliance upon Rialto Capital Advisors, LLC’s written
policies and procedures shall be subject to the terms of the immediately preceding sentence. Notwithstanding the foregoing, no
Operating Advisor Annual Report shall be required from the Operating Advisor with respect to the Special Servicer if during the
prior calendar year no Asset Status Report was prepared by the Special Servicer in connection with a Specially Serviced Loan or
REO Property.

 

(e)          With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan or Servicing Shift Mortgage Loan) or Serviced Whole Loan
(other than a Servicing Shift Whole Loan), if no Control Termination Event has occurred and is continuing, the Special Servicer
will forward any Appraisal Reduction Amount and net present value calculations used in the Special Servicer’s determination
of what course of action to take in connection with the workout or liquidation of a Specially Serviced Loan to the Operating Advisor
after such calculations have been finalized. The Operating Advisor shall review such calculations but may not opine on, or otherwise
call into question, such Appraisal Reduction Amount and/or net present value calculations (except that if the Operating Advisor
discovers a mathematical error contained in such calculations, then the Operating Advisor shall notify the Special Servicer and
the Controlling Class Representative (other than with respect to Excluded Mortgage Loans) of such error).

 

(f)          With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan or Servicing Shift Mortgage Loan) or Serviced Whole Loan
(other than a Servicing Shift Whole Loan), while a Control Termination Event has occurred and is continuing, after the calculation
but prior to the utilization by the Special Servicer of any of the calculations related to (A) Appraisal Reduction Amounts or (B)
net present value, the Special Servicer shall forward such calculations, together with any supporting material or additional information
necessary in support thereof (including such additional information reasonably requested by the Operating Advisor to confirm the
mathematical accuracy of such calculations, but not including any Privileged Information and, in the case of the Appraisal Reduction
Amount, only to the extent the Master Servicer has provided such information to the Special Servicer), to the Operating Advisor
promptly, but in any event no later than 2 Business Days after finalizing the preparation of such calculations, and the Operating
Advisor shall promptly, but no later than 3 Business Days after receipt of such calculations and any supporting or additional materials,
recalculate and verify the accuracy of the mathematical calculations and the corresponding

 

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application of the non-discretionary
portion of the applicable formulas required to be utilized in connection with any such calculation.

 

In connection with this
Section 3.31(f), if the Operating Advisor does not agree with the mathematical calculations or the application of the applicable
non-discretionary portions of the formula required to be utilized for such calculation, the Operating Advisor and the Master Servicer
or the Special Servicer, as applicable, shall consult with each other in order to resolve any inaccuracy in the mathematical calculations
or the application of the non-discretionary portions of the related formula in arriving at those mathematical calculations or any
disagreement within 5 Business Days of delivery of such calculations to the Operating Advisor. If the Operating Advisor and Special
Servicer are not able to resolve such inaccuracies or disagreement prior to the end of such 5 Business Day period, the Operating
Advisor shall promptly notify the Certificate Administrator of such disagreement and the Certificate Administrator shall examine
the calculations and supporting materials provided by the Master Servicer or the Special Servicer, as applicable, and the Operating
Advisor and shall determine which calculation is to apply. In making such determination, the Certificate Administrator may hire
an independent third-party to assist with any such calculation at the expense of the Trust and shall be entitled to conclusively
rely on such third party’s determination (provided such third party has been selected with reasonable care by the Certificate
Administrator).

 

(g)          Subject
to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged
Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance with
the terms of Section 4.02(c) of this Agreement.

 

(h)          The
Operating Advisor and its Affiliates shall keep all Privileged Information confidential and shall not disclose such Privileged
Information to any Person (including Certificateholders other than the Controlling Class Representative, other than (1) to the
extent expressly required by this Agreement, to the other parties to this Agreement with a notice indicating that such information
is Privileged Information or (2) pursuant to a Privileged Information Exception. Each party to this Agreement that received Privileged
Information from the Operating Advisor with a notice stating that such information is Privileged Information shall not disclose
such Privileged Information to any Person without the prior written consent of the Special Servicer, the Controlling Class Representative
and the Directing Holder other than pursuant to a Privileged Information Exception. Subject to the terms and conditions in this
Agreement related to Privileged Information, the Operating Advisor agrees that it shall use information received from the Special
Servicer pursuant to the terms of this Agreement solely for purposes of complying with its duties and obligations hereunder.

 

(i)          On
each Master Servicer Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee from amounts on
deposit in the Collection Account pursuant to Section 3.06 of this Agreement, as applicable. In addition, the Operating
Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor
has consultation rights. Each of the Operating Advisor Fee and the Operating Advisor Consulting Fee shall be payable from funds
on deposit in the Collection Account as provided in Section 3.06 of this Agreement, but with respect to the Operating Advisor
Consulting Fee only to the extent such Operating Advisor Consulting Fee is actually received from the related Borrower. When the
Operating Advisor has consultation rights with

 

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respect to a Major Decision under this Agreement, the Master Servicer or the Special
Servicer, as applicable, shall use commercially reasonable efforts consistent with the Servicing Standard to collect the applicable
Operating Advisor Consulting Fee from the related Borrower in connection with such Major Decision, but only to the extent not prohibited
by the related Loan Documents. The Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating
Advisor Consulting Fee payable by the related Borrower if it determines that such full or partial waiver is in accordance with
the Servicing Standard, but in no event shall the Master Servicer or the Special Servicer take any enforcement action with respect
to the collection of such Operating Advisor Consulting Fee other than requests for collection; provided that the Master
Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor prior to any such waiver or reduction.

 

Section 3.32     Delivery
of Excluded Information to the Certificate Administrator.

 

(a)          Any
Excluded Information that the Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate
Administrator for posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator
via e-mail (or such other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded
Information” followed by the applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance
of doubt, any information that is not appropriately labeled and delivered in accordance with this Section 3.32 shall not
be separately posted as Excluded Information on the Certificate Administrator’s Website, and any information appropriately
labeled and delivered to the Certificate Administrator pursuant to this Section shall be posted on the Certificate Administrator’s
Website under the “Excluded Information” section, as provided under Section 4.02(b). When so posted, Excluded
Controlling Class Holders shall be prohibited from the access of Excluded Information with respect to any Excluded Controlling
Class Mortgage Loans on the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed by the
Certificate Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class
Mortgage Loan(s)). None of the Master Servicer, the Special Servicer or the Operating Advisor shall have any obligations to separately
label and deliver any Excluded Information in accordance with this Section 3.32 until such party has received notice with respect
to the related Excluded Controlling Class Mortgage Loan in the form of Exhibit L-1E to this Agreement. Nothing set forth
in this Agreement shall prohibit the Controlling Class Representative or any Controlling Class Certificateholder from receiving,
requesting or reviewing any Excluded Information relating to any Excluded Controlling Class Mortgage Loan with respect to which
the Controlling Class Representative or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded
Information is not available on the Certificate Administrator’s Website, such Controlling Class Representative or Controlling
Class Certificateholder that is not a Borrower Party with respect to the related Excluded Controlling Class Mortgage Loan shall
be permitted to obtain such information upon reasonable request in accordance with Section 3.14(c) and the Master Servicer
and the Special Servicer, as applicable, may require and rely on such certifications prior to releasing any such information.

 

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Article
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section
4.01     Distributions. (a) On each Distribution Date, amounts held in the Lower-Tier
Distribution Account shall be withdrawn (to the extent of the Available Funds, including or reduced by, to the extent
required by Section 3.05(e) of this Agreement, the Withheld Amounts, plus any amount withdrawn from the Gain-on-Sale
Reserve Account pursuant to Section 3.05(i) of this Agreement) in the case of all Classes of Lower-Tier Regular
Interests (such amount, the “Lower-Tier Distribution Amount”). On each Distribution Date, distributions in
respect of principal shall be deemed to have been made on each Class of Lower-Tier Regular Interests in an amount equal to
the amount of principal actually distributed on its respective Corresponding Certificates as provided in Section
4.01(b) of this Agreement. As of any date, the principal balance of each Lower-Tier Regular Interest shall equal the
Lower-Tier Principal Balance thereof. On each Distribution Date, distributions of interest made in respect of any Class of
Regular Certificates on each Distribution Date pursuant to Section 4.01(b) or Section 9.01 of this Agreement
shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its
Corresponding Lower-Tier Regular Interest(s) set forth in the Preliminary Statement to this Agreement; provided that
each Lower-Tier Regular Interest shall be deemed to have received distributions in respect of interest in an amount equal to
the Interest Distribution Amount in respect of the Class X-A Strip Rate, Class X-B Strip Rate, Class X-C Strip Rate, Class
X-D Strip Rate, Class X-E Strip Rate or Class X-F Strip Rate of its Corresponding Component, as applicable, in each case to
the extent actually distributed to the related Class of Corresponding Certificates as provided in Section 4.01(b) of
this Agreement; and provided, further, that distributions of principal or reimbursement of Realized Losses and
Additional Trust Fund Expenses with respect to a Class of Certificates having more than one Corresponding Lower-Tier Regular
Interest, shall be allocated sequentially to the Corresponding Lower-Tier Regular Interests for such Class, starting with the
Corresponding Lower-Tier Regular Interest having the lowest alphanumeric designation.

 

All distributions of
reimbursements of Realized Losses and Additional Trust Fund Expenses made in respect of any Class of Sequential Pay Certificates
on each Distribution Date pursuant to Section 4.01(b) of this Agreement shall be deemed to have first been distributed from
the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary
Statement to this Agreement; provided, that distributions of reimbursements of Realized Losses and Additional Trust Fund
Expenses shall be made in sequential order of the priority set forth in this Section 4.01(a) for principal distributions,
up to the amount of Realized Losses and Additional Trust Fund Expenses previously allocated to a particular Lower-Tier Regular
Interest corresponding to such Class of Certificates.

 

On each Distribution
Date, the Certificate Administrator shall apply amounts related to each Prepayment Premium and Yield Maintenance Charge then on
deposit in the Lower-Tier Distribution Account and received during or prior to the related Collection Period to the Lower-Tier
Regular Interests in proportion to the amount of principal deemed distributed to each Class of Lower-Tier Regular Interests on
such Distribution Date pursuant to this Section 4.01(a).

 

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The Certificate Administrator
shall be deemed to deposit the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and any Yield Maintenance
Charges distributed to the Upper-Tier REMIC pursuant to this Section 4.01(a) into the Upper-Tier Distribution Account. Any
amount in respect of the Mortgage Pool that remains in the Lower-Tier Distribution Account on each Distribution Date after the
deemed distribution described in the preceding sentence shall be distributed to the Holders of the Class R Certificates with respect
to the Class R Certificates (in respect of the Class LTR Interest) (but only to the extent of such amount for such Distribution
Date remaining in the Lower-Tier Distribution Account, if any).

 

(b)          On
each Distribution Date occurring prior to the Cross-Over Date, the Certificate Administrator shall withdraw from the Upper-Tier
Distribution Account the amounts deposited in the Upper-Tier Distribution Account in respect of such Distribution Date pursuant
Section 4.01(a) of this Agreement, and distribute such amount to the Holders of the Regular Certificates in the amounts
and in the order of priority set forth below:

 

(i)          First,
to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class
X-F Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance with, the respective aggregate
Interest Distribution Amount for those Classes;

 

(ii)        Second,
to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, in reduction of the Certificate Balances thereof,
in the following priority:

 

(A)          first,
to the Class A-SB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution
Amount for such Distribution Date, until the Certificate Balance of such Class is reduced to the Class A-SB Planned Principal Balance;

 

(B)          second,
to the Class A-1 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
(or the portion of it remaining after distributions on the Class A-SB Certificates pursuant to (A) above in this clause (b)(ii))
for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

(C)          third,
to the Class A-2 Certificates, in reduction of Certificate Balance thereof, an amount equal to the Principal Distribution Amount
(or the portion of it remaining after distributions on the Class A-1 and Class A-SB Certificates pursuant to (A) and (B) above
in this clause (b)(ii)) for such Distribution Date, until the aggregate Certificate Balance of such Class is reduced to zero;

 

(D)          fourth,
to the Class A-3 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
(or the portion of it remaining after distributions on the Class A-1, Class A-2 and Class A-SB Certificates pursuant to (A), (B)
and (C) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

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(E)          fifth,
to the Class A-4 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
(or the portion of it remaining after distributions on the Class A-1, Class A-2, Class A-SB and Class A-3 Certificates pursuant
to (A), (B), (C) and (D) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance of such Class
is reduced to zero;

 

(F)          sixth,
to the Class A-SB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution
Amount (or the portion of it remaining after distributions on the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates
pursuant to (A), (B), (C), (D) and (E) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance
of such Class is reduced to zero;

 

(iii)          Third,
to the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB Certificates, up to an amount equal to, and pro rata based
upon, the aggregate unreimbursed Realized Losses previously allocated to those Classes of Certificates;

 

(iv)         Fourth,
to the Class A-M Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(v)          Fifth,
to the Class A-M Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class A-M is reduced to zero;

 

(vi)         Sixth,
to the Class A-M Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(vii)        Seventh,
to the Class B Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(viii)        Eighth,
to the Class B Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution
Amount less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;

 

(ix)          Ninth,
to the Class B Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(x)          Tenth,
to the Class C Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xi)          Eleventh,
to the Class C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

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(xii)          Twelfth,
to the Class C Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xiii)         Thirteenth,
to the Class D Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xiv)        Fourteenth,
to the Class D Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

(xv)         Fifteenth,
to the Class D Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xvi)        Sixteenth,
to the Class E Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xvii)       Seventeenth,
to the Class E Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount,
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

(xviii)      Eighteenth,
to the Class E Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xix)         Nineteenth,
to the Class F Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xx)          Twentieth,
to the Class F Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of
such Class is reduced to zero;

 

(xxi)         Twenty-first,
to the Class F Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xxii)        Twenty-second,
to the Class G Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xxiii)       Twenty-third,
to the Class G Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of
such Class is reduced to zero;

 

(xxiv)      Twenty-fourth,
to the Class G Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class; and

 

(xxv)       Twenty-fifth,
to the Class R Certificates (in respect of the Class UTR Interest), any amounts remaining in the Upper-Tier Distribution Account.

 

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(c)          Notwithstanding
the foregoing, on each Distribution Date occurring on and after the Cross-Over Date, regardless of the allocation of principal
payments described in priority Second above, the Principal Distribution Amount for such Distribution Date will be distributed
to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, pro rata, based on their respective Certificate
Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class of Certificates
is reduced to zero.

 

(d)          On
each Distribution Date, following the distribution from the Lower-Tier Distribution Account in respect of the Lower-Tier Regular
Interests pursuant to Section 4.01(a) of this Agreement, the Certificate Administrator shall make distributions of any Prepayment
Premiums and Yield Maintenance Charges received in the related Collection Period from amounts deposited in the Upper-Tier Distribution
Account pursuant to Section 3.05(f) of this Agreement, as follows:

 

Prepayment Premiums and
Yield Maintenance Charges received with respect to the Mortgage Loans shall be distributed to the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-M, Class B, Class C and Class D Certificates in an amount equal to, in the case of each such Class,
the product of (a) a fraction, not greater than one, the numerator of which is the amount distributed as principal to such Class
on such Distribution Date, and whose denominator is the total amount distributed as principal to the Class A-1, Class A-2, Class
A-SB, Class A-3, Class A-4, Class A-M, Class B, Class C, Class D, Class E, Class F and Class G Certificates on such Distribution
Date, (b) the Base Interest Fraction for the related Principal Prepayment and such Class of Certificates and (c) the aggregate
amount of the Prepayment Premiums or the Yield Maintenance Charges, as applicable, collected on such Principal Prepayment during
the related Collection Period.

 

Any Yield Maintenance
Charges or Prepayment Premiums collected during the related Collection Period remaining after such distributions described in the
preceding paragraphs (the “IO Group YM Distribution Amount”) shall be allocated and distributed in the following
manner:

 

(i)          to
the Class X-A Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate amount
of principal distributed on the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-M Certificates on such Distribution
Date and the denominator of which is the total Principal Distribution amount in respect of such Distribution Date, multiplied by
(b) the IO Group YM Distribution Amount;

 

(ii)         to
the Class X-B Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate amount
of principal distributed on the Class B and Class C Certificates on such Distribution Date and the denominator of which is the
total Principal Distribution Amount in respect of such Distribution Date, multiplied by (b), the IO Group YM Distribution Amount;

 

(iii)        to
the Class X-C Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distribution to the Class D Certificates on such Distribution Date and the denominator of which is

 

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the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(iv)        to
the Class X-D Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distribution to the Class E Certificates on such Distribution Date and the denominator of which is the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(v)         to
the Class X-E Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate amount
of principal distribution to the Class F Certificates on such Distribution Date and the denominator of which is the total Principal
Distribution Amount in respect of such Distribution Date, multiplied by (b) the IO Group YM Distribution Amount; and

 

(vi)        to
the Class X-F Certificates, the IO Group YM Distribution Amount remaining after such distribution to the holders of the Class X-A,
Class X-B, Class X-C, Class X-D and Class X-E Certificates described in (i) through (v) above.

 

(e)          On
each Distribution Date, the Certificate Administrator shall withdraw amounts from the Gain-on-Sale Reserve Account (or sub-account
thereof) and shall distribute such amounts in the following manner:

 

(i)          (A)
from amounts in the Gain-on-Sale Reserve Account allocable to a Mortgage Loan (other than a Mortgage Loan related to a Serviced
Whole Loan), to reimburse the Holders of the Regular Certificates (other than the Class X-A, Class X-B, Class X-C, Class X-D, Class
X-E and Class X-F Certificates) (in the same order as that set forth in Section 4.01(b) of this Agreement, up to an amount
equal to all Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to them and unreimbursed after application
of Available Funds for such Distribution Date; and (B) from amounts in the Gain-on-Sale Reserve Account allocable to the Serviced
Whole Loans, first, in accordance with the terms of the related Intercreditor Agreement, and then, to the extent
allocated to the related Mortgage Loan, pursuant to the terms of such Intercreditor Agreement, to reimburse the Holders of the
Regular Certificates (other than Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates), up to an amount
equal to all Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to them and unreimbursed after application
of Available Funds for such Distribution Date; and

 

(ii)          any
amounts remaining in the Gain-on-Sale Reserve Account after such distributions on any Distribution Date that (A) are allocable
to the Mortgage Loans, shall be held and maintained in such account and applied to offset future Realized Losses and Additional
Trust Fund Expenses from time to time; and (B) are allocable to the Serviced Companion Loans, shall be remitted within one Business
Day after each such Distribution Date by the Certificate Administrator to the Master Servicer (which shall remit to the Serviced
Companion Loan Noteholders in accordance with Section 3.05(h)). On any Distribution Date, amounts held in the Gain-on-Sale
Reserve Account (other than amounts

 

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allocable to any related Serviced Companion Loan pursuant to the terms of any related Intercreditor
Agreement) that exceed amounts reasonably required (as determined by the Certificate Administrator) to offset future Realized Losses
and Additional Trust Fund Expenses shall be distributed to the Holders of the Class R Certificates (in respect of the Class LTR
Interest) and upon termination of the Trust Fund, any amounts remaining in the Gain-on-Sale Reserve Account (other than amounts
allocable to any related Serviced Companion Loan pursuant to the terms of any related Intercreditor Agreement) shall be distributed
by the Certificate Administrator to the Class R Certificates (in respect of the Class LTR Interest). Amounts paid with respect
to the Mortgage Loans from the Gain-on-Sale Reserve Account pursuant to the preceding clauses (i) and (ii) shall first be deemed
to have been distributed to the Lower-Tier Regular Interests in reimbursement of Realized Losses and Additional Trust Fund Expenses
previously allocated thereto in the same manner as provided in Section 4.01(a) of this Agreement. Amounts paid from the
Gain-on-Sale Reserve Account will not reduce the Certificate Balances of any Class of Regular Certificates receiving such distributions.

 

(f)          On
each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(b), the
Certificate Administrator shall calculate the amount, if any, of Realized Losses. Any allocation of Realized Losses to any Class
of Regular Certificates (other than the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates) shall
be made by reducing the Certificate Balance thereof by the amount so allocated. Any Realized Losses so allocated to any Class of
Regular Certificates (other than the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates) shall be
allocated among the respective Certificates of such Class in proportion to the Percentage Interests evidenced thereby. The allocation
of Realized Losses shall constitute an allocation of losses and other shortfalls experienced by the Trust Fund. Reimbursement of
previously allocated Realized Losses will not constitute distributions of principal for any purpose and will not result in an additional
reduction in the Certificate Balance of the Class of Certificates in respect of which any such reimbursement is made. To the extent
any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans and previously
resulted in a reduction of the Principal Distribution Amount are subsequently recovered on the related Mortgage Loan, the amount
of such recovery will be added to the Certificate Balance of the Classes of Regular Certificates (other than the Class X-A, Class
X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates) that previously were allocated Realized Losses, first,
to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, pro rata, then to the remainder of
the Regular Certificates (other than the Class X Certificates) in sequential order, in each case up to the amount of the unreimbursed
Realized Losses allocated to such Class of Certificates. If the Certificate Balance of any Class of Certificates is so increased,
the amount of unreimbursed Realized Losses of such Class of Certificates shall be decreased by such amount.

 

The Certificate Balances
of each Class of Sequential Pay Certificates will be reduced without distribution on any Distribution Date as a write-off to the
extent of any Realized Losses allocated to such Class of Certificates with respect to such date. Any such write-offs will be applied
to the Classes of Sequential Pay Certificates in the following order, in each case until the Certificate Balance of such Class
is reduced to zero: first, to the Class G Certificates; second, to the Class F Certificates; third, to the
Class E Certificates; fourth, to the Class D

 

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Certificates; fifth, to the Class C Certificates; sixth, to the
Class B Certificates; seventh, to the Class A-M Certificates; and finally, to the Class A-1, Class A-2, Class A-SB,
Class A-3 and Class A-4 Certificates, pro rata, based on their respective Certificate Balances. Any amounts recovered in
respect of amounts previously written off as Realized Losses shall be distributed on the Classes of Sequential Pay Certificates
as a recovery of Realized Losses previously allocated to such Classes of Sequential Pay Certificates in reverse order of allocation
of Realized Losses thereto in accordance with Section 4.01(b) of this Agreement. Additional Trust Fund Expenses and shortfalls
in Available Funds due to extraordinary expenses of the Trust Fund (including indemnification expenses), a reduction in the Mortgage
Rate on a Mortgage Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers,
or otherwise, shall be treated as and allocated in the same manner as Realized Losses.

 

With respect to any Distribution
Date, any Realized Losses allocated pursuant to Section 3.06 of this Agreement with respect to such Distribution Date shall
reduce the Lower-Tier Principal Balances of the Lower-Tier Regular Interests as a write-off and shall be allocated among the Lower-Tier
Regular Interests in the same priority as the Class of Corresponding Certificates.

 

(g)          All
amounts distributable to a Class of Certificates pursuant to this Section 4.01 on each Distribution Date shall be allocated
pro rata among the outstanding Certificates in each such Class based on their respective Percentage Interests. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

(h)          Except
as otherwise provided in Section 9.01 with respect to an Anticipated Termination Date, the Certificate Administrator shall,
as soon as reasonably practicable within the month preceding the month in which the final distribution with respect to any Class
of Certificates is expected to be made, mail to each Holder of such Class of Certificates on such date a notice to the effect that:

 

(A)          the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of such
Certificates at the office of the Certificate Administrator therein specified, and

 

(B)          if
such final distribution is made on such Distribution Date, no interest shall accrue on such Certificates from and after such Distribution
Date;

 

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provided, that the Class R Certificates
shall remain outstanding until no other Class of Certificates or Lower-Tier Regular Interests or the Prudential Plaza Loan REMIC
Regular Interest are outstanding.

 

Any funds not distributed
to any Holder or Holders of such Classes of Certificates on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Holder
or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(h) shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining non-tendering Holders to surrender their Certificates for cancellation to receive the final distribution with
respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Holders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such
Holders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after the second notice
any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator
all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the
benefit of such Holders until the earlier of (i) its termination as Certificate Administrator hereunder and the transfer of such
amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to
the Class R Certificateholders. No interest shall accrue or be payable to any Holder on any amount held hereunder or by the Certificate
Administrator as a result of such Holder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with this Section 4.01(h). Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

(i)          Shortfalls
in Available Funds resulting from Excess Prepayment Interest Shortfalls shall be allocated to, and Compensating Interest Payments
shall be deemed distributed to, each Class of Regular Certificates and, in each case, correspondingly to the respective Class or
Classes of Corresponding Lower-Tier Regular Interests, pro rata, based upon the Interest Accrual Amount distributable to
each such Class of Certificates prior to reduction by such Excess Prepayment Interest Shortfalls. Compensating Interest Payments
shall be deposited by the Master Servicer into the Collection Account on or prior to the Master Servicer Remittance Date.

 

(j)          On
the final Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate
Administrator who shall distribute to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that
it is servicing and that were transferred from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding
Master Servicer Remittance Date in accordance with Section 3.06(e)(v) of this Agreement.

 

(k)          On
each Distribution Date, any Excess Interest received with respect to each ARD Loan during the related Collection Period shall be
distributed to the Holders of the Class V Certificates from the Excess Interest Distribution Account established pursuant to

 

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Section
3.05(k).      Any Excess Interest remaining in the Excess Interest Distribution Account on the final Distribution Date shall be
distributed to the Holders of the Class V Certificates.

 

(l)          The
Prudential Plaza Mortgage Loan’s share of all payments made on the Prudential Plaza Loan REMIC Regular Interest (other than
Default Interest and amounts distributable to the Prudential Plaza Loan REMIC Residual Interest in accordance with the REMIC Declaration)
shall be deemed to be paid at the time payments are made under the related Mortgage Loan (in the case of interest, at the Mortgage
Loan Rate of such Mortgage Loan) and then deposited in the Lower-Tier REMIC before payments are made to the Trustee as Holder of
the Lower-Tier Regular Interests, and shall be treated as principal, interest and Yield Maintenance Charges, as the case may be,
based on these characterizations with respect to such Mortgage Loan (or related REO Property), except where expressly noted and,
in addition, any payment of principal on or reduction in the Stated Principal Balance of such Mortgage Loan shall reduce the principal
balance of the Prudential Plaza Loan REMIC Regular Interest. Any portion of the Available Funds attributable to such Mortgage Loan
on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section 3.06(a)(i)-Section 3.06(a)(ix)
shall be distributable to the Class R Certificates (other than Gain-on-Sale Proceeds to be deposited into the Gain-on-Sale Reserve
Account) in respect of amounts distributed on the Prudential Plaza Loan REMIC Residual Interest from the Prudential Plaza Loan
REMIC Residual Distribution Account. Servicing Fees, Trustee Fees and Operating Advisor Fees, if any, with respect to such Mortgage
Loan shall be deemed paid by the Lower-Tier REMIC in determining the Net Mortgage Rate of the related Mortgage Loan, and all other
servicing compensation or unanticipated expenses with respect to such Mortgage Loans payable to the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee or the Operating Advisor, if any, shall be deemed payable by the Prudential
Plaza Loan REMIC.

 

Section 4.02     Statements
to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others.  (a)
On each Distribution Date, the Certificate Administrator shall prepare and make available on the Certificate Administrator’s
Website to each Certificateholder a statement (substantially in the form set forth as Exhibit K to this Agreement and based
on the information set forth in (i) the CREFC® Investor Reporting Package (CREFC® IRP) prepared
by the Master Servicer (other than the CREFC® Special Servicer Loan File) and the other reports prepared by the
Master Servicer, Certificate Administrator and Special Servicer relating to such Distribution Date, including the CREFC®
Special Servicer Loan File, upon which information the Certificate Administrator may conclusively rely, in accordance with
CREFC® guidelines and (ii) the CREFC® Reconciliation of Funds Template prepared by the Certificate
Administrator) as to distributions made on such Distribution Date (each, a “Distribution Date Statement”) setting
forth (with respect to each Class of Certificates) the following information:

 

(i)          the
Record Date, Interest Accrual Period, and Determination Date for such Distribution Date;

 

(ii)         the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Sequential Pay Certificates
and the Class V Certificates in reduction of the Certificate Balance of those Certificates;

 

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(iii)        the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Sequential Pay Certificates
allocable to (A) the Interest Accrual Amount, and/or (B) Interest Shortfalls;

 

(iv)        the
aggregate amount of Advances made in respect of the Distribution Date and the amount of interest paid on Advances since the prior
Distribution Date (including, to the extent material, the general use of funds advanced and general source of funds for reimbursements);

 

(v)         the
aggregate amount of compensation, if any, paid to the Trustee, the Certificate Administrator, CREFC®, the
Operating Advisor and the Asset Representations Reviewer and servicing compensation, if any, paid to the Master Servicer and the
Special Servicer for the related Determination Date and any other fees or expenses accrued and paid from the Trust Fund;

 

(vi)        (A)
the Available Funds for the Distribution Date, (B) the total amount of all principal and/or interest distributions, as well as
any other distributions (other than Yield Maintenance Charges), properly made on or in respect of any Class of Regular Certificates
with respect to such Distribution Date and (C) any other cash flows received on the Mortgage Loans and applied to pay fees and
expenses (including the components of the Available Funds, or such other cash flows);

 

(vii)       the
amount of the distribution on the Distribution Date to the holders of any Class of Regular Certificates allocable to Prepayment
Premiums and Yield Maintenance Charges;

 

(viii)      the
accrued Interest Accrual Amount in respect of each Class of Regular Certificates for such Distribution Date;

 

(ix)        the
Pass-Through Rate for each Class of Regular Certificates for the Distribution Date and the next succeeding Distribution Date;

 

(x)          the
Principal Distribution Amount for the Distribution Date;

 

(xi)        the
aggregate Certificate Balance or aggregate Notional Amount, as the case may be, of each Class of Certificates (other than the Class
V or Class R Certificates), immediately before and immediately after such Distribution Date, separately identifying any reduction
in the aggregate Certificate Balance (or, if applicable, the aggregate Notional Amount) of each such Class as a result of the allocation
of any Realized Loss and/or Additional Trust Fund Expenses on such Distribution Date;

 

(xii)       the
fraction, expressed as a decimal carried to at least eight places, the numerator of which is the then related Certificate Balance,
and the denominator of which is the related initial aggregate Certificate Balance, for each Class of Regular Certificates immediately
following the Distribution Date;

 

(xiii)      the
amount of any Appraisal Reduction Amounts, Collateral Deficiency Amounts and Cumulative Appraisal Reduction Amounts allocated during
the related

 

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Collection Period on a loan-by-loan basis; and the total Appraisal Reduction Amounts, Collateral Deficiency Amounts
and Cumulative Appraisal Reduction Amounts as of such Distribution Date on a loan-by-loan basis;

 

(xiv)       the
number and related Stated Principal Balance of any Mortgage Loans modified, extended or waived on a loan-by-loan basis since the
previous Determination Date (including a description of any material modifications, extensions or waivers to Mortgage Loan terms,
fees, penalties or payments during the Collection Period or that have cumulatively become material over time);

 

(xv)        the
amount of any remaining unpaid Interest Shortfalls for each Class of Regular Certificates as of the Distribution Date;

 

(xvi)       an
loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment (other than Liquidation Proceeds and
Insurance Proceeds) during the related Collection Period and the amount of Principal Prepayment occurring, together with the aggregate
amount of Principal Prepayments made during the related Collection Period;

 

(xvii)      an
loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date;

 

(xviii)     the
amount of the distribution to the holders of each Class of Certificates on the Distribution Date attributable to reimbursement
of Realized Losses;

 

(xix)        as
to any Mortgage Loan repurchased by a Mortgage Loan Seller or otherwise liquidated or disposed of during the related Collection
Period, (A) the Loan Number of the related Mortgage Loan and (B) the amount of proceeds of any repurchase of a Mortgage Loan, Liquidation
Proceeds and/or other amounts, if any, received thereon during the related Collection Period and the portion thereof included in
the Available Funds for such Distribution Date;

 

(xx)         the
amount on deposit in each of the Interest Reserve Account and the Gain-on-Sale Reserve Account before and after giving effect to
the distribution made on such Distribution Date (and any material account activity since the prior Distribution Date);

 

(xxi)        the
then-current credit support levels for each Class of Sequential Pay Certificates;

 

(xxii)       the
original and then-current ratings of each Class of Certificates (other than the Class R Certificates);

 

(xxiii)      with
respect to any REO Loan as to which the related Mortgaged Property became an REO Property during the preceding calendar month,
the city, state, property type, latest Debt Service Coverage Ratio and the current Stated Principal Balance;

 

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(xxiv)      with
respect to any REO Property included in the Trust Fund at the close of business on the related Determination Date (A) the Loan
Number of the related Mortgage Loan and (B) the value of such REO Property based on the most recent Appraisal or valuation;

 

(xxv)       with
respect to any Serviced REO Property sold or otherwise disposed of during the related Collection Period and for which a Final Recovery
Determination has been made, (A) the Loan Number of the related Mortgage Loan, (B) the Realized Loss attributable to the related
Mortgage Loan, (C) the amount of sale proceeds and other amounts, if any, received in respect of such Serviced REO Property during
the related Collection Period and the portion thereof included in the Available Funds for such Distribution Date, (D) the date
of the Final Recovery Determination and (E) the balance of the Gain-on-Sale Reserve Account for such Distribution Date;

 

(xxvi)      the
amount of the distribution on the Distribution Date to the holders of the Class V and Class R Certificates;

 

(xxvii)     material
breaches of Mortgage Loan representations and warranties or any covenants under this Agreement of which the Certificate Administrator
has received or delivered written notice;

 

(xxviii)    the
identity of the Operating Advisor;

 

(xxix)       the
amount of Realized Losses, Additional Trust Fund Expenses and Interest Shortfalls, if any, incurred with respect to the Mortgage
Loans during the related Collection Period and in the aggregate for all prior Collection Periods (except to the extent reimbursed
or paid);

 

(xxx)        an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the
related Collection Period;

 

(xxxi)       the
identity of the Controlling Class;

 

(xxxii)      the
identity of the Controlling Class Representative; and

 

(xxxiii)     such
other information as contemplated by Exhibit K to this Agreement.

 

In the case of information
furnished pursuant to sub-clauses (ii), (iii), (v), (vii), (viii), (xv) and (xviii) above, the amounts shall be expressed as a
dollar amount in the aggregate for all Certificates of each applicable Class and per $1,000 of original Certificate Balance or
Notional Amount, as the case may be.

 

The Master Servicer may
omit from the reports that it delivers to the Certificate Administrator (and the Special Servicer may omit from the reports it
delivers to the Master Servicer) in connection with the preparation of the Distribution Date Statement any information that the
Master Servicer or the Special Servicer, as applicable, regards as confidential, so long as such information is not required to
be disclosed pursuant to Item 1125 of Regulation AB. None of the Master Servicer, the Special Servicer, the Trustee or the Certificate
Administrator shall be

 

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responsible for the accuracy or completeness of any information supplied to it by a Borrower, the Depositor,
any Sponsor, any party to this Agreement or a master servicer, a special servicer or other similar party under an Other Pooling
and Servicing Agreement or other third party that is included in any reports, statements, materials or information prepared or
provided by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable.

 

If and for so long as
the Trust is subject to the reporting requirements of the Exchange Act, no Distribution Date Statement that is part of any SEC
filing shall include references to the Rating Agencies or any ratings ascribed by any Rating Agency to any Class of Certificates.

 

On each Distribution
Date, the Certificate Administrator shall make available to each Holder of a Class R Certificate a copy of the reports made available
to the other Certificateholders on such Distribution Date and a statement setting forth the amounts, if any, actually distributed
with respect to the Class R Certificates on such Distribution Date. Such obligation of the Certificate Administrator shall be deemed
to have been satisfied to the extent that it provided substantially comparable information pursuant to any requirements of the
Code as from time to time in force.

 

The Certificate Administrator
has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and
posting of such information to the Certificate Administrator’s Website, unless the Certificate Administrator has an explicit
obligation to review or prepare such information.

 

Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during
the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided
to Certificateholders pursuant to clauses (ii) and (iii) above as to the applicable Class, aggregated for such calendar year or
applicable portion thereof during which such person was a Certificateholder, together with such other information that the Certificate
Administrator deems necessary or desirable, or that a Certificateholder or Certificate Owner reasonably requests, to enable such
Certificateholders to prepare their federal income tax returns. Such information shall include the amount of original issue discount
accrued on each Class of Certificates held by Persons other than Holders exempted from the reporting requirements and information
regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided
pursuant to applicable requirements of the Code from time to time in force.

 

On each Distribution
Date, the Certificate Administrator shall deliver the related Distribution Date Statement to the Depositor in electronic format
to dbinvestor@list.db.com (or to such other address as the Depositor shall specify by written notice to the Certificate Administrator).

 

Upon receipt of any Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.04(e), the
Certificate Administrator shall include such summary in Item 1B on the Form 10-D for such period in which the Asset Review Report
Summary was delivered.

 

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(b)          The
Certificate Administrator shall make available via the Certificate Administrator’s Website, to any Privileged Person (provided
that the Prospectus, the Distribution Date Statements and the SEC filings will be made available to the general public, and provided,
further that any Privileged Person that is a Borrower Party shall only be entitled to access documents made available to
the general public) the following items, in each case to the extent received by the Certificate Administrator:

 

(i)          the
following “deal documents”:

 

(A)          the
Prospectus;

 

(B)           this
Agreement, each sub-servicing agreement delivered to the Certificate Administrator from and after the Closing Date (if any), the
Mortgage Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)           the
CREFC® Loan Setup File delivered to the Certificate Administrator by the Master Servicer;

 

(ii)        the
following “SEC EDGAR filings”:

 

(A)          any
reports on Forms 10-D, 10-K and 8-K that have been filed by the Certificate Administrator with respect to the Trust through the
EDGAR system;

 

(iii)       the
following “periodic reports”:

 

(A)          the
Distribution Date Statements;

 

(B)           the
supplemental reports and the CREFC® data files identified as such in the definition of “CREFC®
Investor Reporting Package (CREFC® IRP)” (other than the CREFC® Loan Setup File),
to the extent it has received or prepared such report or file; and

 

(C)           all
Operating Advisor Annual Reports.

 

(iv)        the
following “additional documents”:

 

(A)          the
summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format; and

 

(B)           any
other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format; and

 

(C)           the
CREFC® Appraisal Reduction template;

 

(v)          the
following “special notices”:

 

(A)          any
notice with respect to a release pursuant to Section 3.10(h);

 

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(B)          all
Special Notices;

 

(C)          notice
of any waiver, modification or amendment of any term of any Mortgage Loan;

 

(D)          notice
of final payment on the Certificates;

 

(E)          all
notices of the occurrence of any Servicer Termination Events received by the Certificate Administrator;

 

(F)          notice
of termination or resignation of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer or the Trustee (and appointments of successors to the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee);

 

(G)          any
notice to Certificateholders of the Operating Advisor’s recommendation to replace the Special Servicer and the related report
prepared by the Operating Advisor in connection with such recommendation;

 

(H)          any
notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer, the Operating
Advisor or the Asset Representations Reviewer;

 

(I)            notice
of the Certificate Administrator’s determination that an Asset Review Trigger is in effect and any other notice required
to be delivered to the Certificateholders pursuant to Section 11.01;

 

(J)           any
Asset Review Report Summary received by the Certificate Administrator;

 

(K)          any
and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the
Master Servicer’s, the Trustee’s or the Special Servicer’s, as the case may be, determination that any Advance
was (or, if made, would be) a Nonrecoverable Advance;

 

(L)          any
notice of the termination of the Trust;

 

(M)         any
notice of the occurrence and continuance of a Control Termination Event;

 

(N)          any
notice of the occurrence of a Consultation Termination Event;

 

(O)          any
notice of the occurrence of an Operating Advisor Termination Event;

 

(P)          any
notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

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(Q)          any
Proposed Course of Action Notice;

 

(R)          all
of the annual compliance statements and annual assessments as to compliance delivered to the Certificate Administrator since the
Closing Date pursuant to Section 10.11 and Section 10.12 of this Agreement; and

 

(S)          all
of the annual independent public accountants’ servicing reports caused to be delivered to the Certificate Administrator since
the Closing Date pursuant to Section 10.13 of this Agreement;

 

(vi)        the
Investor Q&A Forum; and

 

(vii)       solely
to Certificateholders and Certificate Owners, the Investor Registry;

 

provided that
with respect to a Control Termination Event or a Consultation Termination Event deemed to exist due solely to the existence of
an Excluded Loan, the Certificate Administrator shall only be required to make available such notice of the occurrence and continuance
of a Control Termination Event or the notice of the occurrence and continuance of a Consultation Termination Event to the extent
the Certificate Administrator has been notified of such Excluded Loan.

 

Notwithstanding the foregoing,
all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information”
(and not under any of the tabs or headings described in items (i) through (vii) above) and made available to Privileged Persons
other than Excluded Controlling Class Holders (unless loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded
Controlling Class Mortgage Loans).

 

Any Person that is a
Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following items made available to
the general public: the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the SEC filings on the Certificate
Administrator’s Website, and (b) in the case of the Controlling Class Representative or a Controlling Class Certificateholder,
if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator and the Trustee in physical form of an investor certification substantially in
the forms of Exhibit L-1D and Exhibit L-1E and upon delivery to the Certificate Administrator in physical form of
an investor certification substantially in the form of Exhibit L-1F, which shall include each of the CTSLink User ID’s
associated with such Excluded Controlling Class Holder, all information (other than Excluded Information) available on the Certificate
Administrator’s Website (unless loan-by-loan segregation is later performed by the Certificate Administrator in which case
such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded Controlling Class
Mortgage Loans).

 

In the case of the Controlling
Class Representative or a Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery of
an investor certification substantially in the form of Exhibit L-1B hereto, such Controlling Class Representative or Controlling
Class Certificateholder shall be entitled to access all information

 

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on the Certificate Administrator’s Website. The Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each rely on (i) an investor
certification in the form of Exhibit L-1B hereto from the Controlling Class Representative or a Controlling Class Certificateholder
to the effect that such Person is not an Excluded Controlling Class Holder and (ii) an investor certification in the form of Exhibit
L-1D hereto from the Controlling Class Representative or a Controlling Class Certificateholder to the effect that such Person
is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Mortgage Loan(s). In the event the
Controlling Class Representative or a Controlling Class Certificateholder becomes an Excluded Controlling Class Holder, such party
shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and
the Trustee in writing substantially in the form of Exhibit L-1E that such party is an Excluded Controlling Class Holder
and identify the Excluded Controlling Class Mortgage Loan(s) and thereafter shall not be entitled to any Excluded Information related
to such Excluded Controlling Class Mortgage Loan(s) and made available on the Certificate Administrator’s Website. With respect
to any Excluded Information, each of the Master Servicer, the Special Servicer and the Operating Advisor shall mark or label such
information as “Excluded Information” prior to delivery to the Certificate Administrator, and the Certificate Administrator
shall segregate on the Certificate Administrator’s Website such Excluded Information (and may be segregated on loan-by-loan
basis) from information relating to other Mortgage Loans. Notwithstanding anything herein to the contrary, each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively assume that the
Controlling Class Representative and all beneficial owners of the Certificates of the Controlling Class are not Excluded Controlling
Class Holders except to the extent that the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator,
as applicable, has received such notice from the Controlling Class Representative or a Controlling Class Certificateholder that
it has become an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer, the Operating Advisor or
the Certificate Administrator shall be liable for any communication to the Controlling Class Representative or Controlling Class
Certificateholder or disclosure of Excluded Information if the Master Servicer, the Special Servicer, the Operating Advisor or
the Certificate Administrator, as applicable, did not receive prior written notice that the related Mortgage Loan is an Excluded
Controlling Class Mortgage Loan (including, in the case of a summary of an Asset Status Report or Final Asset Status Report delivered
to the Certificate Administrator for posting to the Certificate Administrator’s Website and/or any failure to label any such
information provided to the Certificate Administrator).

 

Each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on (i) any
written notice from the Controlling Class Representative or a Controlling Class Certificateholder that it is no longer an Excluded
Controlling Class Holder and (ii) any certification delivered by the Controlling Class Representative or a Controlling Class Certificateholder,
as applicable, substantially in the form of Exhibit L1-B that such Person is no longer an Excluded Controlling Class Holder.
To the extent the Controlling Class Representative or a Controlling Class Certificateholder receives access pursuant to this Agreement
to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information,
such Controlling Class Representative or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not
directly or indirectly provide any information related to the Excluded

 

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Controlling Class Mortgage Loan to the related Borrower
or to any Excluded Controlling Class Holder or (A) any employees or personnel of such Controlling Class Representative or Controlling
Class Certificateholder or any Affiliate involved in the management of any investment in the related Borrower or the related Mortgaged
Property or (B) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower,
and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the
obligations described in clause (i) above.

 

The Certificate Administrator
makes no representations or warranties as to the accuracy or completeness of such information and assumes no responsibility therefor.
In addition, the Certificate Administrator may disclaim responsibility for any information distributed by the Certificate Administrator
for which it is not the original source. The Certificate Administrator shall not be responsible for the accuracy or completeness
of any information supplied to it by the Master Servicer or Special Servicer that is included in any reports, statements, materials
or information prepared or provided by the Master Servicer or Special Servicer, as applicable, and the Certificate Administrator
shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports without
any duty or obligation to recompute, verify or re-evaluate any of the amounts or other information stated therein. In connection
with providing access to the Certificate Administrator’s Internet website, the Certificate Administrator may require registration
and the acceptance of a disclaimer. The Certificate Administrator shall not be liable for the dissemination of information in accordance
herewith. Notwithstanding anything herein to the contrary, the Certificate Administrator shall not be liable for any Excluded Information
to the extent such information was included in any summary of an Asset Status Report or Final Asset Status Report delivered to
the Certificate Administrator for posting to the Certificate Administrator’s Website and not properly identified as Excluded
Information.

 

The Certificate Administrator
shall have no any liability for access by an Excluded Controlling Class Holder to the Certificate Administrator’s Website
of any information with respect to which such Excluded Controlling Class Holder is prohibited from accessing pursuant to this Agreement
if such Excluded Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower Party.

 

The provisions in this
Section shall not limit the Master Servicer’s ability to make accessible certain information regarding the Mortgage Loans
at a website maintained by the Master Servicer.

 

(c)          The
Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor Q&A
Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders and Certificate
Owners who are Privileged Persons may (A) submit questions to the Certificate Administrator relating to the Distribution Date Statement,
(B) submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available
pursuant to this Section 4.02(c), the Mortgage Loans or the Mortgaged Properties (other than a Non-Serviced Mortgage Loan
or related Mortgaged Properties) and (C) submit questions to the Operating Advisor relating to the Operating Advisor Annual Reports
or actions by the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights, whether or
not referenced in any Operating Advisor Annual Reports or other reports prepared by the Operating Advisor (collectively,

 

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“Inquiries”),
and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered, together with the answers thereto.
Upon receipt of an Inquiry for the Master Servicer, the Special Servicer or the Operating Advisor, the Certificate Administrator
shall forward the Inquiry to the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, (and in the case
of an inquiry relating to a Non-Serviced Mortgage Loan, to the applicable party under the Other Pooling and Servicing Agreement)
in each case within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry, the Certificate
Administrator, the Master Servicer, the Special Servicer (other than with respect to the Non-Serviced Mortgage Loans or related
Mortgaged Properties) or the Operating Advisor, as applicable, unless it determines not to answer such Inquiry as provided below,
shall reply to the Inquiry, which reply of the Master Servicer, Special Servicer or the Operating Advisor shall be sent by email
to the Certificate Administrator. The Certificate Administrator shall post (within a commercially reasonable period following preparation
or receipt of such answer, as the case may be) such Inquiry and the related answer to the Investor Q&A Forum. If the Certificate
Administrator, the Master Servicer, the Special Servicer or the Operating Advisor determines, in its respective sole discretion,
that (i) any Inquiry is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests of the Trust
and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable law, this Agreement or the applicable
Loan Documents, (iv) answering any Inquiry would materially increase the duties of, or result in significant additional cost or
expense to, the Certificate Administrator, the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, (v)
answering such inquiry would require the disclosure of Privileged Information (subject to the Privileged Information Exception),
(vi) answering such inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure
of attorney work product, or (vii) answering any Inquiry is otherwise not advisable for any reason, it shall not be required to
answer such Inquiry and, in the case of the Master Servicer, the Special Servicer or the Operating Advisor, shall promptly notify
the Certificate Administrator, and the Certificate Administrator shall not post such Inquiry on the Investor Q&A Forum. In
addition, no party shall post or otherwise disclose information known to such party to be Privileged Information as part of its
response to any Inquiry. The Certificate Administrator shall notify the Person who submitted such Inquiry if the Inquiry will not
be answered. The Certificate Administrator shall not be required to post to the Investor Q&A Forum any Inquiry or answer thereto
that the Certificate Administrator determines, in its sole discretion, is administrative or ministerial in nature. The Investor
Q&A Forum will not reflect questions, answers and other communications between the Certificate Administrator or other Person
which are not submitted via the Investor Q&A Forum. In addition, no party is permitted to post or otherwise disclose direct
communication with the Directing Holder as part of its response to any questions. In the case of an Inquiry relating to a Non-Serviced
Mortgage Loan, the Certificate Administrator shall make reasonable efforts to obtain an answer from the related non-serviced master
servicer or the related non-serviced special servicer, as applicable; provided that the Certificate Administrator shall
not be responsible for the content of such answer or any delay or failure to obtain such answer.

 

(d)          The
Certificate Administrator shall make available to any Certificateholder and Certificate Owner, the Investor Registry. The “Investor
Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders
and Certificate Owners can register and thereafter obtain contact information with respect to any other Certificateholder or Certificate
Owner that has so registered. Any

 

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person registering to use the Investor Registry will be required to certify that (a) it is a
Certificateholder or a Certificate Owner and (b) it grants authorization to the Certificate Administrator to make its name and
contact information available on the Investor Registry for at least 45 days from the date of such certification to other registered
Certificateholders and registered Certificate Owners. Such Person shall then be asked to enter certain mandatory fields such as
the individual’s name, the company name and email address, as well as certain optional fields such as address, phone, and
Class(es) of Certificates owned. If any Certificateholder or Certificate Owner notifies the Certificate Administrator that it wishes
to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Certificate Administrator
shall promptly remove it from the Investor Registry. The Certificate Administrator will not be responsible for verifying or validating
any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information
thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

(e)          The
Master Servicer may at its sole cost and expense, but is not required to, make any of the reports or files it delivers pursuant
to this Agreement available on the Master Servicer’s website only with the use of a password, in which case the Master Servicer
shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed
to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder
who requests such password, provided that any such Certificateholder or prospective Certificateholder, as the case may be,
has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection with
providing access to the Master Servicer’s website, the Master Servicer may require registration and the acceptance of a disclaimer
and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the Master
Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability, use and disclosure
of such information, and which may provide indemnification to the Master Servicer for any liability or damage that may arise therefrom.
The Master Servicer shall not be liable for dissemination of this information in accordance with this Agreement, provided
that such information otherwise meets the requirements set forth herein with respect to the form and substance of such information
or reports. The Master Servicer shall be entitled to attach to any report provided pursuant to this subsection, any reasonable
disclaimer with respect to information provided, or any assumptions required to be made by such report. Notwithstanding anything
herein to the contrary, the Master Servicer may, at its sole cost and expense, make available by electronic media, bulletin board
service or Internet website any reports or other information the Master Servicer is required or permitted to provide to any Borrower
with respect to such Borrower’s Mortgage Loan or Serviced Whole Loan to the extent such action does not conflict with the
terms of this Agreement, the terms of the related Loan Documents or applicable law. If the Master Servicer is required to deliver
any statement, report or other information under any provision of this Agreement, then, the Master Servicer may satisfy such obligation
by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such statement, report or information
in a commonly used electronic format, or (z) making such statement, report or information available on its website, unless this
Agreement expressly specifies a particular method of delivery; provided that all reports required to be delivered to the
Certificate Administrator shall be delivered in accordance with clause (x) or (y) or, upon request, clause (z).

 

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(f)          Subject
to Section 3.13, the Special Servicer shall from time to time (and, in any event, as may be reasonably requested by the
Master Servicer) provide the Master Servicer with such information in its possession regarding the Specially Serviced Loans and
REO Properties as may be reasonably necessary for the Master Servicer to prepare each report and any supplemental information to
be provided by the Master Servicer to the Certificate Administrator. Neither the Certificate Administrator nor the Depositor shall
have any obligation to recompute, verify or recalculate the information provided thereto by the Master Servicer. Unless the Certificate
Administrator has actual knowledge that any report or file received from the Master Servicer contains erroneous information, the
Certificate Administrator is authorized to rely thereon in calculating and making distributions to Certificateholders and allocating
Realized Losses, to the Certificates in accordance with Section 4.01 of this Agreement and preparing the statements to Certificateholders
required by Section 4.02(a) of this Agreement.

 

(g)          As
soon as reasonably practicable, upon the written request of and at the expense of any Certificateholder, the Certificate Administrator
shall provide the requesting Certificateholder with such information that is in the Certificate Administrator’s possession
or can reasonably be obtained by the Certificate Administrator as is requested by such Certificateholder, for purposes of satisfying
applicable reporting requirements under Rule 144A under the Securities Act. Neither the Certificate Registrar nor the Certificate
Administrator shall have any responsibility for the sufficiency under Rule 144A or any other securities laws of any available information
so furnished to any person including any prospective purchaser of a Certificate or any interest therein, nor for the content or
accuracy of any information so furnished which was prepared or delivered to them by another.

 

(h)          The
Certificate Administrator shall make available at its offices, during normal business hours, upon not less than two Business Days
prior notice, for review by any Privileged Person and any Serviced Companion Loan Noteholder that is a Privileged Person (solely
with respect to items (ii) and (iii), to the extent such information relates to the related Serviced Companion Loan), originals
or copies of documents relating to the Mortgage Loans and any related REO Properties to the extent in its possession, including,
without limitation, the following items (except to the extent prohibited by applicable law or under any of the related Loan Documents):

 

(i)              any
and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to which the environmental
testing contemplated by Section 3.10(f) of this Agreement revealed that neither of the conditions set forth in clauses (i)
and (ii) thereof was satisfied;

 

(ii)             the
most recent annual (or more frequent, if available) operating statements, rent rolls (to the extent such rent rolls have been made
available by the related Borrower) and/or lease summaries and retail sales information, if any, received from the Master Servicer
or the Special Servicer in respect to each Mortgaged Property;

 

(iii)            the
Mortgage File, including any and all modifications, waivers and amendments of the terms of a Mortgage Loan or Serviced Whole Loan
entered into by the Master Servicer and/or the Special Servicer and delivered to the Certificate Administrator; and

 

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(iv)            any
other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A under the Securities Act.

 

The Certificate Administrator
may require a Privileged Person to execute an Investor Certification prior to granting access to such information, which may be
in the form of a “click-through” confirmation. Copies of any and all of the foregoing items will be available from
the Certificate Administrator upon request. The Certificate Administrator will be permitted to require payment by the requesting
party (other than a Rating Agency) of a sum sufficient to cover the reasonable costs and expenses of making such information available
and providing any copies thereof. The Certificate Administrator’s obligation under this Section 4.02(h) to make available
any document is subject to the Certificate Administrator’s receipt of such document.

 

The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.

 

(i)            The
Depositor hereby authorizes the Certificate Administrator to make available to any Financial Market Publisher or such other vendor
chosen by the Depositor that submits to the Certificate Administrator a certification substantially in the form of Exhibit L-2
to this Agreement, all the Distribution Date Statements, CREFC® reports and supplemental notices delivered
or made available pursuant to this Section 4.02 to Privileged Persons.

 

Section 4.03     Compliance
with Withholding Requirements.  Notwithstanding any other provision of this Agreement, the Paying Agent shall comply with all
federal withholding requirements with respect to payments to Certificateholders and other payees of interest, original issue discount
or other amounts that the Paying Agent reasonably believes are applicable under the Code. The consent of Certificateholders or
payees shall not be required for any such withholding, and the Certificateholders shall be required to provide the Certificate
Administrator with such forms and such other information reasonably requested by the Certificate Administrator. If the Paying
Agent or its agent withholds any amount from interest, original issue discount payments or other amounts or advances thereof to
any Certificateholder or payee pursuant to federal withholding requirements, the Paying Agent shall indicate the amount withheld
to such Certificateholder or payee. Any amount so withheld shall be treated as having been distributed to such Certificateholder
for all purposes of this Agreement.

 

Section 4.04     REMIC
Compliance.  (a) The parties intend that the Lower-Tier REMIC, the Upper-Tier REMIC and the Prudential Plaza Loan REMIC shall
constitute, and that the affairs of the Lower-Tier REMIC, the Upper-Tier REMIC and the Prudential Plaza Loan REMIC shall be conducted
so as to qualify it as, a “real estate mortgage investment conduit” as defined in, and in accordance with, the REMIC
Provisions at all times any Certificates are outstanding, and the provisions hereof shall be interpreted consistently with this
intention. In furtherance of such intention, the Certificate Administrator shall, to the extent permitted by applicable law, act
as agent, and is hereby appointed to act as agent, of each such REMIC and shall on behalf of each such REMIC:

 

(i)              make
or cause to be made an election, on behalf of each of the Lower-Tier REMIC, the Upper-Tier REMIC and the Prudential Plaza Loan
REMIC, to be treated as a REMIC on Form 1066 for its first taxable year, in accordance with the REMIC Provisions;

 

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(ii)             prepare
and timely file, or cause to be prepared and timely filed, and cause the Trustee to sign (and the Trustee shall sign), all required
Tax Returns for the Lower-Tier REMIC, the Upper-Tier REMIC and the Prudential Plaza Loan REMIC, using a calendar year as the taxable
year for each of such REMIC as required by the REMIC Provisions and other applicable federal, state or local income tax laws;

 

(iii)             prepare
and forward, or cause to be prepared and forwarded, to the Certificateholders and the IRS and applicable state and local tax authorities
all information reports as and when required to be provided to them in accordance with the REMIC Provisions;

 

(iv)            if
the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii) of this Section
4.04(a) is then required by the REMIC Provisions in order to maintain the status of the Lower-Tier REMIC, the Upper-Tier REMIC
and the Prudential Plaza Loan REMIC as a REMIC or is otherwise required by the Code, prepare and file or distribute, or cause to
be prepared and signed and filed or distributed, such documents with or to such Persons when and as required by the REMIC Provisions
or the Code or comparable provisions of state and local law;

 

(v)             within
30 days of the Closing Date, obtain a taxpayer identification number for each of the Lower-Tier REMIC and the Upper-Tier REMIC
on IRS Form SS-4 and (in the case of the Upper-Tier REMIC only), furnish or cause to be furnished to the IRS, on Form 8811 or as
otherwise may be required by the Code, the name, title and address of the person that the Certificateholders may contact for tax
information relating thereto (and the Certificate Administrator shall act as the representative of the Upper-Tier REMIC for this
purpose), together with such additional information as may be required by such Form, and shall update such information at the time
or times and in the manner required by the Code (and the Depositor agrees within 10 Business Days of the Closing Date to provide
any information reasonably requested by the Master Servicer, the Special Servicer or the Certificate Administrator and necessary
to make such filing) (it being acknowledged herein that the related Loan Seller previously has obtained a taxpayer identification
number and has filed IRS Form 8811 with respect to the Prudential Plaza Loan REMIC and has included such information and IRS forms
in the related Mortgage File, the name, title and address of the Person that the holders of the Certificates may contact for tax
information relating thereto (and the Certificate Administrator shall act as the representative of the Prudential Plaza Loan REMIC
for this purpose), together with such additional information as may be required by such IRS Form, and shall update such information
at the time or times and in the manner required by the Code (and the Depositor agrees within 10 Business Days of the Closing Date
to provide any information reasonably requested by the Master Servicer or the Certificate Administrator and necessary to make such
filing); and

 

(vi)            maintain
such records relating to the Lower-Tier REMIC, the Upper-Tier REMIC and the Prudential Plaza Loan REMIC as may be necessary to
prepare the foregoing returns, schedules, statements or information, such records, for federal income tax purposes, to be maintained
on a calendar year and on an accrual basis.

 

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The Holder of the largest
Percentage Interest in the Class R Certificates shall be the tax matters person pursuant to Treasury Regulations Section 1.860F-4(d)
and shall be the “partnership representative” within the meaning of Section 6223 of the Code (to the extent such provision
is applicable to the Trust REMICs or the Prudential Plaza Loan REMIC) of each Trust REMIC and the Prudential Plaza Loan REMIC.
If more than one Holder shall hold an equal Percentage Interest in the Class R Certificates larger than that held by any other
Holder, the first such Holder to have acquired such Class R Certificates shall be such tax matters person or “partnership
representative”. The Certificate Administrator shall act as attorney-in-fact and agent for the tax matters person and/or
“partnership representative” of the Lower-Tier REMIC, the Upper-Tier REMIC and the Prudential Plaza Loan REMIC, and
each Holder of a Percentage Interest in the Class R Certificates, by acceptance hereof, is deemed to have consented to the Certificate
Administrator’s appointment in such capacities and agrees to execute any documents required to give effect thereto, and any
fees and expenses incurred by the Certificate Administrator in connection with any audit or administrative or judicial proceeding
shall be paid by the Trust Fund.

 

The Certificate Administrator
shall not intentionally take any action or intentionally omit to take any action if, in taking or omitting to take such action,
the Certificate Administrator has actual knowledge that such action or omission (as the case may be) would cause the termination
of the REMIC status of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza Loan REMIC or the imposition of tax on
the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza Loan REMIC (other than a tax on income expressly permitted to
be received by the terms of this Agreement). Notwithstanding any provision of this paragraph to the contrary, the Certificate Administrator
shall not be required to take any action that the Certificate Administrator in good faith believes to be inconsistent with any
other provision of this Agreement, nor shall the Certificate Administrator be deemed in violation of this paragraph if it takes
any action expressly required or authorized by any other provision of this Agreement, and the Certificate Administrator shall have
no responsibility or liability with respect to any act or omission of the Depositor, the Trustee, the Master Servicer or the Special
Servicer which does not enable the Certificate Administrator to comply with any of clauses (i) through (vi) of the first paragraph
of this Section 4.04(a) or which results in any action contemplated by clauses (i) or (ii) of the next succeeding sentence.
In this regard the Certificate Administrator shall (i) exercise reasonable care not to allow the occurrence of any “prohibited
transactions” within the meaning of Section 860F(a) of the Code, unless the party seeking such action shall have delivered
to the Certificate Administrator an Opinion of Counsel (at such party’s expense) that such occurrence would not (A) result
in a taxable gain, (B) otherwise subject the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza Loan REMIC to tax (other
than a tax at the highest marginal corporate tax rate on net income from foreclosure property), or (c) cause the Lower-Tier REMIC,
the Upper-Tier REMIC or the Prudential Plaza Loan REMIC to fail to qualify as a REMIC; and (ii) exercise reasonable care not to
allow the Trust Fund to receive any contributions, or any income from the performance of services or from assets not permitted
under the REMIC Provisions to be held by a REMIC (provided, that the receipt of any income expressly permitted or contemplated
by the terms of this Agreement shall not be deemed to violate this clause). None of the Master Servicer, the Special Servicer,
the Trustee or the Depositor shall be (i) permitted to take any action that the Certificate Administrator would not be permitted
to take pursuant to the preceding two sentences or (ii) responsible or liable (except in connection with taking any act or omission
referred to in the

 

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two preceding sentences or the following sentence) for any failure by the Certificate Administrator to comply
with the provisions of this Section 4.04. The Depositor, the Trustee, the Master Servicer and the Special Servicer shall
cooperate in a timely manner with the Certificate Administrator in supplying any information within the Depositor’s, the
Trustee’s, the Master Servicer’s or the Special Servicer’s control (other than any confidential information)
that is reasonably necessary to enable the Certificate Administrator to perform its duties under this Section 4.04.

 

The Certificate Administrator
shall be responsible for the preparation of IRS Form W-9, if requested. The Trustee shall be entitled to rely on any information
contained therein and is hereby directed to execute such IRS Form W-9; provided, that the Certificate Administrator shall
be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by applicable Treasury Regulations.

 

The Certificate Administrator’s
authority under this Agreement includes the authority to make, and the Certificate Administrator is hereby directed to make, any
elections allowed under the Code (i) to avoid the application of Section 6221 of the Code (or successor provisions) to any REMIC
and (ii) to avoid payment by any Trust REMIC or the Prudential Plaza Loan REMIC under Section 6226 of the Code (or successor provisions)
of any tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on any Holder of any Class
R Certificate, past or present. A Holder of any Class R Certificate agrees, by acquiring such interest, to any such elections and
to the Certificate Administrator’s acting as agent for any tax matters person or other representative of a REMIC that can
be designated under the Code.

 

(b)          The
following assumptions are to be used for purposes of determining the anticipated payments of principal and interest for calculating
the original yield to maturity and original issue discount with respect to the Regular Certificates: (i) each Mortgage Loan will
pay principal and interest in accordance with its terms and scheduled payments will be timely received on their Due Dates, provided
that the Mortgage Loans will prepay in accordance with the Prepayment Assumption; (ii) none of the Sole Certificateholder, the
Master Servicer, the Special Servicer and the Certificateholder owning a majority of the Percentage Interests in the Controlling
Class will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust Fund;
and (iii) no Mortgage Loan is repurchased by a Mortgage Loan Seller pursuant to the terms of the related Mortgage Loan Purchase
Agreement.

 

Section 4.05     Imposition
of Tax on the Trust Fund.   If any tax, including interest, penalties or assessments, additional amounts or additions
to tax, is imposed on the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza Loan REMIC, such tax shall be charged
against amounts otherwise distributable to the Holders of the Certificates; provided that any taxes imposed on any net
income from foreclosure property pursuant to Section 860G(d) of the Code or any similar tax imposed by a state or local jurisdiction
shall instead be treated as an expense of the related Serviced REO Property in determining Net REO Proceeds with respect to the
Serviced REO Property (and until such taxes are paid, the Special Servicer from time to time shall withdraw from amounts in the
REO Account (and, in the case of any Serviced Whole Loan, from amounts in the Serviced Whole Loan REO Account) allocable to the
Mortgage Loans and transfer to the Certificate Administrator amounts reasonably determined by the Certificate Administrator to
be necessary to pay such taxes, which the Certificate Administrator shall

 

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maintain in a separate, non-interest-bearing account,
and the Certificate Administrator shall send to the Special Servicer for deposit in the REO Account (or, if applicable, the Serviced
Whole Loan REO Account) the excess determined by the Certificate Administrator from time to time of the amount in such account
over the amount necessary to pay such taxes) and shall be paid therefrom; provided that any such tax imposed on net income
from foreclosure property that exceeds the amount in any such reserve shall be retained from Available Funds as provided in Section
3.06(a)(xii) or, in the case of any Serviced Whole Loan, in Section 3.06(b)(xiii), and the next sentence. Except as
provided in the preceding sentence, the Certificate Administrator is hereby authorized to and shall retain or cause to be retained
from Available Funds sufficient funds to pay or provide for the payment of, and to actually pay, such tax as is legally owed by
the applicable REMIC (but such authorization shall not prevent the Trustee from contesting, at the expense of the Trust Fund or
in the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the related
Mortgage Loan and any related Serviced Pari Passu Companion Loan (based on their respective outstanding principal balances)) any
such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings).
The Certificate Administrator is hereby authorized to and shall segregate or cause to be segregated, into a separate non-interest
bearing account, (i) the net income allocable to the Mortgage Loans from any “prohibited transaction” under Section
860F(a) of the Code or (ii) the amount of any contribution to the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza
Loan REMIC after the related Startup Day that is subject to tax under Section 860G(d) of the Code and use such income or amount,
to the extent necessary, to pay such tax (and return the balance thereof, if any, to the Collection Account, the Lower-Tier Distribution
Account or the Upper-Tier Distribution Account). To the extent that any such tax is paid to the IRS, the Certificate Administrator
shall retain an equal amount from future amounts otherwise distributable to the Holders of the Class R Certificates, as the case
may be, and shall distribute such retained amounts to the Holders of Regular Certificates, or the Trustee as Holder of the Lower-Tier
Regular Interests, until they are fully reimbursed and then to the Holders of the Class R Certificates. Neither the Master Servicer,
the Special Servicer, the Certificate Administrator, nor the Trustee shall be responsible for any taxes imposed on the Lower-Tier
REMIC, the Upper-Tier REMIC or the Prudential Plaza Loan REMIC except to the extent such tax is attributable to a breach of a
representation or warranty or the negligence or willful misconduct of the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee or an act or omission of the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee in contravention of this Agreement, provided, further, that such breach, act or omission could result
in liability under Section 6.03 of this Agreement, in the case of the Master Servicer, Section 4.04 of this Agreement,
in the case of the Trustee or Section 4.04 of this Agreement, in the case of the Certificate Administrator in accordance
with the standard of liability set forth in those sections. Notwithstanding anything in this Agreement to the contrary, in each
such case, the Master Servicer or the Special Servicer shall not be responsible for the Trustee’s or the Certificate Administrator’s
breaches, acts or omissions, the Trustee shall not be responsible for the breaches, acts or omissions of the Certificate Administrator,
the Master Servicer or the Special Servicer and the Certificate Administrator shall not be responsible for the breaches, acts
or omissions of the Trustee, the Master Servicer or the Special Servicer.

 

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Section 4.06     Remittances.  On
the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer with respect to the Mortgage
Loans that it is servicing shall:

 

(i)              remit
to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to Prepayment Premiums and
Yield Maintenance Charges, and, for deposit in accordance with Section 3.05(i) of this Agreement, Gain-on-Sale Proceeds,
in each case received by the Master Servicer in its Collection Period preceding such Distribution Date;

 

(ii)             remit
to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to the aggregate of the Available
Funds for such Distribution Date;

 

(iii)            remit
to the Certificate Administrator for deposit in the Excess Interest Distribution Account an amount equal to the Excess Interest
for the benefit of the Holders of the Class V Certificates received by the Master Servicer in the Collection Period preceding such
Distribution Date;

 

(iv)           remit
to CREFC® the CREFC® Intellectual Property Royalty License Fee; and

 

(v)             remit
to the Certificate Administrator for deposit in the Prudential Plaza Loan REMIC Residual Distribution Account all amounts distributable
in respect of the Prudential Plaza Loan REMIC Residual Interest for the related Distribution Date.

 

Section 4.07       P&I
Advances. (a) On or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall
in the case of all Mortgage Loans either (i) remit to the Certificate Administrator for deposit into the Lower-Tier Distribution
Account, as applicable, from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in
respect of the related Distribution Date, (ii) apply amounts held in the Collection Account or the applicable Serviced Whole Loan
Collection Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make
P&I Advances; provided, that such amounts in the applicable Serviced Whole Loan Collection Account shall only be applied
up to the related Mortgage Loan’s pro rata share of the amounts held therein on such date, or (iii) make P&I
Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made by the Master
Servicer, except that the portion of such P&I Advance equal to the CREFC® Intellectual Property Royalty License Fee for each such Mortgage Loan shall not be remitted to the Certificate Administrator but shall instead be remitted
to CREFC®. Any amounts held in the Collection Account or any Serviced Whole Loan Collection Account, as applicable,
for future distribution and so used to make P&I Advances shall be appropriately reflected in the Master Servicer’s records
and replaced by the Master Servicer by deposit in the Collection Account or the applicable Serviced Whole Loan Collection Account,
as applicable, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through
either (x) the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances
were made or (y) the deposit of Periodic Payments collected prior to the expiration of any applicable grace period that ends after
the P&I Advance Determination

 

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Date in respect of which such P&I Advances were made). The Master Servicer shall notify
the Trustee and the Certificate Administrator of (i) the aggregate amount of P&I Advances for a Distribution Date and (ii)
the amount of any Nonrecoverable P&I Advances for such Distribution Date, on or before the P&I Advance Determination Date.
If the Master Servicer fails to make a required P&I Advance by 3:00 p.m. (New York City time) on any Master Servicer Remittance
Date, then the Trustee shall make such P&I Advance pursuant to Section 7.06 of this Agreement by 12:00 noon (New York
City time) on the related Distribution Date, in each case unless the Master Servicer shall have cured such failure (and shall
have provided written notice of such cure to the Trustee) by 11:00 a.m. (New York City time) on such Distribution Date or the
Trustee determines that such P&I Advance, if made, would be a Nonrecoverable Advance. Neither the Master Servicer nor the
Trustee shall be required to make principal or interest advances with respect to any delinquent payment amounts due on any Companion
Loan. If the Master Servicer or the Trustee makes a P&I Advance with respect to any Mortgage Loan that is part of a Whole
Loan with a related Serviced Companion Loan or Non-Serviced Companion Loan, then it shall provide written notice to the related
Other Servicer, Other Special Servicer and Other Trustee of the amount of such P&I Advance with respect to such Mortgage Loan
within two (2) Business Days of making such P&I Advance.

 

(b)          Subject
to Section 4.07(c) and 4.07(d) below, the aggregate amount of P&I Advances to be made by the Master Servicer
with respect to any Distribution Date shall equal the aggregate of: (i) the Periodic Payments (net of related Servicing Fees (other
than, in the case of any Non-Serviced Mortgage Loan, the servicing fee rate pursuant to the applicable Other Pooling and Servicing
Agreement)) that were due on the Mortgage Loans (including the Non-Serviced Mortgage Loans) and any REO Loan (other than any portion
of an REO Loan related to a Companion Loan) during the related Collection Period and delinquent as of the P&I Advance Determination
Date (or not advanced by any Sub Servicer on behalf of the Master Servicer) and (ii) with respect to each Mortgage Loan delinquent
in respect of its Balloon Payment as of the Master Servicer Remittance Date (including any REO Loan (other than any portion of
an REO Loan related to a Companion Loan) as to which the related Balloon Payment would have been past due), an amount equal to
the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Master Servicer to make such P&I
Advances, with respect to the Mortgage Loans that it is servicing, is mandatory, and with respect to any applicable Mortgage Loan
or REO Loan, shall continue until (but not including) the Distribution Date on which Liquidation Proceeds or REO Proceeds, if any,
are to be distributed. The Periodic Payment or Assumed Scheduled Payment shall be reduced, for purposes of P&I Advances, by
any modifications pursuant to Section 3.26 of this Agreement or otherwise and by any reductions by a bankruptcy court pursuant
to a plan of reorganization or pursuant to any of its equitable powers.

 

(c)          Notwithstanding
anything herein to the contrary, no P&I Advance shall be required hereunder if the Master Servicer, the Special Servicer or
the Trustee, as applicable, determines that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In
addition, neither the Master Servicer nor the Trustee shall make any P&I Advance to the extent that it has received written
notice that the Special Servicer has determined (if no Consultation Termination Event has occurred and is continuing, in consultation
with the Directing Holder) that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In making such
recoverability determination, the Master Servicer, the Special Servicer

 

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and the Trustee, as applicable, will be entitled to (i)
give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect to other Mortgage
Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer or the Trustee,
as applicable, in light of the fact that proceeds on the related Mortgage Loan are a source of recovery not only for the P&I
Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement
Amount which is being or may be deferred or delayed, (ii) consider (among other things) the obligations of the Borrower under the
terms of the related Mortgage Loan (or the Whole Loan, as applicable) as it may have been modified, (iii) consider (among other
things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified by
such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer)
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, (iv) estimate and consider
(consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer) (among other things) future
expenses and (v) estimate and consider (among other things) the timing of recoveries.

 

The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances
for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed P&I Advances. None of the
Master Servicer or Trustee shall make any P&I Advances with respect to delinquent amounts due on any Companion Loan. If an
Appraisal of the related Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer
and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this
sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not,
in the good faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions,
and the Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment
to such Appraisal, the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable
and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal
for such purpose at the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions
of the related Intercreditor Agreement).

 

Any such determination
by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as applicable, has made a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance shall be evidenced
by a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Special
Servicer, any related Serviced Pari Passu Companion Loan holder(s), the Controlling Class Representative (but only if no Consultation
Termination Event has occurred and is continuing) and the Depositor and, in the case of the Trustee, by a certificate of a Responsible
Officer of the Trustee, delivered to the Depositor, the Controlling Class Representative (but only if no Consultation Termination
Event has occurred and is continuing), the Operating Advisor, the Certificate Administrator, the Master Servicer and the Special
Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master Servicer, Special
Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate accompanied by, to the extent
available, income and

 

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expense statements, rent rolls, occupancy status, property inspections and other information used by the
Master Servicer, Special Servicer or the Trustee, as applicable, to make such determination, together with any existing Appraisal
or any Updated Appraisal); provided, that the Special Servicer may, at its option, make a determination in accordance with
the Servicing Standard, that any P&I Advance previously made or proposed to be made is nonrecoverable and shall deliver to
the Master Servicer, the Controlling Class Representative (but only if no Consultation Termination Event has occurred and is continuing),
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee and the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), notice of such determination, together with a certificate of a Servicing Officer and the supporting information
described above. Any such determination shall be conclusive and binding on the Master Servicer, the Special Servicer and the Trustee.

 

Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any
such other authorized Person from making a determination, that a P&I Advance constitutes, or would constitute a Nonrecoverable
Advance) and (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at
the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions of the related Intercreditor
Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such
determination as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders.

 

Notwithstanding the above,
(i) the Trustee shall be entitled to rely conclusively on but shall not be bound by any determination by the Master Servicer that
a P&I Advance, if made, would be a Nonrecoverable P&I Advance and (ii) the Master Servicer and the Trustee shall be entitled
to rely conclusively on and shall be bound by any determination of the Special Servicer that a P&I Advance, if made, would
be a Nonrecoverable P&I Advance (but this statement shall not be construed to entitle the Special Servicer to reverse any other
authorized Person’s determination, or to prohibit any such other authorized Person from making a determination that an advance
constitutes, or would constitute a Nonrecoverable Advance). The Trustee, in determining whether or not a P&I Advance previously
made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable P&I Advance shall use its good faith business judgment.
The Special Servicer shall promptly furnish the Master Servicer and the Trustee with any information in its possession regarding
the Specially Serviced Loans and REO Properties as each such party may reasonably request for purposes of making recoverability
determinations.

 

(d)          In
connection with the recovery of any P&I Advance out of the Collection Account pursuant to Section 3.06(a) of this Agreement
or any Serviced Whole Loan Collection Account pursuant to Section 3.06(b) of this Agreement, the Master Servicer shall be
entitled to pay itself or the Trustee, as the case may be (in reverse of such order with respect to any Mortgage Loan or REO Property)
out of any amounts then on deposit in the Collection Account or the applicable Serviced Whole Loan Collection Account (subject
to the provisions of Section 3.06) (to the extent amounts therein relate to the Mortgage Loans, taking into account the
related Intercreditor Agreement), interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such
P&I Advance from the date made to but not including the date of

 

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reimbursement with respect to the Mortgage Loan that the Master
Servicer is servicing; provided, however, that no interest will accrue on any P&I Advance (i) made with respect
to a Mortgage Loan until after the related Due Date has passed and any applicable Grace Period has expired or (ii) if the related
Periodic Payment is received after the Determination Date but on or prior to the Business Day immediately prior to the related
Distribution Date. The Master Servicer shall reimburse itself or the Trustee, as the case may be, for any outstanding P&I Advance
as soon as practicably possible after funds available for such purpose are deposited in the Collection Account or the applicable
Serviced Whole Loan Collection Account with respect to the Mortgage Loan that the Master Servicer is servicing.

 

Notwithstanding anything
to the contrary contained in Section 4.06 of this Agreement, (i) neither the Master Servicer nor the Trustee shall make
an advance for Excess Interest, Yield Maintenance Charges or Penalty Charges and (ii) if the Master Servicer receives notice of
an Appraisal Reduction Event and the related Appraisal Reduction Amount, the interest portion of any P&I Advance with respect
to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) as to which there has been an Appraisal Reduction Amount will be an
amount equal to the product of (x) the amount required to be advanced without giving effect to the Appraisal Reduction Amount and
(y) a fraction, the numerator of which is the Stated Principal Balance of such Mortgage Loan as of the immediately preceding Determination
Date less any Appraisal Reduction Amount applicable to such Mortgage Loan and the denominator of which is the Stated Principal
Balance of such Mortgage Loan as of such Determination Date. All P&I Advances for any Mortgage Loans that have been modified
shall be calculated on the basis of their terms as modified. With respect to any Non-Serviced Mortgage Loan, if the Master Servicer
or the Trustee, as applicable, does not receive notice of an Appraisal Reduction Event and the related Appraisal Reduction Amount
from the related Other Servicer, then the Master Servicer or the Trustee, as applicable, shall have no obligation to proportionately
reduce the interest portion of any P&I Advance required to be made by the Master Servicer or the Trustee, as applicable. With
respect to any Non-Serviced Companion Loan that has already been securitized prior to the Closing Date, the Certificate Administrator,
on behalf of the Trust, shall notify each Other Servicer and each Other Trustee of a Non-Serviced Mortgage Loan that (a) such Non-Serviced
Mortgage Loan has been included in this Trust and (b) upon (i) the existence of an Appraisal Reduction Event and/or (ii) the related
calculation of any Appraisal Reduction Amount (or receipt of notice of any such calculation), such Other Servicer shall provide
the Master Servicer (who shall promptly provide to the Special Servicer (who shall promptly forward, prior to a Consultation Termination
Event, to the Directing Holder) and the Trustee with prompt notice of the existence of any such Appraisal Reduction Event and/or
any such Appraisal Reduction Amount once calculated. With respect to any Serviced Companion Loan, the Master Servicer shall notify
the related Other Servicer and Other Trustee of the existence of an Appraisal Reduction Event and any related Appraisal Reduction
Amount. The Master Servicer shall be deemed to have delivered notice of any such Appraisal Reduction Event and any related Appraisal
Reduction Amount if the Master Servicer includes such event and/or amount in its monthly servicer statements provided to the other
servicer.

 

The portion of any Insurance
Proceeds and Net Liquidation Proceeds in respect of a Mortgage Loan or any REO Loan allocable to principal shall equal the total
amount of such proceeds minus (i) any portion thereof payable to the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator or the

 

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Trustee pursuant to this Agreement and (ii) a portion
thereof equal to the interest component of the Periodic Payment(s), as accrued at the related Net Mortgage Rate from the date as
to which interest was last paid by the Borrower up to but not including the Due Date in the Collection Period in which such proceeds
are received; provided, if the interest portion(s) of one or more P&I Advances with respect of such Mortgage
Loan or REO Loan, as applicable, were reduced as a result of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds
to be applied to interest shall be reduced by the aggregate amount of such reductions and the portion of such Net Liquidation Proceeds
to be applied to principal shall be increased by such amount, and if the amount of the Net Liquidation Proceeds to be applied to
principal has been applied to pay the principal of such Mortgage Loan or REO Loan in full, any remaining Net Liquidation Proceeds
shall then be applied to pay any remaining accrued and unpaid interest of such Mortgage Loan or REO Loan.

 

(e)          With
respect to any Non-Serviced Mortgage Loan, the Master Servicer , the Special Servicer and the Trustee will each be permitted to
make its determination that the Master Servicer or the Trustee has made a P&I Advance on such Mortgage Loan that is a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to
such Mortgage Loan in accordance with Section 4.07(a) independently of any determination made by the Other Servicer (or
any master servicer with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to
such Non-Serviced Mortgage Loan, if any) under the Other Pooling and Servicing Agreement (or any pooling and servicing agreement
with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage
Loan, if any). If the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance
with respect to any Non-Serviced Mortgage Loan, if made, or any outstanding P&I Advance with respect to any Non-Serviced Mortgage
Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer, the Special Servicer or the
Trustee, as applicable, shall provide the Other Servicer (and any master servicer with respect to a commercial mortgage securitization
holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any), the Other Special Servicer and
Other Trustee with written notice of such determination, promptly and in any event within two (2) Business Days after such determination
or such longer time period permitted by the applicable Intercreditor Agreement. If the Master Servicer receives written notice
from an Other Servicer (or any master servicer with respect to a commercial mortgage securitization holding another Non-Serviced
Companion Loan related to such Non-Serviced Mortgage Loan, if any) that it has determined, with respect to the related Non-Serviced
Companion Loan, that any proposed advance of principal and/or interest with respect to the related Non-Serviced Companion Loan
would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and/or interest, such
determination shall not be binding on the Certificateholders, the Master Servicer or the Trustee; provided that, with respect
to each Non-Serviced Whole Loan, each of the Master Servicer and the Trustee shall be entitled to conclusively rely on any such
nonrecoverability determination.

 

If the Master Servicer
receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial mortgage securitizations,
it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or master servicer with

 

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respect
to each commercial mortgage securitization that holds a Non-Serviced Companion Loan related to a Non-Serviced Mortgage Loan, if
any.

 

(f)          With
respect to any Serviced Whole Loan that has a Serviced Companion Loan, the Master Servicer, the Special Servicer and the Trustee
will be permitted to make its determination that the Master Servicer or the Trustee has made a P&I Advance on the related Mortgage
Loan that is a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable
P&I Advance with respect to such Mortgage Loan in accordance with Section 4.07(a) independently of any determination
made in respect of the related Serviced Companion Loan, by the master servicer under the related Other Pooling and Servicing Agreement.
In addition, neither the Master Servicer nor the Trustee shall make any P&I Advance or Servicing Advance with respect to a
Serviced Whole Loan to the extent that it has received written notice that the Special Servicer has determined that such P&I
Advance or Servicing Advance, as applicable, would, if made, constitute a Nonrecoverable P&I Advance or a Nonrecoverable Servicing
Advance, as applicable. If the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed
P&I Advance with respect to such Serviced Whole Loan, if made, or any outstanding P&I Advance with respect to any such
Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance or if the Master Servicer, the Special
Servicer or the Trustee, as applicable, subsequently determines that a proposed Servicing Advance would be a Nonrecoverable Advance
or an outstanding Servicing Advance is or would be a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable, shall
provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement
with written notice of such determination, promptly and in any event within two (2) Business Days after such determination or such
longer time period permitted by the applicable Intercreditor Agreement. If the Master Servicer receives written notice from any
master servicer under any such Other Pooling and Servicing Agreement that such master servicer has determined, with respect to
the related Serviced Companion Loan, that any proposed advance of principal and/or interest with respect to such Serviced Companion
Loan would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and/or interest,
such determination shall not be binding on the Certificateholders, the Master Servicer or the Trustee; provided that, with
respect to each Non-Serviced Whole Loan, each of the Master Servicer and the Trustee shall be entitled to conclusively rely on
any such nonrecoverability determination.

 

(g)          If
the applicable Master Servicer receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial
mortgage securitizations, it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or
master servicer with respect to each commercial mortgage securitization that holds a Serviced Pari Passu Companion Loan related
to any Serviced Whole Loan, if any.

 

(h)          The
Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes to the extent
permitted pursuant to Section 3.06 of this Agreement together with any related Advance Interest Amount in respect of such
P&I Advances to the extent permitted pursuant to Section 3.06 of this Agreement and the Master Servicer and the Special
Servicer each hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related Borrowers
to the extent permitted by applicable law and the related Mortgage Loan and this Agreement.

 

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Section 4.08     Appraisal
Reductions; Collateral Deficiency Amounts. (a) For purposes of (x) determining the Non-Reduced Certificates, the Controlling
Class and whether a Control Termination Event has occurred and is continuing, and (y) determining the Voting Rights of the related
Classes for purposes of removal of the Special Servicer, Appraisal Reduction Amounts allocated to the Mortgage Loans will be allocated
to each Class of Sequential Pay Certificates in reverse sequential order to notionally reduce the related Certificate Balances
until the Certificate Balance of each such Class of Certificates is reduced to zero (i.e., first, to the Class G
Certificates; second, to the Class F Certificates, third, to the Class E Certificates, fourth, to the Class
D Certificates, fifth, to the Class C Certificates, sixth, to the Class B Certificates, seventh, to the Class
A-M Certificates and ninth, to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, pro rata,
based on their Certificate Balances).

 

As of the first Determination
Date following a Mortgage Loan (other than a Non-Serviced Mortgage Loan) becoming an AB Modified Loan, the Master Servicer shall
calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent
Appraisal obtained by the Special Servicer with respect to such Mortgage Loan, and all other information relevant to a Collateral
Deficiency Amount determination. Upon obtaining knowledge or receipt of notice by the Master Servicer that a Non-Serviced Mortgage
Loan has become an AB Modified Loan, the Master Servicer shall (i) promptly request from the related Other Servicer, Other Special
Servicer and Other Trustee the most recent appraisal with respect to such AB Modified Loan, in addition to all other information
reasonably required by the Master Servicer to calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified
Loan, and (ii) as of the first Determination Date following receipt by the Master Servicer of the appraisal and any other information
set forth in the immediately preceding clause (i) that the Master Servicer reasonably expects to receive, calculate whether a Collateral
Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent appraisal obtained by the Other
Special Servicer with respect to such Non-Serviced Mortgage Loan, and all other information relevant to a Collateral Deficiency
Amount determination. Upon obtaining knowledge or receipt of notice by any other party to this Agreement that a Non-Serviced Mortgage
Loan has become an AB Modified Loan, such party shall promptly notify the Master Servicer thereof. The Special Servicer, upon reasonable
prior written request, shall provide the Master Servicer with information in its possession that is reasonably required to calculate
or recalculate any Collateral Deficiency Amount. Upon reasonable prior written request, the Special Servicer shall use reasonable
efforts to assist the Master Servicer in obtaining information reasonably required to calculate or recalculate any Collateral Deficiency
Amount with respect to a Non-Serviced Mortgage Loan in the event that the Master Servicer is unsuccessful in obtaining such information
from the related Other Servicer, Other Special Servicer or Other Trustee. None of the Special Servicer, the Trustee or the Certificate
Administrator shall calculate or verify any Collateral Deficiency Amount.

 

For purposes of determining
the Controlling Class and whether a Control Termination Event has occurred and is continuing, Collateral Deficiency Amounts allocated
to an AB Modified Loan will be allocated to each Class of Control Eligible Certificates in reverse sequential order to notionally
reduce the related Certificate Balances until the Certificate Balance of each such Class of Certificates is reduced to zero. For
the avoidance of doubt, for purposes of

 

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determining the Controlling Class or the occurrence of a Control Termination Event, any
Class of Control Eligible Certificates shall be allocated both applicable Appraisal Reduction Amounts and applicable Collateral
Deficiency Amounts (the sum of which shall constitute the applicable Cumulative Appraisal Reduction Amount), in accordance with
this Section 4.08(a).

 

With respect to (i) any
Appraisal Reduction Amount calculated for the purposes of determining the Non-Reduced Certificates or determining the Voting Rights
of the related Classes for purposes of removal of the Special Servicer and (ii) any Appraisal Reduction Amount or Collateral Deficiency
Amount calculated for purposes of determining the Controlling Class or the occurrence of a Control Termination Event, the appraised
value of the related Mortgaged Property shall be determined on an “as is” basis.

 

The Master Servicer shall
promptly notify the Certificate Administrator of the amount of any Appraisal Reduction Amount, any Collateral Deficiency Amount
and any resulting Cumulative Appraisal Amount allocated to each Mortgage Loan, AB Modified Loan or Serviced Whole Loan. Based on
information in its possession, the Certificate Administrator shall determine from time to time which Class of Certificates is the
Controlling Class. Promptly upon its determination of a change in the Controlling Class, the Certificate Administrator shall notify
the Master Servicer, the Special Servicer and the Operating Advisor of such event, including the identity and contact information
of the new Controlling Class Certificateholder (the cost of obtaining such information from the Depository being an expense of
the Trust).

 

(b)          The
Holders of the majority (by Certificate Balance) of any Class of Control Eligible Certificates whose aggregate Certificate Balance,
as notionally reduced by Appraisal Reduction Amounts or Collateral Deficiency Amounts allocated thereto, is less than 25% of the
initial Certificate Principal Balance of such Class (such Class, an “Appraised-Out Class”) as a result of an
allocation of an Appraisal Reduction Amount or Collateral Deficiency Amount in respect of such Class shall have the right, at their
sole expense, to require the Special Servicer to order a second Appraisal of any Mortgage Loan for which an Appraisal Reduction
Event has occurred or as to which there exists a Collateral Deficiency Amount (such Holders, the “Requesting Holders”),
and use its reasonable efforts to obtain an Appraisal prepared on an “as-is” basis by an MAI appraiser reasonably acceptable
to the Special Servicer within 60 days from receipt of the Requesting Holders’ written request. Any Appraised-Out Class for
which the Requesting Holders are challenging the Appraisal Reduction Amount or Collateral Deficiency Amount determination shall
not exercise any rights of the Controlling Class until such time, if any, as such Class is reinstated as the Controlling Class
and the rights of the Controlling Class will be exercised by the most senior Control Eligible Certificates, if any, during such
period.

 

In addition, the Requesting
Holders of any Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order an additional
appraisal of any Mortgage Loan for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral Deficiency
Amount if an event has occurred at or with regard to the related Mortgaged Property or Mortgaged Properties that would have a material
effect on its appraised value, and the Special Servicer shall use reasonable efforts to obtain an Appraisal prepared on an “as-is”
basis by an MAI appraiser reasonably acceptable to the Special Servicer within 60 days from receipt of the Requesting Holders’
written request; provided that the Special Servicer shall not be required to obtain such appraisal if it determines in accordance
with the Servicing Standard that no events at or with regard to the related Mortgaged Property or Mortgaged

 

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Properties have occurred
that would have a material effect on the appraised value of the related Mortgaged Property or Mortgaged Properties. The right of
the holders of an Appraised-Out Class to require the Special Servicer to order an additional appraisal as described in this paragraph
shall be limited to no more frequently than once in any 9-month period with respect to any Mortgage Loan.

 

Upon receipt of any such
second Appraisal, the Special Servicer shall determine, in accordance with the Servicing Standard, whether, based on its assessment
of such second Appraisal, any recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount is warranted and,
if so warranted, shall direct the Master Servicer to, and the Master Servicer shall, recalculate such Appraisal Reduction Amount
or Collateral Deficiency Amount, as applicable, based upon such second Appraisal and receipt of information reasonably requested
by the Master Servicer from the Special Servicer to the extent such information is in the possession of the Special Servicer and
is reasonably necessary to make such recalculation. If required by any such recalculation, the Appraised-Out Class shall be reinstated
as the Controlling Class.

 

Appraisals that are permitted
to be obtained by the Special Servicer at the request of holders of an Appraised-Out Class shall be in addition to any appraisals
that the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard or this Agreement without
regard to any appraisal requests made by any holder of an Appraised-Out Class.

 

(c)          An
appraisal for any Mortgage Loan that has not been brought current for at least three consecutive Periodic Payments (or paid in
full, liquidated, repurchased or otherwise disposed of) will be updated every 9 months for so long as an Appraisal Reduction Event
or Collateral Deficiency Amount exists.

 

(d)          Notwithstanding
the foregoing, within 60 days after an Appraisal Reduction Event (or in the case of an Appraisal Reduction Event occurring by reason
of clause (ii) of the definition thereof, within 30 days of such Appraisal Reduction Event) (i) with respect to Mortgage Loans
(other than Non-Serviced Mortgage Loans) or applicable Serviced Whole Loans having a Stated Principal Balance of $2,000,000 or
higher, the Special Servicer shall order and use commercially reasonable efforts to obtain an Updated Appraisal or (ii) with respect
to Mortgage Loans (other than Non-Serviced Mortgage Loans) or applicable Serviced Whole Loans having a Stated Principal Balance
of less than $2,000,000, the Special Servicer, at its option, shall (A) provide a Small Loan Appraisal Estimate within the same
time period as an Appraisal would otherwise be required and such Small Loan Appraisal Estimate shall be used in lieu of an Updated
Appraisal to calculate the Appraisal Reduction Amount for such Mortgage Loans or applicable Serviced Whole Loans; or (B) order
and use commercially reasonable efforts to obtain an Updated Appraisal.

 

(e)          The
Special Servicer, upon reasonable request, shall deliver to the Master Servicer any information in the Special Servicer’s
possession reasonably required to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount.

 

On the first Determination
Date occurring at least 10 Business Days after the date the Master Servicer receives from the Special Servicer the related Updated
Appraisal or the

 

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Special Servicer’s Small Loan Appraisal Estimate, as applicable, the Master Servicer shall adjust the Appraisal
Reduction Amount to take into account such Updated Appraisal or Small Loan Appraisal Estimate, as applicable and any information
reasonably requested by the Master Servicer from the Special Servicer, to the extent such information is in the possession of the
Special Servicer, necessary to calculate the Appraisal Reduction Amount. Each Appraisal Reduction Amount shall also be adjusted
to take into account any subsequent Small Loan Appraisal Estimate or Updated Appraisal, as applicable, and any letter updates,
as of the date of each such subsequent Small Loan Appraisal Estimate, Updated Appraisal or letter update, as applicable, and receipt
of information reasonably requested by the Master Servicer from the Special Servicer to the extent such information is in the possession
of the Special Servicer and is reasonably necessary to calculate the Appraisal Reduction Amount. Such report shall also be forwarded
by the Master Servicer, to the extent the related Serviced Companion Loan has been included in a securitization transaction, to
the master servicer of such securitization into which the related Serviced Companion Loan has been sold, or to the holder of any
related Serviced Companion Loan by the Master Servicer.

 

Section 4.09     Grantor
Trust Reporting.  (a) The Certificate Administrator shall maintain adequate books and records to account for the separate entitlements
of the Grantor Trust.

 

(b)          The
parties intend that the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions thereof
shall be interpreted consistently with this intention. In furtherance of such intention, none of the Depositor, the Master Servicer,
the Special Servicer, the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to take advantage
of market fluctuations or so as to improve the rate of return of the Class V or Class R Certificates, and shall otherwise comply
with Treasury Regulations Section 301.7701-4(c). Within 30 days of the Closing Date, the Certificate Administrator shall obtain
a taxpayer identification number for the Grantor Trust on IRS Form SS-4. The Certificate Administrator shall file or cause to be
filed with the IRS Form 1041 (or, if the Grantor Trust is a WHFIT, information will be provided on Form 1099) or such other form
as may be applicable and shall furnish or cause to be furnished to the Holders of the Class V or Class R Certificates their allocable
share of income and expense with respect to the Class V Specific Grantor Trust Assets or the Class R Specific Grantor Trust Assets,
and proceeds thereof, as such amounts are received or accrue, as applicable.

 

(c)          (i)
With respect to the Class V Specific Grantor Trust Assets, if the Certificate Administrator receives notice that any Class V Certificate
is held through a “middleman” as defined in WHFIT Regulations, then such portion of the Grantor Trust will be treated
as a WHFIT that is a WHMT. With respect to the Class R Specific Grantor Trust Assets, if the Certificate Administrator receives
notice that any Class R Certificate is held through a “middleman” as defined in WHFIT Regulations, then such portion
of the Grantor Trust will be treated as a WHFIT that is a NMWHFIT. In either such event, the Certificate Administrator shall report
as required under the WHFIT Regulations to the extent such information as is reasonably necessary to enable the Certificate Administrator
to do so is provided to the Certificate Administrator on a timely basis. The Certificate Administrator is hereby directed to assume
that Hare & Co. is the only “middleman” as defined by the WHFIT Regulations unless the Depositor provides the Certificate
Administrator with the identities of other “middlemen” that are

 

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Certificateholders. The Certificate Administrator shall
be entitled to rely on its receipt of notice of the first or second sentences of this Section 4.09(c)(i), and shall be entitled
to indemnification in accordance with the terms of this Agreement in the event that the IRS makes a determination that any such
notice is incorrect.

 

(ii)           The
Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual method,
except to the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under
no obligation to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall make
available (via the Certificate Administrator’s Website) WHFIT information to Certificateholders annually. In addition, the
Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised or updated information
to any Certificateholder, unless requested by the Certificateholder.

 

(iii)           The
Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any
penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to the Certificate
Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator. Each owner
of a class of securities representing, in whole or in part, beneficial ownership of an interest in a WHFIT, by acceptance of its
interest in such class of securities, will be deemed to have agreed to provide the Certificate Administrator with information regarding
any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt of information regarding
any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial owner thereof or the Depositor,
the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.

 

(iv)            To
the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on the Certificate
Administrator’s Website the CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so published will
represent the Rule 144A CUSIPs. The Certificate Administrator shall make reasonable good faith efforts to keep the website accurate
and updated to the extent CUSIPs have been received. Absent the receipt of a CUSIP, the Certificate Administrator will use a reasonable
identifier number in lieu of a CUSIP. The Certificate Administrator shall not be liable for investor reporting delays that result
from the receipt of inaccurate or untimely CUSIP information.

 

Section 4.10     Secure
Data Room.   (a) The Certificate Administrator shall create
the Secure Data Room and the Depositor shall, upon receipt of each Mortgage Loan Seller’s Diligence File Certification,
deliver to the Certificate Administrator within 120 days following the Closing Date an electronic copy of the Diligence Files
for the Mortgage Loans that have been uploaded by the Mortgage Loan Sellers to the Intralinks Site. Upon receipt thereof, the
Certificate Administrator shall promptly upload the contents of each Diligence File to the Secure Data Room. Access to the Secure
Data Room shall be granted by the Certificate Administrator to (i) the Asset Representations Reviewer and (ii) any other Person
at the direction of the Depositor, in each case, upon the occurrence of an Affirmative Asset Review Vote and receipt by the Certificate
Administrator of a certification substantially in the form of Exhibit KK hereto

 

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(which shall be sent via email to trustadministrationgroup@wellsfargo.com
or submitted electronically via the Certificate Administrator’s website). In no case whatsoever shall Certificateholders
be permitted to access the Secure Data Room. For the avoidance of doubt, the Certificate Administrator shall be under no obligation
to post any documents or information to the Secure Data Room other than the contents of the Diligence Files initially delivered
to it by the Depositor.

 

(b)          The
Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether the type,
number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates to the transaction
or confirm that all documents and information constituting any Diligence File have actually been delivered to the Certificate Administrator.
In no case shall the Certificate Administrator be deemed to have obtained actual or constructive knowledge of the contents of,
or information contained in, any Diligence File by virtue of posting such Diligence File to the Secure Data Room. In the event
that any document or information is posted in error, the Certificate Administrator may remove such document or information from
the Secure Data Room. The Certificate Administrator shall not have any obligation to produce physical or electronic copies of any
document or information provided to it for posting to the Secure Data Room. The Certificate Administrator shall not be responsible
or held liable for any other Person’s use or dissemination of the documents or information contained on the Secure Data Room;
provided that such event or occurrence is not also a result of its own negligence, bad faith or willful misconduct. The
Certificate Administrator shall not be required to restrict access to the Secure Data Room on a loan-by-loan basis and any Person
with access to the Secure Data Room shall covenant to access only the information necessary to perform its duties and responsibilities
under this Agreement.

 

(c)          Upon
the resignation or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator shall
transfer electronic copies of the Diligence Files to a successor certificate administrator designated in writing by the Depositor,
and all costs and expenses associated with the transfer of the Diligence Files shall be payable as part of the costs and expenses
associated with the transfer of its responsibilities upon the resignation or removal of the Certificate Administrator pursuant
to Section 8.07. Following the date on which any Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed
from the Trust, the Master Servicer or the Special Servicer, as applicable, may (but shall not be obligated to) direct the Certificate
Administrator in writing to delete the Diligence File related to such Mortgage Loan from the Secure Data Room; provided
that absent such direction, the Certificate Administrator shall not be obligated to delete any Diligence File from the Secure Data
Room. Following the termination of the Trust pursuant to Section 9.01, the Certificate Administrator shall be permitted
to delete all files from the Secure Data Room. Upon deletion pursuant to this Section 4.10, in no event shall the Certificate
Administrator be obligated to reproduce or retrieve such deleted files.

 

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Article V

THE CERTIFICATES

 

Section 5.01     The Certificates. (a) The Certificates consist of the Class A-1 Certificates, the Class A-2 Certificates,
the Class A-SB Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-M Certificates, the
Class X-A Certificates, the Class X-B Certificates, the Class X-C Certificates, the Class X-D Certificates, the Class
X-E Certificates, the Class X-F Certificates, the Class B Certificates, the Class C Certificates, the Class D Certificates,
the Class E Certificates, the Class F Certificates, the Class G Certificates, the Class V Certificates and the Class R
Certificates.

 

The Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class A-M, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F,
Class B, Class C, Class D, Class E, Class F, Class G, Class V and Class R Certificates will
be substantially in the forms for such Class of Certificates as set forth next to such Classes in the Table of Exhibits
to this Agreement. The Certificates of each Class (other than the Class V and Class R Certificates) will be issuable in registered
form only, in minimum denominations of authorized Certificate Balance or Notional Amount, as applicable, as described in the succeeding
table, and multiples of $l in excess thereof (or such lesser amount if the Certificate Balance or Notional Amount, as applicable,
is not a multiple of $1). With respect to any Certificate or any beneficial interest in a Certificate, the “Denomination”
thereof shall be (i) the amount (A) set forth on the face thereof or (B) in the case of any Global Certificate,
set forth on a schedule attached thereto or, in the case of any beneficial interest in a Global Certificate, the amount set forth
on the books and records of the related Depository Participant or indirect participating brokerage firm, as applicable, (ii) expressed
in terms of Certificate Balance or Notional Amount, as applicable, and (iii) be in an authorized denomination, as set forth
below.

 

	Class
 
	 	 	Minimum
 Denomination

	 	Aggregate Denomination of
 all Certificates of Class

	A-1	 	 	$	10,000	 	 	$	30,286,000	 
	A-2	 	 	$	10,000	 	 	$	40,000,000	 
	A-SB	 	 	$	10,000	 	 	$	46,236,000	 
	A-3	 	 	$	10,000	 	 	$	168,000,000	 
	A-4	 	 	$	10,000	 	 	$	207,191,000	 
	X-A	 	 	$	100,000	 	 	$	566,092,000	 
	A-M	 	 	$	10,000	 	 	$	73,839,000	 
	B	 	 	$	10,000	 	 	$	31,644,000	 
	C	 	 	$	10,000	 	 	$	28,129,000	 
	X-B	 	 	$	10,000	 	 	$	59,773,000	 
	X-C	 	 	$	10,000	 	 	$	31,645,000	 
	X-D	 	 	$	10,000	 	 	$	15,823,000	 
	X-E	 	 	$	10,000	 	 	$	6,153,000	 
	X-F	 	 	$	10,000	 	 	$	23,733,985	 
	D	 	 	$	100,000	 	 	$	31,645,000	 
	E	 	 	$	100,000	 	 	$	15,823,000	 
	F	 	 	$	100,000	 	 	$	6,153,000	 
	G	 	 	$	100,000	 	 	$	23,733,985	 

 

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Each Certificate will
share ratably in all rights of the related Class.

 

The Class V and Class
R Certificates will each be issuable in one or more Individual Certificates in minimum denominations of 5% Percentage Interests
and integral multiples of a 1% Percentage Interest in excess thereof and together aggregating the entire 100% Percentage Interest
in each such Class.

 

The Global Certificates
shall be issued as one or more certificates registered in the name of a nominee designated by the Depository, and Certificate Owners
shall hold interests in the Global Certificates through the book-entry facilities of the Depository in the minimum Denominations
and aggregate Denominations and Classes as set forth above.

 

The
Global Certificates shall in all respects be entitled to the same benefits under this Agreement as Individual Certificates authenticated
and delivered hereunder.

 

(b)          Except insofar as pertains to any Individual Certificate, the Trust Fund, the Certificate Administrator, the Paying Agent
and the Trustee may for all purposes (including the making of payments due on the Global Certificates and the giving of notice
to Holders thereof) deal with the Depository as the authorized representative of the Certificate Owners with respect to the Global
Certificates for the purposes of exercising the rights of Certificateholders hereunder; provided, that, for purposes of
transmitting communications pursuant to Section 5.05(a) of this Agreement, to the extent that the Depositor has provided
the Certificate Administrator with the names of Certificate Owners (even if such Certificateholders hold their Certificates through
the Depository) the Certificate Administrator shall provide such information to such Certificate Owners directly. The rights of
Certificate Owners with respect to Global Certificates shall be limited to those established by law and agreements between such
Certificateholders and the Depository and Depository Participants. Except as set forth in Section 5.01(e) below, Certificate
Owners of Global Certificates shall not be entitled to physical certificates for the Global Certificates as to which they are the
Certificate Owners. Requests and directions from, and votes of, the Depository as Holder of the Global Certificates shall not be
deemed inconsistent if they are made with respect to different Certificate Owners. Subject to the restrictions on transfer set
forth in this Section 5.01 of this Agreement and Applicable Procedures, the holder of a beneficial interest in a Private
Global Certificate may request that the Certificate Administrator cause the Depository (or any Agent Member) to notify the Certificate
Registrar and the Certificate Custodian in writing of a request for transfer or exchange of such beneficial interest for an Individual
Certificate or Certificates. Upon receipt of such a request and payment by the related Certificate Owner of any attendant expenses,
the Certificate Administrator shall cause the issuance and delivery of such Individual Certificates. The Certificate Registrar
may establish a reasonable record date in connection with solicitations of consents from or voting by Certificateholders and give
notice to the Depository of such record date. Without the written consent of the Certificate Registrar, no Global Certificate may
be transferred by the Depository except to a successor Depository that agrees to hold the Global Certificates for the account of
the Certificate Owners.

 

(c)          Any of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have
imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may
be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of

 

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any
securities market in which the Certificates are admitted to trading, or to conform to general usage.

 

(d)          The Global Certificates (i) shall be delivered by the Certificate Registrar to the Depository or, pursuant to the Depository’s
instructions on behalf of the Depository to, and deposited with, the Certificate Custodian, and in either case shall be registered
in the name of Cede & Co. and (ii) shall bear a legend substantially to the following effect:

 

“Unless this certificate is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the
Certificate Registrar for registration of transfer, exchange or payment, and any certificate issued is registered in the name of
Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede &
Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.”

 

The Global Certificates
may be deposited with such other Depository as the Certificate Registrar may from time to time designate, and shall bear such legend
as may be appropriate.

 

(e)          If (i) the Depository advises the Certificate Administrator in writing that the Depository is no longer willing or
able properly to discharge its responsibilities as Depository, and the Certificate Administrator and the Depositor are unable to
locate a qualified successor within 90 days of such notice or (ii) the Trustee has instituted or has been directed to institute
any judicial proceeding to enforce the rights of the Holders of such Class and the Trustee has been advised by counsel that in
connection with such proceeding it is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates
of such Class, the Certificate Administrator shall notify the affected Certificate Owner or Owners through the Depository of the
occurrence of such event and the availability of Individual Certificates to such Certificate Owners requesting them. Upon surrender
to the Certificate Administrator of Global Certificates by the Depository, accompanied by registration instructions from the Depository
for registration of transfer, the Certificate Administrator shall issue the Individual Certificates. Neither the Trustee, the Certificate
Administrator, the Certificate Registrar, the Master Servicer, the Special Servicer nor the Depositor shall be liable for any actions
taken by the Depository or its nominee, including, without limitation, any delay in delivery of such instructions. Upon the issuance
of Individual Certificates, the Trustee, the Certificate Administrator, the Certificate Registrar and the Master Servicer shall
recognize the Holders of Individual Certificates as Certificateholders hereunder.

 

(f)           If the Trustee, its agents, the Certificate Administrator, its agents or the Master Servicer or Special Servicer have instituted
or have been directed to institute any judicial proceeding in a court to enforce the rights of the Certificateholders under the
Certificates, and the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer have been advised by
counsel that in connection with such proceeding it is necessary or appropriate for the

 

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Trustee,
the Certificate Administrator, the Master Servicer or the Special Servicer to obtain possession of the Certificates, the Trustee,
the Certificate Administrator, the Master Servicer or the Special Servicer may in their sole discretion determine that the Certificates
represented by the Global Certificates shall no longer be represented by such Global Certificates. In such event, the Certificate
Administrator or the Authenticating Agent will execute and authenticate and the Certificate Registrar will deliver, in exchange
for such Global Certificates, Individual Certificates (and if the Certificate Administrator or the Certificate Custodian has in
its possession Individual Certificates previously executed, the Authenticating Agent will authenticate and the Certificate Registrar
will deliver such Certificates) in a Denomination equal to the aggregate Denomination of such Global Certificates.

 

(g)          If the Trust Fund ceases to be subject to Section 13 or 15(d) of the Exchange Act, the Certificate Administrator
shall make available to each Holder and Certificate Owner of a Class of Certificates, upon request of such a Holder, information,
to the extent such information is in its possession, substantially equivalent in scope to the information currently filed by the
Certificate Administrator with the Commission pursuant to the Exchange Act, plus additional information required to be provided
for securities qualifying for resales under Rule 144A under the Act.

 

For so long as the Class
V or Class R Certificates remain outstanding, none of the Depositor, the Trustee or the Certificate Registrar shall take any action
which would cause the Trust Fund to fail to be subject to Section 15(d) of the Exchange Act.

 

(h)          Each Certificate may be printed or in typewritten or similar form, and each Certificate shall, upon original issue, be executed
and authenticated by the Certificate Administrator or the Authenticating Agent and delivered to, or at the order of, the Depositor.
All Certificates shall be executed by manual or facsimile signature on behalf of the Certificate Administrator or Authenticating
Agent by an authorized officer or signatory. Certificates bearing the signature of an individual who was at any time the proper
officer or signatory of the Certificate Administrator or Authenticating Agent shall bind the Certificate Administrator or Authenticating
Agent, notwithstanding that such individual has ceased to hold such office or position prior to the delivery of such Certificates
or did not hold such office or position at the date of such Certificates. No Certificate shall be entitled to any benefit under
this Agreement, or be valid for any purpose, unless there appears on such Certificate a certificate of authentication in the form
set forth in Exhibits A-1 through A-21 executed by the Authenticating Agent by manual signature, and such certificate
of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication.

 

(i)           If, in connection with any Distribution Date, the Certificate Administrator shall have reported the amount of an anticipated
distribution to the Depository based on the expected receipt of any monthly payment based on information set forth in any report
of the Master Servicer or the Special Servicer, or any other monthly payment, Balloon Payment or prepayment expected to be or which
is paid on the last two Business Days preceding such Distribution Date, and the related Borrower fails to make such payments at
such time, the Certificate Administrator shall use commercially reasonable efforts to cause the Depository to make the revised
distribution on a timely basis on such Distribution Date. The Trustee, the Certificate Administrator (in any of its capacities),
the Operating Advisor, the Asset

 

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Representations
Reviewer, the Master Servicer and the Special Servicer shall not be liable or held responsible for any resulting delay (or claims
by the Depository resulting therefrom) in the making of such distribution to Certificateholders. Any out-of-pocket costs incurred
by the Certificate Administrator as a consequence of a Borrower failing to make such payments shall be reimbursable to the Certificate
Administrator as an expense of the Trust Fund.

 

Section 5.02     Registration, Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be
kept at its offices books (the “Certificate Register”) for the registration, transfer and exchange of Certificates
(the Certificate Administrator, in such capacity, being the “Certificate Registrar”). The Depositor, the Trustee,
the Master Servicer and the Special Servicer shall have the right to inspect the Certificate Register or to obtain a copy thereof
at all reasonable times, and to rely conclusively upon a certificate of the Certificate Registrar as to the information set forth
in the Certificate Register. The names and addresses of all Certificateholders and the names and addresses of the transferees of
any Certificates shall be registered in the Certificate Register; provided, in no event shall the Certificate Registrar
be required to maintain in the Certificate Register the names of the individual Participants holding beneficial interests in the
Trust Fund through the Depository. The Person in whose name any Certificate is so registered shall be deemed and treated as the
sole owner and Holder thereof for all purposes of this Agreement and the Depositor, Certificate Registrar, the Master Servicer,
Special Servicer, the Trustee, the Certificate Administrator, any Paying Agent and any agent of any of them shall not be affected
by any notice or knowledge to the contrary. An Individual Certificate is transferable or exchangeable only upon the surrender of
such Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder or
his duly authorized attorney), subject to the requirements of Section 5.01(h) and Sections 5.02(c), (d),
(e), (f), (g), (h) and (i) of this Agreement. Upon request of the Certificate Administrator,
the Certificate Registrar shall provide the Certificate Administrator with the names, addresses and Percentage Interests of the
Holders.

 

(b)          Upon surrender for registration of transfer of any Individual Certificate, subject to the requirements of Sections 5.02(c),
(d), (e), (f), (g), (h) and (i) of this Agreement, the Certificate Administrator shall
execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more
new Certificates in Denominations of a like aggregate Denomination as the Individual Certificate being surrendered. Such Certificates
shall be delivered by the Certificate Registrar in accordance with Section 5.02(e) of this Agreement. Each Certificate
surrendered for registration of transfer shall be canceled and subsequently destroyed by the Certificate Registrar. Each new Certificate
issued pursuant to this Section 5.02 shall be registered in the name of any Person as the transferring Holder may request,
subject to the provisions of Sections 5.01(h) and 5.02(c), (d), (e), (f), (g), (h)
and (i) of this Agreement.

 

(c)          In addition to the provisions of Sections 5.01(h) and 5.02(d), (e), (f), (g), (h)
and (i) of this Agreement and the rules of the Depository, the exchange, transfer and registration of transfer of Private
Certificates that are Individual Certificates or beneficial interests in the Private Global Certificates shall be subject to the
following restrictions:

 

(i)           Transfers between Holders of Individual Certificates. With respect to the transfer and registration of transfer
of an Individual Certificate representing an interest in a Class of Private Certificates to a transferee that takes delivery in
the form of an

 

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Individual
Certificate (other than transfers of the Class V or Class R Certificates, which may be made only in accordance with Section
5.02(i) of this Agreement):

 

(A)          Other than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register
the transfer of such Individual Certificate if the requested transfer is being made by a transferee who has provided the Certificate
Registrar with an Investment Representation Letter substantially in the form of Exhibit D-1 to this Agreement (an
“Investment Representation Letter”), to the effect that the transfer is being made to a Qualified Institutional
Buyer in accordance with Rule 144A;

 

(B)          The Certificate Registrar shall register the transfer of such Individual Certificate pursuant to Regulation S after the
expiration of the Restricted Period if (1) the transferor has provided the Certificate Registrar with a Regulation S Transfer
Certificate substantially in the form of Exhibit G to this Agreement (a “Regulation S Transfer Certificate”),
and (2) the transferee furnishes to the Certificate Registrar an Investment Representation Letter; or

 

(C)          The Certificate Registrar shall register the transfer of such Individual Certificate if prior to the transfer such transferee
furnishes to the Certificate Registrar (1) an Investment Representation Letter to the effect that the transfer is being made
to an Institutional Accredited Investor or to an Affiliated Person in accordance with an applicable exemption under the Act, and
(2) in the case of a transfer to an Affiliated Person, an opinion of counsel acceptable to the Certificate Registrar that
such transfer is in compliance with the Act;

 

and, in each case, the Certificate
Registrar shall register the transfer of such Individual Certificate only if prior to the transfer the transferee furnishes to
the Certificate Registrar a written undertaking by the transferor to reimburse the Trust Fund for any costs incurred by it in connection
with the proposed transfer. In addition, the Certificate Registrar may, as a condition of the registration of any such transfer,
require the transferor to furnish such other certificates, legal opinions or other information (at the transferor’s expense)
as the Certificate Registrar may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption
from, or in a commercial mortgage-backed securitization transaction not subject to, the registration requirements of the Act and
other applicable laws.

 

(ii)          Transfers within the Private Global Certificates. Notwithstanding any provision to the contrary herein, so long
as a Private Global Certificate remains outstanding and is held by or on behalf of the Depository, transfers within such Global
Certificate shall only be made in accordance with this Section 5.02(c)(ii).

 

(A)          Rule 144A Global Certificate to Regulation S Global Certificate During the Restricted Period. If, during the
Restricted Period, a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its
beneficial interest in such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a
beneficial interest in the related Regulation S Global Certificate, such Certificate Owner may, in addition

 

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to
complying with all applicable rules and procedures of the Depository and Clearstream or Euroclear applicable to transfers by their
respective participants (the “Applicable Procedures”), transfer or cause the transfer of such beneficial interest
for an equivalent beneficial interest in such Regulation S Global Certificate only upon compliance with the provisions of this
Section 5.02(c)(ii)(A). Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1) written
instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit
or cause to be credited to another specified Agent Member’s account a beneficial interest in the Regulation S Global Certificate
in an amount equal to the Denomination of the beneficial interest in the Rule 144A Global Certificate to be transferred,
(2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the
Agent Member and the Euroclear or Clearstream account, as the case may be, to be credited with, and the account of the Agent Member
to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit H to this Agreement
given by the Certificate Owner of such interest, the Certificate Registrar shall instruct the Depository or the Certificate Custodian,
as applicable, to reduce the Denomination of the Rule 144A Global Certificate by the Denomination of the beneficial interest
in the Rule 144A Global Certificate to be so transferred and, concurrently with such reduction, to increase the Denomination
of the Regulation S Global Certificate by the Denomination of the beneficial interest in the Rule 144A Global Certificate
to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (who shall
be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the ease may be) a beneficial interest in
the Regulation S Global Certificate having a Denomination equal to the amount by which the Denomination of the Rule 144A
Global Certificate was reduced upon such transfer.

 

(B)          Rule 144A Global Certificate to Regulation S Global Certificate After the Restricted Period. If, after the Restricted
Period, a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial
interest in such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial
interest in the related Regulation S Global Certificate, such holder may, in addition to complying with all Applicable Procedures,
transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Certificate
only upon compliance with the provisions of this Section 5.02(c)(ii)(B). Upon receipt by the Certificate Registrar
at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from an Agent
Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent Member’s account
a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination of the beneficial interest
in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures
containing information regarding the account of the Agent Member and, in the case of a transfer pursuant to and in accordance with
Regulation S, the Euroclear or Clearstream account, as

 

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the
case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest, and (3) a
certificate in the form of Exhibit I to this Agreement given by the Certificate Owner of such interest, the Certificate
Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A
Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate to be so
transferred and, concurrently with such reduction, to increase the Denomination of the Regulation S Global Certificate by the
aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit
or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Regulation S
Global Certificate having a Denomination equal to the amount by which the Denomination of the Rule 144A Global Certificate
was reduced upon such transfer.

 

(C)          Regulation S Global Certificate to Rule 144A Global Certificate. If the Certificate Owner of an interest in
a Regulation S Global Certificate wishes at any time to transfer its beneficial interest in such Regulation S Global Certificate
to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related Rule 144A Global Certificate,
such Certificate Owner may, in addition to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial
interest for an equivalent beneficial interest in such Rule 144A Global Certificate only upon compliance with the provisions
of this Section 5.02(c)(ii)(C). Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1) written
instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit
or cause to be credited to another specified Agent Member’s account a beneficial interest in the Rule 144A Global Certificate
in an amount equal to the Denomination of the beneficial interest in the Regulation S Global Certificate to be transferred, (2) a
written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member
to be credited with, and the account of the Agent Member or, if such account is held for Euroclear or Clearstream, the Euroclear
or Clearstream account, as the case may be, to be debited for, such beneficial interest, and (3) with respect to a transfer of
a beneficial interest in a Regulation S Global Certificate for a beneficial interest in the related Rule 144A Global Certificate
(i) during the Restricted Period, a certificate in the form of Exhibit J to this Agreement given by the holder
of such beneficial interest or (ii) after the Restricted Period, an Investment Representation Letter from the transferee to
the effect that such transferee is a Qualified Institutional Buyer, the Certificate Registrar shall instruct the Depository or
the Certificate Custodian, as applicable, to reduce the Denomination of the Regulation S Global Certificate by the aggregate Denomination
of the beneficial interest in the Regulation S Global Certificate to be transferred, and, concurrently with such reduction, to
increase the Denomination of the Rule 144A Global Certificate by the aggregate Denomination of the beneficial interest in
the Regulation S Global Certificate to be so transferred, and to credit or cause to be credited to the account of the Person

 

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specified
in such instructions a beneficial interest in such Rule 144A Global Certificate having a Denomination equal to the amount
by which the Denomination of the Regulation S Global Certificate was reduced upon such transfer.

 

(iii)         Transfers from the Private Global Certificates to Individual Certificates. Any and all transfers from a Private
Global Certificate to a transferee wishing to take delivery in the form of an Individual Certificate will require the transferee
to take delivery subject to the restrictions on the transfer of such Individual Certificate described in a legend set forth on
the face of such Certificate substantially in the form of Exhibit F to this Agreement (the “Securities Legend”),
and such transferee agrees that it will transfer such Individual Certificate only as provided therein and herein. No such transfer
shall be made and the Certificate Registrar shall not register any such transfer unless such transfer is made in accordance with
this Section 5.02(c)(iii).

 

(A)          Transfers of a beneficial interest in a Private Global Certificate to an Institutional Accredited Investor will require
delivery in the form of an Individual Certificate and the Certificate Registrar shall register such transfer only upon compliance
with the provisions of Section 5.02(c)(i)(C) of this Agreement.

 

(B)           Transfers of a beneficial interest in a Private Global Certificate to a Qualified Institutional Buyer or a Regulation S
Investor wishing to take delivery in the form of an Individual Certificate will be registered by the Certificate Registrar only
upon compliance with the provisions of Section 5.02(c)(i)(A) or (B) of this Agreement, respectively.

 

(C)           Notwithstanding the foregoing, no transfer of a beneficial interest in a Regulation S Global Certificate to an Individual
Certificate pursuant to Subparagraph (B) above shall be made prior to the expiration of the Restricted Period.

 

Upon acceptance for exchange
or transfer of a beneficial interest in a Private Global Certificate for an Individual Certificate, as provided herein, the Certificate
Registrar shall endorse on the schedule affixed to the related Private Global Certificate (or on a continuation of such schedule
affixed to such Private Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange
or transfer and a decrease in the Denomination of such Private Global Certificate equal to the Denomination of such Individual
Certificate issued in exchange therefor or upon transfer thereof. Unless determined otherwise by the Certificate Registrar and
the Depositor in accordance with applicable law, an Individual Certificate issued upon transfer of or exchange for a beneficial
interest in the Private Global Certificate shall bear the Securities Legend.

 

(iv)         Transfers of Individual Certificates to the Private Global Certificates. If a Holder of an Individual Certificate
wishes at any time to transfer such Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest
in the related Regulation S Global Certificate or the related Rule 144A Global Certificate, such transfer may be effected
only in accordance with the Applicable Procedures and this 

 

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Section 5.02(c)(iv).
Upon receipt by the Certificate Registrar at the Corporate Trust Office of (l) the Individual Certificate to be transferred with
an assignment and transfer pursuant to Section 5.05(a) of this Agreement, (2) written instructions given in accordance
with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to a
specified Agent Member’s account a beneficial interest in such Regulation S Global Certificate or such Rule 144A Global
Certificate, as the case may be, in an amount equal to the Denomination of the Individual Certificate to be so transferred, (3) a
written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member
and, in the case of any transfer pursuant to Regulation S, the Euroclear or Clearstream account, as the case may be, to be credited
with such beneficial interest, and (4) (x) an Investment Representation Letter from the transferee and, if delivery
is to be taken in the form of a beneficial interest in the Regulation S Global Certificate, a Regulation S Transfer Certificate
from the transferor or (y) an Investment Representation Letter from the transferee to the effect that such transferee is
a Qualified Institutional Buyer if delivery is to be taken in the form of a beneficial interest in the Rule 144A Global Certificate,
the Certificate Registrar shall cancel such Individual Certificate, execute and deliver a new Individual Certificate for the Denomination
of the Individual Certificate not so transferred, registered in the name of the Holder or the Holder’s transferee (as instructed
by the Holder), and the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to increase
the Denomination of the Regulation S Global Certificate or the Rule 144A Global Certificate, as the case may be, by the Denomination
of the Individual Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified
in such instructions who, in the case of any increase in the Regulation S Global Certificate during the Restricted Period, shall
be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the case may be, a corresponding Denomination
of the Rule 144A Global Certificate or the Regulation S Global Certificate, as the case may be.

 

It is the intent of the foregoing
that under no circumstances may an Institutional Accredited Investor that is not a Qualified Institutional Buyer take delivery
in the form of a beneficial interest in a Private Global Certificate, other than the initial transfer from the Initial Purchasers
to an initial investor.

 

(v)          All Transfers. An exchange of a beneficial interest in a Global Certificate for an Individual Certificate or Certificates,
an exchange of an Individual Certificate or Certificates for a beneficial interest in a Global Certificate and an exchange of
an Individual Certificate or Certificates for another Individual Certificate or Certificates (in each case, whether or not such
exchange is made in anticipation of subsequent transfer, and, in the case of the Global Certificates, so long as the Global Certificates
remain outstanding and are held by or on behalf of the Depository), may be made only in accordance with this Section 5.02
and in accordance with the rules of the Depository and Applicable Procedures.

 

(d)          If Certificates are issued upon the transfer, exchange or replacement of Certificates not bearing the Securities Legend,
the Certificates so issued shall not bear the Securities Legend. If Certificates are issued upon the transfer, exchange or replacement
of

 

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Certificates
bearing the Securities Legend, or if a request is made to remove the Securities Legend on a Certificate, the Certificates so issued
shall bear the Securities Legend, or the Securities Legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an opinion of counsel (at the expense of the party
requesting the removal of such legend) familiar with United States securities laws, as may be reasonably required by the
Certificate Registrar, that neither the Securities Legend nor the restrictions on transfers set forth therein are required to
ensure that transfers of any Certificate comply with the provisions of Rule 144A or Rule 144 under the Act or that such
Certificate is not a “restricted security” within the meaning of Rule 144 under the Act. Upon provision of such
satisfactory evidence, the Certificate Registrar shall execute and deliver a Certificate that does not bear the Securities Legend.

 

(e)           Subject to the restrictions on transfer and exchange set forth in Section 5.01(i) and in this Section 5.02,
the Holder of any Individual Certificate may transfer or exchange the same in whole or in part (with a denomination equal to any
authorized denomination) by surrendering such Certificate at the office of the Certificate Administrator or at the office of any
transfer agent appointed as provided under this Agreement, together with an instrument of assignment or transfer (executed by the
Holder or its duly authorized attorney), in the case of transfer, and a written request for exchange, in the case of exchange.
Following a proper request for transfer or exchange, the Certificate Registrar shall, within five Business Days of such request
if made at such office of the Certificate Administrator or within ten Business Days if made at the office of a transfer agent (other
than the Certificate Registrar), execute and deliver at the office of the Certificate Administrator or at the office of such transfer
agent, as the case may be, to the transferee (in the case of transfer) or Holder (in the case of exchange) or send by first-class
mail (at the risk of the transferee in the case of transfer or Holder in the case of exchange) to such address as the transferee
or Holder, as applicable, may request, an Individual Certificate or Certificates, as the case may require, for a like aggregate
Denomination and in such Denomination or Denominations as may be requested. The presentation for transfer or exchange of any Individual
Certificate shall not be valid unless made at the office of the Certificate Administrator or at the office of a transfer agent
by the registered Holder in person, or by a duly authorized attorney-in-fact. The Certificate Registrar may decline to accept any
request for an exchange or registration of transfer of any Certificate during the period of 15 days preceding any Distribution
Date.

 

(f)           An Individual Certificate (other than an Individual Certificate issued in exchange for a beneficial interest in a Global
Certificate pursuant to Section 5.01 of this Agreement) or a beneficial interest in a Private Global Certificate may
only be transferred to Eligible Investors, as described herein. In the event that a Responsible Officer of the Certificate Registrar
has actual knowledge that such an Individual Certificate or beneficial interest in a Private Global Certificate is being held by
or for the benefit of a Person who is not an Eligible Investor, or that such holding is unlawful under the laws of a relevant jurisdiction,
then the Certificate Registrar shall have the right to void such transfer, if permitted under applicable law, or to require the
investor to sell such Individual Certificate or beneficial interest in a Private Global Certificate to an Eligible Investor within
fourteen days after notice of such determination and each Certificateholder by its acceptance of a Certificate authorizes the Certificate
Registrar to take such action.

 

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(g)          Subject to the provisions of this Section 5.02 regarding transfer and exchange, transfers of the Global Certificates
shall be limited to transfers of such Global Certificates in whole, but not in part, to nominees of the Depository or to a successor
of the Depository or such successor’s nominee.

 

(h)          No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of
transfer or exchange referred to in this Section 5.02 other than for transfers to Institutional Accredited Investors,
as provided herein. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the
Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any
legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided herein) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

(i)           Subject to Section 5.02(e) of this Agreement, transfers of the Class V or Class R Certificates may be
made only in accordance with this Section 5.02(i). The Certificate Registrar shall register the transfer of a Class R
Certificate only if (x) the transferor has advised the Certificate Registrar in writing that such Certificate is being transferred
to a Qualified Institutional Buyer and (y) prior to such transfer the transferee furnishes to the Certificate Registrar an
Investment Representation Letter. The Certificate Registrar shall register the transfer of a Class V Certificate only if (x) the
transferor has advised the Certificate Registrar in writing that such Certificate is being transferred to a Qualified Institutional
Buyer or an Affiliated Person or an Institutional Accredited Investor and (y) prior to such transfer the transferee furnishes to
the Certificate Registrar an Investment Representation Letter. In addition, the Certificate Registrar may as a condition of the
registration of any such transfer require the transferor to furnish such other certifications, legal opinions or other information
(at the transferor’s expense) as it may reasonably require to confirm that the proposed transfer is being made pursuant to
an exemption from, or in a transaction not subject to, the registration requirements of the Act and other applicable laws.

 

(j)           No transfer, sale, pledge or other disposition of any Class of Private Certificates or interest therein shall be made unless
that transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Act and
any applicable state securities laws, or is otherwise made in accordance with the Act and such state securities laws. Neither the
Depositor, the Master Servicer, the Certificate Administrator, the Trustee nor the Certificate Registrar are obligated to register
or qualify the Private Certificates under the Act or any other securities law or to take any action not otherwise required under
this Agreement to permit the transfer of such Private Certificates without registration or qualification. Any Certificateholder
desiring to effect such a transfer shall, and does hereby agree to, indemnify the Depositor, the Master Servicer, the Certificate
Administrator, the Trustee and the Certificate Registrar, against any loss, liability or expense that may result if the transfer
is not so exempt or is not made in accordance with such federal and state laws.

 

(k)          No transfer of any Class E, Class F, Class G, Class V or Class R Certificate (each, a “Restricted
Certificate”) shall be made to (i) an employee benefit plan subject to the fiduciary responsibility provisions of
ERISA, or Section 4975 of the Code, or a

 

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governmental
plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal, state or local law (“Similar Law”)
which is to a material extent similar to the foregoing provisions of ERISA or the Code (each, a “Plan”) or
(ii) a collective investment fund whose underlying assets include Plan assets by reason of a Plan’s investment in the
collective investment fund (pursuant to U.S. Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of
ERISA, other than (with respect to transfer of Restricted Certificates other than the Class V or Class R Certificates), an insurance
company using the assets of its general account under circumstances whereby such purchase and the subsequent holding of such Certificate
by such insurance company would be exempt from the “prohibited transaction” provisions of Sections 406 and 407
of ERISA and Code Section 4975 under Sections I and III of PTCE 95-60, or a substantially similar exemption under Similar
Law. Each prospective transferee of a Restricted Certificate shall either (A) deliver to the Depositor, the Certificate Registrar
and the Certificate Administrator, a transfer or representation letter, substantially in the form of Exhibit D-2 to
this Agreement, stating that the prospective transferee is not and will not become a Person referred to in (i) or (ii) above
or (B) if the transferee is such an entity specified in (i) or (ii) above (except in the case of a Class V or Class
R Certificate, which may not be transferred unless the transferee represents it is not such an entity), such entity, at its own
expense, shall provide any opinion of counsel, officers’ certificates or agreements as may be required by, and in form and
substance satisfactory to, the Depositor, the Certificate Administrator and the Certificate Registrar, to the effect that the
purchase and holding of the Certificates by or on behalf of a Plan will not constitute or result in a non-exempt prohibited transaction
within the meaning of Sections 406 and 407 of ERISA and Section 4975 of the Code, and will not subject the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Depositor, the Certificate Administrator,
the Trustee or the Certificate Registrar to any obligation or liability. None of the Certificate Administrator or the Certificate
Registrar shall register a Class V or Class R Certificate in any Person’s name unless such Person has provided the letter
referred to in clause (A) of the preceding sentence. The transferee of a beneficial interest in a Global Certificate
that is a Restricted Certificate shall be deemed to represent that it is not and will not become a Plan or a Person acting on
behalf of any Plan or using the assets of any Plan to acquire such interest other than (with respect to transfers of beneficial
interests in Global Certificates which are Restricted Certificates other than the Class V or Class R Certificates) an insurance
company using the assets of its general account under circumstances whereby such transfer to such insurance company would be exempt
from the “prohibited transaction” provisions of Sections 406 and 407 of ERISA and Section 4975 of the Code
under Sections I and III of PTCE 95-60, or a substantially similar exemption under Similar Law. Any transfer of a Restricted
Certificate that would violate or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or
Similar Law shall be deemed absolutely null and void ab initio.

 

(l)            Each Person who has or acquires any Ownership Interest shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any Ownership Interest
are expressly subject to the following provisions:

 

(i)            Each Person acquiring or holding any Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such
Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a

 

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Permitted
Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or
the status of the beneficial owner of such Ownership Interest) as a Permitted Transferee. Any acquisition described in the first
sentence of this Section 5.02(l) by a Person who is not a Permitted Transferee or by a Person who is acting as an
agent of a Person who is not a Permitted Transferee shall be void and of no effect, and the immediately preceding owner who was
a Permitted Transferee shall be restored to registered and beneficial ownership of the Ownership Interest as fully as possible.

 

(ii)           No Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without
the express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and
such proposed Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer
of any Ownership Interest, the Certificate Registrar shall, as a condition to such consent, (x) require delivery to it in
form and substance satisfactory to it, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed
transferor an affidavit in substantially the form attached as Exhibit C-1 (a “Transferee Affidavit”)
of the proposed transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (i) the
proposed transferee historically has paid its debts as they have come due and intends to do so in the future, (ii) the proposed
transferee understands that, as the holder of an Ownership Interest, it may incur liabilities in excess of cash flows generated
by the residual interest, (iii) the proposed transferee intends to pay taxes associated with holding the Ownership Interest
as they become due, (iv) the proposed transferee will not transfer the Ownership Interest to any Person that does not provide
a Transferee Affidavit or as to which the proposed transferee has actual knowledge that such Person is not a Permitted Transferee
or is acting as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, (v) the
proposed transferee will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment
or fixed base, within the meaning of an applicable income tax treaty, of the proposed transferee or any other U.S. Person and
(vi) the proposed transferee expressly agrees to be bound by and to abide by the provisions of this Section 5.02(l)
and (y) other than in connection with the initial issuance of the Class R Certificates, require a statement from the
proposed transferor substantially in the form attached as Exhibit C-2 (the “Transferor Letter”),
that the proposed transferor has no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual
knowledge or reason to know that the proposed transferee’s statements in the Transferee Affidavit are false.

 

(iii)          Notwithstanding the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible
Officer of the Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer
to such proposed transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register;
provided, that the Certificate Registrar shall not be required to conduct any independent investigation to determine whether
a proposed transferee is a Permitted Transferee.

 

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Neither the Certificate
Administrator nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance
with any restriction or transfer imposed under Article V of this Agreement or under applicable law with respect to
any transfer of any Certificate (including, without limitation, the Securities Legend), or any interest therein, other than to
require delivery of the certification(s) and/or opinions of counsel described in Article V applicable with respect
to changes in registration of record ownership of Certificates in the Certificate Register. The Certificate Administrator and the
Certificate Registrar shall have no liability for transfers, including transfers made through the book-entry facilities of the
Depository or between or among Depository Participants or Certificate Owners made in violation of applicable restrictions.

 

Upon written notice to
the Certificate Registrar, or upon the Certificate Registrar having actual knowledge, that there has occurred a Transfer to any
Person that is a Disqualified Organization or an agent thereof (including a broker, nominee, or middleman) in contravention of
the foregoing restrictions, and in any event not later than 60 days after a request for information from the transferor of
such Ownership Interest, or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS
and the transferor of such Ownership Interest or such agent such information necessary to the application of Section 860E(e) of
the Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions
with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate
Registrar and the Certificate Administrator, the Certificate Registrar and the Certificate Administrator may charge a reasonable
fee for computing and furnishing such information to the transferor or to such agent referred to above; provided that such
Persons shall in no event be excused from furnishing such information.

 

Section 5.03     Mutilated, Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate,
and (ii) there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it and
the Certificate Administrator harmless, then, in the absence of actual knowledge by a Responsible Officer of the Certificate Registrar
that such Certificate has been acquired by a bona fide purchaser, the Certificate Administrator or the Authenticating Agent shall
execute and authenticate and the Certificate Registrar shall deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of the same Class and of like tenor and Percentage Interest. Upon the issuance of
any new Certificate under this Section 5.03, the Certificate Registrar may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section 5.03
shall constitute complete and indefeasible evidence of ownership of the corresponding interest in the Trust Fund, as if originally
issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.04     Appointment of Paying Agent. The Certificate Administrator may appoint a paying agent (a “Paying Agent”)
for the purpose of making distributions to Certificateholders pursuant to Section 4.01 of this Agreement. The Certificate
Administrator

 

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shall
cause such Paying Agent, if other than the Certificate Administrator, the Trustee or the Master Servicer, to execute and deliver
to the Master Servicer and the Trustee an instrument in which such Paying Agent shall agree with the Master Servicer and the Trustee
that such Paying Agent will hold all sums held by it for the payment to Certificateholders in trust for the benefit of the Certificateholders
entitled thereto until such sums have been paid to the Certificateholders or disposed of as otherwise provided herein. The initial
Paying Agent shall be the Certificate Administrator. Except for the Certificate Administrator, as the initial Paying Agent, the
Paying Agent shall at all times be an entity having a long-term unsecured debt rating of at least “A2” by Moody’s,
“A” from Fitch and “A” by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by any two
other NRSROs), or shall be otherwise acceptable to each Rating Agency, as confirmed by a receipt of a Rating Agency Confirmation.

 

Section 5.05     Access to Certificateholders’ Names and Addresses; Special Notices. (a) If any Certifying Certificateholder
(for purposes of this Section 5.05, an “Applicant”) applies in writing to the Certificate Registrar,
and such application states that the Applicant desires to communicate with other Certificateholders with respect to its rights
under this Agreement, the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, afford
such Certificateholder (at such Certificateholder’s sole cost and expense) access during normal business hours to a current
list of the Certificateholders related to the Class of Certificates held by such Certificateholder.

 

Any Certificateholder
or Certificate Owner wishing to communicate with other Certificateholders and Certificate Owners regarding the exercise of its
rights under the terms of this Agreement (such party, a “Requesting Investor”) may deliver a written request
(a “Communication Request”) signed by an authorized representative of the Requesting Investor to the Certificate
Administrator. Any Communication Request shall contain the method other Certificateholders and Certificate Owners should use to
contact the Requesting Investor, and, if the Requesting Investors is not the registered holder of a Class of Certificates, then
the Communication Request must contain (i) a written certification from the Requesting Investor that it is a beneficial owner of
a class of certificates, (ii) the name of the transaction, CD 2016-CD1 and (iii) one of the following forms of documentation evidencing
its beneficial ownership in such class of certificates: (A) a trade confirmation, (B) an account statement, (C) a medallion stamp
guaranteed letter from a broker or dealer stating the Requesting Investor is the beneficial owner, or (D) a document reasonably
acceptable to the Certificate Administrator that is similar to any of the documents identified in clauses (A) through (C). The
Certificate Administrator shall not be permitted to require any information other than the foregoing in verifying a Certificateholder’s
or Certificate Owner’s identity in connection with a Communication Request. Requesting Investors will be responsible for
their own expenses in making any Communication Request, but will not be required to bear any expenses of the Certificate Administrator.
Upon receipt of such request, the Certificate Administrator shall furnish or cause to be furnished to such Applicant a list of
the names and addresses of the Certificateholders as of the most recent Record Date.

 

(b)           Every Certificateholder, by receiving and holding its Certificate, agrees with the Certificate Administrator and the Certificate
Registrar that the Certificate Administrator and the Certificate Registrar shall not be held accountable in any way by reason of
the disclosure

 

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of
any information as to the names and addresses of the Certificateholders hereunder, regardless of the source from which such information
was derived.

 

(c)           Upon the written request of any Certifying Certificateholder that (a) states that such Certificateholder desires the
Certificate Administrator to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted
by other Certificateholders, setting forth the relevant contact information and briefly stating the reason for the requested contact
and (b) provides a copy of the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator
shall deliver such Special Notice to all Certificateholders at their respective addresses appearing on the Certificate Register.
The costs and expenses of the Certificate Administrator associated with delivering with any such Special Notice shall be borne
by the party requesting such Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither
the Certificate Administrator nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special
Notice to Certificateholders, regardless of the information set forth in such Special Notice.

 

Section 5.06     Actions of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as
herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the
Certificate Administrator and the Trustee and, when required, to the Master Servicer. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the
Certificate Administrator, the Trustee and the Master Servicer, if made in the manner provided in this Section.

 

(b)          The fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable
manner which the Certificate Administrator or the Trustee deems sufficient.

 

(c)           Any request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every
Holder of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect
of anything done, or omitted to be done, by the Certificate Administrator or the Trustee or the Master Servicer in reliance thereon,
whether or not notation of such action is made upon such Certificate.

 

(d)          The Certificate Administrator, the Trustee or Certificate Registrar may require such additional proof of any matter referred
to in this Section 5.06 as it shall deem necessary.

 

Section 5.07     Rule 144A Information. The Certificate Administrator shall, upon request of any Certifying Certificateholder that
is a Holder of a Private Certificate or any beneficial owner of such a Certificate, furnish to such Holder or beneficial owner
or a prospective purchaser designated by such Holder or beneficial owner who is a Qualified Institutional Buyer the information
required to be delivered under Rule 144A(d)(4) under the Act, to the extent such information has been provided to the Certificate
Administrator and has

 

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been
identified as Rule 144A information (which shall include all information on the Certificate Administrator’s Website and
all information currently required to be made available to Certificateholders, as well as any other specifically identified information
herein), if at the time of such request periodic reports are not being filed with respect to the Trust under Section 13 or Section
15(d) of the Exchange Act.

 

Section 5.08     Voting Procedures. With respect to any matters submitted to Certificateholders for a vote, the Certificate Administrator
shall administer such vote through the Depository with respect to Book-Entry Certificates and directly with registered Holders
by mail with respect to Definitive Certificates. In each case, such vote shall be administered in accordance with the following
procedures, unless different procedures are otherwise described herein with respect to a specific vote:

 

(a)           Any matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator.
Such notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline
which shall be no less than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice
and related ballot shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered Holders
of Definitive Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s
Website. Notices delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually
receives the notice and ballot.

 

(b)           In connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings
in the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding
Certificate Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has cast its
vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated by
the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may not
be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of the
Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking into
consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and shall
be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.

 

(c)           The Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate
Administrator shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline.
Illegible or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall
not be counted. Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results
of the vote. Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the
proposition and the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance

 

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with
the methods described in Section 5.08(a) above. The Certificate Administrator shall also include such notice on the Form
10-D prepared in connection with the distribution period that corresponds with the date such notice is distributed. All vote tabulations
shall be final and the Certificate Administrator shall not, absent manifest error, retabulate the votes or conduct a new vote
for the same proposition.

 

(d)           Unless otherwise paid for by any Holder pursuant to Section 8.01 or Section 8.02, or clause (e) below,
any and all reasonable expenses incurred by the Certificate Administrator in connection with administering any vote shall be borne
by the Trust. The Certificate Administrator is under no obligation to advise Holders about the matter being voted on or answer
questions other than process-related questions regarding the administration of the vote.

 

(e)           If any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration
of the Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote
and the Certificate Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.

 

Article VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE DIRECTING HOLDER, THE 

OPERATING ADVISOR AND THE ASSET REPRESENTATIONS
REVIEWER

 

Section 6.01     Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer
each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement.

 

Section 6.02     Merger or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer
or the Operating Advisor. Subject to the following paragraph, each of the Master Servicer and the Special Servicer shall keep
in full effect its existence, rights and good standing as a national banking association under the laws of the United States of
America or a limited liability company under the laws of the State of Delaware, respectively, and shall not jeopardize its ability
to do business in each jurisdiction in which the Mortgaged Properties securing the Mortgage Loans that it is servicing are located
or to protect the validity and enforceability of this Agreement, the Certificates or any of such Mortgage Loans that it is servicing
and to perform its respective duties under this Agreement. In addition, subject to the following paragraph, the Operating Advisor
and the Asset Representations Reviewer shall keep in full effect its existence, rights and good standing as a limited liability
company under the laws of the State of New York and shall not jeopardize its ability to do business in each jurisdiction in which
the Mortgaged Properties are located or to protect the validity and enforceability of this Agreement, the Certificates or any of
such Mortgage Loans and to perform its respective duties under this Agreement.

 

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Each of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be merged or consolidated
with or into any Person, or transfer all or substantially all of its assets to any Person, in which case any Person into which
the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be merged
or consolidated, or any Person resulting from any merger or consolidation to which the Master Servicer, the Special Servicer, the
Depositor, the Operating Advisor or the Asset Representations Reviewer is a party, or any Person succeeding to the business of
the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer, shall be
the successor of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer,
as applicable, hereunder, and shall be deemed to have assumed all of the liabilities of the Master Servicer, the Special Servicer,
the Depositor, the Operating Advisor or the Asset Representations Reviewer, as applicable, hereunder, if each of the Rating Agencies
has provided a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any; provided
that none of the Master Servicer, the Special Servicer or the Operating Advisor shall be required to obtain a Rating Agency Confirmation
from any Rating Agency if the Master Servicer, Special Servicer or Operating Advisor, as applicable, is merged into or consolidated
with a Qualified Affiliate or transfers all or substantially all of its assets to a Qualified Affiliate; provided, further,
if the Master Servicer, the Special Servicer or the Operating Advisor enters into a merger and the Master Servicer, the Special
Servicer or the Operating Advisor, as applicable, is the surviving entity under applicable law, the Master Servicer, the Special
Servicer or the Operating Advisor, as applicable, shall not, as a result of the merger, be required to provide a Rating Agency
Confirmation or obtain the consent of the Depositor. Notwithstanding the foregoing, no Master Servicer, Special Servicer, the Operating
Advisor or the Asset Representations Reviewer may remain the Master Servicer, Special Servicer, the Operating Advisor or the Asset
Representations Reviewer, as applicable, under this Agreement after (x) being merged or consolidated with or into any Person
that is a Prohibited Party, or (y) transferring all or substantially all of its assets to any Person if such Person is a Prohibited
Party, except to the extent (i) the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer, as applicable, is the surviving entity of such merger, consolidation or transfer and has been and continues to be in
compliance with its Regulation AB reporting obligations hereunder or (ii) the Depositor consents to such merger, consolidation
or transfer, which consent shall not be unreasonably withheld. The Asset Representations Reviewer shall keep in full effect its
existence and rights as an entity under the laws of the jurisdiction of its organization, and shall be in compliance with the laws
of all jurisdictions to the extent necessary to perform its duties under this Agreement. Any Person into which the Asset Representations
Reviewer may be merged or consolidated, or any Person resulting from any merger or consolidation to which the Asset Representations
Reviewer shall be a party, or any Person succeeding to the business of the Asset Representations Reviewer, shall be the successor
of the Asset Representations Reviewer hereunder, and shall be deemed to have assumed all of the liabilities and obligations of
such Asset Representations Reviewer hereunder, without the execution or filing of any paper or any further act on the part of any
of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the Trustee has received a Rating
Agency Confirmation with respect to such successor or surviving Person.

 

Section 6.03     Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer and Others. (a)

 

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None
of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer nor any
Affiliates, partners, shareholders, directors, officers, employees, members, managers, representatives or agents (including sub-servicers)
of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer shall
be under any liability to the Trust Fund, the Certificateholders, any Serviced Companion Loan Noteholders, any party hereto or
any third party beneficiary for any action taken, or for refraining from the taking of any action, in good faith pursuant to this
Agreement (including actions taken or not taken at the direction of any Directing Holder), or for errors in judgment; provided,
that this provision shall not protect the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset
Representations Reviewer, or any Affiliate, representative, member, manager, director, officer, employee or agent (including sub-servicers)
of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, against
any breach of warranties or representations made herein, or against any liability which would otherwise be imposed by reason of
willful misconduct, bad faith or negligence (or in the case of (x) the Master Servicer or Special Servicer, by reason of
any specific liability imposed hereunder for a breach of the Servicing Standard, (y) the Operating Advisor, by reason of
any specific liability imposed hereunder for a breach of the Operating Advisor Standard or (z) the Asset Representations Reviewer,
by reason of any specific liability imposed hereunder for a breach of the Asset Review Standard) in the performance of duties
or by reason of negligent disregard of obligations or duties hereunder. The Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer and any Affiliate, representative, member, manager, director, officer,
employee or agent (including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor
may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any appropriate
Person respecting any matters arising hereunder. In addition, in no event shall the Depositor be obligated to cause any party
to perform or comply with the obligations to remit the CREFC® Intellectual Property Royalty License Fee to CREFC®,
to report any such CREFC® Intellectual Property Royalty License Fee so paid or to make available any Distribution
Date Statement to the general public (or in particular, CREFC®).

 

The Trust Fund and each
Serviced Companion Loan Noteholder shall be indemnified and held harmless by each of the Master Servicer, the Special Servicer
and the Operating Advisor (severally and not jointly) for any loss, liability or expense (including legal fees and expenses) incurred
in connection with any claim, loss, penalty, fine, foreclosure, judgment or liability relating to this Agreement or the Certificates,
incurred by the Trust Fund or such Serviced Companion Loan Noteholder, as applicable, by reason of willful misconduct, bad faith,
fraud or negligence in the performance of duties hereunder, or by reason of negligent disregard of obligations and duties thereunder,
on the part of such indemnifying party.

 

The Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any Affiliates, directors, officers,
employees, members, managers, representatives and agents (including sub-servicers) of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor and the Asset Representations Reviewer shall be indemnified and held harmless by the Trust Fund
for any loss, liability or expense (including legal fees and expenses) incurred in connection with any claim, loss, penalty, fine,
foreclosure, judgment, liability or legal action relating to this Agreement or the Certificates,

 

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other
than any loss, liability or expense (including legal fees and expenses) (i) incurred by such party by reason of willful misconduct,
bad faith, fraud or negligence in the performance of duties hereunder or by reason of negligent disregard of obligations and duties
thereunder or (ii) in the case of the Depositor and any of its Affiliates, directors, officers, representatives, members,
managers, employees and agents, incurred in connection with any violation by any of them of any state or federal securities law;
provided that such indemnified parties shall be paid out of the Collection Account in accordance with Section 3.06(a)
of this Agreement; provided, further, that if such matter relates directly to any Serviced Whole Loan, such
indemnified parties shall be paid first out of the applicable Serviced Whole Loan Collection Account (allocated in accordance
with the expense allocation provision of the related Intercreditor Agreement), and then, if funds therein are insufficient,
out of the Collection Account; provided that the Master Servicer shall, after receiving payment from amounts on deposit
in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially
reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement
for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan
Noteholders. In addition, the Prudential Plaza Master Servicer and any of its partners, directors, officers, shareholders, members,
managers, employees or agents will be entitled to indemnification by the issuing entity and held harmless against the issuing
entity’s pro rata share of any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments and any other costs, liabilities, fees and expenses incurred in connection with the Prudential Plaza Master Servicer’s
provision of information relating to the Prudential Plaza Whole Loan to the Certificate Administrator required by the Certificate
Administrator in its preparation and filing of REMIC tax returns on behalf of the Prudential Plaza Loan REMIC; provided,
however, that the indemnification will not extend to any loss, liability or expense incurred reason of willful misconduct,
bad faith or negligence in the performance of obligations or duties under the related agreement or by reason of negligent disregard
of such obligations and duties.

 

The Depositor shall indemnify
the Asset Representations Reviewer and the Operating Advisor and each of their respective Affiliates and each of their respective
directors, officers, employees, representatives and agents, and hold each of them harmless against any and all claims, losses,
damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses
that such indemnified party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements
of counsel incurred by such indemnified party in any action or proceeding between the Depositor and such indemnified party or between
such indemnified party and any third party or otherwise) resulting from the Depositor’s willful misconduct, bad faith, fraud
or negligence in the performance of each of its duties hereunder or by reason of negligent disregard of its respective obligations
and duties hereunder.

 

The Operating Advisor
shall indemnify the Asset Representations Reviewer and the Depositor and each of their respective Affiliates and each of their
respective directors, officers, employees, representatives and agents, and hold each of them harmless against any and all claims,
losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and
expenses that such indemnified party may sustain in connection with this Agreement (including, without limitation, reasonable fees
and disbursements of counsel incurred by such indemnified party in any action or proceeding

 

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between
the Operating Advisor and such indemnified party or between such indemnified party and any third party or otherwise) resulting
from the Operating Advisor’s willful misconduct, bad faith, fraud or negligence in the performance of each of its duties
hereunder or by reason of negligent disregard of its respective obligations and duties hereunder.

 

The Asset Representations
Reviewer shall indemnify the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Depositor,
the Operating Advisor and the Trust and each of their Affiliates and any partner, director, officer, shareholder, member, manager,
employee, representative or agent thereof, and hold them harmless, from and against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses that
any of them may sustain arising from or as a result of any willful misconduct, bad faith, fraud or negligence of the Asset Representations
Reviewer in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by the Asset
Representations Reviewer of its duties and obligations hereunder.

 

(b)           None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer
shall be under any obligation to appear in, prosecute or defend any legal action that (i) is not incidental to its respective duties
under this Agreement or (ii) in its opinion, may expose it to any expense or liability not recoverable from the Trust Fund; provided,
that each of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor may in its discretion undertake
any such action that it may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties hereto
and the interests of the Certificateholders and holders of Serviced Companion Loan Securities, if applicable, hereunder. In such
event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities
of the Trust Fund and the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor shall be entitled to be
reimbursed therefor from the Collection Account in accordance with Section 3.06(a) of this Agreement) no later than
60 days after submitting such expenses or costs for reimbursement, provided that a failure to reimburse such parties within such
60 days will not affect or limit such parties’ rights to receive reimbursement hereunder; provided, further, that
in the case of any Serviced Whole Loan, such amounts shall be allocated in accordance with the expense allocation provision of
the related Intercreditor Agreement, and such parties shall be entitled to be reimbursed first, from the applicable
Serviced Whole Loan Collection Account and then, from the Collection Account, all in accordance with Section 3.06(a)
of this Agreement and the related Intercreditor Agreement.

 

(c)           The terms of this Section 6.03 shall survive the termination of any party hereto or of this Agreement.

 

Section 6.04     Limitation on Resignation of the Master Servicer, the Special Servicer and the Operating Advisor; Termination of the
Master Servicer, the Special Servicer and the Operating Advisor. (a) Each of the Master Servicer, the Special Servicer and
the Operating Advisor may assign their respective rights and delegate their respective duties and obligations under this Agreement
in connection with the sale or transfer of a substantial portion of their commercial mortgage servicing, asset management or (solely
with respect to the Operating Advisor) commercial mortgage surveillance, portfolio, provided that: (i) the purchaser
or transferee accepting such assignment and delegation (A) shall be an established

 

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mortgage
finance institution, bank or mortgage servicing institution (or, in the case of the Operating Advisor, an Eligible Operating Advisor),
organized and doing business under the laws of the United States of America, any state of the United States of America or the
District of Columbia, authorized under such laws to perform the duties of the Master Servicer, Special Servicer or Operating Advisor
or a Person resulting from a merger, consolidation or succession that is permitted under Section 6.02 of this Agreement,
(B) shall be acceptable to each Rating Agency as confirmed in a Rating Agency Confirmation delivered to the Trustee and the
Certificate Administrator relating to the Certificates and Serviced Companion Loan Securities, if any, (C) shall execute
and deliver to the Trustee and the Certificate Administrator an agreement that contains an assumption by such Person of the due
and punctual performance and observance of each covenant and condition to be performed or observed by the Master Servicer, Special
Servicer or Operating Advisor, as applicable under this Agreement from and after the date of such agreement and (D) shall
not be a Prohibited Party; (ii) the Master Servicer, the Special Servicer or the Operating Advisor shall not be released
from its obligations under this Agreement that arose prior to the effective date of such assignment and delegation under this
Section 6.04; (iii) the rate at which the Servicing Compensation, Special Servicing Compensation or Operating
Advisor Fee, as applicable (or any component thereof) is calculated shall not exceed the rate then in effect and (iv) the
resigning Master Servicer, Special Servicer or Operating Advisor, as applicable, shall be responsible for the reasonable costs
and expenses of each other party hereto and the Rating Agencies in connection with such transfer. Upon acceptance of such assignment
and delegation, the purchaser or transferee shall be the successor Master Servicer, Special Servicer or Operating Advisor, as
applicable, hereunder.

 

(b)           Except as provided in Section 6.02 of this Agreement and this Section 6.04, the Master Servicer,
the Special Servicer and the Operating Advisor shall not resign from its respective obligations and duties hereby imposed on it
except (i) upon determination that such duties hereunder are no longer permissible under applicable law, (ii) in connection
with the assignment of rights and delegation of duties as set forth in Section 6.04(a), or (iii) solely with respect
to the Operating Advisor, pursuant to Section 6.04(e). Any such determination described in clause (i) above permitting
the resignation of the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, shall be evidenced by an
Opinion of Counsel (obtained at the resigning Master Servicer’s, Special Servicer’s or Operating Advisor’s expense)
to such effect delivered to the Trustee and the Certificate Administrator.

 

(c)           The Trustee shall be permitted to remove the Master Servicer or the Special Servicer upon a Master Servicer Termination
Event or Special Servicer Termination Event, as applicable. Without limiting the generality of the succeeding paragraph, no such
removal shall be effective unless and until (i) the Master Servicer or the Special Servicer has been paid any unpaid Servicing
Compensation or Special Servicing Compensation, as applicable, unreimbursed Advances (including Advance Interest Amounts thereon
to which it is entitled) and all other amounts to which the Master Servicer or the Special Servicer is entitled hereunder to the
extent such amounts accrue prior to such effective date and (ii) with respect to a resignation by the Master Servicer, the
successor Master Servicer has deposited into the Investment Accounts from which amounts were withdrawn to reimburse the terminated
Master Servicer, an amount equal to the amounts so withdrawn, to the extent such amounts would not have been permitted to be withdrawn
except pursuant to this paragraph, in which case the successor Master Servicer shall, immediately upon deposit, have the same right
of reimbursement or payment as the

 

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terminated
Master Servicer had immediately prior to its termination without regard to the operation of this paragraph.

 

(d)           No resignation or removal of the Master Servicer, the Special Servicer or the Operating Advisor as contemplated by the preceding
paragraphs of this Section 6.04 shall become effective until (i) the Trustee or a successor Master Servicer, Special
Servicer or Operating Advisor shall have assumed the resigning or terminated Master Servicer’s, Special Servicer’s
or Operating Advisor’s responsibilities, duties, liabilities and obligations hereunder, (ii) the Certificate Administrator
shall have filed any required Form 8-K pursuant to Section 10.09, (iii) any other information required under Section
10.03 or Section 10.09 has been delivered to any applicable Other Depositor with respect to any related Companion Loan,
and (iv) as to any resignation, removal, succession, merger or consolidation of the Master Servicer or the Special Servicer
that would constitute a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective date of such
event, the Certificate Administrator and the Depositor shall cooperate in a timely manner with the Master Servicer, the Special
Servicer or any other Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in connection
with the Depositor’s or the Certificate Administrator’s obligation to file any related required Form 8-K relating to
this Trust on the anticipated effective date of such event. If no successor Master Servicer, Special Servicer or Operating Advisor
can be obtained to perform such obligations for the same compensation to which the terminated Master Servicer, Special Servicer
or Operating Advisor would have been entitled, additional amounts payable to such successor Master Servicer, Special Servicer or
Operating Advisor shall be treated as Realized Losses.

 

(e)           The Operating Advisor shall have the right to resign without cost or expense upon the occurrence of the Early Termination
Notice Date.  The Operating Advisor shall provide all of the parties to this Agreement and the Controlling Class Representative
30 days prior written notice of any such resignation pursuant to this Section 6.04(e).  If the Operating Advisor resigns
pursuant to this Section 6.04(e), then no replacement Operating Advisor shall be appointed.  The resigning Operating
Advisor shall be entitled, and subject, to any rights and obligations that accrued under this Agreement prior to the date of any
such resignation (including accrued and unpaid compensation) and any indemnifications rights arising out of events occurring prior
to such resignation.

 

The Operating Advisor
may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days’ prior written notice to the Depositor,
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer and the
Directing Holder, if applicable, and (b) upon the appointment of, and the acceptance of such appointment by, a successor Operating
Advisor that is an Eligible Operating Advisor and receipt by the Trustee of Rating Agency Confirmation from each Rating Agency.
No such resignation by the Operating Advisor shall become effective until the replacement Operating Advisor shall have assumed
the resigning Operating Advisor’s responsibilities and obligations. The resigning Operating Advisor shall pay all costs and
expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer of
its duties pursuant to this Section 6.04(e).

 

Section 6.05     Rights of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer. Solely with respect
to their performance of their respective

 

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duties
under this Agreement, the Master Servicer and the Special Servicer shall afford the Depositor, the Underwriters, the Initial Purchasers,
the Certificate Administrator, the Trustee and the Rating Agencies, upon reasonable notice, during normal business hours access
to all records maintained by it in respect of its rights and obligations hereunder and access to its officers responsible for
such obligations. Upon written request, the Master Servicer and/or the Special Servicer, as applicable, shall furnish to the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee its most recent publicly available financial
statements (or, with respect to the Master Servicer, those of its ultimate parent) and such other non-proprietary information
as the Master Servicer or the Special Servicer, as the case may be, shall determine in its sole and absolute discretion as it
possesses, which is relevant to the performance of its duties hereunder and which it is not prohibited by applicable law or contract
from disclosing. The Depositor may, but is not obligated to, enforce the obligations of the Master Servicer or the Special Servicer
hereunder which are in default and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation
of such Person hereunder or exercise any rights of such Person hereunder, provided that the Master Servicer and the Special
Servicer shall not be relieved of any of its obligations hereunder by virtue of such performance by the Depositor or its designee.
If the Depositor or its designee undertakes any such action, it will be reimbursed by the Trust Fund from the Collection Accounts
(or with respect to a Serviced Whole Loan, to the extent such reimbursement is allocable to such Serviced Whole Loan Collection
Account), as provided in Section 3.06 and Section 6.03(a) hereof to the extent not recoverable from the
Master Servicer or Special Servicer, as applicable. None of the Depositor, the Certificate Administrator, the Trustee, the Master
Servicer (solely with respect to any action or failure to act by the Special Servicer) or the Special Servicer (solely with respect
to any action or failure to act by the Master Servicer) shall have any responsibility or liability for any action or failure to
act by the Master Servicer or the Special Servicer and no such party is obligated to monitor or supervise the performance of the
Master Servicer or the Special Servicer under this Agreement or otherwise. Neither the Master Servicer nor the Special Servicer
shall be under any obligation to disclose confidential or proprietary information pursuant to this Section.

 

Section 6.06     The Master Servicer or Special Servicer as Owners of a Certificate. The Master Servicer or an Affiliate of the Master
Servicer, or the Special Servicer or an Affiliate of the Special Servicer, may become the Holder (or with respect to a Global Certificate,
Certificate Owner) of any Certificate with the same rights it would have if it were not the Master Servicer or the Special Servicer
or an Affiliate thereof. If, at any time during which the Master Servicer or the Special Servicer or an Affiliate of the Master
Servicer or the Special Servicer is the Holder or Certificate Owner of any Certificate, the Master Servicer or the Special Servicer
proposes to take action (including for this purpose, omitting to take action) that (i) is not expressly prohibited by the
terms hereof and would not, in the Master Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing
Standard, and (ii) if taken, might nonetheless, in the Master Servicer’s or the Special Servicer’s good faith
judgment, be considered by other Persons to violate the Servicing Standard, the Master Servicer or the Special Servicer may, but
will not be required to, seek the approval of the Certificateholders to such action (or inaction) by delivering to the Certificate
Administrator a written notice that (i) states that it is delivered pursuant to this Section 6.06, (ii) identifies
the Percentage Interest in each Class of Certificates beneficially owned by the Master Servicer or the Special Servicer or an Affiliate
of the Master Servicer or the Special Servicer and (iii) describes in reasonable detail the action (or inaction) that the
Master Servicer or the Special Servicer proposes to take (or refrain

 

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from
taking). The Certificate Administrator, upon receipt of such notice, shall forward it to the Certificateholders (other than the
Master Servicer and its Affiliates or the Special Servicer and its Affiliates, as appropriate) together with such instructions
for response as the Certificate Administrator shall reasonably determine. If at any time Certificateholders holding a majority
of the Voting Rights of all Certificateholders and, if no Control Termination Event has occurred and is continuing, the applicable
Directing Holder (calculated without regard to the Certificates beneficially owned by the Master Servicer or its Affiliates or
the Special Servicer or its Affiliates, as applicable) shall have consented in writing to the proposal described in the written
notice, and if the Master Servicer or the Special Servicer shall act as proposed in the written notice, such action shall be deemed
to comply with the Servicing Standard. The Certificate Administrator shall be entitled to reimbursement from the Master Servicer
or the Special Servicer, as applicable, of the reasonable expenses of the Certificate Administrator incurred pursuant to this
paragraph. It is not the intent of the foregoing provision that the Master Servicer or the Special Servicer be permitted to invoke
the procedure set forth herein with respect to routine servicing matters arising hereunder, except in the case of unusual circumstances.

 

Section 6.07     The Directing Holder. (a) For so long as no Control Termination Event has occurred and is continuing, the Directing
Holder shall be entitled to advise (1) the Special Servicer with respect to all Specially Serviced Loans (other than any Excluded
Mortgage Loan or Servicing Shift Mortgage Loan), (2) the Special Servicer with respect to Performing Loans (other than any
Excluded Mortgage Loan or Servicing Shift Mortgage Loan) as to all matters for which the Master Servicer must obtain the consent
or deemed consent of the Special Servicer (other than with respect to Special Servicer Decisions) or for which the Special Servicer
shall process and (3) the Special Servicer with respect to all Mortgage Loans for which an extension of maturity is being
considered by the Special Servicer or by the Master Servicer subject to consent or deemed consent of the Special Servicer. Notwithstanding
anything herein to the contrary, except as set forth in, and in any event subject to the second and third paragraphs of this Section 6.07,
both (1) the Master Servicer, solely to the extent it is permitted to take any action constituting a Major Decision or Special
Servicer Decision as set forth in Section 3.26 hereof, shall not be permitted to take any action constituting a Major Decision
or Special Servicer Decision unless it has obtained the prior written consent of the Special Servicer and (2) for so long
as no Control Termination Event has occurred and is continuing, the Special Servicer shall not be permitted to consent to the Master
Servicer’s taking any of the following actions nor will the Special Servicer itself be permitted to take any action constituting
a Major Decision as to which the Directing Holder has objected in writing within ten (10) Business Days (or 30 days with respect
to clause (j) of the definition of “Major Decision”) after receipt of the written recommendation and analysis together
with such other information reasonably requested by the Directing Holder (provided that if such written objection has not
been received by the Special Servicer within such ten (10) Business Day period (or 30 days with respect to clause (j) of the definition
of “Major Decision” or such longer period provided for in any related Intercreditor Agreement but not less than five
(5) Business Days after the time period set forth therein for Directing Holder approval), then the Directing Holder will be deemed
to have approved such action); provided that, if the Special Servicer or Master Servicer (if the Master Servicer is otherwise
authorized by this Agreement to take such action), as applicable, determines that immediate action, with respect to the foregoing
matters, or any other matter requiring consent of the Directing Holder (if no Control Termination Event has occurred and is continuing)
in this Agreement, is necessary to protect the interests of the Certificateholders and,

 

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with
respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders
and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan
with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan) and
the Special Servicer has made a reasonable effort to contact the Directing Holder, the Master Servicer or the Special Servicer,
as the case may be, may take any such action without waiting for the Directing Holder’s response; provided, however,
that the failure of the Directing Holder or the Operating Advisor to respond will not relieve the Special Servicer from seeking
consent of or consulting with, as applicable, the Directing Holder or the Operating Advisor on any future matters with respect
to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan. The Special Servicer is not required to obtain
the consent of the Directing Holder for any Major Decision if a Control Termination Event has occurred and is continuing; provided
that, if a Control Termination Event has occurred and is continuing, the Special Servicer shall consult with the Operating
Advisor in connection with any Major Decision and consider alternative actions recommended by the Operating Advisor; provided,
further, that, if a Control Termination Event has occurred and is continuing but no Consultation Termination Event has
occurred and is continuing, the Special Servicer shall consult with the Directing Holder in connection with any Major Decision
and any other matters set forth in this Agreement as to which the consent or approval of the Directing Holder would have been
required or as to which the Directing Holder would have had the right to advise or direct the Special Servicer or the Master Servicer
if no Control Termination Event had occurred and was continuing and consider alternative actions recommended by the Directing
Holder; provided, further, that such consultation with the Directing Holder or the Operating Advisor is not binding
on the Special Servicer.

 

In addition, for so long
as no Control Termination Event has occurred and is continuing, the Directing Holder may direct the Special Servicer to take, or
to refrain from taking, such other actions with respect to a Mortgage Loan as the Directing Holder may deem advisable or as to
which provision is otherwise made herein; provided that, notwithstanding anything herein to the contrary, no such direction,
and no objection contemplated by the preceding paragraph or this paragraph, may require or cause the Master Servicer or the Special
Servicer, as applicable, to violate any provision of any Mortgage Loan, applicable law, this Agreement, any Intercreditor Agreement
or the REMIC Provisions, including without limitation the Special Servicer’s obligation to act in accordance with the Servicing
Standard, or expose the Master Servicer, the Special Servicer, the Paying Agent, the Trust Fund, the Certificate Administrator
or the Trustee to liability, or materially expand the scope of the Special Servicer’s responsibilities hereunder.

 

If the Special Servicer
or Master Servicer, as applicable, determines that a refusal to consent by the Directing Holder, or any advice from the Directing
Holder, would otherwise cause the Special Servicer or Master Servicer, as applicable, to violate the terms of any Mortgage Loan,
any Intercreditor Agreement, applicable law, the REMIC Provisions or this Agreement, including without limitation, the Servicing
Standard, the Special Servicer or Master Servicer, as applicable, shall disregard such refusal to consent or advice and notify
the Directing Holder, the Trustee, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who
shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this
Agreement) of its determination, including a reasonably

 

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detailed
explanation of the basis therefor. The taking of, or refraining from taking, any action by the Master Servicer or Special Servicer
in accordance with the direction of or approval of the Directing Holder that does not violate any law or the Servicing Standard
or any other provisions of this Agreement or any Intercreditor Agreements will not result in any liability on the part of the
Master Servicer or the Special Servicer.

 

Notwithstanding anything
to the contrary contained in this Agreement, with respect to the Non-Serviced Mortgage Loans, (i) at all times when no Consultation
Termination Event has occurred, the Controlling Class Representative shall be entitled to the rights of the “Non-Directing
Holder” (or similar term) under the related Intercreditor Agreement and (ii) at no time shall the Operating Advisor
be entitled to the rights of the “Non-Directing Holder” (or similar term) under the related Intercreditor Agreement.

 

The Directing Holder
shall have no liability to the Trust Fund, any party to this Agreement, any Certificateholders or any other Person for any action
taken, or for refraining from the taking of any action, or for errors in judgment; provided that the Directing Holder shall
not be protected against any liability to a Controlling Class Certificateholder that would otherwise be imposed by reason
of willful misconduct, bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations or
duties.

 

(b)           Notwithstanding anything to the contrary contained herein (i) if a Control Termination Event has occurred and is continuing,
the Directing Holder shall have no right to consent to any action taken or not taken by any party to this Agreement; (ii) if
a Control Termination Event has occurred and is continuing but no Consultation Termination Event has occurred and is continuing,
the Directing Holder shall remain entitled to receive any notices, reports or information to which it is entitled pursuant to this
Agreement, and the Master Servicer, Special Servicer and any other applicable party shall consult with the Directing Holder in
connection with any action to be taken or refrained from taking to the extent set forth herein; and (iii) if a Consultation
Termination Event has occurred and is continuing, the Directing Holder shall have no consultation or consent rights hereunder and
no right to receive any notices, reports or information (other than notices, Voting Rights given to all Certificateholders and
rights to receive reports or information required to be delivered to all Certificateholders) or any other rights as Directing Holder.

 

(c)           The Master Servicer, the Special Servicer, the Trustee or the Operating Advisor, may from time to time request that the
Certificate Administrator provide the name of the then-current Directing Holder for any applicable Mortgage Loan or Serviced Whole
Loan. Upon such request, the Certificate Administrator shall promptly (but in no event more than five (5) Business Days following
such request) provide the name of the then-current Directing Holder to the Master Servicer, the Special Servicer, the Trustee or
the Operating Advisor, but only to the extent the Certificate Administrator has actual knowledge of the identity of the then-current
Directing Holder; provided that if the Certificate Administrator does not have actual knowledge of the identity of the then-current
Directing Holder, then the Certificate Administrator shall promptly (i) determine which Class is the Controlling Class and (ii)
request from the Controlling Class Certificateholders the identity of the Directing Holder. Any expenses incurred in connection
with obtaining such information shall be at the expense of the requesting party, except that if (i) such expenses arise in
connection with an event as to which the Directing Holder (or Controlling Class Representative) has review, consent or consultation
rights with

 

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respect
to an action taken by, or report prepared by, the requesting party pursuant to this Agreement or in connection with a request
made by the Operating Advisor in connection with its obligation under this Agreement to deliver a copy of the Operating Advisor
Annual Report to the Controlling Class Representative and (ii) the requesting party has not been notified of the identity
of the Directing Holder (or Controlling Class Representative) or reasonably believes that the identity of the Directing Holder
(or Controlling Class Representative) has changed, then such expenses shall be at the expense of the Trust. The Master Servicer,
the Special Servicer, the Trustee and the Operating Advisor, shall be entitled to conclusively rely on any such information so
provided.

 

To the extent the Master
Servicer or the Special Servicer has written notice of any change in the identity of a Directing Holder or the list of Holders
(or Certificate Owners, if applicable) of the Controlling Class, then the Master Servicer or the Special Servicer, as applicable,
shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer and the Special Servicer
thereof, who may rely conclusively on such notice from the Master Servicer or the Special Servicer, as applicable.

 

Section 6.08     Rights of Non-Directing Holders. With respect to each Serviced Whole Loan, the Master Servicer or the Special Servicer,
as applicable, shall:

 

(a)          consult with the
related Non-Directing Holder (or its designee or representative) on a strictly non-binding basis, to the extent that such Non-Directing
Holder (or its designee or representative) requests consultation with respect to any “major decision” or “major
action” set forth in the related Intercreditor Agreement or the implementation of any recommended actions outlined in an
Asset Status Report relating to the Serviced Whole Loan, and to consider alternative actions recommended by such Non-Directing
Holder (or its designee or representative); provided, that after the expiration of a period of ten (10) Business Days from
the delivery to the related Non-Directing Holder (or its designee or representative) of written notice of a proposed action, together
with copies of the related notice, information or report, the Master Servicer or Special Servicer, as applicable, shall no longer
be obligated to consult with the applicable Non-Directing Holder (or its designee or representative) (unless the Master Servicer
or Special Servicer, as applicable, 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 begin anew from the date of such proposal and delivery of all information
relating thereto). Notwithstanding the foregoing non-binding consultation rights of the Non-Directing Holder, the Master Servicer
or the Special Servicer, as applicable, may take any “major decision” or “major action” set forth in the
related Intercreditor Agreement or any action set forth in the Asset Status Report before the expiration of the aforementioned
ten (10) Business Day period if the Master Servicer or the Special Servicer, as applicable, determines that immediate action with
respect thereto is necessary to protect the interests of the Certificateholder and the related Companion Loan Noteholder. Unless
specified otherwise in the related Intercreditor Agreement, neither the Master Servicer or the Special Servicer shall be obligated
at any time to follow or take any alternative actions recommended by the Non-Directing Holder; and

 

(b)          in addition to
the foregoing non-binding consultation rights, if provided for in the related Intercreditor Agreement, the Non-Directing Holder
shall have the right to annual conference calls with the Master Servicer or the Special Servicer at the offices of the Master Servicer
or the Special Servicer, as applicable, upon reasonable notice and at times

 

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reasonably
acceptable to the Master Servicer or the Special Servicer, as applicable, in which servicing issues related to the related Whole
Loan are discussed.

 

Article VII

SERVICER AND OPERATING ADVISOR TERMINATION

 

Section 7.01     Servicer Termination Events. (a) “Master Servicer Termination Event,” wherever used herein, means any
one of the following events:

 

(i)            any failure by the Master Servicer (A) to make any deposit required to the Collection Account or the related Serviced
Whole Loan Collection Account for any Serviced Whole Loan on the day and by the time such deposit was first required to be made
under the terms of this Agreement, which failure is not remedied within two Business Days, (B) to deposit into, or remit
to the Certificate Administrator for deposit into, any Distribution Account any amount required to be so deposited or remitted
(including, without limitation, any required P&I Advance, unless the Master Servicer determines such P&I Advance is a
Nonrecoverable Advance), which failure is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date
(provided, that to the extent the Master Servicer does not timely make such remittance to the Certificate Administrator,
the Master Servicer shall pay the Certificate Administrator for the account of the Certificate Administrator interest on any amount
not timely remitted at the Prime Rate from and including the applicable required remittance date to, but not including, the date
such remittance is actually made), or (C) to remit to any holder of a Serviced Companion Loan, as and when required by this
Agreement or any related Intercreditor Agreement, any amount required to be so remitted (which failure continues for two Business
Days);

 

(ii)           any failure on the part of the Master Servicer duly to observe or perform in any material respect any of its other covenants
or obligations contained in this Agreement, which failure continues unremedied for a period of 30 days (or (A) with respect
to any year that a report on Form-10 K is required to be filed, five (5) Business Days in the case of the Master Servicer’s
obligations contemplated by Article X (except as otherwise provided under clause (viii) of this definition of “Master
Servicer Termination Event”), or (B) 15 days in the case of the Master Servicer’s failure to make a Servicing Advance
or 45 days in the case of failure to pay the premium for any insurance policy required to be force placed by the Master Servicer
pursuant to this Agreement or in any event such reasonable shorter period of time as is necessary to avoid the commencement of
foreclosure proceedings for any lien relating to unpaid real estate taxes or assessments or a lapse in any required insurance
coverage) after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to
the Master Servicer, by (a) any other party hereto, with a copy to each other party to this Agreement, (b) the Holders
of Certificates of any Class evidencing Percentage Interests aggregating not less than 25% of such Class or (c) an affected
Serviced Companion Loan Noteholder; provided, if such failure is capable of being cured and the Master Servicer is diligently
pursuing such cure, such 15-, 30- or 45-day period, as applicable, will be extended an

 

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additional
30 days provided, further, however, that such extended period will not apply to the obligations regarding Exchange
Act reporting contemplated by Article X;

 

(iii)          any breach on the part of the Master Servicer of any representation or warranty contained in Section 2.04(a)
of this Agreement, which materially and adversely affects the interests of any Class of Certificateholders or Serviced Companion
Loan Noteholders and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring
the same to be remedied, shall have been given (a) to the Master Servicer by any party hereto or (b) to the Master Servicer,
the Special Servicer, the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage
Interests aggregating not less than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided,
if such breach is capable of being cured and the Master Servicer is diligently pursuing such cure, such 30-day period will be
extended an additional 30 days;

 

(iv)          a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer
and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

(v)           the Master Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official
in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating
to the Master Servicer or of or relating to all or substantially all of its property;

 

(vi)          the Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its
creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

(vii)         (a) Moody’s has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates,
or (B) placed one or more Classes of Certificates on “watch status” in contemplation of possible rating downgrade
or withdrawal (and such qualification, downgrade or withdrawal or “watch status” placement shall not have been withdrawn
by Moody’s within sixty (60) days of such event), and, in the case of either of clause (A) or (B), publicly citing servicing
concerns with the Master Servicer as the sole or a material factor in such rating
action, (b) DBRS has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B)
placed one or more Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal
(and such qualification, downgrade or withdrawal or “watch status” placement shall not have been withdrawn by DBRS
within sixty (60) days of such event), and, in the case of either of clause (A) or (B), publicly citing servicing concerns with
the Master Servicer as the sole or a material factor in such 

 

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rating action, or (c) the Master Servicer is no longer rated at least
“CMS3” by Fitch and such Master Servicer is not reinstated to at least that rating within 60 days of the delisting;
or

 

(viii)       subject to Section 10.16(c), any failure by the Master Servicer to deliver (a) any Exchange Act reporting
items required to be delivered by the Master Servicer to the Trustee or the Certificate Administrator under Article X
by the time required under Article X or (b) any Exchange Act reporting items that a primary servicer, sub-servicer
or Servicing Function Participant (such entity, the “Sub-Servicing Entity”) retained by the Master Servicer
(but excluding any Mortgage Loan Seller Sub-Servicer) is required to deliver (any Sub-Servicing Entity shall be terminated if
it defaults in accordance with the provision of this clause (viii));

 

then, and in each and every such case,
so long as a Master Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of (x) the
Holders of at least 25% of the aggregate Voting Rights of all Certificates or (y) the Depositor with respect to clause (viii)
above upon five (5) Business Days’ notice, shall, terminate all of the rights and obligations of the Master Servicer (other
than as set forth in Section 7.01(d)). In the case of clause (vii), the Certificate Administrator shall be required
to notify Certificateholders and Serviced Companion Loan Noteholders of such Master Servicer Termination Event and request whether
such Certificateholders and, if applicable, Serviced Companion Loan Noteholders favor such termination.

 

If the Master Servicer
is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01, then the Master
Servicer shall also be terminated as Special Servicer.

 

If the Master Servicer
receives notice of termination under this Section 7.01(a) solely due to a Master Servicer Termination Event under Section 7.01(a)(vii)
and if the Master Servicer provides the Trustee with the appropriate “request for proposal” materials within five (5)
Business Days following such termination notice, then the Master Servicer shall continue to serve as Master Servicer hereunder
until a successor Master Servicer is selected in accordance with this Section 7.01(a). Upon receipt of the “request
for proposal” materials, the Trustee shall promptly thereafter (using such “request for proposal” materials provided
by the Master Servicer) solicit good faith bids for the rights to service the Mortgage Loans and Serviced Companion Loans under
this Agreement from at least three (3) Persons qualified to act as Master Servicer hereunder in accordance with Section 6.02
and 7.02 of this Agreement (any such Person so qualified, a “Qualified Bidder”) or, if three (3) Qualified
Bidders cannot be located, then from as many persons as the Trustee can determine are Qualified Bidders; provided that,
at the Trustee’s request, the Master Servicer shall supply the Trustee with the names of Persons from whom to solicit such
bids; and provided, further, that the Trustee shall not be responsible if less than three (3) or no Qualified Bidders
submit bids for the right to service the Mortgage Loans and Serviced Companion Loans under this Agreement. The bid proposal shall
require any Successful Bidder (as defined below), as a condition of such bid, to enter into this Agreement as successor Master
Servicer, and to agree to be bound by the terms hereof, within 45 days after the notice of termination of the Master Servicer.
The materials provided to the Trustee shall provide for soliciting bids: (i) on the basis of such successor Master Servicer
retaining all Sub-Servicers to continue the primary servicing of the Mortgage Loans and Serviced Companion Loans

 

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pursuant
to the terms of the respective Sub-Servicing Agreements and entering into a Sub-Servicing Agreement with the terminated Master
Servicer to service each of the Mortgage Loans and Serviced Companion Loans for which it was the Master Servicer and not subject
to a Sub-Servicing Agreement at a sub-servicing fee rate per annum equal to, for each Mortgage Loan and Serviced Companion Loan
serviced, the excess of the related Servicing Fee Rate minus the related Excess Servicing Fee Rate (each, a “Servicing
Retained Bid”); and (ii) on the basis of terminating each Sub-Servicing Agreement and Sub-Servicer that it is permitted
to terminate in accordance with Section 3.01(c) of this Agreement (each, a “Servicing Released Bid”).
The Trustee shall select the Qualified Bidder with the highest cash Servicing Retained Bid (or, if none, the highest cash Servicing
Released Bid from any Person qualified to act as a Master Servicer) (the “Successful Bidder”) to act as successor
Master Servicer hereunder; provided, that if the Trustee does not receive a Rating Agency Confirmation in accordance with
the procedures set forth in Section 3.30 of this Agreement with respect to such Successful Bidder, then the Trustee
shall repeat the bid process described above (but subject to the above described 45 day time period) until such Rating Agency
Confirmation is obtained. The Trustee shall direct the Successful Bidder to enter into this Agreement as successor Master Servicer
pursuant to the terms hereof no later than 45 days after notice of the termination of the Master Servicer; provided, that
the initial Master Servicer may request and obtain, with the prior written consent of the Directing Holder, an additional 20 days
for such sale and assumption to be completed so long as the initial Master Servicer delivers to the Trustee an Officer’s Certificate
stating that the sale and assumption of the right to service the Mortgage Loans and Serviced Companion Loans cannot be completed
in the initial 45-day period and specifying the reasons therefor.

 

Upon the assignment and
acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by
the Successful Bidder, the Trustee shall remit or cause to be remitted (i) if the successful bid was a Servicing Retained
Bid, to the Master Servicer to be terminated pursuant to this Section 7.01(a), the amount of such cash bid received
from the Successful Bidder (net of “out of pocket” expenses incurred in connection with obtaining such bid and transferring
servicing) and (ii) if the successful bid was a Servicing Released Bid, to the Master Servicer and each terminated Sub-Servicer
its respective Bid Allocation.

 

The Master Servicer to
be terminated pursuant to this Section 7.01(a) shall be responsible for all out of pocket expenses incurred in connection
with the attempt to sell its rights to service the Mortgage Loans and Serviced Companion Loans, which expenses are not reimbursed
to the party that incurred such expenses pursuant to the preceding paragraph.

 

If the Successful Bidder
has not entered into this Agreement as successor Master Servicer within the above described time period or no Successful Bidder
was identified within the above described time period, the Master Servicer to be terminated pursuant to Section 7.01(a)
of this Agreement shall reimburse the Trustee for all reasonable “out of pocket” expenses incurred by the Trustee in
connection with such bid process and the Trustee shall have no further obligations under this Section 7.01(a). The
Trustee thereafter may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02
of this Agreement.

 

Notwithstanding anything
to the contrary in this Article VII, if the Master Servicer shall timely deliver the notice and request for proposal
materials referred to in the fourth preceding paragraph, no resignation or termination of the Master Servicer shall be effective
in

 

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connection
with a Master Servicer Termination Event under Section 7.01(a)(vii) of this Agreement, and the Master Servicer
shall continue to perform as such and to collect the servicing fee until the conclusion of the process described in this Section 7.01(a).

 

(b)           “Special Servicer Termination Event,” wherever used herein, means any one of the following events:

 

(i)            any failure by the Special Servicer to deposit into the REO Account at or within the time specified by this Agreement and
such failure continues unremedied for two Business Days, or any failure by the Special Servicer to remit to Master Servicer for
deposit into, the Collection Account (or, in the case of a Serviced Whole Loan, the related Serviced Whole Loan Collection Account)
any amount required to be so remitted by the Special Servicer pursuant to, and at the time specified by, the terms of this Agreement;
provided, that the failure of the Special Servicer to remit such amount to the Master Servicer shall not be a Special Servicer
Termination Event if such failure is remedied within two Business Days and if the Special Servicer has compensated the Master
Servicer for any loss of income on such amount suffered by the Master Servicer due to and caused by the late remittance of the
Special Servicer and reimburse the Trust for any resulting Advance Interest Amount due to the Master Servicer;

 

(ii)           any failure on the part of the Special Servicer duly to observe or perform in any material respect any of its other covenants
or obligations contained in this Agreement, which failure continues unremedied for a period of 30 days (or (A) with respect
to any year that a report on Form-10 K is required to be filed, five (5) Business Days in the case of the Special Servicer’s
obligations contemplated by Article X (except as otherwise provided under clause (viii) of this definition of “Special
Servicer Termination Event”), or (B) 45 days in the case of failure to pay the premium for any insurance policy required
to be force placed by the Special Servicer pursuant to this Agreement or in any event such reasonable shorter period of time as
is necessary to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real estate taxes or assessments
or a lapse in any required insurance coverage) after the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Special Servicer, by (a) any other party hereto, with a copy to each other party to
this Agreement, (b) the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less than 25%
of such Class or (c) an affected Serviced Companion Loan Noteholder; provided, if such failure is capable of being
cured and the Special Servicer is diligently pursuing such cure, such 30- or 45-day period, as applicable, will be extended an
additional 30 days provided, further, however, that such extended period will not apply to the obligations
regarding Exchange Act reporting contemplated by Article X;

 

(iii)          any breach on the part of the Special Servicer of any representation or warranty contained in Section 2.04(b)
of this Agreement, which materially and adversely affects the interests of any Class of Certificateholders or Serviced Companion
Loan Noteholders and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring
the same to be remedied, shall have been given (a) to the Special Servicer by any party hereto, or (b) to the Master
Servicer, the Special Servicer, the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing
Percentage Interests aggregating not less than 25% of such Class or (y) by an

 

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affected
Serviced Companion Loan Noteholder; provided, if such breach is capable of being cured and the Special Servicer is diligently
pursuing such cure, such 30-day period will be extended an additional 30 days;

 

(iv)          a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Special Servicer
and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

(v)           the Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official
in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating
to the Special Servicer or of or relating to all or substantially all of its property;

 

(vi)          the Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its
creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

(vii)         (a) Moody’s has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates,
or (B) placed one or more Classes of Certificates on “watch status” in contemplation of possible rating downgrade
or withdrawal (and such qualification, downgrade or withdrawal or “watch status” placement shall not have been withdrawn
by Moody’s within sixty (60) days of such event), and, in the case of either of clause (A) or (B), publicly citing servicing
concerns with the Special Servicer as the sole or a material factor in such rating action, (b) DBRS has (A) qualified, downgraded
or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed one or more Classes of Certificates on
“watch status” in contemplation of possible rating downgrade or withdrawal (and such qualification, downgrade or withdrawal
or “watch status” placement shall not have been withdrawn by DBRS within sixty (60) days of actual knowledge by the
Special Servicer of such event), and, in the case of either of clause (A) or (B), publicly citing servicing concerns with the
Special Servicer as the sole or a material factor in such rating action, or (c)  the Special Servicer is no longer rated
at least “CSS3” by Fitch and such Special Servicer is not reinstated to at least that rating within 60 days of the
delisting; or

 

(viii)        subject to Section 10.16(c) and any grace period described in Section 7.01(b)(ii), any failure by the
Special Servicer to deliver (a) any Exchange Act reporting items required to be delivered by the Special Servicer to the
Trustee or the Certificate Administrator under Article X by the time required under Article X or (b) any
Exchange Act reporting items that a primary servicer, sub-servicer or Servicing Function Participant (such entity, the “Sub-Servicing
Entity”) retained by the Special Servicer (but excluding

 

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any
Mortgage Loan Seller Sub-Servicer) is required to deliver (any Sub-Servicing Entity shall be terminated if it defaults in accordance
with the provision of this clause (viii));

 

then, and in each and every such case,
so long as a Special Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of
(x) the Holders of at least 25% of the aggregate Voting Rights of all Certificates, (y) for so long as no Control Termination
Event has occurred and is continuing, the Directing Holder or (z) the Depositor with respect to clause (viii) above upon five
(5) Business Days’ notice, shall, terminate all of the rights and obligations of the Special Servicer (other than the rights
to indemnification provided in Section 6.03(a) of this Agreement and compensation provided in Section 3.12(c)
of this Agreement). In the case of clause (vii) above, the Trustee shall, upon actual knowledge by a Responsible Officer of
such Special Servicer Termination Event, be required to notify the Special Servicer and the Certificate Administrator, and the
Certificate Administrator, upon receipt of such notice or upon actual knowledge by a Responsible Officer of such Special Servicer
Termination Event, shall notify the Certificateholders and Serviced Companion Loan Noteholders of such Special Servicer Termination
Event and request whether such Certificateholders and, if applicable, the Serviced Companion Loan Noteholders favor such termination.

 

(c)           Notwithstanding Section 7.01(a), (i) if any Master Servicer Termination Event occurs that affects a Serviced
Companion Loan and the Master Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion
Loan Security qualifies, downgrades or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing
concerns with the Master Servicer as the sole or a material factor in such rating action and that rating action is not withdrawn
within 60 days, then the Trustee, at the direction of the Companion Loan Noteholder, shall direct the Master Servicer to appoint
a sub-servicer (or if a sub-servicer is then sub-servicing such Serviced Whole Loan, to appoint a new sub-servicer to service such
Serviced Whole Loan, but only if such existing sub-servicer is in default after any applicable cure periods under the related sub-servicing
agreement, and the Master Servicer shall be permitted to terminate the sub-servicing agreement due to such default) with respect
all of the rights and obligations of the Master Servicer under this Agreement related to such Serviced Whole Loan. The Master Servicer
shall appoint a replacement sub-servicer with respect to such Serviced Whole Loan; provided, that such sub-servicer meets
the eligibility requirements of a successor master servicer under Section 7.02 (including receipt of a Rating Agency
Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any) and the eligibility requirements of each
Other Pooling and Servicing Agreement.

 

(d)           Notwithstanding Section 7.01(b), (i) if any Special Servicer Termination Event occurs that affects a Serviced
Companion Loan and the Special Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion
Loan Security qualifies, downgrades or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing
concerns with the Special Servicer as the sole or a material factor in such rating action and that rating action is not withdrawn
within 60 days, then the Trustee, at the direction of the Companion Loan Noteholder, shall terminate the Special Servicer with
respect to the related Serviced Whole Loan only, but no other Mortgage Loan.

 

(e)           If the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee (the “Terminating
Party”) shall, by notice in writing to the Master

 

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Servicer
or the Special Servicer, as the case may be (the “Terminated Party”), terminate all of its rights and obligations
under this Agreement and in and to the Mortgage Loans and the proceeds thereof, other than any rights the Terminated Party has
to Excess Servicing Fees, any rights it has hereunder as a Certificateholder and any rights or obligations that accrued prior
to the date of such termination (including the right to receive all amounts accrued or owing to it under this Agreement, plus
interest at the Reimbursement Rate on such amounts until received to the extent such amounts bear interest as provided in this
Agreement, with respect to periods prior to the date of such termination and the right to the benefits of Section 6.03
of this Agreement notwithstanding any such termination), and with respect to the Special Servicer, the right to receive any
Workout Fee subsequent to its termination as Special Servicer, pursuant to Section 3.12(c) of this Agreement. No successor
Special Servicer shall be entitled to such Workout Fee received by the terminated Special Servicer. On or after the receipt by
the Terminated Party of such written notice, all of its authority and power under this Agreement, whether with respect to the
Certificates (except that the Terminated Party shall retain its rights as a Certificateholder if and to the extent that it is
a Certificateholder), the Mortgage Loans, the Serviced Companion Loans or otherwise, shall pass to and be vested in the Terminating
Party pursuant to and under this Section and, without limitation, the Terminating Party is hereby authorized and empowered
to execute and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact or otherwise, any and all
documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes
of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related
documents, or otherwise. The Master Servicer and the Special Servicer each agree in the event it is terminated pursuant to this
Section 7.01 to promptly (and in any event no later than ten Business Days subsequent to such notice) provide, at
its own expense, the Terminating Party with all documents and records requested by the Terminating Party to enable the Terminating
Party to assume its functions hereunder, and to cooperate with the Terminating Party and the successor to its responsibilities
hereunder in effecting the termination of its responsibilities and rights hereunder, including, without limitation, the transfer
to the successor Master Servicer or Special Servicer or the Terminating Party, as applicable, for administration by it of all
cash amounts which shall at the time be or should have been credited by the Master Servicer or the Special Servicer to the Collection
Account, the applicable Serviced Whole Loan Collection Account, any REO Account, the Loss of Value Reserve Fund, any Gain-on-Sale
Reserve Account, Lock-Box Account or Cash Collateral Account or which shall thereafter be received with respect to the Mortgage
Loans, and shall promptly provide the Terminating Party or such successor Master Servicer or successor Special Servicer (which
may include the Trustee) all documents and records reasonably requested by it, such documents and records to be provided in such
form as the Terminating Party or such successor Master Servicer or Special Servicer shall reasonably request (including electronic
form), to enable it to assume the Master Servicer’s or Special Servicer’s function hereunder. All reasonable costs
and expenses of the Terminating Party (including the cost of obtaining a Rating Agency Confirmation and any applicable indemnity)
or the successor Master Servicer or successor Special Servicer incurred in connection with transferring the Mortgage Files to
the successor Master Servicer or Special Servicer and amending this Agreement to reflect such succession as successor Master Servicer
or successor Special Servicer pursuant to this Section 7.01 shall be paid by the predecessor Master Servicer or the
Special Servicer, as applicable, upon presentation of reasonable documentation of such costs and expenses. If the predecessor
Master Servicer or Special Servicer (as the case may be) has not reimbursed the Terminating Party or the successor

 

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Master
Servicer or Special Servicer for such expenses within 90 days after the presentation of reasonable documentation, such expense
shall be reimbursed by the Trust Fund; provided that the Terminated Party shall not thereby be relieved of its liability
for such expenses. If and to the extent that the Terminated Party has not reimbursed such costs and expenses, the Terminating
Party shall have an affirmative obligation to take all reasonable actions to collect such expenses on behalf of the Trust Fund.

 

In no event shall the
Trustee or the Certificate Administrator be deemed to have knowledge of, or be aware of, any Master Servicer Termination Event
or Special Servicer Termination Event until a Responsible Officer of the Trustee or the Certificate Administrator, as the case
may be, has received written notice thereof or has actual knowledge thereof.

 

No removal or replacement
of the Master Servicer or the Special Servicer as contemplated by this Agreement shall become effective until (i) the Trustee
or a successor Master Servicer or Special Servicer shall have assumed the resigning or terminated Master Servicer’s or Special
Servicer’s responsibilities, duties, liabilities and obligations hereunder, (ii) the Certificate Administrator shall have
filed any required Form 8-K pursuant to Section 10.09, (iii) any other information required under Section 10.03
or Section 10.09 has been delivered to any applicable Other Depositor with respect to any related Companion Loan, and (iv) as
to any resignation, removal, succession, merger or consolidation of the Master Servicer or the Special Servicer that would constitute
a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective date of such event, the Certificate
Administrator and the Depositor shall cooperate in a timely manner with the Master Servicer, the Special Servicer or any other
Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in connection with the Depositor’s
or the Certificate Administrator’s obligation to file any related required Form 8-K relating to this Trust on the anticipated
effective date of such event.

 

Section 7.02     Trustee to Act; Appointment of Successor. Upon the receipt of a notice of termination by the Master Servicer or the
Special Servicer pursuant to Section 7.01 of this Agreement, the Terminating Party (subject to Section 7.01(a)
and Section 7.01(c)) shall be its successor, until a successor is appointed by the Directing Holder as provided in
this Section 7.02 or Section 3.22(b), as applicable, in all respects in its capacity as the Master Servicer
or the Special Servicer under this Agreement and the transactions set forth or provided for herein and, except as provided herein,
shall be subject to all the responsibilities, duties, limitations on liability and liabilities relating thereto and arising thereafter
placed on the Master Servicer or Special Servicer by the terms and provisions hereof, provided, that (i) the Terminating
Party shall have no responsibilities, duties, liabilities or obligations with respect to any act or omission of the Master Servicer
or Special Servicer and (ii) any failure to perform, or delay in performing, such duties or responsibilities caused by the
Terminated Party’s failure to provide, or delay in providing, records, tapes, disks, information or monies shall not be considered
a termination event for such successor hereunder. The Trustee, as successor Master Servicer or successor Special Servicer, shall
be indemnified to the full extent provided to the Master Servicer or Special Servicer, as applicable, under this Agreement prior
to the Master Servicer’s or the Special Servicer’s termination. The appointment of a successor Master Servicer or successor
Special Servicer shall not affect any liability of the predecessor Master Servicer or Special Servicer which may have arisen prior
to its termination as the Master Servicer or the Special Servicer. The Terminating Party shall not be liable for any of the representations
and

 

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warranties
of the Master Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions of the predecessor
Master Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted Investment by the Master
Servicer pursuant to Section 3.07 hereunder nor shall the Trustee be required to purchase any Mortgage Loan or any
Serviced Companion Loan hereunder. As compensation therefor, the Terminating Party as successor Master Servicer or successor Special
Servicer shall be entitled to the Servicing Compensation or Special Servicing Compensation, as applicable, and all funds relating
to the Mortgage Loans or the Serviced Companion Loans that accrue after the date of the Terminating Party’s succession to
which such predecessor Master Servicer or Special Servicer would have been entitled if such predecessor Master Servicer or Special
Servicer, as applicable, had continued to act hereunder. If any Advances made by the Master Servicer or the Trustee shall at any
time be outstanding, or any amounts of interest thereon shall be accrued and unpaid, all amounts available to repay Advances and
interest hereunder shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid interest thereon),
until such Advances and interest shall have been repaid in full. Notwithstanding the above, the Trustee may, if it shall be unwilling
to so act, or shall if it is unable to so act or if the Holders of Certificates entitled to (i) in the case of the Master
Servicer, at least 25% of the aggregate Voting Rights (or, for so long as no Control Termination Event has occurred and is continuing,
the Controlling Class Representative), or (ii) in the case of the Special Servicer, at least 25% of the aggregate Voting
Rights (or, for so long as no Control Termination Event has occurred and is continuing, the Directing Holder), so request in writing
to the Trustee, or, with respect to a Serviced Whole Loan, if an affected Serviced Companion Loan Noteholder so requests in writing
to the Trustee, or if the Trustee is not an “approved” servicer by any of the Rating Agencies for mortgage pools similar
to the Trust Fund, promptly appoint, or petition a court of competent jurisdiction to appoint, any established mortgage loan servicing
institution that, for so long as no Control Termination Event has occurred and is continuing, has been approved by the Directing
Holder (which approval shall not be unreasonably withheld in the case of the appointment of a successor Master Servicer) to act
as the successor to the Master Servicer or Special Servicer, as applicable, hereunder in the assumption of all or any part of
the responsibilities, duties or liabilities of the Master Servicer or Special Servicer hereunder; provided that the Trustee
shall obtain a Rating Agency Confirmation with respect to the Certificates and any Serviced Companion Loan Securities. No appointment
of a successor to the Master Servicer or Special Servicer hereunder shall be effective until the assumption by such successor
of all the Master Servicer’s or Special Servicer’s responsibilities, duties and liabilities hereunder, which appointment
has been approved, if no Control Termination Event has occurred and is continuing, by the Directing Holder, such approval not
to be unreasonably withheld. Pending appointment of a successor to the Master Servicer (or the Special Servicer if the Special
Servicer is also the Master Servicer) hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall
act in such capacity as hereinabove provided. Pending the appointment of a successor to the Special Servicer, the Trustee shall
act in such capacity. In connection with such appointment and assumption described herein, the Trustee may make such arrangements
for the compensation of such successor out of payments on Mortgage Loans, Serviced Companion Loans or otherwise as it and such
successor shall agree; provided, that no such compensation shall be in excess of that permitted to the Terminated Party
hereunder, unless no successor to the Terminated Party can be obtained to perform the obligations of such Terminated Party hereunder,
in which case additional amounts shall be paid to such successor and such amounts in excess of that permitted the Terminated Party
shall be treated as Realized

 

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Losses.
Any successor Special Servicer shall be subject to the rights of the Directing Holder under Section 3.22(b) of this
Agreement. The Depositor, the Trustee, the Master Servicer or Special Servicer and such successor shall take such action, consistent
with this Agreement, as shall be necessary to effectuate any such succession.

 

If the Trustee or an
Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer, it may reduce
the Master Servicer’s Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation as successor
Master Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to
the resigning or terminated Master Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may
reduce the Master Servicer’s Excess Servicing Fee Rate to the extent reasonably necessary (in the sole discretion of the
Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of this Section 7.02.

 

Section 7.03     Notification to Certificateholders and Other Persons. (a) Upon its receipt of written notice of any termination pursuant
to Section 7.01 above or appointment of a successor to the Master Servicer or the Special Servicer, the Certificate
Administrator shall give prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate
Register, the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website
pursuant to Section 3.14(d) of this Agreement), the Operating Advisor, the Asset Representations Reviewer and to each
Serviced Companion Loan Noteholder at its address appearing in the Serviced Companion Loan Noteholder Register.

 

(b)           Within 30 days after the occurrence of any Servicer Termination Event, Operating Advisor Termination Event or Asset
Representations Reviewer Termination Event of which a Responsible Officer of the Trustee has actual knowledge, the Trustee shall
transmit by mail to the Depositor, the Certificate Administrator (who shall then notify all Holders of Certificates), the 17g-5
Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), and each Serviced Companion Loan Noteholder, notice of such Servicer Termination Event, Operating Advisor Termination
Event or Asset Representations Reviewer Termination Event, unless such Servicer Termination Event, Operating Advisor Termination
Event or Asset Representations Reviewer Termination Event shall have been cured or waived.

 

Section 7.04     Other Remedies of Trustee. During the continuance of any Servicer Termination Event, so long as the Servicer Termination
Event shall not have been remedied, the Trustee, in addition to the rights specified in Section 7.01 of this Agreement,
shall have the right, in its own name as Trustee of an express trust, to take all actions now or hereafter existing at law, in
equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the
Certificateholders and, in the case of any Serviced Companion Loan, of the related Serviced Companion Loan Noteholders (including
the institution and prosecution of all judicial, administrative and other proceedings and the filing of proofs of claim and debt
in connection therewith). In such event, the legal fees, expenses and costs of such action and any liability resulting therefrom
shall be expenses, costs and liabilities of the Trust Fund (and, in the case of any Serviced Whole Loan, such amounts shall be
allocated in accordance with the expense allocation provision of the related Intercreditor Agreement). Except as otherwise expressly
provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every
remedy shall be

 

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cumulative
and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy
or shall be deemed to be a waiver of any Servicer Termination Event.

 

Section 7.05     Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination. The Holders of
Certificates evidencing not less than 66-2/3% of the aggregate Voting Rights of the Certificates may, together with each affected
Serviced Companion Loan Noteholder (to the extent they are adversely affected by such Servicer Termination Event or Operating Advisor
Termination Event, as applicable), on behalf of all Holders of Certificates waive any termination event with respect to the Master
Servicer, the Special Servicer or the Operating Advisor in the performance of its obligations hereunder and its consequences, except
a termination event with respect to making any required deposits (including, with respect to the Master Servicer, P&I Advances)
to or payments from the Collection Account, any Serviced Whole Loan Collection Account or the Lower-Tier Distribution Account,
or in remitting payments as received, in each case in accordance with this Agreement. Upon any such waiver of a past termination
event, such termination event shall cease to exist, and any Servicer Termination Event or Operating Advisor Termination Event arising
therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent
or other termination event or impair any right consequent thereon. Notwithstanding the foregoing, a Master Servicer Termination
Event under Section 7.01(a)(ii) (to the extent such Master Servicer Termination Event relates to the obligations regarding
Exchange Act reporting contemplated by Article X) or Section 7.01(a)(viii) or a Special Servicer Termination Event
under Section 7.01(b)(ii) (to the extent such Special Servicer Termination Event relates to the obligations regarding Exchange
Act reporting contemplated by Article X) or Section 7.01(b)(viii) of this Agreement may be waived only with the consent
of the Depositor.

 

Section 7.06     Trustee as Maker of Advances. If the Master Servicer fails to fulfill its obligations hereunder to make any Advances
and such failure remains uncured, the Trustee shall perform such obligations (x) within five Business Days of the Master Servicer
Termination Event resulting from such failure by the Master Servicer with respect to Servicing Advances to the extent a Responsible
Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by 12:00 noon
(New York City time) on the related Distribution Date with respect to P&I Advances pursuant to the Trustee’s receipt
of notice of failure pursuant to Section 4.07(a) of this Agreement unless the Trustee has received notice that such
failure has been cured by 11:00 a.m. on such Distribution Date. With respect to any such Advance made by the Trustee, the
Trustee shall succeed to all of the Master Servicer’s rights with respect to Advances hereunder, including, without limitation,
the Master Servicer’s rights of reimbursement and interest on each Advance at the Reimbursement Rate, and rights to determine
that a proposed Advance is a Nonrecoverable Advance (without regard to any impairment of any such rights of reimbursement caused
by the Master Servicer’s failure to perform its obligations hereunder); provided, that if Advances made by the Trustee
and the Master Servicer shall at any time be outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts
available to repay such Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding to the
Trustee, until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement
of the Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any

 

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notice
given with respect to a Nonrecoverable Advance or any determination of nonrecoverability in connection therewith by the Master
Servicer hereunder.

 

Section 7.07     Termination of the Operating Advisor. (a)  An “Operating Advisor Termination Event” means any
one of the following events whether any such event shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body:

 

(i)            any failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or
the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied for a period
of 30 days after the date on which written notice of such failure shall have been given to the Operating Advisor by any party
hereto or to the Operating Advisor, the Certificate Administrator and the Trustee by the Holders of Certificates having greater
than 25% of the aggregate Voting Rights; provided, that with respect to any such failure which is not curable within such
30-day period, the Operating Advisor shall have an additional cure period of thirty (30) days to effect such cure so long as it
has commenced to cure such failure within the initial 30-day period and has provided the Trustee and the Certificate Administrator
with an Officer’s Certificate certifying that it has diligently pursued, and is continuing to pursue, such cure;

 

(ii)           any failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure shall continue
unremedied for a period of 30 days;

 

(iii)          any failure by the Operating Advisor to be an Eligible Operating Advisor, which failure shall continue unremedied for a
period of 30 days;

 

(iv)          a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or order shall
have remained in force undischarged or unstayed for a period of 60 days;

 

(v)           the Operating Advisor shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee
in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of
or relating to the Operating Advisor or of or relating to all or substantially all of its property; or

 

(vi)          the Operating Advisor shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations.

 

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Upon receipt by the Certificate
Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate Administrator shall promptly
provide written notice to all Certificateholders by posting such notice on the Certificate Administrator’s Website and by
mail, unless the Certificate Administrator has received notice that it has been remedied. If an Operating Advisor Termination Event
has occurred then, and in each and every such case, so long as such Operating Advisor Termination Event shall not have been remedied,
either (i) the Trustee may or (ii) upon the written direction of holders of Certificates evidencing not less than 25%
of the Voting Rights of each Class of Regular Certificates, the Trustee shall, terminate all of the rights and obligations of the
Operating Advisor under this Agreement, other than rights and obligations accrued prior to such termination, including the right
to receive all amounts accrued and owing to it under this Agreement, and other than indemnification rights (arising out of events
occurring prior to such termination), by notice in writing to the Operating Advisor; provided that no such termination shall
be effective until a successor Operating Advisor has been appointed and has assumed all of the obligations of the Operating Advisor
under this Agreement. Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the obligation,
to notify the Certificate Administrator and the Trustee of any Operating Advisor Termination Event of which the Depositor has actual
knowledge.

 

(b)           Upon (i) the written direction of holders of Certificates evidencing not less than 15% of the aggregate Voting Rights
requesting a vote to terminate and replace the Operating Advisor with a proposed successor Operating Advisor that is an Eligible
Operating Advisor and (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses to
be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator shall promptly
provide written notice thereof to the Operating Advisor and to all Certificateholders by (i) posting such notice on the Certificate
Administrator’s Website and (ii) mail at their addresses appearing in the Certificate Register. Upon the written direction
of Holders of Certificates evidencing more than 50% of the Voting Rights that exercise their right to vote (provided that
Holders of at least 50% of the Voting Rights exercise their right to vote), the Trustee shall terminate all of the rights and obligations
of the Operating Advisor with respect to the Mortgage Loans under this Agreement by notice in writing to the Operating Advisor,
other than rights and obligations accrued prior to such termination including the right to receive all amounts accrued and owing
to it under this Agreement and other than indemnification rights arising out of events occurring prior to such termination. The
provisions set forth in the foregoing sentences of this Section 7.07(b) shall be binding upon and inure to the benefit
of solely the Certificateholders and the Trustee as between each other. The Operating Advisor shall not have any cause of action
based upon or arising from any breach or alleged breach of such provisions other than may arise, as a result of the failure to
comply with the above described voting procedures. As between the Operating Advisor, on the one hand, and the Certificateholders,
on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the
termination of the Operating Advisor.

 

(c)           On or after the receipt by the Operating Advisor of such written notice of termination, subject to the foregoing, all of
its authority and power under this Agreement shall be terminated and, without limitation, the terminated Operating Advisor shall
execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate
to effect the purposes of such notice of termination. As soon as

 

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practicable,
but in no event later than 15 Business Days after (1) the Operating Advisor resigns pursuant to Section 6.04(a) of
this Agreement or (2) the Certificate Administrator delivers such written notice of termination to the Operating Advisor, the
Trustee shall upon the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of each
Class of Regular Certificates of each Class of Certificates appoint a successor Operating Advisor that is an Eligible Operating
Advisor, which successor Operating Advisor may be an Affiliate of the Trustee and shall be the proposed Operating Advisor in the
case of a termination pursuant to Section 7.07(b) of this Agreement; provided, that if the Trustee is acting
as the successor Master Servicer or successor Special Servicer, neither the Trustee nor any of its Affiliates shall be the successor
Operating Advisor. The Trustee shall provide written notice of the appointment of a successor Operating Advisor to the Master
Servicer, the Special Servicer and the Certificate Administrator (and the Certificate Administrator shall promptly provide such
notice to the Controlling Class Representative, each Serviced Companion Loan Noteholder and each Certificateholder) within one
Business Day of such appointment. The Operating Advisor shall not at any time be the Depositor, the Master Servicer, the Special
Servicer, a Mortgage Loan Seller, an Other Depositor, an Other Servicer, an Other Special Servicer or an Affiliate of any of them.
If any of such entities becomes the Operating Advisor, including by means of an Affiliation arising after the date hereof, the
Operating Advisor shall immediately resign or cause an assignment under Section 6.04 of this Agreement and the Trustee
shall upon the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of each Class of
Certificates appoint a successor Operating Advisor subject to and in accordance with this Section 7.07(c), which successor
Operating Advisor may be an Affiliate of the Trustee.

 

(d)           Upon any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall,
as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator, the
Depositor, the Certificateholders, any Serviced Companion Loan Noteholder and, if no Consultation Termination Event has occurred
and is continuing, the Controlling Class Representative and the 17g-5 Information Provider (who shall promptly post such notice
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). If the Operating
Advisor is terminated, all of its rights and obligations under this Agreement shall terminate, other than any rights or obligations
that accrued prior to the date of such termination (including the right to receive all amounts accrued and owing to it under this
Agreement) and other than indemnification rights (arising out of events occurring prior to such termination).

 

(e)           If there are no Classes of Certificates outstanding other than the Control Eligible Certificates, the Class V Certificates
and the Class R Certificates, then all of the rights and obligations of the Operating Advisor under this Agreement shall terminate
without payment of any termination fee (other than any rights or obligations that accrued prior to the date of such termination
(including accrued and unpaid compensation) and other than indemnification rights arising out of events occurring prior to such
termination). If the Operating Advisor is terminated pursuant to this Section 7.07(e), then no replacement Operating
Advisor shall be appointed. The Trustee shall provide the Operating Advisor with prompt notice upon its termination pursuant to
this Section 7.07(e).

 

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Article VIII

CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR

 

Section 8.01     Duties of Trustee and Certificate Administrator. (a)  Each of the Trustee and the Certificate Administrator
undertakes to perform such duties and only such duties as are specifically set forth in this Agreement and no permissive right
of the Trustee shall be construed as a duty. During the continuance of a Servicer Termination Event of which a Responsible Officer
of the Trustee has actual knowledge, the Trustee, subject to the provisions of Section 7.02 and 7.05 of this
Agreement shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill
in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own
affairs.

 

(b)           The Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports,
documents, orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, which are
specifically required to be furnished to the Trustee or the Certificate Administrator pursuant to any provision of this Agreement
(other than the Mortgage Files, the review of which is specifically governed in Article II, any CREFC® reports,
and any information delivered for posting to the Certificate Administrator’s Website), shall examine them to determine whether
they conform on their face to the requirements of this Agreement; provided, that, the Trustee or the Certificate Administrator,
as applicable, shall not be responsible for the accuracy or content of any such resolution, certificate, statement, opinion, report,
document, order or other instrument provided to it hereunder. If any such instrument is found not to conform on its face to the
requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator, as applicable, shall request
the provider of such instrument to have the instrument corrected, and if the instrument is not corrected to such Trustee’s
or such Certificate Administrator’s reasonable satisfaction, such Trustee or such Certificate Administrator will provide
notice thereof to the Certificateholders.

 

(c)           None of the Trustee, the Certificate Administrator or any of their officers, directors, employees, agents or “control”
persons within the meaning of the Act shall have any liability arising out of or in connection with this Agreement, provided
that, subject to Section 8.02 of this Agreement, no provision of this Agreement shall be construed to relieve the Trustee,
the Certificate Administrator or any such person, from liability for its own negligent action, its own negligent failure to act
or its own willful misconduct or its own bad faith; and provided, further, that:

 

(i)            The Trustee’s and the Certificate Administrator’s duties and obligations shall be determined solely by the
express provisions of this Agreement, neither the Trustee nor the Certificate Administrator shall be liable except for the performance
of such duties and obligations as are specifically set forth in regard to such party in this Agreement, no implied covenants or
obligations shall be read into this Agreement against the Trustee or the Certificate Administrator and, in the absence of bad
faith on the part of the Trustee or the Certificate Administrator, as the case may be, the Trustee and the Certificate Administrator
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any resolutions,
certificates, statements, reports,

 

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opinions,
documents, orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, that conform
on their face to the requirements of this Agreement to the extent set forth herein without responsibility for investigating the
contents thereof;

 

(ii)           Reserved;

 

(iii)          Neither the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered
or omitted to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than
25% of the Percentage Interests (or such other higher or lower percentage as is specified herein) of each affected Class, or of
the aggregate Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee or the Certificate Administrator, as the case may be, or exercising any trust or power conferred upon
the Trustee or the Certificate Administrator, as the case may be, under this Agreement;

 

(iv)          Neither the Trustee nor the Certificate Administrator nor any of their directors, officers, employees, agents or control
persons shall be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not an Affiliate
of the Trustee or Certificate Administrator, respectively, and that is selected other than by the Trustee or Certificate Administrator,
respectively, performed or omitted in compliance with any custodial or other agreement, or any act or omission of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any other Person, including,
without limitation, in connection with actions taken pursuant to this Agreement;

 

(v)           Neither the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any
legal action which is not incidental to its respective duties as Trustee or Certificate Administrator in accordance with this
Agreement (and, if it does, all legal expenses and costs of such action shall be expenses and costs of the Trust Fund (and, in
the case of any Whole Loan, any such costs and expenses shall be allocated in accordance with the allocation provisions of the
related Intercreditor Agreement), and the Trustee or the Certificate Administrator, as applicable, shall be entitled, as provided
in Section 3.06 hereof, to be reimbursed therefor from amounts on deposit in the Collection Account (and with respect
to any Serviced Whole Loan, the related Serviced Whole Loan Collection Account) or the Distribution Account and identified on
the Trust Ledger, unless such legal action arises out of the negligence or bad faith of the Trustee or Certificate Administrator,
as applicable, or any breach of a representation or warranty of the Trustee or Certificate Administrator, as applicable, contained
herein; and

 

(vi)          Neither the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach
of any Person upon the occurrence of which the Trustee or Certificate Administrator, as applicable, may be required to act, unless
a Responsible Officer of the Trustee or Certificate Administrator, as applicable, obtains actual knowledge of such act, failure
or breach. Neither the Trustee nor the Certificate Administrator shall be deemed to have actual knowledge of the Master Servicer’s
or the

 

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Special
Servicer’s failure to provide scheduled reports, certificates and statements when and as required to be delivered to the
Trustee or Certificate Administrator, as applicable, pursuant to this Agreement.

 

None of the provisions
contained in this Agreement shall require either the Trustee, in its capacity as Trustee or the Certificate Administrator, in its
capacity as Certificate Administrator, to expend or risk its own funds, or otherwise incur financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the Trustee or the Certificate
Administrator, as the case may be, the repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it, and none of the provisions contained in this Agreement shall in any event require the Trustee or the Certificate
Administrator, as the case may be, to perform, or be responsible for the manner of performance of, any of the obligations of the
Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer under this Agreement, except,
in the case of the Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the rights,
duties, powers and privileges of, the Master Servicer or the Special Servicer in accordance with the terms of this Agreement. Neither
the Trustee nor the Certificate Administrator shall be required to post any surety or bond of any kind in connection with its performance
of its obligations under this Agreement and neither the Trustee nor the Certificate Administrator shall be liable for any loss
on any investment of funds pursuant to this Agreement. Notwithstanding any other provision hereof, when acting as the Master Servicer
or the Special Servicer hereunder, the Trustee shall comply with the Servicing Standard.

 

Section 8.02     Certain Matters Affecting the Trustee and the Certificate Administrator. (a) Except as otherwise provided in Section 8.01
of this Agreement:

 

(i)            The Trustee and the Certificate Administrator may request and/or conclusively rely upon and shall be protected in acting
or refraining from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate,
statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably
believed by it to be genuine and to have been signed or presented by the proper party or parties and neither the Trustee nor the
Certificate Administrator shall have any responsibility to ascertain or confirm the genuineness of any such party or parties;

 

(ii)           Each of the Trustee and the Certificate Administrator may consult with counsel and the written advice of such counsel or
any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted
by it hereunder in good faith and in accordance with the written advice of such counsel or such Opinion of Counsel;

 

(iii)          (A) Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts
or powers vested in it by this Agreement or to make any investigation of matters arising hereunder or institute, conduct or defend
any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to
the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator,
as the case may be, security or indemnity reasonably satisfactory to the Trustee or the Certificate

 

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Administrator,
as the case may be, against the costs, expenses and liabilities which may be incurred therein or thereby, provided that
nothing contained herein shall relieve the Trustee of the obligations, upon the occurrence of a Servicer Termination Event (which
has not been cured or waived) of which a Responsible Officer of the Trustee has actual knowledge, to exercise such of the rights
and powers vested in it by this Agreement, and to use the same degree of care and skill in their exercise, as a prudent person
would exercise or use under the circumstances in the conduct of such person’s own affairs; and (B) the right of the
Trustee and the Certificate Administrator to perform any discretionary act enumerated in this Agreement shall not be construed
as a duty, and the Trustee or the Certificate Administrator, as the case may be, shall not be answerable for other than its own
negligence or willful misconduct or bad faith in the performance of any such act;

 

(iv)          None of the Trustee, the Certificate Administrator or any of their directors, officers, employees, Affiliates, agents or
“control” persons within the meaning of the Act shall be personally liable (A) for an error of judgment made
in good faith by a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, unless it shall be
proved that the Trustee or the Certificate Administrator, as the case may be, was negligent in ascertaining the pertinent facts
or (B) for any action taken, suffered or omitted by it in good faith and reasonably believed by the Trustee or the Certificate
Administrator, as the case may be, to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

(v)           Neither the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond
or other paper or document, unless requested in writing to do so by Holders of Certificates entitled to greater than 25% (or such
other percentage as is specified herein) of the Percentage Interests of each affected Class; provided, that if the payment
within a reasonable time to the Trustee or the Certificate Administrator, as the case may be, of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator,
as the case may be, not reasonably assured to the Trustee or the Certificate Administrator, as the case may be, by the security
afforded to it by the terms of this Agreement, the Trustee or the Certificate Administrator, as the case may be, may require indemnity
reasonably satisfactory to it from such requesting Holders against such cost, expense or liability as a condition to taking any
such action. The reasonable expense of every such investigation shall be paid by the Master Servicer, the Special Servicer or
the Operating Advisor, as applicable, if a Servicer Termination Event or Operating Advisor Termination Event shall have occurred
and be continuing relating to the Master Servicer, the Special Servicer or the Operating Advisor, respectively, and otherwise
by the Certificateholders requesting the investigation;

 

(vi)          The Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder and the Trustee and the
Certificate Administrator may perform any duties hereunder either directly or by or through agents, nominees, custodians or attorneys
but shall not be relieved of the obligations hereunder; provided, that the Trustee or the

 

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Certificate
Administrator, as the case may be, may not perform any duties hereunder through any Person that is a Prohibited Party;

 

(vii)         Other than in the case of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee
or the Certificate Administrator, as applicable, be liable for special, punitive, indirect or consequential loss or damage of
any kind whatsoever (including, but not limited to lost profits), even if the Trustee or the Certificate Administrator, as applicable,
has been advised of the likelihood of such loss or damage and regardless of the form of action;

 

(viii)        In no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of
its obligations hereunder due to force majeure or acts of God; provided, that such failure or delay is not also
a result of its own negligence, bad faith or willful misconduct;

 

(ix)          Except as otherwise expressly set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular
capacity hereunder will not be deemed to be imputed with knowledge of (a) Wells Fargo Bank, National Association, acting in a
capacity that is unrelated to the transactions contemplated by this Agreement, or (b) Wells Fargo Bank, National Association,
acting in any other capacity hereunder, except, in the case of either clause (a) or clause (b), where some or all
of the obligations performed in such capacities are performed by one or more employees within the same group or division of Wells
Fargo Bank, National Association, or where the groups or divisions responsible for performing the obligations in such capacities
have one or more of the same Responsible Officers, provided in any event, however, the knowledge of employees performing
special servicing functions shall not be imputed to employees performing master servicing functions, and the knowledge of employees
performing master servicing functions shall not be imputed to employees performing special servicing functions;

 

(x)           Nothing herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable
law; and

 

(xi)          Nothing herein shall be construed as an obligation of the parties to this Agreement to advise the Certificateholders with
respect to their rights and protections relative to the Trust.

 

(b)           Following the Startup Day, the Trustee and the Certificate Administrator shall not, except as expressly required by any
provision of this Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator
shall have received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution)
to the effect that the inclusion of such assets in the Trust Fund will not cause an Adverse REMIC Event.

 

(c)           All rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee and the Certificate
Administrator, may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial
or other proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee and the

 

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Certificate
Administrator shall be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions
of this Agreement.

 

(d)           Neither the Trustee nor the Certificate Administrator shall have a duty to conduct any affirmative investigation as to the
occurrence of any condition requiring the repurchase of any Mortgage Loan by any Mortgage Loan Seller pursuant to this Agreement
or the eligibility of any Mortgage Loan for purposes of this Agreement.

 

(e)           Each of the Trustee and the Certificate Administrator shall be entitled to all of the same rights, protections, immunities
and indemnities afforded to it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves
hereunder (including, without limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating
Agent).

 

(f)            In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”),
the Certificate Administrator and the Trustee, as the case may be, are required to obtain, verify and record certain information
relating to individuals and entities that maintain a business relationship with the Certificate Administrator or the Trustee. Accordingly,
each of the parties hereto agrees to provide to the Certificate Administrator and the Trustee, upon its respective request from
time to time, such identifying information and documentation as may be available for such party in order to enable the Certificate
Administrator and the Trustee to comply with Applicable Law.

 

Section 8.03     Trustee and Certificate Administrator Not Liable for Certificates or Mortgage Loans. The recitals contained herein
and in the Certificates shall not be taken as the statements of the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer, or the Special Servicer and the Trustee, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer assume no responsibility
for their correctness. The Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the
Master Servicer and the Special Servicer make no representations or warranties as to the validity or sufficiency of this Agreement,
of the Certificates or any offering document used to offer the Certificates for sale or the validity, enforceability or sufficiency
of any Mortgage Loan, or related document. Neither the Trustee nor the Certificate Administrator shall at any time have any responsibility
or liability for or with respect to the legality, validity and enforceability of any Mortgage, any Mortgage Loan, or the perfection
and priority of any Mortgage or the maintenance of any such perfection and priority, or for or with respect to the sufficiency
of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders under this Agreement. Without
limiting the foregoing, neither the Trustee nor the Certificate Administrator shall be liable or responsible for: (i) the
existence, condition and ownership of any Mortgaged Property; (ii) the existence of any hazard or other insurance thereon
(other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02
of this Agreement) or the enforceability thereof; (iii) the existence of any Mortgage Loan or the contents of the related
Mortgage File on any computer or other record thereof (other than if the Trustee shall assume the duties of the Master Servicer
or the Special Servicer pursuant to Section 7.02 of this Agreement); (iv) the validity of the assignment of any
Mortgage Loan to the Trust Fund or of any intervening assignment; (v) the completeness of any

 

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Mortgage
File; the performance or enforcement of any Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer
or the Special Servicer pursuant to Section 7.02 of this Agreement); (vi) the compliance by the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer with any warranty or representation
made under this Agreement or in any related document or the accuracy of any such warranty or representation prior to the Trustee’s
receipt of written notice or other discovery of any non-compliance therewith or any breach thereof; (vii) any investment
of monies by or at the direction of the Master Servicer or any loss resulting therefrom, the acts or omissions of any of the Depositor,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer
(other than if the Trustee shall assume the duties of the Certificate Administrator, the Master Servicer or Special Servicer pursuant
to Section 7.02 of this Agreement) or any sub-servicer or any Borrower; any action of the Master Servicer or Special
Servicer (other than if the Trustee shall assume the duties of the Master Servicer or Special Servicer pursuant to Section 7.02
of this Agreement) or any sub-servicer taken in the name of the Trustee, except to the extent such action is taken at the
express written direction of the Trustee; (viii) the failure of the Master Servicer or the Special Servicer or any sub-servicer
to act or perform any duties required of them on behalf of the Trust Fund or the Trustee hereunder; or (ix) any action by
or omission of the Trustee or the Certificate Administrator taken at the instruction of the Master Servicer or the Special Servicer
(other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02
of this Agreement) unless the taking of such action is not permitted by the express terms of this Agreement; provided,
that the foregoing shall not relieve the Trustee or the Certificate Administrator of their respective obligations to perform their
duties as specifically set forth in this Agreement. The Trustee or the Certificate Administrator shall not be accountable for
the use or application by the Depositor, the Certificate Administrator (in the case of the Trustee only), the Trustee (in the
case of the Certificate Administrator only), the Master Servicer or the Special Servicer of any of the Certificates or of the
proceeds of such Certificates, or for the use or application of any funds paid to the Depositor, the Certificate Administrator
(in the case of the Trustee only), the Trustee (in the case of the Certificate Administrator only), the Master Servicer or the
Special Servicer in respect of the assignment of the Mortgage Loans or deposited in or withdrawn from the Collection Accounts,
any Serviced Whole Loan Collection Account, the Lower-Tier Distribution Account, the Upper-Tier Distribution Account, the Lock-Box
Account, the Cash Collateral Account, the Reserve Accounts, the Interest Reserve Account, any REO Account or any Gain-on-Sale
Reserve Account or any other account maintained by or on behalf of the Certificate Administrator, the Master Servicer or the Special
Servicer, other than any funds held by the Trustee or the Certificate Administrator. Neither the Trustee nor the Certificate Administrator
shall have any responsibility for filing any financing or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to it hereunder (unless the Trustee shall have become
the successor Master Servicer) or to record this Agreement. In making any calculation hereunder which includes as a component
thereof the payment or distribution of interest for a stated period at a stated rate “to the extent permitted by applicable
law,” the Trustee or the Certificate Administrator, as the case may be, shall assume that such payment is so permitted unless
a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, has actual knowledge, or receives an
Opinion of Counsel (at the expense of the Person asserting the impermissibility) to the effect, that such payment is not
permitted by applicable law. The

 

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Depositor
is not obligated to monitor or supervise the performance of the Trustee or the Certificate Administrator under this Agreement
or otherwise.

 

Section 8.04     Trustee and Certificate Administrator May Own Certificates. The Trustee, the Certificate Administrator and any
agent of the Trustee or the Certificate Administrator in its individual capacity or any other capacity may become the owner or
pledgee of Certificates, and may deal with the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the
Special Servicer, the Initial Purchasers and the Underwriters in banking transactions, with the same rights it would have if it
were not Trustee, Certificate Administrator or such agent, as the case may be.

 

Section 8.05     Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification. (a) On each
Distribution Date, prior to the distribution of amounts to the Certificateholders, the Certificate Administrator shall be entitled
to withdraw and pay the Trustee and itself its respective portion of the Certificate Administrator/Trustee Fee, as reasonable compensation
from amounts remitted to the Lower-Tier Distribution Account (which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust), for all services rendered in the execution of the trusts hereby created and in
the exercise and performance of any of the powers and duties of the Trustee and the Certificate Administrator at the Certificate
Administrator/Trustee Fee Rate. The Trustee’s fee shall be paid as a portion of the Certificate Administrator/Trustee Fee.

 

(b)           If the Trustee assumes the servicing responsibilities of the Master Servicer or the Special Servicer hereunder pursuant
to or otherwise arising from the resignation or removal of the Master Servicer or the Special Servicer, the Trustee shall be entitled
to the compensation to which the Master Servicer or the Special Servicer, as the case may be, would have been entitled (other than
the rights of the Special Servicer to receive any Workout Fee specified in Section 3.12(c) of this Agreement if the
Special Servicer is terminated).

 

(c)           The Trustee, the Custodian and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request
for all reasonable expenses, disbursements and advances incurred or made by the Trustee, the Custodian or the Certificate Administrator
pursuant to and in accordance with any of the provisions of this Agreement (including the reasonable compensation and the expenses
and disbursements of its counsel and of all persons not regularly in its employ), which the Certificate Administrator will be entitled
to withdraw from the Distribution Accounts prior to the distribution to Certificateholders to the extent set forth herein and to
the extent such payments are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations
Section 1.860G-1(b)(iii) except any such expense, disbursement or advance as may arise from its negligence, willful misconduct
or bad faith; provided, that, subject to the last paragraph of Section 8.01 and Section 8.02(a)(iii)
of this Agreement, the Trustee, the Custodian or the Certificate Administrator shall not refuse to perform any of their respective
duties hereunder solely as a result of the failure to be paid their respective portion of the Certificate Administrator/Trustee
Fee, or the Trustee’s, Custodian’s or Certificate Administrator’s previously-incurred expenses, as applicable.
The term “unanticipated expenses incurred by the REMIC” shall include any fees, expenses and disbursement of any separate
Trustee or co-Trustee appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably anticipated
as of the Closing Date and are attributable to the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza Loan REMIC and
the

 

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losses,
liabilities, damages, claims or expenses (including reasonable attorneys’ fees) incurred or advanced by an Indemnified Party
in connection with any litigation arising out of this Agreement attributable to the Lower-Tier REMIC, the Upper-Tier REMIC, the
Prudential Plaza Loan REMIC or the Grantor Trust, including, without limitation, under Section 2.03, Section 3.10,
the third paragraph of Section 3.11, Section 4.05 and Section 7.01 of this Agreement.

 

The Master Servicer and
the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable expenses, disbursements and advances
incurred or made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer or the
Special Servicer, respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master Servicer
or Special Servicer (except in the case of removal of the Special Servicer without cause), as applicable, in accordance with any
of the provisions of this Agreement (and including the reasonable fees and expenses and disbursements of its counsel and all other
persons not regularly in its employ), except any such expense, disbursement or advance as may arise from the negligence, willful
misconduct or bad faith of the Trustee.

 

(d)           Each of the Certificate Administrator, the Custodian, the Paying Agent, the Trustee, the Depositor, the Master Servicer
and the Special Servicer (each, for purposes of this Section 8.05(d), an “Indemnifying Party”) shall
(severally and not jointly) indemnify the Trustee (both in its capacity as Trustee and individually), the Asset Representations
Reviewer and the Certificate Administrator (in its capacity as Certificate Administrator, Custodian, Paying Agent and individually)
and each of their Affiliates and each of the partners, shareholders, members, managers, directors, officers, employees, representatives
and agents of the Trustee and the Certificate Administrator and each of their Affiliates (each, for purposes of this Section 8.05(d),
an “Indemnified Party”), and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified
Party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel
incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between
the Indemnified Party and any third party or otherwise) resulting from each such Indemnifying Party’s respective willful
misconduct, bad faith, fraud or negligence in the performance of each of its respective duties hereunder or by reason of negligent
disregard of its respective obligations and duties hereunder (including in the case of the Master Servicer, any agent of the Master
Servicer or sub-servicer).

 

The Trust Fund shall
indemnify each Indemnified Party and the Custodian from, and hold it harmless against, any and all losses, liabilities, damages,
penalties, fines, forfeitures, judgments, claims or unanticipated expenses (including, without limitation, reasonable fees and
disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified
Party or between the Indemnified Party and any third party or otherwise) arising in respect of this Agreement, the Mortgage Loans
or the Certificates other than (i) resulting from the willful misconduct, bad faith, fraud or negligence of the Indemnified Party
or the Custodian, as applicable, in the performance of its obligations and duties under this Agreement, (ii) by reason of
its negligent disregard of those obligations or duties, or as may arise from a breach of any representation or warranty of the
Indemnified Party or the Custodian, as applicable, made in this Agreement and (iii) as to which such Indemnified

 

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Party
or the Custodian, as applicable, is entitled to indemnification pursuant to this Section 8.05(d). The right of reimbursement
of the Indemnified Parties under this Section 8.05(d) shall be senior to the rights of all Certificateholders.

 

(e)           Notwithstanding anything herein to the contrary, this Section 8.05 shall survive the termination or maturity
of this Agreement or the resignation, removal or termination of the Trustee or the Certificate Administrator, as the case may be,
regarding rights accrued prior to such resignation, removal or termination and (with respect to any acts or omissions during its
respective tenures) the resignation, removal or termination of the Master Servicer, the Special Servicer, the Paying Agent, the
Certificate Administrator, the Certificate Registrar or the Custodian.

 

(f)            This Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation,
expenses, disbursements, advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law
or environmental matter.

 

(g)           Each of the Certificate Administrator, the Custodian, the Paying Agent and the Trustee (in each case with respect to itself
only, for purposes of this Section 8.05(g), an “Indemnifying Party”) shall (severally and not jointly) indemnify
the Trust Fund, the Depositor, the Master Servicer, the Special Servicer and each other, and each of their respective Affiliates
and each of the partners, shareholders, members, managers, directors, officers, employees, representatives and agents of the Master
Servicer and the Special Servicer and their respective Affiliates (each, for purposes of this Section 8.05(g), an “Indemnified
Party”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable
legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain in connection
with this Agreement (including, without limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party
in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third
party or otherwise) resulting from the applicable Indemnifying Party’s willful misconduct, bad faith, fraud or negligence
in the performance of its duties hereunder or by reason of negligent disregard of its obligations and duties hereunder.

 

(h)           The Certificate Administrator (for purposes of this Section 8.05(h), the “Indemnifying Party”)
shall, solely in its capacity as the 17g-5 Information Provider, indemnify each Mortgage Loan Seller and Deutsche Bank Securities
Inc. (each, for purposes of this Section 8.05(h), an “Indemnified Party”), and hold each of them
harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments,
and any other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement (including, without
limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the
Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise) related to (i) the
applicable Indemnifying Party’s willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder
or by reason of negligent disregard of its obligations and duties hereunder or (ii) a determination by any Rating Agency that
it cannot reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3),
to the extent caused by any such willful misconduct,

 

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bad
faith, fraud or negligence in the performance of its duties hereunder or by reason of negligent disregard referred to in clause (i)
above by the Indemnifying Party.

 

Section 8.06     Eligibility Requirements for Trustee and Certificate Administrator. The Trustee and Certificate Administrator hereunder
shall at all times:

 

(i)            be a corporation, national bank, national banking association or a trust company organized and doing business under the
laws of any state or the United States of America,

 

(ii)           be authorized under such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement,

 

(iii)          have a combined capital and surplus of at least $50,000,000,

 

(iv)          be subject to supervision or examination by federal or state authority and, solely in the case of the Trustee, shall not
be an Affiliate of the Master Servicer or the Special Servicer (except, in the case of the Trustee, during any period when the
Trustee has assumed the duties of the Master Servicer or Special Servicer, as the case may be, pursuant to Section 7.02 of this
Agreement),

 

(v)           not be a Prohibited Party,

 

(vi)          be an institution insured by the Federal Deposit Insurance Corporation, and

 

(vii)         have a rating on its long-term senior unsecured debt of at least “A2” by Moody’s, “A” by
Fitch and “A” by DBRS, and (b) it has a rating on its short-term debt obligations of at least “P-2” by
Moody’s, “F1” by Fitch and “R-1(low)” by DBRS; provided, that if any such institution is
not rated by DBRS, such institution maintains an equivalent (or higher) rating by any two other NRSROs or such other rating with
respect to which the Rating Agencies have provided a Rating Agency Confirmation.

 

Notwithstanding the foregoing,
if the Trustee or the Certificate Administrator meets the provisions of clauses (i) through (iii), (v) and (vi) above, but
does not meet the provisions of clause (iv) above, the Trustee or the Certificate Administrator, as the case may be, shall
be deemed to meet the provisions of such clause (iv) if it appoints a fiscal agent as a back-up liquidity provider, provided
that such fiscal agent meets the provisions of clauses (i) through (vi) above and shall have assumed in writing all obligations
of the Trustee or the Certificate Administrator, as the case may be, to make Advances under this Agreement as and when required
of the Trustee or the Certificate Administrator, as the case may be. If a corporation or association publishes reports of condition
at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for purposes
of this Section the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If the place of business from which the Trustee administers the
Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of any Trust REMIC or the Prudential
Plaza Loan REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall elect either to
(i) resign immediately in the manner and with the effect specified in

 

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Section 8.07
of this Agreement, (ii) pay such tax and continue as Trustee or (iii) administer the Trust Fund from a state and
local jurisdiction that does not impose such a tax. If at any time the Trustee or the Certificate Administrator shall cease to
be eligible in accordance with the provisions of this Section, the Trustee or the Certificate Administrator, as the case may be,
shall resign immediately in the manner and with the effect specified in Section 8.07 of this Agreement.

 

Section 8.07     Resignation and Removal of Trustee and Certificate Administrator. The Trustee and the Certificate Administrator may
at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Trustee, the Depositor,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer, the Directing Holder and the 17g-5 Information Provider (who shall promptly post such notice to
the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). Upon notice of resignation
from the Trustee, the Depositor shall use its reasonable best efforts to promptly appoint a successor trustee, the appointment
of which is subject to the requirements contained in Section 8.06 of this Agreement and shall be, if no Control Termination
Event has occurred and is continuing, reasonably acceptable to the Directing Holder. Upon notice of resignation from the Certificate
Administrator, the Trustee shall promptly appoint a successor certificate administrator, the appointment of which is subject to
the requirements contained in Section 8.06 of this Agreement. If no successor trustee or certificate administrator
shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation,
the resigning Trustee or Certificate Administrator, as the case may be, may petition any court of competent jurisdiction for the
appointment of a successor. The Trustee or the Certificate Administrator, as applicable, shall bear all reasonable out of pocket
costs and expenses of each other party hereto and each Rating Agency in connection with its resignation.

 

If at any time the Trustee
or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.06 of this
Agreement and shall fail to resign after written request therefor by the Depositor or the Master Servicer, or if at any time the
Trustee or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or the Certificate Administrator, as the case may be (or of its property), shall be appointed, or any public officer
shall take charge or control of the Trustee or the Certificate Administrator, as the case may be (or of its property or affairs),
for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Certificate Administrator (if different than
the Trustee) shall fail (other than by reason of the failure of either the Master Servicer or the Special Servicer to timely perform
its obligations hereunder or as a result of other circumstances beyond the Trustee’s or Certificate Administrator’s,
as applicable, reasonable control), to timely publish any report to be delivered, published or otherwise made available by the
Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied for a period of five (5) days,
or if the Certificate Administrator fails to make distributions required pursuant to Section 4.01 or Section 9.01,
then the Depositor or the Master Servicer may remove the Trustee or the Certificate Administrator, as the case may be, and the
Depositor or the Master Servicer shall promptly appoint a successor by written instrument, which shall be delivered to the Trustee
or the Certificate Administrator, as the case may be, so removed and to the successor.

 

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The Holders of Certificates
entitled to at least 50% of the Voting Rights may, with cause (at any time) or without cause (at any time with 30 days’ prior
written notice), remove the Trustee or the Certificate Administrator and appoint a successor by written instrument or instruments,
in eight originals, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall
be delivered to each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Trustee, the Certificate Administrator and the successor trustee or certificate administrator, as applicable.

 

In addition, if the Trustee
or the Certificate Administrator is terminated without cause, the terminating party shall pay all of the expenses of the Trustee
or the Certificate Administrator, as the case may be, necessary to affect the transfer of its responsibilities to the successor.

 

If the Trustee is terminated
or removed pursuant to this Section 8.07, all of its rights and obligations under this Agreement and in and to the
Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such termination or
removal (including the right to receive all fees, expenses, indemnities, and other amounts accrued or owing to it under this Agreement,
plus interest at the Reimbursement Rate on all such amounts until received to the extent such amounts bear interest as provided
in this Agreement, with respect to periods prior to the date of such termination or removal).

 

If the Certificate Administrator
is terminated or removed pursuant to this Section 8.07, (i) all of its rights and obligations under this Agreement
and in and to the Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such
termination or removal (including the right to receive all fees, indemnities, expenses and other amounts accrued or owing to it
under this Agreement with respect to periods prior to the date of such termination or removal) and (ii) such resignation,
termination, or removal shall be effective with respect to each of its other capacities hereunder except its capacity as Custodian
(but including, without limitation, its capacities as Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating
Agent).

 

Upon the resignation,
assignment, or transfer of the Trustee or its business to a successor, or upon the termination of the Trustee, (a) the outgoing
Trustee, at its own expense without right to reimbursement therefor, shall (A) endorse the original executed Mortgage Note
for each Mortgage Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing
Trustee), without recourse, representation or warranty, express or implied, to the order of the successor, as trustee for the registered
holders of CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-CD1 or in blank, and (B) in
the case of the other assignable Loan Documents (to the extent such other Loan Documents were assigned to the outgoing Trustee),
assign and record such Loan Documents to such successor, and such successor shall review the documents delivered to it or to the
Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject to this Agreement,
such endorsement and assignment has been made; (b) if any original executed Mortgage Note for a Mortgage Loan was not endorsed
to the outgoing Trustee, the Custodian shall deliver such Mortgage Note to the successor trustee and the Custodian shall cooperate
with any successor trustee to ensure that such Mortgage Note is endorsed (without recourse, representation or warranty, express
or implied) to the order of the

 

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successor trustee, as trustee for the registered holders of CD 2016-CD1 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2016-CD1 or in blank. If any assignable Loan Document (other than the Mortgage Note)
was not assigned to the outgoing Trustee or if the Trustee is removed pursuant to Section 8.07 without cause, with
respect to the Loan Documents identified in clause (B) of the preceding sentence, the Custodian shall deliver such Loan
Document to the successor trustee and, if appropriate, such Loan Documents shall be recorded at the expense of the Trust (i) prior
to the occurrence and continuance of a Control Termination Event, with the consent of the Controlling Class Representative, (ii) after
the occurrence and continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event,
after consultation with the Controlling Class Representative and the Operating Advisor and (iii) after the occurrence of a
Consultation Termination Event, after consultation with the Operating Advisor and the reasonable cooperation (as determined by
the Depositor) of the Depositor.

 

Section 8.08     Successor Trustee and Certificate Administrator. (a) Any successor trustee or certificate administrator shall execute,
acknowledge and deliver to the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer, the Certificate
Administrator (or in the case of a successor certificate administrator, to the predecessor Certificate Administrator) and the Trustee,
as the case may be, instruments accepting their appointment hereunder, and thereupon the resignation or removal of the predecessor
Trustee or Certificate Administrator, as applicable, shall become effective and such successor, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the
like effect as if originally named as Trustee or Certificate Administrator, as applicable, herein; provided that such successor
shall satisfy the requirements contained in Section 8.06 of this Agreement and the Certificate Administrator shall
have filed any required Form 8-K pursuant to Section 10.09. The predecessor Trustee or Certificate Administrator, as
applicable, shall deliver to its successor all Mortgage Files and related documents and statements held by it hereunder, and the
Depositor and the predecessor Trustee or Certificate Administrator, as applicable, shall execute and deliver such instruments and
do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor all such
rights, powers, duties and obligations. No successor trustee or certificate administrator, as the case may be, shall accept appointment
as provided in this Section 8.08 unless at the time of such acceptance such successor shall be eligible under the provisions
of Section 8.06 of this Agreement.

 

Upon acceptance of appointment
by a successor trustee as provided in this Section 8.08, the Depositor shall mail notice of the succession of such
Trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If the Depositor fails
to mail such notice within 10 days after acceptance of appointment by the successor trustee, the successor trustee shall cause
such notice to be mailed at the expense of the Depositor.

 

(b)          Any successor trustee appointed pursuant to this Agreement shall satisfy the eligibility requirements set forth in Section 8.06
hereof.

 

(c)          Neither
the Asset Representations Reviewer nor any of its Affiliates may be appointed as successor trustee or certificate administrator.

 

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Section 8.09     Merger or Consolidation of Trustee or Certificate Administrator. Any Person into which the Trustee or the Certificate
Administrator may be merged or converted or with which it may be consolidated or any Person resulting from any merger, conversion
or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any Person succeeding to all or substantially
all of the corporate trust business of the Trustee or the Certificate Administrator, shall be the successor of the Trustee or the
Certificate Administrator, as the case may be, hereunder; provided that such Person shall be eligible under the provisions
of Section 8.06 of this Agreement without the execution or filing of any paper or any further act on the part of any
of the parties hereto, anything herein to the contrary notwithstanding. The Trustee or the Certificate Administrator, as applicable,
shall notify the other parties hereto of any such event, and the Certificate Administrator shall post notice of such merger or
consolidation to the Certificate Administrator’s Website in accordance with Section 3.14(d) of this Agreement
and provide notice of such event to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

Section 8.10     Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund or property securing the same
may at the time be located, or for enforcement actions, or where a conflict of interest exists, the Depositor and the Trustee acting
jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee
to act (at the expense of the Trust) as co-Trustee or co-Trustees, jointly with the Trustee, or separate Trustee or separate Trustees,
of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to the Trust Fund, or
any part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights
and trusts as the Depositor and the Trustee may consider necessary or desirable. If the Depositor shall not have joined in such
appointment within 15 days after the receipt by it of a request so to do, or in case a Servicer Termination Event shall have occurred
and be continuing, the Trustee alone shall have the power to make such appointment. Except as required by applicable law, the appointment
of a co-Trustee or separate Trustee shall not relieve the Trustee of its responsibilities, obligations and liabilities hereunder.
No co-Trustee or separate Trustee hereunder shall be required to meet the terms of eligibility as a successor Trustee under Section 8.06
hereunder and no notice to Holders of Certificates of the appointment of co-Trustee(s) or separate Trustee(s) shall be required
under Section 8.08 hereof.

 

In the case of any appointment
of a co-Trustee or separate Trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred
or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate Trustee
or co-Trustee jointly (it being understood that such separate Trustee or co-Trustee is not authorized to act separately without
the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts
are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of
title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such separate Trustee
or co-Trustee solely at the direction of the Trustee.

 

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No Trustee under this
Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement. The Depositor
and the Trustee acting jointly may at any time accept the resignation of or remove any separate Trustee or co-Trustee, or if the
separate Trustee or co-Trustee is an employee of the Trustee, the Trustee acting alone may accept the resignation of or remove
any separate Trustee or co-Trustee.

 

Any notice, request or
other writing given to the Trustee shall be deemed to have been given to each of the then separate Trustees and co-Trustees, as
effectively as if given to each of them. Every instrument appointing any separate Trustee or co-Trustee shall refer to this Agreement
and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee. Each separate Trustee
and co-Trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument
of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Trustee. In no event shall any such separate Trustee or co-Trustee be entitled to any provision relating
to the conduct of, affecting the liability of or affording protection to such separate Trustee or co-Trustee that imposes a standard
of conduct less stringent than that imposed by the Trustee hereunder, affording greater protection than that afforded to the Trustee
hereunder or providing a greater limit on liability than that provided to the Trustee hereunder.

 

Any separate Trustee
or co-Trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
Trustee or co-Trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor
Trustee.

 

Article IX

TERMINATION

 

Section 9.01     Termination. (a) The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the
Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee created hereby
with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as hereinafter set forth) shall terminate upon payment (or provision for payment) to the
Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required hereunder to be so paid on the Distribution Date following
the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of this Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for
the Mortgage Loans in accordance with Section 9.01(g) of this Agreement; and (iii) the later of (a) the receipt
or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to this Agreement of the last asset held by the Trust Fund; provided, that in no event shall the trust created
hereby continue beyond the expiration of

 

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twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy,
the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

For purposes of this
Section 9.01, the Sole Certificateholder shall have the first option to terminate the Trust Fund, pursuant to Section 9.01(g),
and then the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the Special Servicer and
the Master Servicer, in that order, shall have the option to terminate the Trust Fund pursuant to subsection (c). For
purposes of this Section 9.01, the Directing Holder with the consent of the Holders of the Controlling Class, shall
act on behalf of the Holders of the Controlling Class in purchasing the assets of the Trust Fund and terminating the Trust.

 

(b)          The Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall be terminated and the assets of the Trust Fund shall
be sold or otherwise disposed of in connection therewith, only pursuant to a “plan of complete liquidation” within
the meaning of Section 860F(a)(4)(A) of the Code providing for the actions contemplated by the provisions hereof and
pursuant to which the applicable Notice of Termination is given, and requiring that the Trust Fund, the Lower-Tier REMIC and the
Upper-Tier REMIC shall terminate on a Distribution Date occurring not more than 90 days following the date of adoption of
the plan of complete liquidation. For purposes of this Section 9.01(b), the Notice of Termination given pursuant to
Section 9.01(c) of this Agreement shall constitute the adoption of the plan of complete liquidation as of the date
such notice is given, which date shall be specified by the Certificate Administrator in the final federal income tax returns of
the Upper-Tier REMIC and the Lower-Tier REMIC. Notwithstanding the termination of the Lower-Tier REMIC, the Upper-Tier REMIC, the
Prudential Plaza Loan REMIC (pursuant to the REMIC Declaration) or the Trust Fund, the Certificate Administrator shall be responsible
for filing the final Tax Returns for each such REMIC and for the Grantor Trust for the period ending with such termination, and
shall retain books and records with respect to such REMICs and the Grantor Trust for the same period of retention for which it
maintains its own tax returns or such other reasonable period. The Trustee shall sign all Tax Returns and other reports required
by this Section.

 

(c)           The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to the sum of, without duplication:

 

(i)            100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

(ii)           the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated
Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days
prior to the last day of the month preceding such Distribution Date;

 

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(iii)          all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title
to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated
Termination Date (less any P&I Advances previously made on account of interest); and

 

(iv)          the
aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
Property Royalty License Fees and Trust Fund expenses.

 

If the Certificateholder
owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special Servicer purchases all
of the Mortgage Loans and all property acquired in respect of any Mortgage Loan remaining in the Trust Fund in accordance with
this Section 9.01(c), the Certificateholder owning a majority of the Percentage Interests in the Controlling Class,
the Master Servicer or the Special Servicer, as applicable, shall deposit in the Lower-Tier Distribution Account, as applicable,
not later than the Master Servicer Remittance Date relating to the Anticipated Termination Date on which the final distribution
on the Certificates is to occur, an amount in immediately available funds equal to the above-described purchase price (exclusive
of any portion thereof payable to any Person other than the Certificateholders pursuant to Section 3.05(a) of this
Agreement, which portion shall be deposited in the Collection Account). In addition, the Master Servicer shall transfer to the
Certificate Administrator for deposit in the Lower-Tier Distribution Account, as applicable, all amounts required to be transferred
thereto on the Master Servicer Remittance Date from the Collection Account, together with any other amounts on deposit in the Collection
Account that would otherwise be held for future distribution. Upon confirmation by the Master Servicer in writing that it has transferred
all such amounts to the Certificate Administrator, the Custodian shall release or cause to be released to the Certificateholder
owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special Servicer, as applicable,
the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished
to it by such purchasing party as shall be necessary to effectuate transfer of the Mortgage Loans and all property acquired in
respect of any Mortgage Loan remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Article IX.

 

For purposes of this
Section 9.01, the Directing Holder with the consent of the Holders of the Controlling Class, shall act on behalf of
the Holders of the Controlling Class in purchasing the assets of the Trust Fund and terminating the Trust.

 

As a condition to the
purchase of the assets of the Trust Fund pursuant to this Section 9.01(c), the purchaser shall deliver to the Trustee
and the Certificate Administrator an Opinion of Counsel, which shall be at the expense of such purchaser, stating that such termination
will be a “qualified liquidation” under Section 860F(a)(4)(A) of the Code. All costs and expenses incurred
by any and all parties to this Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets
of the Trust Fund pursuant to this Section 9.01(c) shall be borne by the party exercising its purchase rights hereunder.
The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent
appraiser pursuant to this subsection (c).

 

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(d)          If the Trust Fund has not been previously terminated pursuant to subsection (c) of this Section 9.01,
the Certificate Administrator shall determine as soon as practicable the Distribution Date on which the Certificate Administrator
reasonably anticipates, based on information with respect to the Mortgage Loans previously provided to it, that the final distribution
will be made to the Holders of outstanding Regular Certificates, notwithstanding that such distribution may be insufficient to
distribute in full the Certificate Balance of each Class of Certificates, together with amounts required to be distributed on such
Distribution Date pursuant to Section 4.01(b) of this Agreement; provided, that, if no such Classes of Certificates
are then outstanding, the final distribution shall be made (i) to the Holders of the Class R Certificates (in respect of the
Class LTR Interest) of any amount remaining in the Collection Accounts, the Lower-Tier Distribution Account, and (ii) to the
Holders of the Class R Certificates (in respect of the Class UTR Interest) of any amount remaining in the Upper-Tier Distribution
Account.

 

(e)          Notice of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate
Administrator to Certificateholders (with a copy to the Trustee, the Master Servicer, the Special Servicer, the Mortgage Loan Sellers,
the Operating Advisor, the Asset Representations Reviewer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5
Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement)), at their addresses shown in the Certificate Registrar not more than 30 days, and not less than ten days,
prior to the Anticipated Termination Date. The notice mailed by the Certificate Administrator to Certificateholders shall:

 

(i)           specify the Anticipated Termination Date on which the final distribution is anticipated to be made to Holders of Certificates
of the Classes specified therein;

 

(ii)          specify the amount of any such final distribution, if known; and

 

(iii)         state that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates
at the office of the Paying Agent therein specified.

 

If the Trust Fund is not terminated on
any Anticipated Termination Date for any reason, the Certificate Administrator shall promptly mail notice thereof to each Certificateholder.

 

(f)           Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates
shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund
shall terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to this Section 9.01
shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their
Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets
which remain held. If within two

 

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years after the second notice any Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination
as Certificate Administrator hereunder and the transfer of such amounts to a successor certificate administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be
payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender its Certificate(s)
for final payment thereof in accordance with this Section 9.01. Any amounts remaining in the Excess Interest Distribution
Account representing Excess Interest shall be distributed to the Holders of the Class V Certificates.

 

(g)          Following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-C Notional
Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-M,
Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange
all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and
Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) by giving written notice to all the parties hereto no later than 60 days prior to the anticipated date
of exchange; provided that such Sole Certificateholder pays to the Certificate Administrator as additional compensation
an amount equal to one day of interest calculated at the Prime Rate on the aggregate Certificate Balance of the Sequential Pay
Certificates as of the first day of the current calendar month and such Sole Certificateholder pays to the Master Servicer as additional
compensation an amount equal to (i) the product of (a) the Prime Rate, (b) the aggregate Certificate Balance of the then outstanding
Certificates (other than any Class of Class X Certificates, the Class V Certificates and the Class R Certificates) as of the
date of the exchange and (c) three, divided by (ii) 360, for the Mortgage Loans and any REO Properties remaining in the Trust Fund
and such payments shall be treated as made by the Sole Certificateholder directly to the Certificate Administrator and the Master
Servicer and not through or by either of the Trust REMICs or the Prudential Plaza Loan REMIC; provided, further,
that if the Holders of the Class X-D, Class X-E Certificates and Class X-F Certificates have assigned their Voting Rights
to the “Sole Certificateholder”, then the Sole Certificateholder may exchange the Class E, Class F and Class
G Certificates for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a), and the Holders of the Class X-D, Class X-E Certificates and Class X-F Certificates shall be entitled
to exchange those Certificates for consideration in an amount to be agreed by the Sole Certificateholder and the Holders of the
Class X-D, Class X-E Certificates and Class X-F Certificates (the “Class X Payoff Amount”); provided,
that the Class X Payoff Amount shall consist solely of cash or other assets otherwise payable or deliverable by the Trust
to the Sole Certificateholder and to no other Person. If the Sole Certificateholder elects to exchange all of the then-outstanding
Certificates (other than (i) the Class X-D Certificates, Class X-E Certificates and Class X-F Certificates if the Sole
Certificateholder has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates
and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and

 

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Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund in accordance with the preceding
sentence, such Sole Certificateholder, not later than the Distribution Date on which the final distribution on the Certificates
is to occur, shall deposit in the Collection Account an amount in immediately available funds equal to all amounts due and owing
to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Trustee
hereunder through the date of the liquidation of the Trust Fund that may be withdrawn from the Collection Account, or an escrow
account acceptable to the respective parties hereto, pursuant to Section 3.06(a) of this Agreement or that may be withdrawn
from the Distribution Accounts pursuant to Section 3.06(g) of this Agreement, but only to the extent that such amounts
are not already on deposit in the Collection Account. In addition, the Master Servicer shall transfer all amounts required to be
transferred to the Certificate Administrator for deposit in the Lower-Tier Distribution Account on such Servicer Remittance Date
from the Collection Account pursuant to Section 3.05 of this Agreement. Upon confirmation from the Certificate Administrator
that such final deposits have been made and following the surrender of all the then-outstanding Certificates (other than (i) the
Class X-D Certificates, Class X-E Certificates and Class X-F Certificates if the Sole Certificateholder has only taken an
assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates and Class X-F Certificates pursuant
to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates) on the final
Distribution Date to the Certificate Administrator, the Custodian shall (i) upon receipt of a Request for Release from the
Master Servicer, release to the Sole Certificateholder or any designee thereof, the Mortgage Files for the remaining Mortgage Loans
and shall execute all assignments, endorsements and other instruments furnished to it by the Sole Certificateholder as shall be
necessary to effectuate transfer of the Mortgage Loans and REO Properties remaining in the Trust Fund and (ii) if the Sole Certificateholder
has only taken an assignment of the Voting Rights of the Class X-D Certificates, Class X-E Certificates and Class X-F Certificates
pursuant to the definition of “Sole Certificateholder”, upon receipt of the Class X-D, Class X-E Certificates
and Class X-F Certificates, release the Class X Payoff Amount to the Holders of the Class X-D Certificates, Class X-E
Certificates and Class X-F Certificates, and the Trust Fund shall be liquidated in accordance with this Article IX; provided,
that the release of the Class X Payoff Amount to the Holders of the Class X-D Certificates, Class X-E Certificates and
Class X-F Certificates shall be deemed to be delivery of the Class X Payoff Amount by the Trust to the Sole Certificateholder
and by the Sole Certificateholder to the Holders of the Class X-D Certificates, Class X-E Certificates and Class X-F Certificates.
The remaining Mortgage Loans and REO Properties are deemed distributed to the Sole Certificateholder in liquidation of the Trust
Fund pursuant to this Article IX. Solely for federal income tax purposes, the Sole Certificateholder shall be deemed to have
purchased the assets of the Lower-Tier REMIC for an amount equal to the remaining Certificate Balance of its Certificates (other
than the Class V and Class R Certificates), plus accrued, unpaid interest with respect thereto, and the Certificate Administrator
shall credit such amounts against amounts distributable in respect of the Lower-Tier Regular Interests and such Certificates.

 

(h)          [Reserved.]

 

(i)           The duties of the Operating Advisor under this Agreement will terminate, without cost or expense to the Operating Advisor,
upon termination of the Trust Fund.

 

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Article X

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section 10.01   
Intent of the Parties; Reasonableness. Except with respect to Section 10.08, Section 10.11,
Section 10.13, Section 10.14, Section 10.15, Section 10.16 and Section 10.17,
the parties hereto acknowledge and agree that the purpose of this Article X is to facilitate compliance by the Depositor
(and any Other Depositor of any Other Securitization that includes a Serviced Companion Loan) with the provisions of Regulation
AB and related rules and regulations of the Commission. None of the Depositor, the Certificate Administrator or the Trustee shall
exercise its rights to request delivery of information or other performance under these provisions other than in reasonable good
faith, or for purposes other than compliance with the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and, in each case,
the rules and regulations of the Commission thereunder. The parties to this Agreement acknowledge that interpretations of the requirements
of Regulation AB may change over time due to interpretive guidance provided by the Commission or its staff, and agree to comply,
subject to Section 10.02, with reasonable requests made by the Depositor (or any Other Depositor or Other Trustee of
any Other Securitization that includes a Serviced Companion Loan), the Certificate Administrator or the Trustee in reasonable good
faith for delivery of information under these provisions on the basis of such evolving interpretations of Regulation AB (to the
extent such interpretations require compliance and are not “grandfathered” and do not mandate compliance). In connection
with the CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2016-CD1 and any Other Securitization subject to Regulation AB that includes a Serviced Companion Loan, subject to the preceding
sentence, each of the parties to this Agreement shall cooperate fully with the Depositor, the Certificate Administrator, the Trustee
and any Other Depositor or Other Trustee of any Other Securitization that includes a Serviced Companion Loan, as applicable, to
deliver or make available to the Depositor, the Certificate Administrator, the Trustee and any such Other Depositor or Other Trustee,
as applicable (including any of their assignees or designees), any and all information in its possession and necessary in the reasonable
good faith determination of the Depositor, the Certificate Administrator, the Trustee or such Other Depositor or Other Trustee,
as applicable, to permit the Depositor or such Other Depositor, as applicable, to comply with the provisions of Regulation AB,
together with such disclosure relating to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee, as applicable, and any Servicing Function Participant, or the Servicing
of the Mortgage Loans (other than a Non-Serviced Mortgage Loan) (or, if applicable, the related Serviced Companion Loan), reasonably
believed by the Depositor, the Certificate Administrator, the Trustee or the related Other Depositor or the related Other Trustee,
as applicable, in good faith to be necessary in order to effect such compliance. Each party to this Agreement shall have a reasonable
period of time to comply with any written request made under this Section 10.01, but in any event, shall, upon reasonable
advance written request, provide information in sufficient time to allow the Depositor, the Certificate Administrator or the Trustee,
as applicable, to satisfy any related filing requirements.

 

For purposes of this
Article X, to the extent any party has an obligation to exercise commercially reasonable efforts to cause a third party
to perform, such party hereunder

 

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shall not be required to bring any legal action against such third party in connection with such
obligation.

 

Section 10.02   
Notification Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan. (a)  Any
other provision of this Article X to the contrary notwithstanding, including, without limitation, any deadlines for
delivery set forth in this Article X, in connection with the requirements contained in this Article X that
provide for the delivery of information and other items to, and the cooperation with, the Other Depositor and Other Trustee of
any Other Securitization that includes a Serviced Companion Loan and is subject to Regulation AB, no party hereunder shall be obligated
to provide any such items to or cooperate with such Other Depositor or Other Trustee until the Other Depositor or Other Trustee
of such Other Securitization has provided each party hereto with not less than 10 Business Days’ (or such shorter period
as required for such Other Depositor or Other Trustee to comply with related filing obligations, provided that (i) such Other Depositor
or Other Trustee, as applicable, has provided written notice as soon as reasonably practicable and, concurrently with such written
notice, obtained verbal confirmation of receipt of such written notice, in each case, in accordance with Section 11.05 of this
Agreement and (ii) such period shall not be less than 3 Business Days’) written notice (which shall only be required to be
delivered once) stating that such Other Securitization is subject to Regulation AB and that the Other Securitization is subject
to Exchange Act reporting, and (ii) specifying in reasonable detail the information and other items requested to be delivered
(insofar as such information or other items are not expressly identified herein); provided, that if Exchange Act reporting
is being requested, such Other Depositor or Other Trustee is only required to provide a single written notice to such effect. Any
reasonable cost and expense of the Master Servicer, Special Servicer, Operating Advisor, the Asset Representations Reviewer, Trustee
and Certificate Administrator in cooperating with such Other Depositor or Other Trustee of such Other Securitization (above and
beyond their expressed duties hereunder) shall be the responsibility of such Other Depositor or Other Securitization. The parties
hereto shall have the right to request written confirmation from the Other Depositor or Other Trustee of such Other Securitization
as to whether Regulation AB or the Exchange Act requires the delivery of the items identified in this Article X to
such Other Depositor and Other Trustee of such Other Securitization prior to providing any of the reports or other information
required to be delivered under this Article X in connection therewith and if any such party makes such a request, then
(i) upon such requesting party’s receipt of such written confirmation, such requesting party shall comply with the deadlines
for delivery set forth in this Article X with respect to such Other Securitization and (ii) until such requesting
party’s receipt of such written confirmation, such party shall not be required to deliver such items. The parties hereunder
shall also have the right to require that such Other Depositor provide them with the contact details of such Other Depositor, Other
Trustee and any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization.

 

(b)          Each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable
prior written request given in accordance with the terms of Section 10.02(a) above, and subject to a right of the Master
Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, to review and approve such disclosure
materials, permit a holder of a related Serviced Companion Loan to use such party’s description contained in the Prospectus
(updated as appropriate by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable)
for

 

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inclusion in the disclosure materials relating to any securitization of a Serviced Companion Loan.

 

(c)           The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written
request given in accordance with the terms of Section 10.02(a) above, shall each timely provide (to the extent the
reasonable out-of-pocket cost thereof is paid or caused to be paid by the requesting party) to the Other Depositor and any underwriters
with respect to any Other Securitization that includes a Serviced Companion Loan such opinion(s) of counsel, certifications and/or
indemnification agreement(s) with respect to the updated description referred in Section 10.02(b) with respect to such
party, substantially identical to those, if any, delivered by the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, as the case may be, or their respective counsel, in connection with the information concerning such party in the
Prospectus and/or any other disclosure materials relating to this Trust (updated as deemed appropriate by the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee, or their respective legal counsel, as the case may be). Neither
the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall be obligated to deliver any such
item with respect to the securitization of a Serviced Companion Loan if it did not deliver a corresponding item with respect to
this Trust.

 

(d)          Each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior
written request given in accordance with the terms of Section 10.02(a) above, shall provide (to the extent the reasonable
out-of-pocket cost thereof is paid or caused to be paid by the applicable party set forth below in this Section 10.02(d))
to the Other Depositor and the Other Trustee under the Other Pooling and Servicing Agreement related to any Other Securitization
the following: (i) any information (including, but not limited to, disclosure information) required for such Other Securitization
to comply in a timely manner with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s)
of counsel, certifications and/or indemnification agreement(s) with respect to such information that are substantially similar
to those delivered by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may
be, or their respective counsel, in connection with the information concerning such party in the Prospectus and/or any other disclosure
materials relating to this Trust.

 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization in connection with the closing of this CD 2016-CD1 Mortgage Trust
securitization transaction, the reasonable out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification
agreement(s) provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
as the case may be, pursuant to this Section 10.02(d) shall be paid or caused to be paid (pursuant to a payment arrangement
reasonably acceptable to the delivering party and the receiving party and agreed to as a condition precedent to delivery of such
items) by the applicable mortgage loan seller that transferred the related Serviced Companion Loan to the related Other Depositor
for inclusion in such Other Securitization.

 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization as a result of the termination, removal, resignation or any other
replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement, the
out-of-pocket cost of the information, opinion(s) of counsel, certifications and

 

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indemnification agreement(s) provided by or on
behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, pursuant
to this Section 10.02(d) shall be paid or caused to be paid by the same party or parties required to pay the costs and expenses
relating to such termination, removal, resignation or other replacement pursuant to this Agreement.

 

Section 10.03    
Information to be Provided by the Master Servicer and the Special Servicer. (a) For so long as the Trust is subject
to the reporting requirements of the Exchange Act and for so long as any Other Securitization that includes a Serviced Companion
Loan is subject to the reporting requirements of the Exchange Act (in addition to any requirements contained in Section 10.09)
in connection with the succession to the Master Servicer, Special Servicer or any Servicing Function Participant (if such Servicing
Function Participant is a servicer as contemplated by Item 1108(a)(2) of Regulation AB) as servicer or Sub-Servicer under or as
contemplated by this Agreement or any related Other Pooling and Servicing Agreement by any Person (i) into which the Master
Servicer, Special Servicer or such Servicing Function Participant may be merged or consolidated, (ii) which may be appointed
as a sub-servicer (other than the appointment of a Mortgage Loan Seller Sub-Servicer) by a Master Servicer or Special Servicer,
or (iii) that is appointed as a successor Master Servicer or successor Special Servicer pursuant to Section 3.22
or Section 7.02, the Master Servicer, the Special Servicer or any Servicing Function Participant (with respect to the
foregoing clauses (i) and (ii)) or the successor Master Servicer or the successor Special Servicer (with respect to the foregoing
clause (iii)) shall, as a condition to such succession and at the reasonable expense of the same party or parties required
to pay the costs and expenses relating to such succession pursuant to this Agreement, provide to the Depositor and to any Other
Depositor related to any Other Securitization that includes a Serviced Companion Loan, at least 5 Business Days (other than a succession
or appointment pursuant to Section 7.01(b) for which notice shall be delivered as soon as reasonably practicable) prior
to the effective date of such succession or appointment as long as such disclosure prior to such effective date would not be violative
of any applicable law or confidentiality agreement, otherwise no later than the Business Day following such effective date, but
in no event later than the time required pursuant to Section 10.09, (x) written notice to the Trustee, the Certificate
Administrator and the Depositor (and any Other Trustee and Other Depositor related to any Other Securitization that includes a
Serviced Companion Loan) of such succession or appointment, (y) in writing and in form and substance reasonably satisfactory
to the Trustee, the Certificate Administrator and the Depositor (or any Other Trustee or Other Depositor of any Other Securitization
that includes a Serviced Companion Loan), all information relating to such successor reasonably requested by the Depositor (or
such Other Depositor) so that it may comply with its reporting obligation under Items 1.01 and 6.02 of Form 8-K with respect to
any Class of Certificates or Serviced Companion Loan Securities and (z) such opinion(s) of counsel, certifications and/or
indemnification agreement(s) with respect to such information that are substantially similar to those delivered by the Master Servicer
or the Special Servicer, as the case may be, or their respective counsel, in connection with the information concerning such party
in the Prospectus and/or any other disclosure materials relating to this Trust.

 

Section 10.04   
Information to be Provided by the Trustee. (a) For so long as the Trust is subject to the reporting requirements
of the Exchange Act, (in addition to any requirements contained in Section 10.09) in connection with the succession
to the Trustee as

 

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Trustee or appointment of a co-Trustee under this Agreement by any Person (i) into which the Trustee may
be merged or consolidated, (ii) which may be appointed as a co-Trustee or separate Trustee pursuant to Section 8.10,
or (iii) that is appointed as a successor Trustee pursuant Section 8.08, the Trustee (with respect to the foregoing
clauses (i) and (ii)) or the successor Trustee (with respect to the foregoing clause (iii)) shall, as a condition to such
succession and at the reasonable expense of the same party or parties required to pay the costs and expenses relating to such succession
pursuant to this Agreement, provide to the Depositor and to the Other Depositor related to any Other Securitization that includes
a Serviced Companion Loan, at least 5 calendar days prior to the effective date of such succession or appointment as long as such
disclosure prior to such effective date would not be violative of any applicable law or confidentiality agreement, otherwise immediately
following such effective date, but in no event later than the time required pursuant to Section 10.09, (x) written
notice to the Depositor, and to the Other Depositor related to any Other Securitization that includes a Serviced Companion Loan,
of such succession or appointment, (y) in writing and in form and substance reasonably satisfactory to the Depositor, and
to the Other Depositor related to any Other Securitization that includes a Serviced Companion Loan, all information reasonably
requested by the Depositor, or such Other Depositor, so that it may comply with its reporting obligation under Items 1.01 and 6.02
of Form 8-K with respect to any Class of Certificates or Serviced Companion Loan Securities and (z) such opinion(s) of counsel,
certifications and/or indemnification agreement(s) with respect to such information that are substantially similar to those delivered
by the Trustee or their respective counsel, in connection with the information concerning such party in the Prospectus and/or any
other disclosure materials relating to this Trust.

 

Section 10.05   
Filing Obligations. (a) Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee shall, and each of the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee, as applicable, shall use commercially
reasonable efforts to cause each Servicing Function Participant (other than (x) any party to this Agreement or (y) a
Mortgage Loan Seller Sub-Servicer) with which it has entered into a servicing relationship with respect to the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) to, reasonably cooperate with the Certificate Administrator and the Depositor (and any Other
Trustee or Other Depositor related to any Other Securitization that includes a Serviced Companion Loan) in connection with the
Certificate Administrator’s and Depositor’s (or such Other Trustee’s or Other Depositor’s) good faith efforts
to satisfy the Trust’s (or such Other Securitization’s) reporting requirements under the Exchange Act.

 

(b)          [Reserved.]

 

(c)          With respect to any Mortgaged Property that secures a Serviced Companion Loan that the applicable Other Depositor has notified
the Master Servicer and Special Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k)
of Regulation AB) (together with notification of the Relevant Distribution Date) with respect to an Other Securitization that includes
such Serviced Companion Loan, to the extent that the Master Servicer (in the case of non-Specially Serviced Loans) or the Special
Servicer (in the case of Specially Serviced Loans and REO Properties) is in receipt of the updated financial statements of such
“significant obligor” for any calendar quarter (other than the fourth calendar quarter of any

 

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calendar year) from the
Mortgagor, beginning with the first calendar quarter following receipt of such notice from the Other Depositor, or the updated
financial statements of such “significant obligor” for any calendar year, beginning for the calendar year following
such notice from the Other Depositor, as applicable, the Master Servicer or the Special Servicer, as applicable, shall deliver
to the Other Depositor, on or prior to the day that occurs two (2) Business Days prior to the related “significant obligor”
NOI Quarterly Filing Deadline or seven (7) Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as
applicable, (A) if such financial statement receipt occurs twelve (12) or more Business Days prior to the related Significant Obligor
NOI Quarterly Filing Deadline or seventeen (17) or more Business Days prior to the related Significant Obligor NOI Yearly Filing
Deadline, as applicable, such financial statements of the “significant obligor”, together with the net operating income
of such “significant obligor” for the applicable period as calculated by the Master Servicer or the Special Servicer,
as applicable, in accordance with CREFC® guidelines and (B) if such financial statement receipt occurs less than
twelve (12) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than seventeen (17) Business
Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of the “significant
obligor”, together with the net operating income of such “significant obligor” for the applicable period as reported
by the related Mortgagor in such financial statements.

 

If the Master Servicer
or the Special Servicer, as applicable, does not receive financial information satisfactory to comply with Item 6 of Form 10-D
or Item 1112(b)(1) of Form 10-K, as the case may be, of such “significant obligor” within ten (10) Business Days after
the date such financial information is required to be delivered under the related Mortgage Loan documents, the Master Servicer
or the Special Servicer, as applicable, shall notify the Other Depositor with respect to such Other Securitization that includes
the related Companion Loan (or shall cause each applicable Sub-Servicing Agreement to require any related Sub-Servicer to notify
such Other Depositor) that it has not received such financial information.  The Master Servicer or the Special Servicer, as
applicable, shall use efforts consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations
of such Other Depositor under the Exchange Act) to obtain the periodic financial statements required to be delivered by the related
Mortgagor under the related Mortgage Loan documents.

 

The Master Servicer or
the Special Servicer, as applicable, shall (or shall cause any related Sub-Servicing Agreement entered into after receipt of written
notice from the Other Depositor that such Serviced Pari Passu Companion Loan is a significant obligor to require the related Sub-Servicer
to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact the related Mortgagor related
to any such “significant obligor” (identified to it as such by the Other Depositor in accordance with the second preceding
paragraph) to obtain the required financial information and is unsuccessful and, within five (5) Business Days prior to the date
in which a Form 10-D or Form 10-K, as applicable, is required to be filed by the Other Securitization, shall forward an Officer’s
Certificate evidencing its attempts to obtain this information to the certificate administrator and Other Depositor related to
such Other Securitization. This Officer’s Certificate should be addressed to the certificate administrator at its corporate
trust office, as specified in the related Other Pooling and Servicing Agreement.

 

Section 10.06    
Form 10-D Filings. Within 15 days after each Distribution Date (subject to permitted extensions under the Exchange
Act), the Certificate Administrator shall

 

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prepare and file on behalf of the Trust any Form 10-D required by the Exchange Act and
the rules and regulations of the Commission thereunder, in form and substance as required by the Exchange Act and such rules and
regulations. A duly authorized representative of the Depositor shall sign each Form 10-D filed on behalf of the Trust. The Certificate
Administrator shall file each Form 10-D with a copy of the related Distribution Date Statement attached thereto; provided that
the Certificate Administrator shall redact from such Distribution Date Statement any information relating to the ratings of the
Certificates and the identity of the Rating Agencies. Any disclosure in addition to the Distribution Date Statement that is required
to be included on Form 10-D (“Additional Form 10-D Disclosure”) shall, pursuant to the paragraph immediately
below, be reported by the parties set forth on Schedule IV and directed to the Certificate Administrator and the Depositor
for approval by the Depositor. The Certificate Administrator will have no duty or liability for any failure hereunder to determine
or prepare any Additional Form 10-D Disclosure (other than such Additional Form 10-D Disclosure which is to be reported by it as
set forth on Schedule IV) absent such reporting, direction and approval after the date hereof. The Certificate Administrator
shall include in any Form 10-D filed by it, without limitation, to the extent such information is provided to the Certificate Administrator
by the Depositor for inclusion therein, (i) the information required by Rule 15Ga-1(a) under the Exchange Act concerning
all assets of the Trust that were subject of a demand to repurchase or replace for breach of the representations and warranties
and (ii) a reference to the most recent Form ABS-15G filed by the Depositor and each Mortgage Loan Seller, if applicable,
and the Commission assigned “Central Index Key” number for each such filer. The Certificate Administrator and the Depositor
shall be entitled together to determine the manner of the presentation of such information (including the dates as of which such
information is presented) in accordance with applicable laws and regulations.

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act and for so long as any Other Securitization that includes a Serviced
Companion Loan is subject to the reporting requirements of the Exchange Act, within five calendar days after the related Distribution
Date, (i) the parties listed on Schedule IV hereto shall be required to provide to the Certificate Administrator and
the Depositor (and in the case of any Servicing Function Participant with a copy to the Master Servicer) (and to any Other Trustee
or Other Depositor related to any Other Securitization that includes a Serviced Companion Loan), to the extent a Servicing Officer
or Responsible Officer, as the case may be, thereof has actual knowledge (other than Item 1117 of Regulation AB as to such party
which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may be or any lawyer in
the in house legal department of such party), in EDGAR Compatible Format, or in such other format as otherwise agreed upon by the
Certificate Administrator and the Depositor (or such Other Trustee and Other Depositor) and such party, the form and substance
of the Additional Form 10-D Disclosure described on Schedule IV applicable to such party, (ii) the parties listed on
Schedule IV hereto shall include with such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the
form attached hereto as Exhibit CC and (iii) the Certificate Administrator shall, at any time prior to filing
the related Form 10-D, provide prompt notice to the Depositor to the extent that the Certificate Administrator is notified of an
event reportable on Form 10-D for which it has not received the necessary Additional Form 10-D Disclosure from the applicable party.
No later than the 7th calendar day after the Distribution Date, the Depositor will approve, as to form and substance, or disapprove,
as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D; provided that if the Certificate
Administrator

 

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does not receive a response from the Depositor by such time the Depositor will be deemed to have consented to the
inclusion of such Additional Form 10-D Disclosure. Other than to the extent provided for in clause (iii) above, the Certificate
Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Schedule IV
of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information.
The Depositor will be responsible for any reasonable fees assessed and any expenses incurred by the Certificate Administrator in
connection with including any Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

 

After preparing the Form
10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor for review and approval;
provided that the Certificate Administrator shall use its reasonable best efforts to provide such copy to the Depositor by the
8th day after the Distribution Date. No later than the end of business on the 4th Business Day prior to the filing date, the Depositor
shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval of
such Form 10-D, and no later than the 2nd Business Day prior to the filing, a duly authorized representative of the Depositor shall
sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to follow
by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-D, upon signature thereof
as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 15th calendar day
after the related Distribution Date or (ii) if agreed to prior to the time set forth in clause (i) above, such other
time as the Depositor and the Certificate Administrator mutually agree is permitted by the Commission for the filing such Form
10-D. If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs to be amended, the Certificate Administrator
shall follow the procedures set forth in Section 10.10(b). After filing with the Commission, the Certificate Administrator
shall, pursuant to Section 4.02(b), make available on the Certificate Administrator’s website a final executed
copy of each Form 10-D prepared and filed by the Certificate Administrator. The parties to this Agreement acknowledge that the
performance by the Certificate Administrator of its duties under this Section 10.05(c) related to the timely preparation
and filing of Form 10-D is contingent upon such parties (and any Additional Servicer or Servicing Function Participant) observing
all applicable deadlines in the performance of their duties under this Section 10.05(c). The Certificate Administrator
shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare
or file such Form 10-D where such failure results from the Certificate Administrator’s inability or failure to receive on
a timely basis any information from any other party hereto needed to prepare, arrange for execution or file such Form 10-D, not
resulting from its own negligence, bad faith or willful misconduct.

 

Form 10-D requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor shall notify the Certificate Administrator in writing via email to cts.sec.notifications@wellsfargo.com, no later
than the 5th calendar day after the related Distribution Date during any year in which the Trust is required to file a Form 10-D
if the answer to the questions should be “no”; provided that if the failure of the Depositor to have filed such
required reports arises in connection with the securitization contemplated by this Agreement,

 

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then the Certificate Administrator
shall be deemed to have notice of such failure (only with respect to Exchange Act reports prepared or required to be prepared and
filed by the Certificate Administrator) without being notified by the Depositor; provided, further, that in connection
with the delivery of any notice contemplated by this sentence, the Depositor may instruct the Certificate Administrator that such
notice shall be effective for a period (not to exceed 12 months) from the date of such notice, in which case no further notice
from the Depositor shall be required during such specified period. The Certificate Administrator shall be entitled to rely on such
notifications in preparing, executing and/or filing any Form 10-D.

 

The Depositor hereby
directs the Certificate Administrator to include the following individual’s name and phone number on the cover of Form 10-D
for each reporting period: Name: Lainie Kaye, Telephone: (212) 504-6678. The Certificate Administrator may rely without further
investigation that this information remains correct unless and until the Depositor provides the Certificate Administrator with
a new individual’s name and phone number in writing.

 

Upon receipt of an Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.01(b), the
Certificate Administrator shall include such Asset Review Report Summary under Item 1B on the Form 10-D for such reporting period
in which the Asset Review Report Summary was received by the Certificate Administrator.

 

To the extent the Certificate
Administrator receives a Communication Request from any Certificateholder or Certificate Owner to communicate with other Certificateholders
or Certificate Owners pursuant to Section 5.05, the Certificate Administrator shall include under Item 1B on the Form 10-D
relating to the reporting period in which such request was received a Special Notice regarding the request to communicate, and
such Special Notice is required to include the following and no more than the following: (a) the name of the Certificateholder
or Certificate Owner making the request, (b) the date the request was received, (c) a statement to the effect that the Certificate
Administrator has received such request, stating that such Certificateholder or Certificate Owner is interested in communicating
with other Certificateholders or Certificate Owners with regard to the possible exercise of rights under this Agreement, and (d)
a description of the method other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder
or Certificate Owner. It is hereby understood that a disclosure in substantially the following form shall be deemed to satisfy
the requirements in the preceding sentence:

 

On [date], the Certificate Administrator
received from [name], a Certificateholder or Certificate Owner, a request to communicate with other Certificateholders and Certificate
Owners in the securitization transaction to which this report on Form 10-D relates (the “Securitization”). The
requesting Certificateholder or Certificate Owner is interested in communicating with other Certificateholders and Certificate
Owners with regard to the possible exercise of rights under the pooling and servicing agreement governing the Securitization. Other
Certificateholders and Certificate Owners may contact the requesting

 

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Certificateholder or Certificate Owner at [telephone number],
[email address] and/or [mailing address].

 

Section 10.07   
Form 10-K Filings. Within 90 days after the end of each fiscal year of the Trust or such earlier date as may
be required by the Exchange Act (the “10-K Filing Deadline”) (it being understood that the fiscal year for the
Trust ends on December 31st of each year), commencing with fiscal year 2016, the Certificate Administrator shall prepare and
file on behalf of the Trust a Form 10-K, in form and substance as required by the Exchange Act. Each such Form 10-K shall include
the following items, in each case to the extent they have been delivered to the Certificate Administrator within the applicable
time frames set forth in this Agreement:

 

(i)           an annual compliance statement for each applicable Certifying Servicer, as described under Section 10.11;

 

(ii)          (A) the annual reports on assessment of compliance with servicing criteria for each applicable Reporting Servicer,
as described under Section 10.12, and (B) if any Reporting Servicer’s report on assessment of compliance
with servicing criteria described under Section 10.12 identifies any material instance of noncompliance, disclosure
identifying such instance of noncompliance (including whether such instance of noncompliance involved the servicing of the assets
backing the Certificates issued pursuant to this Agreement and any steps taken to remedy such instance of noncompliance), or if
any Reporting Servicer’s report on assessment of compliance with servicing criteria described under Section 10.12
is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation as to why
such report is not included;

 

(iii)         (A) the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.13,
and (B) if any registered public accounting firm attestation report described under Section 10.13 identifies
any material instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public
accounting firm attestation report is not included as an exhibit to such Form 10-K, disclosure that such report is not included
and an explanation as to why such report is not included; and

 

(iv)         a Sarbanes-Oxley Certification as described in Section 10.08.

 

Any disclosure or information
in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional Form 10-K Disclosure”)
shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule V hereto to the Depositor
and the Certificate Administrator (and to any Other Depositor or Other Trustee related to any Other Securitization that includes
a Serviced Companion Loan) and approved by the Depositor (and such Other Depositor), and the Certificate Administrator (or such
Other Trustee) will have no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure
(other than such Additional Form 10-K Disclosure which is to be reported by it as set forth on Schedule V) absent such reporting
and approval.

 

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Not later than 10 Business
Days after the end of each fiscal year for which the Trust (or any Other Securitization that includes a Serviced Companion Loan)
is required to file a Form 10-K, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Certificate Administrator and the Trustee shall provide the other parties to this Agreement and the Mortgage Loan Sellers (and
the parties to any Other Pooling and Servicing Agreement with respect to any Other Securitization that includes such Serviced Companion
Loan) with written notice of the name and address of each Servicing Function Participant retained by such party. Not later than
the end of each year for which the Trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request
provide to each Mortgage Loan Seller, Other Depositor and Other Trustee written notice of any change in the identity of any party
to this Agreement, including the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special
Servicer, as applicable, shall provide to each related Mortgage Loan Seller written notice of any change in the identity of any
Sub-Servicer that is a Servicing Function Participant or an Additional Servicer engaged by the Master Servicer or the Special Servicer,
as applicable, including the name and address of any new Sub-Servicer that is a Servicing Function Participant or an Additional
Servicer.

 

With respect to any Other
Securitization that includes a Serviced Companion Loan, not later than the end of each year for which the Other Securitization
trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request provide to each mortgage loan
seller with respect to such Other Securitization written notice of any change in the identity of any party to this Agreement, including
the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special Servicer, as applicable,
shall provide to each such mortgage loan seller written notice of any change in the identity of any Sub-Servicer that is a Servicing
Function Participant or an Additional Servicer engaged by the Master Servicer or the Special Servicer for the servicing of such
Serviced Whole Loan, as applicable, including the name and address of any new Sub-Servicer that is a Servicing Function Participant
or an Additional Servicer.

 

For so long as the Trust
(or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements of the Exchange
Act, by March 1st, commencing in March 2017 (i) the parties listed on Schedule V hereto shall be required
to provide to the Certificate Administrator and the Depositor (and in the case of any Servicing Function Participant with a copy
to the Master Servicer) (and to any Other Depositor or Other Trustee related to any Other Securitization that includes a Serviced
Companion Loan), to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other
than with respect to Items 1117 and 1119 of Regulation AB as to such party which shall be reported if actually known by any Servicing
Officer or any lawyer in the in house legal department of such party), in EDGAR Compatible Format (to the extent available to such
party in such format), or in such other form as otherwise agreed upon by the Certificate Administrator and the Depositor (or such
Other Trustee and Other Depositor) and such party, the form and substance of the Additional Form 10-K Disclosure described on Schedule
V applicable to such party, (ii) include with such Additional Form 10-K Disclosure, an Additional Disclosure Notification
in the form attached hereto as Exhibit CC and (iii) the Certificate Administrator shall, at any time prior to
filing the related Form 10-K, provide prompt notice to the Depositor to the extent that the Certificate Administrator is notified
of an event reportable on Form 10-K for which it has not received the necessary Additional Form 10-K Disclosure from the applicable

 

    -418- 

     

    

 

party. No later than March 10th, the Depositor will approve, as to form and substance, or disapprove, as the case may be,
the inclusion of the Additional Form 10-K Disclosure on Form 10-K; provided that if the Certificate Administrator does not
receive a response from the Depositor by such time the Depositor will be deemed to have consented to the inclusion of such Additional
Form 10-K Disclosure. Other than to the extent provided for in clause (iii) above, the Certificate Administrator has no duty
under this Agreement to monitor or enforce the performance by the parties listed on Schedule V of their duties under this
paragraph or proactively solicit or procure from such parties any Additional Form 10-K Disclosure information. The Depositor will
be responsible for any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with including
any Additional Form 10-K Disclosure on Form 10-K pursuant to this paragraph.

 

After preparing the Form
10-K, on or prior to the 6th Business Day prior to the 10-K Filing Deadline, the Certificate Administrator shall forward electronically
a copy of the Form 10-K to the Depositor for review and approval. Within three Business Days after receipt of such copy, but no
later than March 24th, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically)
of any changes to or approved of such Form 10-K. No later than 5:00 p.m., New York City time, on the 4th Business Day prior
to the 10-K Filing Deadline, a senior officer in charge of securitization of the Depositor shall sign the Form 10-K and return
an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight mail) to the Certificate
Administrator. The Certificate Administrator shall file such Form 10-K, upon signature thereof as provided in Section 10.16,
not later than (i) 5:30 p.m. (New York City time) on the 10-K Filing Deadline or (ii) such other time as the Depositor
and the Certificate Administrator mutually agree is permitted by the Commission for the filing such Form 10-K, of each year in
which a report on Form 10-K is required to be filed by the Trust. If a Form 10-K cannot be filed on time or if a previously filed
Form 10-K needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.10(b).
After filing with the Commission, the Certificate Administrator shall, pursuant to Section 4.02(b), make available
on its internet website a final executed copy of each Form 10-K prepared and filed by the Certificate Administrator. The parties
to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.07
related to the timely preparation and filing of Form 10-K is contingent upon such parties (and any Additional Servicer or Servicing
Function Participant) observing all applicable deadlines in the performance of their duties under this Article X. The
Certificate Administrator shall have no liability with respect to any failure to properly prepare or file such Form 10-K resulting
from the Certificate Administrator’s inability or failure to receive from any other party any information needed to prepare,
arrange for execution or file such Form 10-K on a timely basis, not resulting from its own negligence, bad faith or willful misconduct.

 

Form 10-K requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor shall notify the Certificate Administrator in writing via email to cts.sec.notifications@wellsfargo.com, no later
than the 15th calendar day of March during any year in which the Trust is required to file a Form 10-K if the answer to the
questions should be “no”; provided that if the failure of the Depositor to have filed such required reports
arises in

 

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connection with the securitization contemplated by this Agreement, then the Certificate Administrator shall be deemed
to have notice of such failure (only with respect to Exchange Act reports prepared or required to be prepared and filed by the
Certificate Administrator) without being notified by the Depositor; provided, further, that in connection with the
delivery of any notice contemplated by this sentence, the Depositor may instruct the Certificate Administrator that such notice
shall be effective for a period (not to exceed 12 months) from the date of such notice, in which case no further notice from the
Depositor shall be required during such specified period. The Certificate Administrator shall be entitled to rely on such notifications
in preparing, executing and/or filing any Form 10-K.

 

Section 10.08   
Sarbanes-Oxley Certification. Each Form 10-K shall include a certification (the “Sarbanes-Oxley Certification”),
as set forth in Exhibit W attached hereto, required to be included therewith pursuant to the Sarbanes-Oxley Act. Each
Reporting Servicer shall, and each Reporting Servicer shall use commercially reasonable efforts to cause each Servicing Function
Participant (other than (x) any party to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer) with which it has
entered into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan), to provide
to the Person who signs the Sarbanes-Oxley Certification for the Trust or any Other Securitization that includes a Serviced Companion
Loan (the “Certifying Person”), by March 1st of each year (commencing in 2017) in which the Trust is subject
to the reporting requirements of the Exchange Act and of each year in which any Other Securitization that includes a Serviced Companion
Loan is subject to the reporting requirements of the Exchange Act, a certification (each, a “Performance Certification”),
in the form attached hereto as Exhibit O, Exhibit P, Exhibit Q, Exhibit R, Exhibit T,
Exhibit U or Exhibit V, as applicable, upon which the Certifying Person, the entity for which the Certifying Person
acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying Person, “Certification
Parties”) can reasonably rely. The senior officer in charge of securitization of the Depositor shall serve as the Certifying
Person on behalf of the Trust. The Certifying Person at the Depositor can be contacted at Deutsche Mortgage & Asset Receiving
Corporation at 60 Wall Street, New York, New York 10005, Attention: Lainie Kaye, with a copy to Salvatore Palazzolo, Esq. If any
Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement,
such Reporting Servicer shall provide a Performance Certification to the Certifying Person pursuant to this Section 10.08
with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement. Notwithstanding
the foregoing, the Trustee shall not be required to deliver a Performance Certification with respect to any period during which
there was no Relevant Servicing Criteria applicable to it.

 

Notwithstanding the foregoing,
nothing in this Section 10.08 shall require any Reporting Servicer (i) to certify or verify the accurateness or
completeness of any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional Servicer
or any other third party retained by it that is not a Sub-Servicer listed on Exhibit X or a Sub-Servicer appointed
pursuant to Section 3.01(c)), (ii) to certify information other than to such Reporting Servicer’s knowledge
and in accordance with such Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness of
information and reports, to certify anything other than that all fields of information called for in written reports prepared by
such Reporting Servicer have been completed except as they have been left blank on their face.

 

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Each Performance Certification
shall include a reasonable reliance provision enabling the Certification Parties to rely upon each (i) annual compliance statement
provided pursuant to Section 10.11, (ii) annual report on assessment of compliance with servicing criteria provided
pursuant to Section 10.12 and (iii) registered public accounting firm attestation report provided pursuant to
Section 10.13.

 

For so long as the Trust
is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an Other
Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure a Sarbanes-Oxley
back-up certification from the Non-Serviced Mortgage Loan Service Providers, in form and substance similar to a Performance Certification
or to the form, if any, provided in the Other Pooling and Servicing Agreement. The Master Servicer shall promptly forward to the
Certificate Administrator and the Depositor any such Sarbanes-Oxley back-up certification received by the Master Servicer.

 

Section 10.09   
Form 8-K Filings. Within four (4) Business Days after the occurrence of an event requiring disclosure (the “8-K
Filing Deadline”) under Form 8-K (each a “Reportable Event”), to the extent it receives the Form 8-K
Disclosure Information described below, the Certificate Administrator shall, at the direction of the Depositor, prepare and file
on behalf of the Trust any Form 8-K, as required by the Exchange Act and shall provide notice thereof to Form10K.Compliance@cwt.com,
provided that the Depositor shall file the initial Form 8-K in connection with the issuance of the Certificates. Any disclosure
or information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K
Disclosure Information”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on
Schedule VI to which such Reportable Event relates and such Form 8-K Disclosure Information shall be delivered to the Depositor
and the Certificate Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization that includes
a Serviced Companion Loan) in EDGAR Compatible Format and approved by the Depositor. The Certificate Administrator will have no
duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information (other than such Form 8-K
Disclosure Information which is to be reported by it as set forth on Schedule VI) absent such reporting and approval.

 

For so long as the Trust
(or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements of the Exchange
Act, the parties listed on Schedule VI hereto shall, to the extent a Servicing Officer or a Responsible Officer, as
the case may be, thereof has actual knowledge, use their commercially reasonable efforts to provide to the Depositor and the Certificate
Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization that includes a Serviced Companion
Loan) within 1 Business Day after the occurrence of the Reportable Event, but shall provide in no event later than the end of business
(New York City time) on the 2nd Business Day after the occurrence of the Reportable Event, the form and substance of the Form 8-K
Disclosure Information described on Schedule VI as applicable to such party, in EDGAR Compatible Format, or in such other
format as otherwise agreed to in advance by the Certificate Administrator and the Depositor (and such Other Trustee and Other Depositor)
and such party and accompanied by an Additional Disclosure Notification in the form attached hereto as Exhibit CC.
The Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K

 

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Disclosure
Information on Form 8-K by the end of business on the 2nd Business Day after the Reportable Event; provided that if the
Certificate Administrator does not receive a response from the Depositor by such time as required under this Agreement the Depositor
will be deemed to have consented to such Form 8-K Disclosure Information. The Certificate Administrator has no duty under this
Agreement to monitor or enforce the performance by the parties listed on Schedule VI of their duties under this paragraph
or proactively solicit or procure from such parties any Form 8-K Disclosure Information; provided that to the extent that
the Certificate Administrator is notified of such Reportable Event and it does not receive the necessary Form 8-K Disclosure
Information, it shall notify the Depositor that it has not received such information and, provided, further, that
the limitation on liability provided by this sentence shall not be applicable if the Reportable Event relates to the Certificate
Administrator or any party that the Certificate Administrator has engaged to perform its obligations under this Agreement. The
Depositor will be responsible for any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection
with including any Form 8-K Disclosure Information on Form 8-K pursuant to this paragraph.

 

After preparing the Form
8-K, the Certificate Administrator shall, no later than the end of the Business Day (New York City time) on the 3rd Business Day
after the Reportable Event, forward electronically a copy of the Form 8-K to the Depositor for review and approval and the Depositor
shall promptly notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to the Form
8-K. No later than noon on the 4th Business Day (New York City time) after the Reportable Event, a duly authorized representative
of the Depositor shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed
hard copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 8-K,
upon signature thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on
the 4th Business Day following the reportable event or (ii) such other time as the Depositor and the Certificate Administrator
mutually agree is permitted by the Commission for the filing such Form 8-K. If a Form 8-K cannot be filed on time or if a previously
filed Form 8-K needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.10(b).
After filing with the Commission, the Certificate Administrator will, pursuant to Section 4.02(b), make available on
its internet website a final executed copy of each Form 8-K prepared and filed by the Certificate Administrator. The parties to
this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.09
related to the timely preparation and filing of Form 8-K is contingent upon such parties observing all applicable deadlines in
the performance of their duties under this Section 10.09. The Certificate Administrator shall have no liability for
any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or
timely file such Form 8-K, where such failure results from the Certificate Administrator’s inability or failure to receive
approved Form 8-K Disclosure Information within the applicable timeframes set forth in this Section 10.09 and not resulting
from the Certificate Administrator’s own negligence, bad faith or willful misconduct (provided that to the extent that the
Certificate Administrator is notified of such Reportable Event and it does not receive the necessary Form 8–K Disclosure
Information, it will notify the Depositor that it has not received such information and further provided that the limitation
on liability provided by this sentence shall not be applicable if the Reportable Event relates to the Certificate Administrator
or any party that the Certificate Administrator has engaged to perform its obligations under this Agreement).

 

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In addition to the foregoing,
as to any resignation, removal, succession, merger or consolidation of the Master Servicer or the Special Servicer that would constitute
a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective date of such event, the Certificate
Administrator and the Depositor shall cooperate in a timely manner with the Master Servicer, the Special Servicer or any other
Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in connection with the Depositor’s
or the Certificate Administrator’s obligation to file any related required Form 8-K relating to this Trust on the anticipated
effective date of such event.

 

For so long as the Trust
is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an Other
Pooling and Servicing Agreement, no resignation, removal or replacement of any party to such Other Pooling and Servicing Agreement
that would be required to be reported on a Form 8-K relating to this Trust shall become effective until the Certificate Administrator
shall have filed any required Form 8-K pursuant to this Section 10.09.

 

Section 10.10   
Suspension of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports. (a) If at
any time the Trust is permitted to suspend its reporting obligations under the Exchange Act, on or before January 30 of the
first year in which the Certificate Administrator is able to do so under applicable law, the Depositor shall direct the Certificate
Administrator to prepare and file any form necessary to be filed with the Commission to suspend such reporting obligations. With
respect to any reporting period occurring after the filing of such form, except with respect to the Other Securitization, the obligations
of the parties to this Agreement under Section 10.01, Section 10.03, (c), Section 10.07,
Section 10.08 and Section 10.09 shall be suspended. The Certificate Administrator shall provide prompt
notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Asset Representations
Reviewer and the Mortgage Loan Sellers that such form has been filed.

 

(b)          If the Certificate Administrator is unable to timely file with the Commission all or any required portion of any Form 8-K,
Form 10-D or Form 10-K required to be filed by this Agreement because required disclosure information either was not delivered
to it or was delivered to it after the delivery deadlines set forth in this Agreement or for any other reason, the Certificate
Administrator shall promptly notify (which notice (which may be sent by fax or by email notwithstanding the provisions of Section
12.04) shall include the identity of those Reporting Servicers who either did not deliver such information or delivered such
information to it after the delivery deadlines set forth in this Agreement) the Depositor and each Reporting Servicer that failed
to make such delivery. In the case of Form 10-D and Form 10-K, each such Reporting Servicer shall cooperate with the Depositor
and the Certificate Administrator to prepare and file a Form 12b-25 and a Form 10-D/A and Form 10-K/A as applicable, pursuant to
Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Certificate Administrator shall, upon receipt of all required
Form 8-K Disclosure Information and upon the approval and direction of the Depositor, include such disclosure information on the
next Form 10-D that is required to be filed on behalf of the Trust. In the event that any previously filed Form 8-K, Form 10-D
or Form 10-K needs to be amended, the Certificate Administrator shall notify the Depositor and such other parties as needed and
such parties shall cooperate to prepare any necessary Form 8-K/A, Form 10-D/A or Form 10-K/A. In the event

 

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that any Reporting Servicer
receives notice from the applicable parties to the Other Securitization that any previously filed Form 8-K, Form 10-D or Form 10-K
needs to be amended, such party shall cooperate in preparation of any necessary Form 8-K/A, Form 10-D/A or Form 10-K/A. Any Form
12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K shall be signed by the Depositor. The parties to this agreement acknowledge
that the performance by the Certificate Administrator of its duties under this Section 10.10 related to the timely
preparation and filing of a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent upon the Master Servicer, the
Special Servicer and the Depositor performing their duties under this Section. The Certificate Administrator shall have no liability
for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare and/or timely file any such
Form 12b-25 or any amendments to Forms 8-K, Form 10-D or Form 10-K, where such failure results from the Certificate Administrator’s
inability or failure to receive, on a timely basis, any information from any other party hereto needed to prepare, arrange for
execution or file such Form 12b-25 or any amendments to Form 8-K, Form 10-D or Form 10-K, not resulting from its own negligence,
bad faith or willful misconduct.

 

Section 10.11   
Annual Compliance Statements. (a) The Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator,
any Additional Servicer and each Servicing Function Participant (if such Servicing Function Participant is a servicer contemplated
by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (each, a “Certifying Servicer”) shall, and
the Master Servicer, the Special Servicer, the Custodian and the Certificate Administrator shall use commercially reasonable efforts
to cause each Additional Servicer and each Servicing Function Participant (if such Servicing Function Participant is a servicer
contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (other than any party to this Agreement) with
which it has entered into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan),
to deliver to the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor (in the case of the Special Servicer
only), the Other Trustee, the Other Depositor and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5
Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) on or before March 1st of
each year, commencing in 2017, an Officer’s Certificate stating, as to the signer thereof, that (A) a review of such
Certifying Servicer’s activities during a reporting period consisting of the preceding calendar year or portion thereof and
of such Certifying Servicer’s performance under this Agreement, or the applicable sub-servicing agreement or primary servicing
agreement in the case of an Additional Servicer, has been made under such officer’s supervision and (B) that, to the
best of such officer’s knowledge, based on such review, such Certifying Servicer has fulfilled all its obligations under
this Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case of an Additional Servicer,
in all material respects throughout such reporting period, or, if there has been a failure to fulfill any such obligation in any
material respect, specifying each such failure known to such officer and the nature and status thereof.

 

(b)          With respect to any Non-Serviced Mortgage Loan serviced under an Other Pooling and Servicing Agreement, the Certificate
Administrator shall use commercially reasonable efforts to procure an Officer’s Certificate as described in this Section from
the Non-Serviced Mortgage Loan Service Providers in form and substance similar to the Officer’s Certificate described in
this Section.

 

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(c)          Promptly after receipt of each such Officer’s Certificate, the Depositor (and each Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) shall have the right to review such Officer’s Certificate and, if applicable, consult
with each Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer, in the fulfillment
of any of the Certifying Servicer’s obligations hereunder or under the applicable sub-servicing agreement. None of the Certifying
Servicers or any Additional Servicer or any Servicing Function Participant shall be required to deliver, or to endeavor to cause
the delivery of, any such Officer’s Certificate until April 15, in any given year so long as it has received written
confirmation from the Depositor that a Form 10-K is not required to be filed in respect of the Trust or any Other Securitization
that includes a Serviced Companion Loan for the preceding calendar year. If any Certifying Servicer is terminated or resigns pursuant
to the terms of this Agreement or any applicable Sub-Servicing Agreement, as the case may be, such Certifying Servicer shall provide
the Officer’s Certificate pursuant to this Section 10.11 with respect to the period of time it was subject to
this Agreement or the applicable Sub-Servicing Agreement, as the case may be.

 

Section 10.12    Annual
Reports on Assessment of Compliance with Servicing Criteria. By March 1st of each year, commencing
in March 2017, the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced
special servicing of any Mortgage Loan), the Certificate Administrator, the Custodian, the Trustee (only with respect to any
period during which any Relevant Servicing Criteria was applicable to it), the Operating Advisor and each Servicing Function
Participant (each, a “Reporting Servicer”), each at its own expense, shall furnish (and each Reporting
Servicer, as applicable, shall use commercially reasonable efforts to cause, by March 1st each Servicing Function
Participant (other than a party to this Agreement), with which it has entered into a servicing relationship with respect
to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) to furnish, each at its own expense, to the Trustee, the
Certificate Administrator, the Depositor (and to the Other Depositor and Other Trustee for any Other Securitization that
includes a Serviced Companion Loan) and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5
Information Provider’s Website pursuant to Section 3.16(d) of this Agreement) in an EDGAR Compatible
Format, or in such other format as otherwise agreed upon by the Certificate Administrator and the Depositor (or such Other
Trustee and Other Depositor, as applicable) a report on an assessment of compliance with the Relevant Servicing Criteria with
respect to commercial mortgage backed securities transactions taken as a whole involving such party that contains (A) a
statement by such Reporting Servicer of its responsibility for assessing compliance with the Relevant Servicing Criteria,
(B) a statement that such Reporting Servicer used the Servicing Criteria to assess compliance with the Relevant
Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as
of and for the period ending the end of the fiscal year covered by the Form 10-K required to be filed pursuant to
Section 10.07, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria,
a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public
accounting firm has issued an attestation report on such Reporting Servicer’s assessment of compliance with the
Relevant Servicing Criteria as of and for such period. Copies of all compliance reports delivered pursuant to this
Section 10.12 shall be made available to any Privileged Person by the Certificate Administrator pursuant to
Section 4.02(c) of this Agreement and to any Rating Agency and NRSRO by the 17g-5 Information Provider pursuant to
Section 3.16(d) of this Agreement.

 

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No later than 10 Business
Days after the end of each fiscal year for the Trust (and any Other Securitization that includes a Serviced Companion Loan) for
which a Form 10-K is required to be filed, the Master Servicer, the Special Servicer and the Operating Advisor shall each forward
to the Certificate Administrator and the Depositor (and to the Other Depositor and Other Trustee for any Other Securitization that
includes a Serviced Companion Loan) the name and contact information of each Servicing Function Participant engaged by it during
such year or portion thereof (except with respect to any Mortgage Loan Seller Sub-Servicer) and what Relevant Servicing Criteria
will be addressed in the report on assessment of compliance prepared by such Servicing Function Participant. When the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and each Servicing Function
Participant submit their respective assessments by March 1st, as applicable, to the Certificate Administrator (and such other
trustee), each such party shall also at such time, if it has received the assessment (and attestation pursuant to Section 10.13)
of each Servicing Function Participant engaged by it, include such assessment (and attestation) in its submission to the Certificate
Administrator (and such other trustee).

 

Promptly after receipt
of each such report on assessment of compliance, (i) the Depositor (and any Other Depositor for any Other Securitization that
includes a Serviced Companion Loan) shall have the right to review each such report and, if applicable, consult with the Master
Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and any Servicing
Function Participant as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria by the Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the Trustee or any Servicing
Function Participant, and (ii) the Certificate Administrator shall confirm that the assessments, taken individually, address
the Relevant Servicing Criteria for each party as set forth on Schedule II and notify the Depositor (and the Other Depositor for
any Other Securitization that includes a Serviced Companion Loan) of any exceptions; provided that the Certificate Administrator
shall not be responsible for confirming whether any such party has certified to all the Relevant Servicing Criteria applicable
to it. None of the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating
Advisor or any Servicing Function Participant shall be required to deliver, or to endeavor to cause the delivery of, any such reports
until April 15 in any given year so long as it has received written confirmation from the Depositor (and the Other Depositor
for any Other Securitization that includes a Serviced Companion Loan) that a Form 10-K is not required to be filed in respect of
the Trust (or, in the case of a Serviced Companion Loan, the related Other Securitization that includes such Serviced Companion
Loan) for the preceding calendar year. If any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement,
or any applicable Sub-Servicing Agreement, as the case may be, such Reporting Servicer shall provide the reports and statements
pursuant to this Section 10.12 with respect to the period of time it was subject to this Agreement or the applicable
Sub-Servicing Agreement, as the case may be.

 

The parties hereto acknowledge
that a material instance of noncompliance with the Relevant Servicing Criteria reported on an assessment of compliance pursuant
to this Section 10.12 by the Master Servicer or the Special Servicer, the Certificate Administrator, the Trustee, the
Operating Advisor or the Custodian shall not, as a result of being so reported, in and of itself, constitute a breach of such parties’
obligations or a Servicer Termination Event or

 

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 Operating Advisor Termination Event,
as applicable, under this Agreement unless otherwise provided for in this Agreement.

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under an
Other Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure an annual
report on assessment of compliance as described in this Section and an attestation as described in Section 10.13
from the Non-Serviced Mortgage Loan Service Providers in form and substance similar to the annual report on assessment of compliance
described in this Section (or in such Other Pooling and Servicing Agreement, as the case may be) and the attestation described
in Section 10.13. The Master Servicer shall promptly forward to the Certificate Administrator and the Depositor any
such assessment of compliance received by the Master Servicer. Until such time as the Certificate Administrator receives notice
that the Non-Serviced Mortgage Loan Service Providers no longer have a continuing obligation under the Other Pooling and Servicing
Agreement related to an Other Securitization that includes the related Non-Serviced Companion Loan to provide to the Trust an annual
report on assessment of compliance as described in this Section and an attestation as described in Section 10.13
for any year that the Trust formed under this Agreement is not subject to the reporting requirements of the Exchange Act, the Certificate
Administrator shall notify the Non-Serviced Mortgage Loan Service Providers if such parties fail to deliver to the Certificate
Administrator such assessment of compliance and attestation within the time frame required by such Other Pooling and Servicing
Agreement.

 

Section 10.13    Annual
Independent Public Accountants’ Servicing Report. By March 1st, of each year, commencing in
March 2017, each Reporting Servicer, each at its own expense, shall cause, and each Reporting Servicer, as applicable,
shall use commercially reasonable efforts to cause each Servicing Function Participant (other than (x) a party to this
Agreement or (y) a Mortgage Loan Seller Sub-Servicer) with which it has entered into a servicing relationship with
respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan), each at such Servicing Function Participant’s
own expense, a registered public accounting firm (which may also render other services to the Master Servicer, the Special
Servicer, the Operating Advisor and such Servicing Function Participant, as the case may be) and that is a member of the
American Institute of Certified Public Accountants to furnish a report to the Trustee, the Certificate Administrator, the
Depositor (and to any Other Depositor and Other Trustee for any Other Securitization that includes a Serviced Companion
Loan), the Operating Advisor (in the case of the Special Servicer only) and the 17g-5 Information Provider (who shall
promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.16(d) of this
Agreement) to the effect that (i) it has obtained a representation regarding certain matters from the management of such
Reporting Servicer, which includes an assessment from such Reporting Servicer of its compliance with the Relevant Servicing
Criteria in all material respects, and (ii) on the basis of an examination conducted by such firm in accordance with
standards for attestation engagements issued or adopted by the PCAOB, it is expressing an opinion as to whether such
Reporting Servicer’s compliance with the Relevant Servicing Criteria was fairly stated in all material respects, or it
cannot express an overall opinion regarding such Reporting Servicer’s assessment of compliance with the Relevant
Servicing Criteria. If an overall opinion cannot be expressed, such registered public accounting firm shall state in such
report why it was unable to express such an opinion. Such report must be available for general

 

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use and not contain restricted use language. Notwithstanding the foregoing, the Trustee
shall not be required to deliver an annual independent public accountants’ servicing report with respect to any period during
which there was no Relevant Servicing Criteria applicable to it.

 

Promptly after receipt
of such report from each Reporting Servicer, (i) the Depositor (and any Other Depositor related to an Other Securitization
that includes a Serviced Companion Loan) shall have the right to review the report and, if applicable, consult with the related
Reporting Servicer as to the nature of any material instance of noncompliance by such Reporting Servicer with the Servicing Criteria
applicable to such person, as the case may be, in the fulfillment of any of such Reporting Servicer’s obligations hereunder
or under any applicable sub-servicing agreement or primary servicing agreement, and (ii) the Certificate Administrator shall
confirm that each assessment submitted pursuant to Section 10.12 is coupled with an attestation meeting the requirements of
this Section and notify the Depositor (and any Other Depositor related to an Other Securitization that includes a Serviced
Companion Loan) of any exceptions; provided, that the Certificate Administrator shall not be responsible for confirming
whether any particular Reporting Servicer has certified to all of the Relevant Servicing Criteria applicable to it. No Reporting
Servicer shall be required to deliver, or to endeavor to cause the delivery of, such reports until April 15 in any given year
so long as it has received written confirmation from the Depositor that a Form 10-K is not required to be filed in respect of the
Trust (or, in the case of a Serviced Companion Loan, the related Other Securitization that includes such Serviced Companion Loan)
for the preceding calendar year. If any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or
any applicable Sub-Servicing Agreement or primary servicing agreement, as the case may be, such Reporting Servicer shall provide
the report pursuant to this Section 10.13 with respect to the period of time it was subject to this Agreement or the
applicable Sub-Servicing Agreement or primary servicing agreement, as the case may be.

 

Section 10.14    Exchange
Act Reporting Indemnification. Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Custodian (if not the Certificate Administrator), the Certificate Administrator and the Trustee shall indemnify
and hold harmless each Certification Party, the Depositor (and any Other Depositor related to an Other Securitization that includes
a Serviced Companion Loan), their respective directors and officers, and each other person who controls any such entity within
the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, against any and all expenses,
losses, claims, damages and other liabilities, including without limitation the costs of investigation, legal defense and any
amounts paid in settlement of any claim or litigation arising out of (i) the failure to perform its obligations to the Depositor
(or any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan) or Certificate Administrator
(or any Other Trustee related to an Other Securitization that includes a Serviced Companion Loan) under this Article X
by the time required, (ii) any untrue statement or alleged untrue statement of a material fact contained in any information
(x) regarding such party or any Servicing Function Participant, Additional Servicer or subcontractor engaged by it (other than
any Mortgage Loan Seller Sub-Servicer), (y) prepared by any such party described in clause (x) or any registered public accounting
firm, attorney or other agent retained by such party to prepare such information and (z) delivered by or on behalf of such party
in connection with the performance of such party’s obligations described in this Article X, or the omission or alleged
omission to state in any such information a material fact necessary to make the statements

 

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therein, in the light of the circumstances
under which they were made, not misleading; provided, that the applicable party shall be entitled to participate in any
action arising out of the foregoing and the Depositor shall consult with such party with respect to any litigation or audit strategy,
as applicable, in connection with the foregoing and any potential settlement terms related thereto, (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 the Depositor (or any Other Depositor related to an Other Securitization that includes a Serviced Companion
Loan) or Certificate Administrator (or any Other Trustee related to an Other Securitization that includes a Serviced Companion
Loan) under this Article X by the time required or (iv) any Deficient Exchange Act Deliverable.

 

In addition, each of
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer retained
by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor as necessary for the Depositor to conduct any
reasonable due diligence necessary to evaluate and assess any material instances of non-compliance disclosed in any of the deliverables
required by the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules
and regulations promulgated thereunder (“Reporting Requirements”).

 

In connection with comments
provided to the Depositor from the Commission regarding information (x) delivered by the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator, the Trustee, a Servicing
Function Participant or an Additional Servicer, as applicable (“Affected Reporting Party”), (y) regarding such
Affected Reporting Party, and (z) prepared by such Affected Reporting Party or any registered public accounting firm, attorney
or other agent retained by such party to prepare such information, which information is contained in a report filed by the Depositor
under the Reporting Requirements and which comments are received subsequent to the Depositor’s filing of such report, the Depositor
shall promptly provide to such Affected Reporting Party any such comments which relate to such Affected Reporting Party. Such Affected
Reporting Party shall be responsible for timely preparing a written response to the Commission for inclusion in the Depositor’s
response to the Commission, unless such Affected Reporting Party elects, with the consent of the Depositor (which consent shall
not be unreasonably denied, withheld or delayed), to directly communicate with the Commission and negotiate a response and/or resolution
with the Commission; provided, however, if an Affected Reporting Party is a Servicing Function Participant or Additional
Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material communications pursuant to this
Section 10.14. If such election is made, the applicable Affected Reporting Party shall be responsible for directly negotiating
such response and/or resolution with the Commission in a timely manner; provided, that (i) such Affected Reporting Party
shall use reasonable efforts to keep the Depositor informed of its progress with the Commission and copy the Depositor on all correspondence
with the Commission and provide the Depositor with the opportunity to participate (at the Depositor’s expense) in any telephone
conferences and meetings with the Commission and (ii) the Depositor shall cooperate with any Affected Reporting Party in order
to authorize such Affected Reporting Party and its representatives to respond to and negotiate directly with the Commission with
respect to any comments from the Commission relating to

 

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such Affected Reporting Party and to notify the Commission of such authorization.
The Depositor and the Affected Reporting Party shall cooperate and coordinate with one another with respect to any requests made
to the Commission for extension of time for submitting a response or compliance. All respective reasonable out-of-pocket costs
and expenses incurred by the Depositor (including reasonable legal fees and expenses of outside counsel to the Depositor) in connection
with the foregoing (other than those costs and expenses required to be at the Depositor’s expense as set forth above) and
any amendments to any reports filed with the Commission related thereto shall be promptly paid by the applicable Affected Reporting
Party upon receipt of an itemized invoice from the Depositor. Each of the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator and the Trustee shall use commercially
reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained by it to comply with the foregoing
by inclusion of similar provisions in the related sub-servicing or similar agreement.

 

The Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee
shall use commercially reasonable efforts to cause each Servicing Function Participant (other than any party to this Agreement)
with which it has entered into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage
Loan) to indemnify and hold harmless each Certification Party from and against any losses, damages, penalties, fines, forfeitures,
legal fees and expenses and related costs, judgments and other costs and expenses incurred by such Certification Party arising
out of (i) a breach of its obligations to provide any of the annual compliance statements or annual assessment of servicing criteria
or attestation reports pursuant to this Agreement, or the applicable Sub-Servicing Agreement, as applicable or (ii) any Deficient
Exchange Act Deliverable.

 

If the indemnification
provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, each Additional
Servicer or other Servicing Function Participant (the “Performing Party”) shall, and the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee shall
use commercially reasonable efforts to cause each Servicing Function Participant with which it has entered into a servicing relationship
(other than a party to this Agreement with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) to contribute
to the amount paid or payable to the Certification Party as a result of the losses, claims, damages or liabilities of the Certification
Party in such proportion as is appropriate to reflect the relative fault of the Certification Party on the one hand and the Performing
Party on the other in connection with a breach of the Performing Party’s obligations pursuant to this Article X.
The Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator
and the Trustee shall use commercially reasonable efforts to cause each Servicing Function Participant (other than any party to
this Agreement) with which it has entered into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced
Mortgage Loan) to agree to the foregoing indemnification and contribution obligations.

 

Promptly after receipt
by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof
is to be made against the

 

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indemnifying party hereunder, notify in writing the indemnifying party of the commencement thereof; but
the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party
under this Agreement except to the extent that such omission to notify materially prejudices the indemnifying party. In case any
such action is brought against any indemnified party, after the indemnifying party has been notified of the commencement of such
action, such indemnifying party shall be entitled to participate therein (at its own expense) and, to the extent that it may wish,
shall be entitled to assume the defense thereof (jointly with any other indemnifying party similarly notified) with counsel reasonably
satisfactory to such indemnified party (which approval shall not be unreasonably withheld or delayed), and after notice from the
indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not
be liable to such indemnified party for any expenses subsequently incurred in connection with the defense thereof other than reasonable
costs of investigation. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded
parties and, in the case of an investigation by the Commission, any parties that are, or whose reporting materials are, the subject
of such investigation) include both the indemnifying party and the indemnified party and representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them or (iii) the indemnifying
party fails within a reasonable period of time to designate counsel that is reasonably satisfactory to the indemnified party (which
approval shall not be unreasonably withheld or delayed). In no event shall the indemnifying parties be liable for fees and expenses
of more than one counsel (in addition to any local counsel) in any one jurisdiction separate from their own counsel for all indemnified
parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the
same general allegations or circumstances. An indemnifying party shall not be liable for any settlement of any proceeding effected
without its written consent. However, if settled with such consent, the indemnifying party shall indemnify the indemnified party
from and against any loss or liability by reason of such settlement to the extent that the indemnifying party is otherwise required
to do so under this Agreement. If an indemnifying party assumes the defense of any proceeding, it shall be entitled to settle such
proceeding with the consent of the indemnified party (which consent shall not be unreasonably withheld or delayed) or, if such
settlement (i) provides for an unconditional release of the indemnified party in connection with all matters relating to the
proceeding that have been asserted against the indemnified party in such proceeding by the other parties to such settlement and
(ii) does not require an admission of fault by the indemnified party, without the consent of the indemnified party.

 

Section 10.15   
Amendments. This Article X may be amended by the written consent of all the parties hereto pursuant to
Section 12.07 for purposes of complying with Regulation AB without, in each case, any Opinions of Counsel, Officer’s
Certificates, Rating Agency Confirmations or the consent of any Certificateholder, notwithstanding anything to the contrary contained
in this Agreement.

 

Section 10.16   
Exchange Act Report Signatures; Delivery of Notices. (a) Each Form 8-K report, Form 10-D report and Form 10-K report
shall be signed by the Depositor in accordance with procedures to be agreed upon by the Depositor and the Certificate

 

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Administrator.
The signing party at the Depositor can be contacted at Deutsche Mortgage & Asset Receiving Corporation at 60 Wall Street,
New York, New York 10005, Attention: Lainie Kaye, with a copy to Salvatore Palazzolo.

 

(b)          Notwithstanding anything in Section 12.04 to the contrary, any notice required to be delivered to (i) the Depositor
under this Article X shall be properly given if sent by facsimile to (212) 797-4487, Attention: Lainie Kaye, with a
copy to (212) 839-5599, Attention: Anna H. Glick (or such other number as the Depositor may instruct) and/or by email to Lainie.kaye@db.com,
with a copy to anna.glick@cwt.com (or such other email address as the Depositor may instruct) and (ii) to the Certificate
Administrator under this Article X shall be properly given if sent by facsimile to (410) 884-2380, Attention: Core
Services, or such other number as the Certificate Administrator may instruct and with a copy by email to cts.sec.notifications@wellsfargo.com
(or such other email address as the Certificate Administrator may instruct).

 

(c)          For the avoidance of doubt:

 

(i)           Neither
Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant to the
second clause of the definition of “Master Servicer Termination Event” or “Special Servicer
Termination Event,” as applicable, nor shall any such party be deemed to not be in compliance under this Agreement,
during any grace period provided for in such second clause; provided, that if any such party fails to comply with the
requirements of this Article X by the expiration of any applicable grace period such failure shall constitute a
Servicer Termination Event with respect to such party;

 

(ii)          Neither
Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant to the last
clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination Event,”
as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, for failing to deliver any item
required under this Article X by the time required hereunder with respect to any reporting period for which the Trust
is not required to file Exchange Act reports.

 

(d)         If the Certificate
Administrator or the Depositor does not receive the Annual Assessment Report and/or the Annual Attestation Report with respect
to any Servicing Function Participant, or with respect to any Servicing Function Participant retained or engaged by a party hereto
that is actually known by a Responsible Officer of the Certificate Administrator or the Depositor, as the case may be, by March 1st
of any year during which an Annual Report on Form 10-K is required to be filed with the Commission with respect to the Trust, then
the Certificate Administrator shall, and the Depositor may, forward a Servicer Notice to such Servicing Function Participant or
the party hereto that retained or engaged such Sub-Servicing Function Participant, as the case may be, with a copy of such Servicer
Notice to the Depositor (if the Certificate Administrator is sending the Servicer Notice) or the Certificate Administrator (if
the Depositor is sending the Servicer Notice), as applicable, within two (2) Business Days of such failure. For the purposes of
this Article X and Section 7.01 of this Agreement, a “Servicer Notice” shall constitute either
any writing forwarded to such party or, in the case of the Master Servicer and the Special Servicer, notwithstanding the provisions
of Section 12.05, e-mail notice

 

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or fax notice which, in the case of an email transmission, shall be forwarded to all of
the following e-mail addresses for the applicable party: in the case of the Master Servicer and the Special Servicer, to the applicable
email address as provided in writing by the Master Servicer or the Special Servicer, as applicable, upon request, or such other
e-mail addresses as are provided in writing by the Master Servicer or the Special Servicer, as applicable, to the Certificate Administrator
and the Depositor (but any party to this Agreement (or someone acting on their behalf) shall only be required to forward any such
notice to be delivered to the Master Servicer to no more than three e-mail addresses in the aggregate in order to fulfill its notification
requirements as set forth in the preceding sentence and/or under the provisions of Section 7.01. Notwithstanding anything
herein to the contrary, the forwarding of a Servicer Notice shall not relieve any Master Servicer or the Special Servicer of any
liability under Section 7.01(a)(viii) or Section 7.01(b)(viii), respectively, for the failure of any Servicing
Function Participant or Sub-Servicing Entity to deliver any Exchange Act reporting items pursuant to this Article X.

 

Section 10.17   
Termination of the Certificate Administrator. Notwithstanding anything to the contrary contained in this Agreement,
the Depositor may direct the Trustee to, and the Trustee shall upon such direction, terminate the Certificate Administrator upon
five Business Days’ notice if the Certificate Administrator fails to comply with any of its obligations under this Article X;
provided that (a) such termination shall not be effective until a successor certificate administrator shall have accepted
the appointment, (b) the Certificate Administrator may not be terminated if it cannot perform its obligations due to its failure
to properly prepare or file on a timely basis any Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or any Form
12b-25 where such failure results from the Certificate Administrator’s inability or failure to receive, within the exact
time frames set forth in this Agreement any information, approval, direction or signature from any other party hereto needed to
prepare, arrange for execution or file any such Form 8-K, Form 10-K or Form 10-D or any amendments to such forms or any form 12b-25
not resulting from its own negligence, bad faith or willful misconduct, (c) the Certificate Administrator may not be terminated
if, following the Certificate Administrator’s failure to comply with any of such obligations under Section 10.05(c),
Section 10.07, Section 10.09, Section 10.11, Section 10.12 or Section 10.13
on or prior to the dates by which such obligations are to be performed pursuant to, and as set forth in, such Sections the Certificate
Administrator subsequently complies with such obligations before the Depositor gives written notice to it that it is terminated
in accordance with this Section 10.17 and (d) the Certificate Administrator may not be terminated if the Certificate
Administrator’s failure to comply does not cause it to fail in its obligations to timely file the related Form 8-K, Form
10-D or Form 10-K, as the case may be, by the related deadline for filing such Form 8-K, Form 10-D or Form 10-K, then the Depositor
shall cease to have the right to terminate the Certificate Administrator under this Section 10.17 on the date on which
such Form 8-K, Form 10-D or Form 10-K is so filed.

 

Article XI

THE ASSET REPRESENTATIONS REVIEWER

 

Section 11.01   
Asset Review.

 

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(a)          On
or prior to each Distribution Date, based either on the CREFC® Delinquent Loan Status Report or the CREFC®
Loan Periodic Update File, the Certificate Administrator shall determine if an Asset Review Trigger has occurred. If an
Asset Review Trigger is determined to have occurred, the Certificate Administrator shall promptly provide notice to the Asset
Representations Reviewer, the Master Servicer, the Special Servicer, the Directing Holder and all Certificateholders and each
other party to this Agreement. Any notice required to be delivered to the Certificateholders pursuant to this Article XI
shall be delivered by the Certificate Administrator by posting such notice on the Certificate Administrator’s Website, by
mailing such notice to their addresses appearing in the Certificate Register in the case of Definitive Certificates and by delivering
such notice via the Depository in the case of Book-Entry Certificates. The Certificate Administrator shall include in the Form
10-D relating to the reporting period in which the Asset Review Trigger occurred the following date a statement describing the
events that caused the Asset Review Trigger to occur: “As of the [Date of Distribution], the following mortgage loans identified
below are 60 or more days delinquent and an Asset Review Trigger as defined in the Pooling and Servicing Agreement has occurred.”
On each Distribution Date after providing such notice to Certificateholders, the Certificate Administrator, based on information
provided to it by the Master Servicer or the Special Servicer, shall determine whether (1) any additional Mortgage Loan has
become a Delinquent Mortgage Loan, (2) any Mortgage Loan has ceased to be a Delinquent Mortgage Loan and (3) an Asset Review
Trigger has ceased to exist, and, if there is an occurrence of any of the events or circumstances identified in clauses (1),
(2) or (3), deliver such information in a written notice (which may be via email) substantially in the form attached
hereto as Exhibit LL within 2 Business Days to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer and the Directing Holder.

 

If Certificateholders
evidencing not less than 5% of the Voting Rights of the Certificates deliver to the Certificate Administrator, within 90 days after
the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting a vote to commence
an Asset Review (such written direction, the “Asset Review Vote Election”), then upon receipt of the Asset Review
Vote Election, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations Reviewer
and to all Certificateholders and to conduct a solicitation of votes to authorize an Asset Review. Upon the affirmative vote to
authorize an Asset Review by a majority of Holders of Certificates that constitute an Asset Review Quorum within 150 days of receipt
of the Asset Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator shall
promptly provide written notice thereof to all parties to this Agreement, the Underwriters, the Mortgage Loan Sellers, the Directing
Holder and the Certificateholders. In the event an Affirmative Asset Review Vote has not occurred within such 150-day period following
the receipt of the Asset Review Vote Election, no Certificateholder may request a vote or cast a vote for an Asset Review and the
Asset Representations Reviewer will not be required to review any Delinquent Mortgage Loan unless and until (A) an additional
Mortgage Loan has become a Delinquent Mortgage Loan after the expiration of such 150-day period, (B) an additional Asset Review
Trigger has occurred as a result or otherwise is in effect, (C) the Certificate Administrator has timely received any Asset
Review Vote Election after the occurrence of the events described in clauses (A) and (B) in this sentence and (D) an Affirmative
Asset Review Vote has occurred within 150 days after the Asset Review Vote Election described in clause (C) in this sentence. After
the occurrence of any Asset Review Vote Election or an Affirmative Asset Review Vote, no Certificateholder may make any

 

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additional
Asset Review Vote Election except as described in the immediately preceding sentence. Any reasonable out-of-pocket expenses incurred
by the Certificate Administrator in connection with administering such vote will be paid as an expense of the Trust from the Collection
Account. The Certificate Administrator shall be entitled to administer any vote in connection with the foregoing through an agent.

 

(b)          (i) Upon receipt of such notice of an Affirmative Asset Review Vote (the “Asset Review Notice”), the
Custodian (with respect to clauses (1) – (5) for Performing Loans), the Master Servicer (with respect to clause
(6) for Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans), in each case to the extent in
such party’s possession, will be required to promptly, but in no event later than 10 Business Days (except with respect to
clause (6)) after receipt of such notice from the Certificate Administrator, provide the following materials to the asset
representations reviewer (collectively, with the Diligence Files, a copy of the Prospectus, a copy of each related Mortgage Loan
Purchase Agreement and a copy of this Agreement, the “Review Materials”):

 

(1)          a copy of an assignment of the Mortgage in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced
Mortgage Loan), with evidence of recording thereon, for each Delinquent Mortgage Loan that is subject to an Asset Review;

 

(2)          a copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor
of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan), with evidence of recording thereon,
related to each Delinquent Mortgage Loan that is subject to an Asset Review;

 

(3)          a copy of the assignment of all unrecorded documents relating to each Delinquent Mortgage Loan that is subject to an Asset
Review, if not already covered pursuant to items (1) or (2) above;

 

(4)          a copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to
each Delinquent Mortgage Loan that is subject to an Asset Review;

 

(5)        
 a copy of an assignment in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan)
of any financing statement executed and filed in the relevant jurisdiction related to each Delinquent Mortgage Loan that is subject
to an Asset Review; and

 

(6)        
 any other related documents that were entered into or delivered in connection with the origination of such Mortgage Loan
that are necessary in connection with the Asset Representations Reviewer’s completion of any Asset Review and that are that
are reasonably requested by the Asset Representations Reviewer in the time frame and as otherwise described below.

 

(ii)          If, as part of an Asset Review of any Mortgage Loan, the Asset Representations Reviewer determines that it is missing any
documents that are required to be a part of the Review Materials for such Mortgage Loan or which were entered into or delivered
in connection with the origination of such Mortgage Loan, in each case that are

 

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necessary in connection with its completion of
any such Asset Review, then the Asset Representations Reviewer shall promptly, but in no event later than 10 Business Days after
receipt of the Review Materials identified in clauses (1) through (5) above, notify (in writing) the Master Servicer
(with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans), as applicable, of such missing
documents, and request (in writing) the Master Servicer or the Special Servicer, as applicable, promptly, but in no event later
than 10 Business Days after receipt of such notification from the Asset Representations Reviewer, to deliver to the Asset
Representations Reviewer such missing documents to the extent in its possession; provided that any such notification and/or
request shall be in writing, specifically identify the documents being requested and sent to the notice address for the related
party set forth in Section 12.05 of this Agreement. In the event any such missing documents are not provided by the
Master Servicer or Special Servicer, as applicable, within such 10 Business Day period, the Asset Representations Reviewer shall
request such documents from the related Mortgage Loan Seller. The Mortgage Loan Seller will be required under the related Mortgage
Loan Purchase Agreement to deliver such additional documents only to the extent in the possession of such Mortgage Loan Seller;
provided that the Mortgage Loan Seller shall not be required to deliver information that is proprietary to the related originator
or Mortgage Loan Seller or any draft documents or privileged or internal communications.

 

(iii)         The Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to
it by a Person that is not a party to this Agreement or the related Mortgage Loan Seller, and shall do so only if such information
can be independently verified (without unreasonable effort or expense to the Asset Representations Reviewer) and is determined
by the Asset Representations Reviewer in each case in accordance with the Asset Review Standard to be relevant to the Asset Review
conducted pursuant to this Section 11.01 hereof (such information, “Unsolicited Information”).

 

(iv)         Upon
receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence File posted to the
Secure Data Room with respect to a Delinquent Mortgage Loan, the Asset Representations Reviewer, as an independent
contractor, shall commence a review of the compliance of each Delinquent Mortgage Loan with the representations and
warranties related to that Delinquent Mortgage Loan in accordance with the Asset Review Standard and the procedures set forth
on Exhibit JJ hereto (such review, the “Asset Review”). The Asset Representations Reviewer
shall perform an Asset Review with respect to each representation and warranty made by the related Mortgage Loan Seller with
respect to such Delinquent Mortgage Loan in accordance with the procedures set forth on Exhibit JJ (each such
procedure, a “Test”).

 

(v)          The Asset Representations Reviewer will not be permitted to review any information other than (x) the Review Materials,
or (y) Unsolicited Information.

 

(vi)         The Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without
independent investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii)
conclusively rely on such Review Materials.

 

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(vii)        If the Asset Representations Reviewer determines that the Review Materials are insufficient to complete a Test and such
missing documentation is not delivered to the Asset Representations Reviewer by the applicable Mortgage Loan Seller, the Master
Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans) within 10 days
of the written request by the Asset Representations Reviewer, then the Asset Representations Reviewer shall list such missing
documents in its preliminary report setting forth the preliminary results of the application of the Tests and the reasons why
such missing documents are necessary to complete a Test and (if the Asset Representations Reviewer has so concluded) that the
absence of such documents shall be deemed to be a failure of such Test. The Asset Representations Reviewer shall provide such
preliminary report to the Master Servicer or the Special Servicer, as applicable, and to the related Mortgage Loan Seller no later
than 60 days after the date on which access to the Diligence Files in the Secure Data Room is made available to the Asset Representations
Reviewer by the Certificate Administrator. If the preliminary report indicates that any of the representations and warranties
fails or is deemed to fail any Test, the related Mortgage Loan Seller shall have 90 days (the “Cure/Contest Period”)
to remedy or otherwise refute the failure. Any documents provided or explanations given to support a conclusion that the representation
and warranty has not failed a Test or that any missing documents in the Review Materials are not required to complete a Test shall
be promptly delivered by the related Mortgage Loan Seller to the Asset Representations Reviewer.

 

(viii)       The Asset Representations Reviewer shall, within the later of (x) 60 days after the date on which access to the Diligence
Files in the Secure Data Room is made available to the Asset Representations Reviewer by the Certificate Administrator or (y)
10 days after the expiration of the Cure/Contest Period, complete an Asset Review with respect to each Delinquent Mortgage Loan
and deliver (i) a report setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not
it has determined there is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations
Reviewer’s findings and conclusions set forth in such report were not influenced by any third party (an “Asset
Review Report”) to each party to this Agreement and the applicable Mortgage Loan Seller for each Delinquent Mortgage
Loan and the Directing Holder and (ii) a summary of the Asset Representations Reviewer’s conclusions included in such Asset
Review Report (an “Asset Review Report Summary”) to the Trustee, the Certificate Administrator, the Master
Servicer and the Special Servicer. The period of time by which the Asset Review Report must be completed and delivered may be
extended by up to an additional 30 days, upon written notice to the parties to this Agreement and the applicable Mortgage Loan
Seller, if the Asset Representations Reviewer determines pursuant to the Asset Review Standard that such additional time is required
due to the characteristics of the Mortgage Loan and/or the Mortgaged Property or Mortgaged Properties. In no event may the Asset
Representations Reviewer determine whether any Test failure constitutes a Material Breach or Material Defect, or whether the Trust
should enforce any rights it may have against the applicable Mortgage Loan Seller, which, in each case, shall be a responsibility
of the Enforcing Servicer pursuant to Section 2.03(g) of this Agreement.

 

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(ix)          In addition, in the event that the Asset Representations Reviewer does not receive any documentation that it requested
from the Master Servicer or the Special Servicer, as applicable, or the related Mortgage Loan Seller in sufficient time to allow
the Asset Representations Reviewer to complete its Asset Review and deliver an Asset Review Report (as such date may have been
extended pursuant to this Agreement), the Asset Representations Reviewer shall prepare the Asset Review Report solely based on
the documentation received by the Asset Representations Reviewer with respect to the related Delinquent Mortgage Loan, and the
Asset Representations Reviewer shall have no responsibility to independently obtain any such documentation from any party to this
Agreement.

 

(x)           Within 45 days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Special Servicer shall determine
whether at that time, based on the Servicing Standard, whether there exists a Material Breach or Material Defect with respect
to such Mortgage Loan. If the Special Servicer determines that a Material Breach or Material Defect exists, the Special Servicer
shall enforce the obligations of the related Mortgage Loan Seller with respect to such Material Breach or Material Defect in accordance
with Section 2.03(d).

 

(c)          The Asset Representations Reviewer and its Affiliates shall keep all Privileged Information confidential and shall not disclose
such Privileged Information to any Person (including Certificateholders), other than (1) to the extent expressly required by this
Agreement in an Asset Review Report or otherwise, to the other parties to this Agreement with a notice indicating that such information
is Privileged Information or (2) pursuant to a Privileged Information Exception. Each party to this Agreement that receives Privileged
Information from the Asset Representations Reviewer with a notice stating that such information is Privileged Information shall
not disclose such Privileged Information to any Person without the prior written consent of the Special Servicer other than pursuant
to a Privileged Information Exception. The Asset Representations Reviewer shall keep all documents and information received by
the Asset Representations Reviewer in connection with an Asset Review that are provided by the applicable Mortgage Loan Seller,
the Master Servicer and the Special Servicer confidential and shall not disclose such documents or information except (i) for purposes
of complying with its duties and obligations under this Agreement, (ii) if such documents or information become generally available
and known to the public other than as a result of a disclosure directly or indirectly by the Asset Representations Reviewer, (iii)
if it is reasonable and necessary for the Asset Representations Reviewer to disclose such documents or information in working with
legal counsel, auditors, taxing authorities or other governmental agencies, (iv) if such documents or information was already known
to the Asset Representations Reviewer and not otherwise subject to a confidentiality obligation and/or (v) if the Asset Representations
Reviewer is required by law, rule, regulation, order, judgment or decree to disclose such document or information.

 

(d)          The
Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements
with such agents or subcontractors are consistent with the provisions of this Section 11.01; provided that no agent
or subcontractor may (1) be affiliated with any Mortgage Loan Seller, Master Servicer, Special Servicer, the Depositor, the Certificate
Administrator, the Trustee, the Directing Holder or any of

 

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their respective Affiliates or (ii) have been paid any fees, compensation
or other remuneration by an Underwriter, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator, the
Trustee, the Directing Holder or any of their respective Affiliates in connection with due diligence or other services with respect
to any Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence, the Asset Representations Reviewer shall
remain obligated and primarily liable for any Asset Review required hereunder in accordance with the provisions of this Agreement
without diminution of such obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification
from any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Asset
Representations Reviewer alone were performing its obligations under this Agreement. The Asset Representations Reviewer shall
be entitled to enter into an agreement with any agent or subcontractor providing for indemnification of the Asset Representations
Reviewer by such agent or subcontractor, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

 

Section 11.02   
Payment of Asset Representations Reviewer Asset Review Fees and Expenses; Limitation of Liability.

 

(a)          As compensation for the performance of its duties hereunder, upon the completion of any Asset Review with respect to a Delinquent
Mortgage Loan, the Asset Representations Reviewer shall be entitled to a fee that is a reasonable and customary hourly fee charged
by the Asset Representations Reviewer for similar consulting assignments at the time of such review and any related costs and expenses;
provided that the total payment to the Asset Representations Reviewer shall not be greater than the Asset Representations
Reviewer Fee Cap (the “Asset Representations Reviewer Asset Review Fee”). With respect to an individual Asset
Review Trigger and the Mortgage Loans that are Delinquent Mortgage Loans and are subject to an Asset Review (the “Subject
Loans”), the “Asset Representations Reviewer Fee Cap” shall equal the sum of: (i) $9,500 multiplied
by the number of Subject Loans, plus (ii) $1,500 per Mortgaged Property relating to the Subject Loans in excess of one Mortgaged
Property per Subject Loan, plus (iii) $2,000 per Mortgaged Property relating to a Subject Loan subject to a ground lease, plus
(iv) $1,000 per Mortgaged Property relating to a Subject Loan subject to a franchise agreement, hotel management agreement or hotel
license agreement, subject, in the case of each of clauses (i) through (iv), to adjustments on the basis of the year-end
Consumer Price Index for All Urban Consumers, or other similar index if the Consumer Price Index for All Urban Consumers is no
longer calculated, taking into account the Consumer Price Index for All Urban Consumers, or other similar index if the Consumer
Price Index for All Urban Consumers is no longer calculated for the year of the Closing Date and for the year of the occurrence
of the Asset Review.

 

(b)          [Reserved.]

 

(c)          The related Mortgage Loan Seller with respect to each Delinquent Mortgage Loan that is subject to an Asset Review shall
pay the portion of the Asset Representations Reviewer Asset Review Fee attributable to the Delinquent Mortgage Loan(s) contributed
by it, as allocated on the basis of the hourly charges and costs and expenses incurred with respect to its related Delinquent Mortgage
Loans; provided that if the total charge for the Asset Representations Reviewer on an hourly fee plus costs and expenses
basis would exceed the Asset Representations Reviewer Fee Cap, each Mortgage Loan Seller’s required payment shall

 

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be reduced
pro rata according to its proportion of the total charges until the aggregate amount owed by all Mortgage Loan Sellers is
equal to the Asset Representations Reviewer Fee Cap; provided, however, that if the related Mortgage Loan Seller
is insolvent or fails to pay such amount within 90 days following receipt of the Asset Representations Reviewer’s invoice
following its completion of the applicable Asset Review, such fee shall be paid by the Trust following delivery by the Asset Representations
Reviewer of evidence reasonably satisfactory to the Master Servicer or the Special Servicer, as applicable, of such insolvency
or failure to pay such amount; provided, further, that notwithstanding any payment of such fee by the issuing entity
to the Asset Representations Reviewer, such fee shall remain an obligation of the related Mortgage Loan Seller and the Master Servicer
or the Special Servicer, as applicable, shall, to the extent consistent with the Servicing Standard, pursue remedies against such
Mortgage Loan Seller in order to seek recovery of such amounts from such Mortgage Loan Seller or its insolvency estate. The Asset
Representations Reviewer Asset Review Fee with respect to a Delinquent Mortgage Loan shall be included in the Purchase Price for
any Mortgage Loan that was the subject of a completed Asset Review and that is repurchased by the related Mortgage Loan Seller.

 

(d)          The Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically
imposed by this Agreement.

 

(e)          The Asset Representations Reviewer may assign its rights and obligations under this Agreement in connection with the sale
or transfer of all or substantially all of its Asset Representations Reviewer portfolio, provided that: (i) the purchaser
or transferee accepting such assignment and delegation (A) is an Eligible Asset Representations Reviewer, organized and doing business
under the laws of the United States of America, any state of the United States of America or the District of Columbia, authorized
under such laws to perform the duties of the asset representations reviewer resulting from a merger, consolidation or succession
that is permitted under this Agreement, (B) executes and delivers to the Trustee and the Certificate Administrator an agreement
that contains an assumption by such person of the due and punctual performance and observance of each covenant and condition to
be performed or observed by the asset representations reviewer under this Agreement from and after the date of such agreement and
(C) is not be a prohibited party under this Agreement; (ii) the Asset Representations Reviewer shall not be released from its obligations
under this Agreement that arose prior to the effective date of such assignment and delegation; (iii) the rate at which the Asset
Representations Reviewer Asset Review Fee (or any component thereof) is calculated shall not exceed the rate then in effect and
(iv) the resigning Asset Representations Reviewer shall be responsible for the reasonable costs and expenses of each other party
to this Agreement and the Rating Agencies in connection with such transfer. Upon acceptance of such assignment and delegation,
the purchaser or transferee shall provide notice to each party to this Agreement and then will be the successor asset representations
reviewer hereunder.

 

Section 11.03  
Resignation of the Asset Representations Reviewer.   The Asset Representations Reviewer may resign and be discharged from its obligations hereunder by giving written notice
thereof to the other parties to this Agreement and the 17g-5 Information Provider. Upon such notice of resignation, the Depositor
shall promptly appoint a successor Asset Representations Reviewer that is an Eligible Asset Representations Reviewer. If no successor
Asset Representations Reviewer shall have been so appointed and have accepted appointment

 

    -440- 

     

    

 

within 30 days after the giving
of such notice of resignation, the resigning Asset Representations Reviewer may petition any court of competent jurisdiction for
the appointment of a successor Asset Representations Reviewer that is an Eligible Asset Representations Reviewer. The Asset Representations
Reviewer will bear all reasonable costs and expenses of each other party hereto and each Rating Agency in connection with its resignation.

 

Section 11.04   
Restrictions of the Asset Representations Reviewer. Neither the Asset Representations Reviewer nor any of its Affiliates
shall make any investment in any Class of Certificates; provided, however, that such prohibition shall not apply
to (i) riskless principal transactions effected by a broker-dealer Affiliate of the Asset Representations Reviewer or (ii) investments
by an Affiliate of the Asset Representations Reviewer if the Asset Representations Reviewer and such Affiliate maintain policies
and procedures that (A) segregate personnel involved in the activities of the Asset Representations Reviewer under this Agreement
from personnel involved in such Affiliate’s investment activities and (B) prevent such Affiliate and its personnel from
gaining access to information regarding the Trust and the Asset Representations Reviewer and its personnel from gaining access
to such Affiliate’s information regarding its investment activities.

 

Section 11.05   
Termination of the Asset Representations Reviewer.

 

(a)          An “Asset Representations Reviewer Termination Event” means any one of the following events whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body:

 

(i)           any failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or
agreements or the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied
for a period of 30 days after the date on which written notice of such failure shall have been given to the Asset Representations
Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee by the Holders of Certificates having greater
than 25% of the aggregate Voting Rights of all then outstanding Certificates, provided, if such failure is capable of being
cured and the Asset Representations Reviewer is diligently pursuing such cure, such 30 day period will be extended an additional
30 days;

 

(ii)          any failure by the Asset Representations Reviewer to perform in accordance with the Asset Review Standard which failure
shall continue unremedied for a period of 30 days after the date written notice of such failure, requiring the same to be
remedied, is given to the Asset Representations Reviewer by any party to this Agreement;

 

(iii)         any failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall
continue unremedied for a period of 30 days after the date written notice of such failure, requiring the same to be remedied,
is given to the Asset Representations Reviewer by any party to this Agreement;

 

(iv)         a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or

 

    -441- 

     

    

 

state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Asset Representations Reviewer, and such decree
or order shall have remained in force undischarged or unstayed for a period of 60 days;

 

(v)          the Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation
committee in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings
of or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

(vi)         the Asset Representations Reviewer shall admit in writing its inability to pay its debts generally as they become due,
file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of
its creditors, or voluntarily suspend payment of its obligations.

 

Upon receipt by the Certificate
Administrator (which shall be simultaneously delivered to the Asset Representations Reviewer) of written notice of the occurrence
of any Asset Representations Reviewer Termination Event, the Certificate Administrator shall promptly provide written notice to
all Certificateholders in accordance with the notice distribution procedures described in Section 11.01(a), unless the Certificate
Administrator has received written notice that such Asset Representations Reviewer Termination Event has been remedied. If an Asset
Representations Reviewer Termination Event shall occur then, and in each and every such case, so long as such Asset Representations
Reviewer Termination Event shall not have been remedied, either the Trustee (i) may or (ii) upon the written direction
of holders of Certificates evidencing not less than 25% of the Voting Rights shall, terminate all of the rights and obligations
of the Asset Representations Reviewer under this Agreement, other than rights and obligations accrued prior to such termination
(including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights
(arising out of events occurring prior to such termination), by notice in writing to the Asset Representations Reviewer. The Asset
Representations Reviewer shall bear all reasonable costs and expenses of itself and of each other party to this Agreement in connection
with its termination due to an Asset Representations Reviewer Termination Event. Notwithstanding anything herein to the contrary,
the Depositor and each Sponsor shall have the right, but not the obligation, to notify the Certificate Administrator and the Trustee
of any Asset Representations Reviewer Termination Event of which it becomes aware.

 

(b)          Upon (i) the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights requesting
a vote to terminate and replace the Asset Representations Reviewer with a proposed successor Asset Representations Reviewer that
is an Eligible Asset Representations Reviewer and (ii) payment by such Holders to the Certificate Administrator of the reasonable
fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator
shall promptly provide written notice thereof to the Asset Representations Reviewer and to all Certificateholders by (i) posting
such notice on its internet website, and (ii) mailing such notice to all Certificateholders at their addresses appearing in
the Certificate Register and to the Asset Representations Reviewer. Upon the written direction of holders of Certificates evidencing
at

 

    -442- 

     

    

 

least 75% of a Certificateholder Quorum, the Trustee shall terminate all of the rights and obligations of the Asset Representations
Reviewer under this Agreement (other than any rights or obligations that accrued prior to the date of such termination and other
than indemnification rights arising out of events occurring prior to such termination) by notice in writing to the Asset Representations
Reviewer and appoint the proposed successor. As between the Asset Representations Reviewer, on the one hand, and the Certificateholders,
on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the
termination of the Asset Representations Reviewer. In the event that holders of the certificates evidencing at least 75% of a Certificateholder
Quorum elect to remove the asset representations reviewer without cause and appoint a successor, the successor Asset Representations
Reviewer will be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(c)          On or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section
11.05, all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset
Representations Reviewer shall execute any and all documents and other instruments, and do or accomplish all other acts or things
reasonably necessary or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event
later than 30 days after (1) the Asset Representations Reviewer resigns pursuant to Section 11.03 of this Agreement or (2)
the Trustee delivers such written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint a successor
Asset Representations Reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of
the appointment of an Asset Representations Reviewer to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator, the Directing Holder and each Certificateholder within one Business Day of such appointment.

 

The Asset Representations
Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations Reviewer ceases to be
an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately resign under Section 11.03
of this Agreement and the Trustee shall use commercially reasonable efforts to appoint a successor Asset Representations Reviewer
subject to and in accordance with this Section 11.05. Notwithstanding the foregoing, if the Trustee is unable to find a
successor Asset Representations Reviewer within 30 days of the termination of the Asset Representations Reviewer, the Depositor
shall be permitted to find a replacement. The Trustee shall not be liable for any failure to identify and appoint a successor asset
representations reviewer so long as the Trustee uses commercially reasonable efforts to conduct a search for a successor asset
representations reviewer and such failure is not a result of the Trustee’s negligence, bad faith or willful misconduct in
the performance of its obligations hereunder.

 

(d)              
Upon any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer,
the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor, the
Sponsors, the Depositor and, prior to the occurrence and continuance of a Consultation Termination Event, the Directing Holder
and each Rating Agency. In the event that the Asset Representations Reviewer is terminated, all of its

 

    -443- 

     

    

 

rights and obligations under
this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination (including
the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out
of events occurring prior to such termination).

 

Article XII

MISCELLANEOUS PROVISIONS

 

Section 12.01   
Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which counterparts
shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument. Delivery of an executed
counterpart of a signature page of this Agreement in Portable Document Format (PDF), any other electronic format or by facsimile
transmission shall be as effective as delivery of a manually executed original counterpart of this Agreement.

 

Section 12.02   
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Fund, or entitle such Certificateholder’s legal representatives or heirs to claim an
accounting or to take any action or proceeding in any court for a partition or winding up of the Trust Fund, or otherwise affect
the rights, obligations and liabilities of the parties hereto or any of them.

 

No Certificateholder
shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, and nothing herein set forth, or contained in the terms of the Certificates,
shall be construed so as to constitute the Certificateholders from time to time as partners or members of an association; and no
Certificateholder shall be under any liability to any third person by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.

 

Other than with respect
to any rights to deliver a Certificateholder Repurchase Request and exercise the rights described under Section 2.03(k)(i),
no Certificateholder shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage Loan, or with respect
to the Certificates, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such
Holder previously shall have given to the Trustee and the Certificate Administrator a written notice of default, and of the continuance
thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless
also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing not less than 25% of
the related Percentage Interests in such Class shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory
to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60
days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute any such
action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it hereunder
or to institute, conduct or defend any litigation

 

    -444- 

     

    

 

hereunder or in relation hereto at the request, order or direction of any of
the Holders of Certificates unless such Holders have offered to the Trustee indemnity reasonably satisfactory to it against the
costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended, and expressly covenanted
by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall
have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates to affect, disturb or
prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this
Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of
all Certificateholders. For the protection and enforcement of the provisions of this Section 12.02, each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

No Certificateholder
shall be a “Party in Interest” as described under 11 U.S.C. Section 1109(b) solely by virtue of its ownership
of a Certificate.

 

Section 12.03   
Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT,
THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES
TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK
GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

Section 12.04    Waiver of Jury Trial; Consent to Jurisdiction. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH PARTY
HERETO WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED
TO THIS AGREEMENT, ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY
TYPE BROUGHT BY ANY PARTY AGAINST THE OTHER PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH PARTY
HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING,
THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION,
COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT,
ANY ASSIGNMENT OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS
OR MODIFICATIONS TO THIS AGREEMENT OR ANY ASSIGNMENT.

 

    -445- 

     

    

 

TO THE FULLEST EXTENT
PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE
AND FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT; (II) AGREES
THAT ALL CLAIMS WITH RESPECT TO SUCH MATTERS MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS; (III) WAIVES
THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY SUCH COURT; AND (IV) AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS
BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

Section 12.05   
Notices. Unless otherwise specified in this Agreement, all demands, notices and communications hereunder shall be
in writing, shall be deemed to have been given upon receipt (except that notices to Holders of Class R Certificates or Holders
of any Class of Certificates no longer held through a Depository and instead held in registered, definitive form shall be deemed
to have been given upon being sent by first-class mail, postage prepaid or by overnight courier) as follows:

 

If to the Trustee, to:

 

Wells Fargo Bank, National Association

Corporate Trust Services

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services — CD 2016-CD1

 

with copies to:

ct.cmbs.bond.admin@wellsfargo.com; and

trustadministrationgroup@wellsfargo.com.

 

If to the Certificate Administrator,
to:

 

Wells Fargo Bank, National Association

Corporate Trust Services

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services — CD 2016-CD1

 

with copies to:

ct.cmbs.bond.admin@wellsfargo.com; and

trustadministrationgroup@wellsfargo.com

 

    -446- 

     

    

 

If to the Custodian, to:

Wells Fargo Bank, N.A.

Document Custody

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: CD 2016-CD1

 

with a copy to:

ct.cmbs.bond.admin@wellsfargo.com

 

If to the Depositor, to:

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy to:

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Anna H. Glick

 

If to the Operating Advisor,
to:

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CD 2016-CD1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

If to the Asset Representations
Reviewer, to:

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CD 2016-CD1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

If to the Master Servicer, to:

 

    -447- 

     

    

 

Midland Loan Services, a Division
of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Fax Number: (888) 706-3565

with a copy to:

 

 

Stinson Leonard Street LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Fax Number: (816) 412-9338

Attention: Kenda K. Tomes

 

If to the Special Servicer, to:

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:

 

Jeff Krasnoff

Facsimile number: (305) 229-6425

E-mail: jeff.krasnoff@rialtocapital.com;

Niral Shah

Facsimile number: (305) 229-6425

Email: niral.shah@rialtocapital.com;

Adam Singer

facsimile number (305) 229-6425

Email: adam.singer@rialtocapital.com

 

If to German American Capital
Corporation, as Mortgage Loan Seller, to:

German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

    -448- 

     

    

 

If to Citigroup Global Markets
Realty Corp., as Mortgage Loan Seller, to:

Citigroup Global Markets Realty Corp.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile: (212) 723-8599

 

			with a copy to:

 

 

			Citigroup Global Markets Realty Corp.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile: (646) 328-2943

 

			with copies by electronic mail to:

 

			richard.simpson@citi.com;

ryan.m.oconnor@citi.com; and, in the case of each Rule 15Ga-1 Notice,

cmbs.notice@citi.com

 

If to Deutsche Bank Securities
Inc., as Initial Purchaser or Underwriter, to:

Deutsche Bank Securities Inc.

Commercial Mortgage-Backed Securities

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

If to Citigroup Global Markets
Inc., as Initial Purchaser or Underwriter, to:

Citigroup Global Markets Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile: (212) 723-8599

 

			with a copy to:

Citigroup Global Markets Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile: (646) 328-2943

 

			with copies by electronic mail to:

 

    -449- 

     

    

 

			Richard.simpson@citi.com; and

ryan.m.oconnor@citi.com;

 

If to J.P. Morgan Securities
LLC, as Underwriter, to:

J.P. Morgan Securities LLC

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

Facsimile: 212-834-6240

 

with a copy to:

Bianca A. Russo, Esq.

Managing Director & Associate General Counsel

383 Madison Avenue, 32nd Floor

New York, New York 10179

Facsimile: (917) 464-6116

Email: russo_bianca@jpmorgan.com

 

If to Wells Fargo Securities,
LLC, as Initial Purchaser, to:

 

			Wells Fargo Securities, LLC

			375 Park Avenue, 2nd Floor, J0127-023

			New York, New York 10152-023

			Attention: A.J. Sfarra

 

If to the initial Controlling
Class Representative with respect to any Mortgage Loan, to:

RREF III Debt AIV, LP, c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Facsimile number: (212) 751-4646

 

			with a copy to:

 

			RREF III Debt AIV, LP, c/o Rialto Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile number: (212) 751-4646

 

 

    -450- 

     

    

 

If to the 17g-5 Information Provider,
electronically to:

17g5informationprovider@wellsfargo.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system,
specifically with a subject reference of “CD 2016-CD1 Mortgage Trust” and an identification of the type of information
being provided in the body of such electronic mail)

 

or, in the case of the parties to this
Agreement, to such other address as such party shall specify by written notice to the other parties hereto.

 

Solely to the
extent the provisions herein contemplate electronic delivery of information, such information shall be transmitted via
electronic mail with a subject reference to include “CD 2016-CD1 Mortgage Trust” (or substantially similar
language) (i) in the case of the Depositor, to lainie.kaye@db.com, (ii) in the case of the Trustee, to
cts.cmbs.bond.admin@wellsfargo.com, (iii) in the case of the Certificate Administrator, to the email address specified on the
Certificate Administrator’s Website (and, if no such email address is specified therein, to
cts.cmbs.bond.admin@wellsfargo.com), (iv) in the case of the Operating Advisor, to cmbs.notices@parkbridgefinancial.com,
(v) in the case of the Asset Representations Reviewer, to cmbs.notices@parkbridgefinancial.com, (vi) ) in the case
of the Master Servicer to NoticeAdmin@midlandls.com (and solely with respect to notices under Section 3.14, with a
copy to AskMidland@midlandls.com), (vii) in the case of the Special Servicer, to
liat.heller@rialtocapital.com, jeff.krasnoff@rialtocapital.com; niral.shah@rialtocapital.com and
adam.singer@rialtocapital.com, (viii) in the case of German American Capital Corporation, to lainie.kaye@db.com, (ix) in the
case of Citigroup Global Markets Realty Corp., to richard.simpson@citi.com and ryan.m.oconnor@citi.com; and, in the case of
each Rule 15Ga-1 Notice, cmbs.notice@citi.com, (x) in the case of Deutsche Bank Securities Inc., to lainie.kaye@db.com, (xi)
in the case of Citigroup Global Markets Inc., to paul.t.vanderslice@citi.com, (xii) in the case of the initial Controlling
Class Representative, to joseph.bachkosky@rialtocapital.com with a copy to josh.cromer@rialtocapital.com, (xiii) in the case
of J.P. Morgan Securities LLC, to kunal.k.singh@jpmorgan.com and russo_bianca@jpmorgan.com, (xiv) in the case of Wells Fargo
Securities, LLC, to anthony.sfarra@wellsfargo.com and (xv) in the case of the 17g-5 Information Provider, to
17g5informationprovider@wellsfargo.com; or, in the case of the parties to this Agreement, to such other electronic mail
address as such party shall specify by written notice (which may be electronic) to the other parties hereto.

 

The obligation of any
party to this Agreement to deliver any notices, reports or other information to any Other Depositor, Other Servicer, Other Special
Servicer, Other Trustee or Other 17g-5 Information Provider shall be effective in each case only to the extent such party to this
Agreement has received notice of the identity and contact information of such Other Depositor, Other Servicer, Other Special Servicer,
Other Trustee or Other 17g-5 Information Provider, as applicable. Any such party may conclusively rely on the name and contact
information provided by the related Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information
Provider, as applicable, and shall be entitled to assume that the identity and contact information for such Other Depositor, Other
Servicer, Other Special

 

    -451- 

     

    

Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable has not changed, absent receipt
of written notice from such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider,
or a replacement thereof under the applicable Other Pooling and Servicing Agreement, of a change with respect to the identity and
contact information for such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information
Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement, as applicable.

 

Section 12.06   
Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in
no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of
the Holders thereof.

 

Section 12.07   
Notice to the Depositor and Each Rating Agency. (a) The Certificate Administrator shall promptly provide notice,
promptly furnish (or make available) to the Depositor, the Underwriters, the Initial Purchasers, the Directing Holder (if no Consultation
Termination Event has occurred and is continuing), the Trustee the related Serviced Companion Loan Noteholder (if any) and the
17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website) with respect
to each of the following of which a Responsible Officer of the Certificate Administrator has actual knowledge:

 

(i)           any material change or amendment to this Agreement, any Mortgage Loan Purchase Agreement or any Intercreditor Agreement;

 

(ii)          the occurrence of any Servicer Termination Event that has not been cured;

 

(iii)         the merger, consolidation, resignation or termination of the Certificate Administrator, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer or the Trustee; and

 

(iv)         the repurchase of Mortgage Loans pursuant to Section 2.03(e) of this Agreement.

 

(b)          The Certificate Administrator shall promptly furnish to the Depositor, the Underwriters, the Initial Purchasers, the Directing
Holder and the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website):

 

(i)           notice of the final payment to any Class of Certificateholders;

 

(ii)          notice of any change in the location of the Distribution Accounts, the Interest Reserve Account, or the Gain-on-Sale Reserve
Account; and

 

(iii)         each report to Certificateholders described in Section 4.02 and Section 3.13 of this Agreement.

 

    -452- 

     

    

 

(c)          The Master Servicer shall promptly furnish to the 17g-5 Information Provider (who shall promptly post such materials to
the 17g-5 Information Provider’s Website) and the related Other 17g-5 Information Provider (if any):

 

(i)           a copy of each rent roll and each operating and other financial statement and occupancy reports, to the extent such information
is required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section 3.03 of
this Agreement;

 

(ii)          notice of any change in the location of the Collection Account or any Serviced Whole Loan Collection Account,

 

(iii)         a copy of any notice with respect to a breach of a representation or warranty with respect to any Mortgage Loan;

 

(iv)         any event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master
Servicer;

 

(v)          any change in the lien priority of a Mortgage Loan;

 

(vi)         any new lease of an anchor or a termination of an anchor lease at a retail Mortgaged Property;

 

(vii)        any material damage to a Mortgaged Property; and

 

(viii)       any amendment, modification, consent or waiver to or of any provision of a Mortgage Loan or Serviced Whole Loan.

 

(d)          Any party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall
deliver such written notice of the events or information specified in Section 3.14(d) to the Rating Agencies at the
address listed below, promptly following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, and the
Certificate Administrator and Trustee also shall furnish such other information regarding the Trust Fund as may be reasonably requested
by the Rating Agencies to the extent such party has or can obtain such information without unreasonable effort or expense; provided
that such other information is first provided to the 17g-5 Information Provider in accordance with the procedures set forth in
Section 3.14(d). Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute
a Servicer Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required
hereunder shall be in writing.

 

Notices to each Rating Agency
shall be addressed as follows:

 

    -453- 

     

    

 

DBRS, Inc.

333 West Wacker Drive, Suite 1800

Chicago, Illinois 60606

Attention: Commercial Mortgage Surveillance

Facsimile No.: (312) 332-3492

Email: cmbs.surveillance@dbrs.com

 

Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

Moody’s Investors Service,
Inc.

7 World Trade Center

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 553-1350

Email:cmbssurveillance@moodys.com

 

or in each case to such other address as
any Rating Agency shall specify by written notice to the parties hereto.

 

Section 12.08   
Amendment. This Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee
without the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders:

 

(i)           to cure any ambiguity or to correct any manifest error;

 

(ii)          to cause the provisions herein or therein to conform or be consistent with or in furtherance of the statements made in
the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or this Agreement or to correct or
supplement any provisions herein or therein which may be defective or inconsistent with any other provisions herein or therein;

 

(iii)         to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder,
as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)         to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification
of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant

 

    -454- 

     

    

 

provisions
of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the
Trust Fund, any Trust REMIC, the Prudential Plaza Loan REMIC or the Grantor Trust that would be a claim against the Trust Fund,
any Trust REMIC, the Prudential Plaza Loan REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan
Noteholder;

 

(v)          to modify, eliminate or add to the provisions any provision hereof restricting transfer of the Class R Certificates;
provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust
Fund, any Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than the Transferor) to be subject
to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person;

 

(vi)         to
revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided that
the required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at
the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a
Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);

 

(vii)        to amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel;

 

(viii)       to modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine that the commercial mortgage
backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such

 

    -455- 

     

    

 

modification does not adversely affect the status of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC or the status
of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);

 

(ix)          to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced
by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the
Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and

 

(x)           to modify, eliminate or add to any provisions of this Agreement to such extent as would be necessary to comply with the
requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

provided that
any amendment under this Section 12.08 (a) shall not materially increase the obligations of the Depositor, the
Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5
Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely
affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto,
as evidenced in the case of clauses (iii) through (x) above by (1) an Opinion of Counsel or (2) solely in the case of
a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall
any such amendment cause the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza Loan REMIC to fail to qualify as a
REMIC or the Grantor Trust to fail to qualify as a grantor trust.

 

This Agreement or any
Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent of the
Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected
thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each
Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or modifying in any manner the rights of the Certificateholders or the Serviced Companion
Loan Noteholders; provided, that no such amendment may:

 

    -456- 

     

    

 

(i)               
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Subordinate Companion
Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion
Loan Noteholders without the consent of such Companion Loan Noteholders;

 

(ii)               
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment
or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders
of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

(iii)               
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates
of such Class then outstanding;

 

(iv)               
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan
Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party
beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

(v)                amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from
each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend this Agreement to modify, eliminate or add to any of its provisions (i) to such extent
as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza Loan
REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

If neither the Depositor
nor any successor thereto, if any, is in existence, any amendment under this Section 12.08 shall be effective with the consent
of the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the

 

    -457- 

     

    

 

Master Servicer and
the Special Servicer, in writing, and to the extent required by this Section 12.08, the Certificateholders and Serviced
Companion Loan Noteholders.

 

It shall not be necessary
for the consent of Certificateholders under this Section 12.08 to approve the particular form of any proposed amendment,
but it shall be sufficient if such consent shall approve the substance thereof. The method of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders and, if applicable, Serviced Companion Loan Noteholders, shall
be subject to such reasonable regulations as the Trustee may prescribe; provided, that such method shall always be by affirmation
and in writing.

 

Notwithstanding any contrary
provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless the Trustee and the
Certificate Administrator have received an Opinion of Counsel, at the expense of the Trust Fund (and, in the case of any Whole
Loan, any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor Agreement)
confirming that such amendment is authorized or permitted by this Agreement and that all conditions precedent with respect thereto
have been satisfied, respectively, hereunder and such amendment will not cause the Lower-Tier REMIC, the Upper-Tier REMIC or the
Prudential Plaza Loan REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding, or cause the Grantor
Trust to fail to qualify as a grantor trust, or cause a tax to be imposed on the Trust Fund or any such Trust REMIC, the Prudential
Plaza Loan REMIC or the Grantor Trust.

 

Prior to the
execution of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the
Operating Advisor, the Asset Representations Reviewer, the Special Servicer and the Master Servicer may request and shall be
entitled to rely conclusively upon an Opinion of Counsel and an Officer’s Certificate, at the expense of the party
requesting such amendment (or, if such amendment is required to maintain the rating issued by any Rating Agency or requested
by the Trustee for any purpose described in clauses (i), (ii) or (iii) of the first sentence of this Section
12.08 (which do not modify or otherwise relate solely to the obligations, duties or rights of the Trustee), then at the
expense of the Trust Fund (and, in the case of any Whole Loan, any such expense shall be allocated in accordance with the
expense allocation provision of the related Intercreditor Agreement)) confirming that the execution of such amendment is
authorized or permitted by this Agreement and that all conditions precedent with respect thereto have been satisfied. The
Trustee, the Certificate Administrator, the Operating Advisor or the Asset Representations Reviewer may, but shall not be
obligated to, enter into any such amendment which affects the Trustee’s, the Certificate Administrator’s, the
Operating Advisor’s or the Asset Representations Reviewer’s own rights, duties or immunities under this
Agreement.

 

Notwithstanding any contrary
provision contained in this Agreement, no amendment shall be made to this Agreement (i) which adversely affects the rights, including
(without limitation) as a third-party beneficiary hereunder, and/or obligations (including, without limitation, in the case of
a Mortgage Loan Seller, under the related Mortgage Loan Purchase Agreement) of any Mortgage Loan Seller, Initial Purchaser or Underwriter
without the written consent of such Mortgage Loan Seller, Initial Purchaser or Underwriter, as applicable or (ii) which adversely
affects (as determined by the applicable Companion Loan Noteholder in good faith) the rights and/or obligations of any Companion
Loan Noteholder without the written consent of such Companion Loan Noteholder.

 

    -458- 

     

    

 

Promptly after the execution
of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate Administrator’s
Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same on the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement, and thereafter, the Certificate Administrator
shall furnish written notification of the substance of such amendment to each Certificateholder, the Depositor, the Master Servicer
(who shall promptly forward such notification to each Serviced Companion Loan Holder, Other Depositor, Other Servicer, Other Special
Servicer and Other Trustee), the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee, each
Mortgage Loan Seller, the Underwriters and the Initial Purchasers.

 

Section 12.09    Confirmation
of Intent. It is the express intent of the parties hereto that the conveyance of the Trust Fund (including the Mortgage
Loans) by the Depositor to the Trustee on behalf of Certificateholders as contemplated by this Agreement be treated for all
purposes as a sale by the Depositor of the Trust Fund to the Trustee. It is, further, not the intention of the parties that
such conveyance be deemed a pledge of the Trust Fund by the Depositor to the Trustee to secure a debt or other obligation of
the Depositor. However, if, notwithstanding the intent of the parties, the Trust Fund is held to continue to be property
of the Depositor then (a) this Agreement shall also be deemed to be a security agreement under applicable law;
(b) the transfer of the Trust Fund provided for herein shall be deemed to be a grant by the Depositor to the Trustee on
behalf of Certificateholders of a first priority security interest in, and the Depositor hereby grants to the Trustee a
security interest in, all of the Depositor’s right, title and interest in and to, whether now owned or existing or
hereafter acquired or arising, the property identified in clauses (i) through (xv) of the definition of “Trust
Fund” and all proceeds thereof; (c) the possession by the Trustee (or the Custodian on its behalf) of Mortgage
Notes and such other items of property as constitute instruments, money, negotiable documents or chattel paper shall be
deemed to be “possession by the secured party” for purposes of perfecting the security interest pursuant to
Section 9-313 of the New York Uniform Commercial Code; and (d) notifications to Persons holding such property, and
acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed notifications to, or
acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the Trustee
for the purpose of perfecting such security interest under applicable law. The Depositor shall, and upon the request and
direction of the Master Servicer, the Trustee shall, to the extent consistent with this Agreement (and at the expense of
the Trust Fund (and, in the case of any Whole Loan, such expense shall be allocated in accordance with the expense allocation
provision of the related Intercreditor Agreement)), take such actions as may be necessary to ensure that such security
interest is a perfected security interest of first priority under applicable law and will be maintained as such throughout
the term of this Agreement. It is the intent of the parties that such a security interest would be effective whether any of
the Certificates are sold, pledged or assigned.

 

Section 12.10   
No Intended Third-Party Beneficiaries. Except as specified in Section 12.12 of this Agreement, no Person other
than a party to this Agreement, any Mortgage Loan Seller, any Initial Purchaser, any Underwriter or any Certificateholder shall
have any rights with respect to the enforcement of any of the rights or obligations hereunder. Without limiting the foregoing and
for the avoidance of doubt, subject to Section 12.12 of this Agreement, the

 

    -459- 

     

    

 

parties to this Agreement specifically state
that no Borrower, Manager or other party to a Mortgage Loan is an intended third-party beneficiary of this Agreement.

 

Section 12.11   
Entire Agreement. This Agreement (and, with respect to each Whole Loan, together with the related Intercreditor Agreement)
contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes
all prior and contemporaneous agreements, understanding, inducements and conditions, express or implied, oral or written, of any
nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersedes any course of performance
or usage of the trade inconsistent with any of the terms hereof.

 

Section 12.12    Third
Party Beneficiaries. Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer
acknowledge that (i) each Mortgage Loan Seller and Deutsche Bank Securities Inc. are third party beneficiaries
with respect to Section 8.05(h) of this Agreement, the obligations of any party to this Agreement to deliver
information to the 17g-5 Information Provider hereunder and the obligations of the 17g-5 Information Provider to post
information to the 17g-5 Information Provider’s Website (or make available to the NRSROs the items referenced in Section 3.13(c)
and (d)) and the express obligations of any party hereto to deliver documents, notices, information or funds to a Mortgage
Loan Seller, (ii) each Mortgage Loan Seller is a third party beneficiary with respect to Section 2.01, Section
2.02, Section 2.03, Section 8.05, Section 11.01 and Section 12.08 of this Agreement and its
rights as a Privileged Person, (iii) each Initial Purchaser and each Underwriter is a third party beneficiary with
respect to its rights to receive any notices, documents, certifications and/or information hereunder and its rights under Section
12.08 of this Agreement, (iv) each holder of a Companion Loan and any related Other Depositor is an intended third
party beneficiary in respect of the rights afforded it under this Agreement and may directly (or, in the case of a holder of
a Companion Loan, the related Other Servicer may) enforce such rights, (v) each of the Serviced Companion Loan Service
Providers under the applicable Other Pooling and Servicing Agreement is an intended third party beneficiary under this
Agreement with respect to any provision herein expressly relating to compensation, reimbursement or indemnification of such
Serviced Companion Loan Service Provider and the provisions regarding the coordination of Advances, and (vi) each of the
Non-Serviced Mortgage Loan Service Providers under the applicable Other Pooling and Servicing Agreement is an intended third
party beneficiary under this Agreement with respect to any provisions herein relating to (1) the reimbursement of any
nonrecoverable advances made with respect to the applicable Non-Serviced Mortgage Loan by such Persons, (2) the
indemnification of each applicable Other Servicer, Other Special Servicer and Other Trustee and certain other parties
pursuant to Section 1.04 or any other section of this Agreement 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 related Other Pooling and Servicing Agreement and this Agreement that relate solely to its servicing and
administration of (or in the case of the Other Operating Advisor, incurred in connection with the provision of services for)
the related Whole Loan and any related reimbursement provisions, (3) the provisions set forth in Section 4.07(e) of
this Agreement regarding advancing coordination, (4) the provisions set forth in Sections 3.29 and 6.07, as
applicable, of this Agreement and (5) the provisions set forth in Sections 3.01 , 3.06 and 3.27, as
applicable, of this Agreement.

 

    -460- 

     

    

 

Section 12.13   
PNC Bank, National Association. PNC Bank, National Association, by execution hereof by its division, Midland Loan
Services, a Division of PNC Bank, National Association, acknowledges and agrees that this Agreement is binding upon and enforceable
against PNC Bank, National Association to the full extent of the obligations set forth herein with respect to Midland Loan Services,
a Division of PNC Bank, National Association.

 

[NO FURTHER TEXT ON THIS
PAGE]

 

    -461- 

     

    

 

IN WITNESS WHEREOF, the
Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the
Asset Representations Reviewer have caused their names to be signed hereto by their respective officers thereunto duly authorized
all as of the day and year first above written.

	 	 	 
	 	DEUTSCHE MORTGAGE & ASSET 
	 	 	RECEIVING CORPORATION,
	 	 	 as Depositor
	 	 	 
	 	By:	/s/ Natalie Grainger
	 	 	Name: Natalie Grainger
	 	 	Title:   Director
	 	 	 
	 	By:	/s/ Matt Smith
	 	 	Name: Matt Smith
	 	 	Title:   Director
	 	 	 
	 	MIDLAND LOAN SERVICES, A DIVISION 
	 	 	OF PNC BANK, NATIONAL 
	 	 	ASSOCIATION,
	 	 	as Master Servicer
	 	 	 
	 	By:	/s/ David A. Eckels
	 	 	Name: David A. Eckels
	 	 	Title:   Senior Vice President
	 	 	 
	 	RIALTO CAPITAL advisors, LLC,
	 	 	as Special Servicer
	 	 	 
	 	By:	/s/ Anthony Seijas
	 	 	Name: Anthony Seijas
	 	 	Title:   Vice President

 

CD 2016-CD1:  POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL 
	 	 	ASSOCIATION,
	 	 	 as Trustee
	 	 	 
	 	By:	/s/ Stacey Gross
	 	 	Name: Stacey Gross
	 	 	Title:   Vice President
	 	 	 
	 	WELLS FARGO BANK, NATIONAL 
	 	 	ASSOCIATION,
	 	 	as Certificate Administrator, Paying Agent
	 	 	and Custodian
	 	 	 
	 	By:	/s/ Stacey Gross
	 	 	Name: Stacey Gross
	 	 	Title:   Vice President

 

CD 2016-CD1:  POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,
	 	 	as Operating Advisor 
	 	 	 
	 	By:	Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 
	 	 	By:	Park Bridge Financial LLC
	 	 	 	Its Sole Member
	 	 	 	 
	 	 	By:	/s/ Robert J. Spinna
	 	 	 	Name:  Robert J. Spinna
	 	 	 	Title:

	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,
	 	 	as Asset Representations Reviewer
	 	 	 
	 	By:	Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 
	 	 	By:	Park Bridge Financial LLC
	 	 	 	Its Sole Member
	 	 	 	 
	 	 	By:	/s/ Robert J. Spinna
	 	 	 	Name:  Robert J. Spinna
	 	 	 	Title:

 

CD 2016-CD1:  POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	STATE
OF New York	)
	 	:   ss.:
	COUNTY OF New York	)

 

On the
15th day of August in the year 2016, before me, the undersigned, personally appeared Natalie Grainger & Matt
Smith, personally
known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to
the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument,
and that such individual made such appearance before the undersigned in the New York (insert the city or other
political subdivision and the state or county or other place the acknowledgment was taken).

	 	 	 
	 	 	/s/ Christine L. Last
	 		Signature and Office of individual taking acknowledgment
	 	 	 
	 	 	Christine L. Last
	 	 	Notary Public - State of New York
	 	 	No. 01LA6274862
	This instrument prepared by:	 	Qualified in New York County
	 	 	My Commission Expires January 14, 2017
	Name:        Cadwalader, Wickersham & Taft LLP	 	 
	Address:    200 Liberty Street	 	 
	                   New
    York, New York 10281	 	 

 

CD 2016-CD1:  POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	STATE
OF KANSAS	)
	 	: ss.:
	COUNTY OF JOHNSON	)

 

On the 12th day
of August in the year 2016, before me, the undersigned, personally appeared David A. Eckels, personally known to me on the
basis of satisfactory evidence to be the individual(s) whose name is subscribed to the within instrument and acknowledged to
me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon
behalf of which the individual acted, executed the instrument, and that such individual made such appearance before the
undersigned in the city of Overland Park Kansas.

	 	 	 
	 	 	/s/ Brent Kinder
	 		Signature and Office of individual taking acknowledgment
	 	 	 
	 	 	BRENT KINDER
	This instrument prepared by:	 	NOTARY PUBLIC - State of Kansas
	 	 	My Appt. Exp. January 30, 2018
	Name:        Cadwalader, Wickersham & Taft LLP	 	 
	Address:    200 Liberty Street	 	 
	                   New
    York, New York 10281 	 	 

 

CD 2016-C1:  POOLING AND SERVICING AGREEMENT

 

     

     

    
 

	STATE
OF Florida	)
	 	: ss.:
	COUNTY OF Miami-Dade	)

 

On the 23rd
day of August in the year 2016, before me, the undersigned, personally appeared Anthony Seijas, Vice President, personally known
to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within
instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument,
and that such individual made such appearance before the undersigned in the Miami (insert the city or other political subdivision
and the state or county or other place the acknowledgment was taken).

	 	 	 
	 	 	/s/ Galaxia Marquez
	 		Signature and Office of individual taking acknowledgment
		 	 
	 	 	 GALAXIA MARQUEZ
	This instrument prepared by:	 	MY COMMISSION # FF 161362
	 	 	EXPIRES: September 18, 2018
	Name:         Cadwalader, Wickersham & Taft LLP	 	Bonded Thru Notary Public Underwriters
	Address:    200 Liberty Street	 	 
	                    New
    York, New York 10281 	 	 

 

CD 2016-CD1:  POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	STATE
OF Maryland	)
	 	: ss.:
	COUNTY OF Howard	)

 

On
the 12th day of August in the year 2016, before me, the undersigned, personally appeared Stacey Gross,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are)
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies),
and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the
individual(s) acted, executed the instrument, and that such individual made such appearance before the undersigned in the
Columbia, MD (insert the city or other political subdivision and the state or county or other place the acknowledgment
was taken).

	 	 	 
	 	 	/s/ Amy Martin
	 		Signature and Office of individual taking acknowledgment
	 	 	 
	This instrument prepared by:	 	 
	 	 	 
	Name:        Cadwalader, Wickersham & Taft LLP	 	AMY MARTIN
	Address:    200 Liberty Street	 	NOTARY PUBLIC
	                   New
    York, New York 10281 	 	ANNE ARUNDEL COUNTY
	 	 	MARYLAND
	 	 	My Commission Expires 2-22-2017

 

CD 2016-CD1:  POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	STATE
OF Maryland	)
	 	: ss.:
	COUNTY OF Howard	)

 

On
the 29th day of August in the year 2016, before me, the undersigned, personally appeared Stacey Gross,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are)
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies),
and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the
individual(s) acted, executed the instrument, and that such individual made such appearance before the undersigned in the
Columbia, MD (insert the city or other political subdivision and the state or county or other place the acknowledgment
was taken).

	 	 	 
	 	 	/s/ Amy Martin
	 		Signature and Office of individual taking acknowledgment
	 	 	 
	This instrument prepared by:	 	 
	 	 	 
	Name:        Cadwalader, Wickersham & Taft LLP	 	AMY MARTIN
	Address:    200 Liberty Street	 	NOTARY PUBLIC
	                   New
    York, New York 10281 	 	ANNE ARUNDEL COUNTY
	 	 	MARYLAND
	 	 	My Commission Expires 2-22-2017

 

 

CD 2016-CD1:  POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	STATE OF New York	)
	 	)   ss.:
	COUNTY OF New York	)

 

On this 29th
day of July, 2016, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned and sworn,
personally appeared Robert J. Spinna, Jr., to me known who, by me duly sworn, did depose and acknowledge before me that he is
a Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC, which in turn is the sole
member of Park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument; and that he signed
his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the day and year first
above written.

	 	 	 
	 	 	/s/ Cathy Pampinella
	 		NOTARY PUBLIC in and for the 
	 	 	State of New York
	 	 	 
	 	 	CATHY PAMPINELLA
	[SEAL]	 	Notary Public, State of New York
		 	Registration #01PA6303022
	My Commission expires: __________________________	 	Qualified In Suffolk County
	(Date)	 	Commission Expires May 12, 2018
	 	 	 
	This instrument prepared by:	 	 
	 	 	 
	Name:         Cadwalader, Wickersham & Taft LLP	 	 
	Address:     200 Liberty Street	 	 
	                    New
    York, New York 10281	 	 

 

CD 2016-CD1:  POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	STATE OF New York	)
	 	)   ss.:
	COUNTY OF New York	)

 

On this 29th
day of July, 2016, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned and sworn,
personally appeared Robert J. Spinna, Jr., to me known who, by me duly sworn, did depose and acknowledge before me that he is
a Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC, which in turn is the sole
member of Park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument; and that he signed
his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed the day and year first
above written.

	 	 	 
	 	 	/s/ Cathy Pampinella
	 		NOTARY PUBLIC in and for the 
	 	 	State of New York
	 	 	 
	 	 	CATHY PAMPINELLA
	[SEAL]	 	Notary Public, State of New York
		 	Registration #01PA6303022
	My Commission expires: __________________________	 	Qualified In Suffolk County
	(Date)	 	Commission Expires May 12, 2018
	 	 	 
	This instrument prepared by:	 	 
	 	 	 
	Name:         Cadwalader, Wickersham & Taft LLP	 	 
	Address:     200 Liberty Street	 	 
	                    New
    York, New York 10281	 	 

 

CD 2016-CD1:  POOLING AND SERVICING AGREEMENT

 

     

     

    

 

EXHIBIT A-1

 

FORM OF CLASS A-1 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-1-1

     

    

 

CD 2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-1

 

	Class A-1 Pass-Through Rate:  1.4430%	 	
        CUSIP:12514M AY1 

         

        ISIN:     US12514MAY12 

	 	 	 
	Original Aggregate Certificate Balance of the

Class A-1 Certificates: $30,826,000	 	Initial Certificate Balance of this Certificate: $30,826,000
	 	 	 
	First Distribution Date:  September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  August 2021	 	No.: A-1-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-1 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services LLC,
as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences
the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C,
Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

    A-1-2

     

    

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-1 Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each
month, or if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class A-1 Certificates will be calculated based on a 360-day year consisting of
twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record

 

    A-1-3

     

    

 

Date
(which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise,
by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate
Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified
in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security

 

    A-1-4

     

    

 

interest
in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the
Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts,
any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO Account, including any
amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any
environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with
respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential Plaza Loan REMIC
Residual Interest; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts,
Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).
As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other
than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as

 

    A-1-5

     

    

 

provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the
provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance
of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling
and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the
relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would be a claim against the Trust Fund,
any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the Certificate Administrator have received
an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary
or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such
action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v)
to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting

 

    A-1-6

     

    

 

such
amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain
the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); provided that such amendment or supplement shall not adversely affect in any
material respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to
modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement
of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee
and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such
industry standard, (b) such modification does not adversely affect the status of any Trust REMIC or the Prudential Plaza
Loan REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures
of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to
any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for
use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard

 

    A-1-7

     

    

 

to
Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder
affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders or the Serviced Companion
Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on
                                                                           the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent
                                                                           of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby or which
                                                                           are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza
Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided that such action, as

 

    A-1-8

     

    

 

evidenced
by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or
to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the
Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-C

 

    A-1-9

     

    

 

Notional
Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-M,
Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all
of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates and Class X-F Certificates
if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates
and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R
Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no
event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-1-10

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-1 Certificate to be duly executed.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-1
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-1-11

     

    

 

EXHIBIT A-2

 

FORM OF CLASS A-2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-2-1

     

    

 

CD 2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-2

 

	Class A-2 Pass-Through Rate:  2.4530%	 	
        CUSIP:12514M AZ8 

         

        ISIN:     US12514MAZ86 

	 	 	 
	Original Aggregate Certificate Balance of the

Class A-2 Certificates: $40,000,000	 	Initial Certificate Balance of this Certificate: $40,000,000
	 	 	 
	First Distribution Date:  September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  August 2021	 	No.: A-2-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-2 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences
the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C,
Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

    A-2-2

     

    

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-2 Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each
month, or if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class A-2 Certificates will be calculated based on a 360-day year consisting of
twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing order applicable to all

 

    A-2-3

     

    

 

subsequent
distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection

 

    A-2-4

     

    

 

Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential Plaza Loan REMIC Residual Interest; and (xv) the proceeds
of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and

 

    A-2-5

     

    

 

any
legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing
Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment
by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such
transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the
provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance
of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling
and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the
relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would be a claim against the Trust Fund,
any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the Certificate Administrator have received
an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary
or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such
action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v)
to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such

 

    A-2-6

     

    

 

rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent
necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced
by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing
Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the
Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing,
the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of
any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion
of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange
Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with
the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

    A-2-7

     

    

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza
Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the
Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

    A-2-8

     

    

 

The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the
Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3,
Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates and Class
X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V
and Class R Certificates) for all of the Mortgage Loans and each REO Property

 

    A-2-9

     

    

 

remaining
in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving
written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of
exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no
event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-2-10

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-2 Certificate to be duly executed.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-2
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-2-11

     

    

 

EXHIBIT A-3

 

FORM OF CLASS A-SB 
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-3-1

     

    

 

CD 2016-CD1 COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-SB

 

	Class A-SB Pass-Through Rate:  2.6220%	 	
        CUSIP:12514M BA2 

         

        ISIN:     US12514MBA27 

	 	 	 
	Original Aggregate Certificate Balance of the

Class A-SB Certificates: $46,236,000	 	Initial Certificate Balance of this Certificate: $46,236,000
	 	 	 
	First Distribution Date: September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: July 2026	 	No.: A-SB-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-SB Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences
the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C,
Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

    A-3-2

     

    

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-SB Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each
month, or if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class A-SB Certificates will be calculated based on a 360-day year consisting of
twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing order applicable to all

 

    A-3-3

     

    

 

subsequent
distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection

 

    A-3-4

     

    

 

Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential Plaza Loan REMIC Residual Interest; and (xv) the proceeds
of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and

 

    A-3-5

     

    

 

any
legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing
Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment
by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such
transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the
provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance
of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling
and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the
relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would be a claim against the Trust Fund,
any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the Certificate Administrator have received
an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary
or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such
action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v)
to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such

 

    A-3-6

     

    

 

rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent
necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced
by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing
Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the
Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing,
the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of
any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion
of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange
Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with
the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

    A-3-7

     

    

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza
Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the
Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

    A-3-8

     

    

 

The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the
Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3,
Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates and Class
X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V
and Class R Certificates) for all of the Mortgage Loans and each REO Property

 

    A-3-9

     

    

 

remaining
in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving
written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of
exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no
event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-3-10

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-SB Certificate to be duly executed.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-SB
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	 

                                   Authorized Signatory

 

    A-3-11

     

    

 

EXHIBIT A-4

 

FORM OF CLASS A-3 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-4-1

     

    

 

CD 2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-3

 

	Class A-3 Pass-Through Rate:  2.4590%	 	
        CUSIP:12514M BB0

         

        ISIN:     US12514MBB00 

	 	 	 
	Original Aggregate Certificate Balance of the

Class A-3 Certificates: $168,000,000	 	Initial Certificate Balance of this Certificate: $168,000,000
	 	 	 
	First Distribution Date: September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: July 2026	 	No.: A-3-[_]

 

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-3 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services LLC,
as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services LLC,
as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance
of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C, Class X-B,
Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

    A-4-2

     

    

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-3 Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each
month, or if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class A-3 Certificates will be calculated based on a 360-day year consisting of
twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing order applicable to all

 

    A-4-3

     

    

 

subsequent
distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection

 

    A-4-4

     

    

 

Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential Plaza Loan REMIC Residual Interest; and (xv) the proceeds
of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and 

 

    A-4-5

     

    

 

any
legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and
Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may
require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in
connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the
provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance
of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling
and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the
relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would be a claim against the Trust Fund,
any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the Certificate Administrator have received
an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary
or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such
action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v)
to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such

 

    A-4-6

     

    

 

rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent
necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced
by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing
Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the
Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing,
the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of
any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion
of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange
Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with
the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

    A-4-7

     

    

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza
Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the
Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

    A-4-8

     

    

 

The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the
Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3,
Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates and Class
X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V
and Class R Certificates) for all of the Mortgage Loans and each REO Property

 

    A-4-9

     

    

 

remaining
in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving
written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of
exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no
event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-4-10

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-3 Certificate to be duly executed.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-3
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-4-11

     

    

 

EXHIBIT A-5

 

FORM OF CLASS A-4 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-5-1

     

    

 

CD 2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-4

 

	Class A-4 Pass-Through Rate:  2.7240%	 	
        CUSIP:12514M BC8 

         

        ISIN:     US12514MBC82 

	 	 	 
	Original Aggregate Certificate Balance of the

Class A-4 Certificates: $207,191,000	 	Initial Certificate Balance of this Certificate: $207,191,000
	 	 	 
	First Distribution Date: September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  August 2026	 	No.: A-4-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-4 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences
the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C,
Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

    A-5-2

     

    

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-4 Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each
month, or if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class A-4 Certificates will be calculated based on a 360-day year consisting of
twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing order applicable to all

 

    A-5-3

     

    

 

subsequent
distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection

 

    A-5-4

     

    

 

Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential Plaza Loan REMIC Residual Interest; and (xv) the proceeds
of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and

 

    A-5-5

     

    

 

any
legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing
Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment
by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such
transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the
provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance
of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling
and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the
relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would be a claim against the Trust Fund,
any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the Certificate Administrator have received
an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary
or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such
action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v)
to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such

 

    A-5-6

     

    

 

rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent
necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced
by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing
Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the
Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing,
the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of
any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion
of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange
Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with
the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

    A-5-7

     

    

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza
Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the
Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

    A-5-8

     

    

 

The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the
Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3,
Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates and Class
X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V
and Class R Certificates) for all of the Mortgage Loans and each REO Property

 

    A-5-9

     

    

 

remaining
in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving
written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of
exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no
event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-5-10

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-4 Certificate to be duly executed.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-4
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-5-11

     

    

 

EXHIBIT A-6

 

FORM OF CLASS A-M CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE
OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.]

 

    A-6-1

     

    

 

CD 2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-M

 

	Class A-M Pass-Through Rate:  2.9260%	 	
        CUSIP:12514M BE4 

         

        ISIN:     US12514MBE49 

	 	 	 
	Original Aggregate Certificate Balance of the

Class A-M Certificates: $73,839,000	 	Initial Certificate Balance of this Certificate: $73,839,000
	 	 	 
	First Distribution Date: September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  August 2026	 	No.: A-M-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-M Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services LLC,
as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services LLC,
as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance
of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C, Class X-B,
Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D

 

    A-6-2

     

    

 

of
the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take
no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal
income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-M Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each
month, or if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class A-M Certificates will be calculated based on a 360-day year consisting of
twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made

 

    A-6-3

     

    

 

in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO

 

    A-6-4

     

    

 

Account,
including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest
in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies
with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase
Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential
Plaza Loan REMIC Residual Interest; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the
Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to
the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts
for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in

 

    A-6-5

     

    

 

connection
with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense
or other governmental charge payable in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the
provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance
of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling
and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the
relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would be a claim against the Trust Fund,
any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the Certificate Administrator have received
an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary
or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such
action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v)
to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to

 

    A-6-6

     

    

 

amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine that the commercial mortgage
backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such
modification does not adversely affect the status of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant
provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation
and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate
is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would
be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv).

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

    A-6-7

     

    

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza
Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the
Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

    A-6-8

     

    

 

The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the
Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3,
Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right
to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates and Class
X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V
and Class R Certificates) for all of the Mortgage Loans and each REO Property

 

    A-6-9

     

    

 

remaining
in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving
written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of
exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and
the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date
following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance
with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates
for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no
event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-6-10

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Class A-M Certificate to be duly executed.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-M
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-6-11

     

    

 

EXHIBIT A-7

 

FORM OF CLASS B CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS
THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE
OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-7-1

     

    

 

CD 2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS B

 

	Class B Pass-Through Rate:  Equal to the lesser of Weighted Average Net Mortgage Pass-Through Rate and 3.0770%	 	
        CUSIP:12514M BF1 

         

        ISIN:     US12514MBF14 

	 	 	 
	Original Aggregate Certificate Balance of the

Class B Certificates: $31,644,000	 	Initial Certificate Balance of this Certificate: $31,644,000
	 	 	 
	First Distribution Date:  September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  August 2026	 	No.: B-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences
the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C,
Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

    A-7-2

     

    

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class B Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing order applicable to all

 

    A-7-3

     

    

 

subsequent
distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection

 

    A-7-4

     

    

 

Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential Plaza Loan REMIC Residual Interest; and (xv) the proceeds
of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and

 

    A-7-5

     

    

 

any
legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing
Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment
by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such
transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the
provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance
of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling
and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the
relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would be a claim against the Trust Fund,
any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the Certificate Administrator have received
an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary
or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such
action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v)
to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the
Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion
of Counsel, cause the Trust Fund, any Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such

 

    A-7-6

     

    

 

rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent
necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced
by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing
Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the
Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing,
the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of
any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion
of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange
Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with
the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

    A-7-7

     

    

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza
Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the
Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

    A-7-8

     

    

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount, the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates
and Class X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V
and Class R Certificates) for all of the Mortgage Loans and each REO Property

 

    A-7-9

     

    

 

remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-7-10

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class B Certificate to be duly executed.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK, NATIONAL
	 	ASSOCIATION, not in its individual capacity
	 	but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class B
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK, NATIONAL
	 	ASSOCIATION, not in its individual capacity
	 	but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-7-11

     

    

 

EXHIBIT A-8

 

FORM OF CLASS C CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

		1	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-8-1

     

    

 

CD 2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS C

 

	Class C Pass-Through Rate:  Equal to the lesser

 of Weighted Average Net Mortgage Pass-

Through Rate and 3.6310%	 	
        CUSIP:12514M BG9

         

        ISIN:US12514MBG96 

	 	 	 
	Original Aggregate Certificate Balance of the

Class C Certificates: $28,129,000	 	Initial Certificate Balance of this Certificate: $28,129,000
	 	 	 
	First Distribution Date: September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	Assumed Final Distribution Date:  August 2026	 	No.: C-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class C Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement, dated as of August 1,
2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC
Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors, LLC, as special
servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the
“Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), paying agent and custodian, Park Bridge Lender Services LLC,
as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences
the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C,
Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

     A-8-2

     

    

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each
month, or if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each
Interest Accrual Period (as defined below), interest on the Class C Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all

 

     A-8-3

     

    

 

subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the
office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such
agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection

 

     A-8-4

     

    

 

Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential
Plaza Loan REMIC Residual Interest; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and

 

     A-8-5

     

    

 

any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential
Plaza Loan REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would
be a claim against the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not,
as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any
securities related to a Companion Loan, if any (provided that such

 

     A-8-6

     

    

 

rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine that the commercial mortgage
backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such
modification does not adversely affect the status of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant
provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation
and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv).

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

     A-8-7

     

    

 

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

		 	 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

		 	 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

		 	 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

		 	 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential
Plaza Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any
Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense
of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and
would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations.

 

     A-8-8

     

    

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount, the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates
and Class X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V
and Class R Certificates) for all of the Mortgage Loans and each REO Property

 

     A-8-9

     

    

 

remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the
Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be
so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property
held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole
Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement;
and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the
Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-8-10

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class C Certificate to be duly executed.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK, NATIONAL
	 	ASSOCIATION, not in its individual capacity
	 	but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class C
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016

 

	 	WELLS FARGO BANK, NATIONAL
	 	ASSOCIATION, not in its individual capacity
	 	but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-8-11

     

    

 

EXHIBIT A-9

 

FORM OF CLASS D [RULE 144A] 1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES

 

 

		1	For
                                         Rule 144A Global Certificates only.

		2	For
                                         Reg S Global Certificates only.

		3	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-9-1

     

    

 

LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT

 

     A-9-2

     

    

 

CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

		4	For
                                         Reg S Global Certificates only.

 

     A-9-3

     

    

 

CD
2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS D

 

	Class D Pass-Through Rate:   Equal
    to Weighted

    Average Net Mortgage Pass-Through Rate minus 1.250%	 	CUSIP:12514M
        AL95

                      U1252M AF86

                      12514M AM77

         

        ISIN:    US12514MAL908

                      USU1252MAF879

                      US12514MAM7310

         

	Original Aggregate Certificate Balance of the

    Class D Certificates: $31,645,000	 	Initial Certificate Balance of this Certificate: $31,645,000
	 	 	 
	First Distribution Date: September 12, 2016	 	Cut-off Date: The close of business on the later of the related
    due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  August 2026	 	No.: D-[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class D
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced by the
Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement, dated as
of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating

 

 

		5	For
                                         Rule 144A Certificates

		6	For
                                         Regulation S Certificates

		7	For
                                         IAI Certificates

		8	For
                                         Rule 144A Certificates

		9	For
                                         Regulation S Certificates

		10	For
                                         IAI Certificates

		 	 

 

 

     A-9-4

     

    

 

Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (in such
capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E,
Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the
Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day
after each Determination Date (each such date, a “Distribution Date”) an amount equal to such
Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the
aggregate amount of principal and interest then distributable, if any, allocable to the Class D Certificates for such
Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is
defined in the Pooling and Servicing Agreement as the sixth day of each month, or if such sixth day is not a Business Day,
then the next Business Day, commencing in September 2016. Holders of this Certificate may be entitled to Prepayment Premiums
and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class D Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

     A-9-5

     

    

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be
made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date,
(i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

     A-9-6

     

    

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential Plaza Loan REMIC Residual Interest; and (xv) the proceeds
of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this

 

 

     A-9-7

     

    

 

Certificate
is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected
by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee without the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any
ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any
Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus or Private
Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or
supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may be defective or
inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any
Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify,
eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any
Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund, any Trust REMIC or
the Prudential Plaza Loan REMIC that would be a claim against the Trust Fund, any Trust REMIC or the Prudential Plaza Loan
REMIC; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense
of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such
qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely
affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate
or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R
Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel,
cause the Trust Fund, any

 

     A-9-8

     

    

 

Trust
REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than the Transferor) to be subject to a
federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or
add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other
change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating
agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any
securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any
Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section
3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed
Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination
Event has not occurred and is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed
securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such
modification does not adversely affect the status of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the
relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating
Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have
delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the
Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by
(x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with
the

 

     A-9-9

     

    

 

requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

		 	 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

		 	 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

		 	 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

		 	 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

		 	 

     A-9-10

     

    

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC
or the Prudential Plaza Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at
all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel
(obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

     A-9-11

     

    

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates
and Class X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class
V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by
clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to
the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

     A-9-12

     

    

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-9-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class D Certificate to be duly executed.

 

Dated:
August __, 2016

 

	 	WELLS FARGO BANK, NATIONAL
	 	ASSOCIATION, not in its individual
    capacity
	 	but solely as Certificate Administrator
	 	 	 
	 	 By:	
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
August __, 2016

 

	 	WELLS FARGO BANK, NATIONAL
	 	ASSOCIATION, not in its individual
    capacity
	 	but solely as Authenticating Agent
	 	 	 
	 	By:	
	 	 	Authorized Signatory

 

     A-9-14

     

    

 

EXHIBIT A-10

 

FORM OF CLASS E [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only. 

3 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-10-1

     

    

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT
ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME

 

     A-10-2

     

    

 

SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS

 

     A-10-3

     

    

 

406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4
For Reg S Global Certificates only.

  

     A-10-4

     

    

  

CD 2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS E

 

	Class E Pass-Through Rate:  2.5500%	 	
        CUSIP:    12514M
AN55

U1252M AG66

12514M AP07

         

        ISIN:         US12514MAN568

 USU1252MAG609

 US12514MAP0510

         

	Original Aggregate Certificate Balance of the Class E Certificates:
    $15,823,000	 	Initial Certificate Balance of this Certificate: $15,823,000
	 	 	 
	First Distribution Date: September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  August 2026	 	No.: E-[__]

  

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class E Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating

 

 

5
For Rule 144A Certificates 

6
For Regulation S Certificates

7
For IAI Certificates 

8
For Rule 144A Certificates

9
For Regulation S Certificates

10 For IAI Certificates

 

     A-10-5

     

    

 

Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (in such
capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E,
Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class E Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016.

 

During each Interest
Accrual Period (as defined below), interest on the Class E Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

     A-10-6

     

    

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the
office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such
agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

     A-10-7

     

    

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential
Plaza Loan REMIC Residual Interest; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this

 

     A-10-8

     

    

 

Certificate
is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected
by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential
Plaza Loan REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would
be a claim against the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not,
as evidenced by an Opinion of Counsel, cause the Trust Fund, any

 

     A-10-9

     

    

 

Trust
REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal
tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and
is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code,
as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard
to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with
Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the
interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated,
receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that
the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5
Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would
be necessary to comply with the

 

     A-10-10

     

    

 

requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

     A-10-11

     

    

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential
Plaza Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any
Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense
of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and
would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

     A-10-12

     

    

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount, the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates
and Class X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V
and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective
obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or
provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on
behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling
and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the
Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing
Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with
Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the
last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the
Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no event shall the trust created
by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the
descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date
hereof.

 

     A-10-13

     

    

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-10-14

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class E Certificate to be duly executed.

 

Dated: August __, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class E
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-10-15

     

    

  

EXHIBIT A-11

 

FORM OF CLASS F [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only. 

3 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

 

    A-11-1

     

    

  

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT
ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME

 

    A-11-2

     

    

 

SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS

 

    A-11-3

     

    

 

406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4
For Reg S Global Certificates only.

 

    A-11-4

     

    

  

CD 2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS F

 

	Class F Pass-Through Rate:  2.5500%	 	
        CUSIP:   12514M AQ85

        U1252M AH46

        12514M AR67

         

        ISIN:       US12514MAQ878

USU1252MAH449

US12514MAR6010

         

	Original Aggregate Certificate Balance of the Class F Certificates:
    $6,153,000	 	Initial Certificate Balance of this Certificate: $6,153,000
	 	 	 
	First Distribution Date: September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: August 2026	 	No.: F-[__]

  

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class F Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating

 

 

5 For Rule 144A Certificates

6 For Regulation S Certificates 

7 For IAI Certificates

8 For Rule 144A Certificates 

9 For Regulation S Certificates

10 For IAI Certificates

  

    A-11-5

     

    

 

Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (in such
capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E,
Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class F Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016.

 

During each Interest
Accrual Period (as defined below), interest on the Class F Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

    A-11-6

     

    

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the
office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such
agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

    A-11-7

     

    

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential
Plaza Loan REMIC Residual Interest; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this

 

    A-11-8

     

    

 

Certificate
is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected
by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential
Plaza Loan REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would
be a claim against the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not,
as evidenced by an Opinion of Counsel, cause the Trust Fund, any

 

    A-11-9

     

    

 

Trust
REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal
tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and
is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code,
as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard
to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with
Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the
interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated,
receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that
the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5
Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would
be necessary to comply with the

 

    A-11-10

     

    

 

requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

    A-11-11

     

    

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential
Plaza Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any
Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense
of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and
would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

    A-11-12

     

    

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount, the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates
and Class X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V
and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the
Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be
so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property
held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole
Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement;
and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the
Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the United Kingdom, living on the date hereof.

 

    A-11-13

     

    

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-11-14

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class F Certificate to be duly executed.

 

Dated: August __, 2016 

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class F
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-11-15

     

    

  

EXHIBIT A-12

 

FORM OF CLASS G [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only. 

3 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

  

     A-12-1

     

    

  

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT
ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME

 

     A-12-2

     

    

 

SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS

 

     A-12-3

     

    

 

406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS CERTIFICATE HAS NOT BEEN AND
WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE
CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT
TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4
For Reg S Global Certificates only.

 

     A-12-4

     

    

  

CD 2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS G

 

	Class G Pass-Through Rate:  2.5500%	 	
        CUSIP:   12514M
AS45

U1252M AJ06

12514M AT27

         

        ISIN:        US12514MAS448

USU1252MAJ009

US12514MAT2710

         

	Original Aggregate Certificate Balance of the Class G Certificates: $23,733,985	 	Initial Certificate Balance of this Certificate: $23,733,985
	 	 	 
	First Distribution Date: September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: August 2026	 	No.: G-[__]

  

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class G Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating

 

 

5 For
Rule 144A Certificates

6 For
Regulation S Certificates

7 For IAI Certificates

8
For Rule 144A Certificates

9 For Regulation S Certificates

10 For IAI Certificates

 

     A-12-5

     

    

 

Advisor”),
and Park Bridge Lender Services LLC, as asset representations reviewer (in such
capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C, Class X-D, Class X-E,
Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class G Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016.

 

During each Interest
Accrual Period (as defined below), interest on the Class G Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

     A-12-6

     

    

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the
office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such
agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

     A-12-7

     

    

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential
Plaza Loan REMIC Residual Interest; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this

 

     A-12-8

     

    

 

Certificate
is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected
by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential
Plaza Loan REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would
be a claim against the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not,
as evidenced by an Opinion of Counsel, cause the Trust Fund, any

 

     A-12-9

     

    

 

Trust
REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal
tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and
is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code,
as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard
to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with
Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the
interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated,
receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that
the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5
Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would
be necessary to comply with the

 

     A-12-10

     

    

 

requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv).

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

     A-12-11

     

    

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential
Plaza Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any
Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense
of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and
would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

     A-12-12

     

    

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount, the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates
and Class X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V
and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the
Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be
so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property
held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole
Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement;
and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the
Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States
to the United Kingdom, living on the date hereof.

 

     A-12-13

     

    

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-12-14

     

    

  

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class G Certificate to be duly executed.

 

Dated: August __, 2016

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class G
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-12-15

     

    

  

EXHIBIT A-13

 

FORM OF CLASS X-A CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-A CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-A CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-A CERTIFICATES IS EQUAL TO AN AMOUNT AS SET
FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-13-1

     

    

   

CD 2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-A

 

	Class X-A Pass-Through Rate:  Variable	 	
        CUSIP:12514M BD6

         

        ISIN:    US12514MBD65

         

	Original Aggregate Certificate Balance of the Class X-A Certificates: $566,092,000	 	Initial Certificate Balance of this Certificate: $[500,000,000] [66,092,000]
	 	 	 
	First Distribution Date: September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  August 2026	 	No.: X-A-[_]

  

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences
the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C,
Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

     A-13-2

     

    

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-A Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class X-A Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all

 

     A-13-3

     

    

 

subsequent
distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.
The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting
as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection

 

     A-13-4

     

    

 

Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential Plaza Loan REMIC Residual Interest; and (xv) the proceeds
of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and

 

     A-13-5

     

    

 

any
legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing
Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment
by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such
transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential
Plaza Loan REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would
be a claim against the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not,
as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any
securities related to a Companion Loan, if any (provided that such

 

     A-13-6

     

    

 

rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent
necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment or supplement
shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto as evidenced
by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing
Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the
Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing,
the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of
any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion
of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange
Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with
the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

     A-13-7

     

    

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential
Plaza Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any
Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense
of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and
would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations.

 

     A-13-8

     

    

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount, the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates
and Class X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V
and Class R Certificates) for all of the Mortgage Loans and each REO Property

 

     A-13-9

     

    

 

remaining
in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving
written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of
exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the
Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be
so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property
held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole
Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement;
and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the
Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States
to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-13-10

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class X-A Certificate to be duly executed.

 

Dated: August __, 2016 

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Authorized Signatory

  

Certificate of Authentication

 

This is one of the Class X-A
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     A-13-11

     

    

  

EXHIBIT A-14

 

FORM OF CLASS X-B [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only. 

3 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-14-1

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE
REGISTRAR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER
IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-B CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES IS EQUAL TO AN AMOUNT AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND
WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE
CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT
TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4
For Reg S Global Certificates only.

  

    A-14-2

     

    

  

CD 2016-CD1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-B

 

	
        Class X-B Pass-Through Rate: Variable

         

         

         
	 	
        CUSIP:   12514M
AA35

U1252M AA96

12514M AB17

         

        ISIN:       US12514MAA368

USU1252MAA909

US12514MAB1910

         

	Original Aggregate Notional Balance of the Class X-B Certificates:  $59,773,000	 	Initial Notional Balance of this Certificate:  $59,773,000
	 	 	 
	First Distribution Date:  September 12, 2016	 	Cut-off Date:  The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: August 2026	 	No.:  X-B-[__]

  

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian,

 

 

5
For Rule 144A Certificates

6
For Regulation S Certificates

7
For IAI Certificates

8
For Rule 144A Certificates

9
For Regulation S Certificates

10 For IAI Certificates

 

    A-14-3

     

    

 

Park
Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating
Advisor”), and Park Bridge Lender Services LLC, as asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1,
Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C, Class X-B, Class X-C,
Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class X-B Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

    A-14-4

     

    

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the
office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such
agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

    A-14-5

     

    

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential
Plaza Loan REMIC Residual Interest; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this

 

    A-14-6

     

    

 

Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the
relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would be a claim against the Trust Fund,
any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the Certificate Administrator have received
an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or
desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action
will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify,
eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates;
provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust
Fund, any

 

    A-14-7

     

    

 

Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than the Transferor) to be subject
to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise
or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other
change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder
or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel,
at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not
continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status
of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an
Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the

 

    A-14-8

     

    

 

requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

    A-14-9

     

    

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza
Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the
Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined
as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less than 1.0% of
the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all, but not less
than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect
of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

    A-14-10

     

    

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the
Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4,
Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange
all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates and Class X-F Certificates if the
Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class X-F
Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator
and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution
Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in
accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its
Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later
of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation
and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no
event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom,
living on the date hereof.

 

    A-14-11

     

    

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-14-12

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-B Certificate to be duly executed.

 

Dated: August __, 2016

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-B
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL
    ASSOCIATION, not in its individual capacity but solely as
    Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-14-13

     

    

 

EXHIBIT A-15

 

FORM OF CLASS X-C [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1 For
Rule 144A Global Certificates only.  

2 For
Reg S Global Certificates only.  

3 Legend required
as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-15-1 

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-C CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-C CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-C CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4 For Reg S Global Certificates only.

 

    A-15-2 

     

    

 

CD
2016-CD1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-C

 

	Class X-C Pass-Through Rate: 1.2500%	 	CUSIP:	12514M AC95

U1252M AB76

12514M AD77
	 	 	 	 
	 	 	ISIN:	US12514MAC918

USU1252MAB739

US12514MAD7410
	 	 	 	 
	Original Aggregate Notional Balance of the Class X-C Certificates: $31,645,000	 	Initial Notional Balance of this Certificate: $31,645,000
	 	 	 
	First Distribution Date: September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: August 2026	 	No.: X-C-[__]

 

This certifies that [______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-C Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate

 

 

5 For
Rule 144A Certificates 

6 For
Regulation S Certificates 

7 For
IAI Certificates 

8 For
Rule 144A Certificates 

9 For
Regulation S Certificates 

10 For
IAI Certificates

 

    A-15-3 

     

    

 

administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences
the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C, Class X-B,
Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-C Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-C Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month

 

    A-15-4 

     

    

 

immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the
office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such
agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

    A-15-5 

     

    

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential
Plaza Loan REMIC Residual Interest; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

    A-15-6 

     

    

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the
relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would be a claim against the Trust Fund,
any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the Certificate Administrator have received
an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or
desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action
will not adversely affect

 

    A-15-7 

     

    

 

in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify,
eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates;
provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust
Fund, any Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than the Transferor) to be subject
to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise
or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other
change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder
or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel,
at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not
continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status
of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an
Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the

 

    A-15-8 

     

    

 

17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered

 

    A-15-9 

     

    

 

			satisfied in the same manner as any
Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza
Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the
Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations

 

The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined
as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less than 1.0% of
the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all, but not less
than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect
of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date

 

    A-15-10 

     

    

 

			 (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the
Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4,
Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange
all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates and Class X-F Certificates if the
Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class X-F
Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator
and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution
Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in
accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its
Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later
of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation
and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no
event shall the trust

 

    A-15-11 

     

    

 

created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the
date hereof.

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-15-12 

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-C Certificate to be duly executed.

 

Dated: August __, 2016 

	 	 	 
	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-C
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016 

	 	 	 
	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-15-13 

     

    

 

EXHIBIT A-16

 

FORM OF CLASS X-D [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION. 

 

 

1 For Rule 144A Global Certificates
only. 

2 For Reg S Global Certificates
only. 

3 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.

 

    A-16-1 

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-D CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-D CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-D CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

4 For Reg S Global Certificates
only.

 

    A-16-2 

     

    

 

CD 2016-CD1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-D

 

	Class X-D Pass-Through Rate: Variable	 	CUSIP:	12514M AE55

U1252M AC56

12514M AF27
	 	 	 	 
	 	 	ISIN:	US12514MAE578

USU1252MAC569

US12514MAF2310
	 	 	 	 
	Original Aggregate Notional Balance of the Class X-D Certificates: $15,823,000	 	Initial Notional Balance of this Certificate: $15,823,000
	 	 	 
	First Distribution Date: September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: August 2026	 	No.: X-D-[__]

 

This certifies that [______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian,

 

 

5 For
Rule 144A Certificates 

6 For
Regulation S Certificates 

7 For
IAI Certificates 

8 For
Rule 144A Certificates 

9 For
Regulation S Certificates 

10 For
IAI Certificates

 

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Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences
the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C, Class X-B,
Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-D Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-D Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

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All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the
office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such
agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

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As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential
Plaza Loan REMIC Residual Interest; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this

 

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Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the
relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would be a claim against the Trust Fund,
any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the Certificate Administrator have received
an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or
desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action
will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify,
eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates;
provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust
Fund, any

 

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Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than the Transferor) to be subject
to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise
or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other
change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder
or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel,
at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not
continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status
of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an
Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the

 

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requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

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Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza
Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the
Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined
as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less than 1.0% of
the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all, but not less
than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect
of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

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		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the
Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4,
Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange
all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates and Class X-F Certificates if the
Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class X-F
Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator
and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution
Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in
accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its
Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later
of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation
and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no
event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom,
living on the date hereof.

 

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Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-16-12 

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-D Certificate to be duly executed.

 

Dated: August __, 2016 

	 	 	 
	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-D
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016 

	 	 	 
	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

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EXHIBIT A-17

 

FORM OF CLASS X-E [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION. 

 

 

1 For Rule 144A Global Certificates
only. 

2 For Reg S Global Certificates
only. 

3 Legend required as long as DTC
is the Depository under the Pooling and Servicing Agreement.

 

    A-17-1 

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF
THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE
CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-E CERTIFICATE WILL
BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-E CERTIFICATES AND WILL NOT BE ENTITLED TO
ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-E CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH
IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT
BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4 For Reg S Global Certificates
only.

 

    A-17-2 

     

    

 

CD 2016-CD1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-E

 

	Class X-E Pass-Through Rate: Variable	 	CUSIP:	12514M AG05

U1252M AD36

21514M AH87
	 	 	 	 
	 	 	ISIN:	US12514MAG068

USU1252MAD309

US12514MAH8810
	 	 	 	 
	Original Aggregate Notional Balance of the Class X-E Certificates: $6,153,000	 	Initial Notional Balance of this Certificate: $6,153,000
	 	 	 
	First Distribution Date: September 12, 2016	 	Cut-off Date: The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: August 2026	 	No.: X-E-[__]

 

This certifies that [______]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-E Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing Agreement,
dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian,

 

 

5 For
Rule 144A Certificates 

6 For
Regulation S Certificates 

7 For
IAI Certificates 

8 For
Rule 144A Certificates 

9 For
Regulation S Certificates 

10 For
IAI Certificates

 

    A-17-3 

     

    

 

Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences
the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C, Class X-B,
Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a
“regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the
Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-E Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual
Period (as defined below), interest on the Class X-E Certificates will be calculated based on a 360-day year consisting of twelve
30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this Certificate
during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will
be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

    A-17-4 

     

    

 

All distributions (other than
the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are
registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar
month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other
than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available
funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor
if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the
related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the
office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such
agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on
the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in
right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

    A-17-5 

     

    

 

As provided in the Pooling and
Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential
Plaza Loan REMIC Residual Interest; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does not purport
to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests,
rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of
the Certificate Administrator.

 

As provided in the Pooling and
Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only
upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation of
this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this

 

 

    A-17-6 

     

    

Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall
be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in
Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing Agreement
or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any of the Certificateholders
or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions
of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus or Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent
as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the
relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition
of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would be a claim against the Trust Fund,
any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the Certificate Administrator have received
an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or
desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action
will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify,
eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates;
provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust
Fund, any

 

    A-17-7 

     

    

 

Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders (other than the Transferor) to be subject
to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise
or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other
change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder
or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel,
at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not
continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status
of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an
Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced
Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice
of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any
provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the

 

    A-17-8 

     

    

 

requirements for use
of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

The Pooling and Servicing Agreement
or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written consent
of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Subordinate Companion Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

    A-17-9 

     

    

 

Further, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion
Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such
extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential Plaza
Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates
are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the
Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not
adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder
or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB,
and/or any related regulatory actions and/or interpretations.

 

The Certificateholder owning
a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option, the Special
Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination of the
Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and the Master
Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice Date (defined
as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less than 1.0% of
the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all, but not less
than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired in respect
of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

    A-17-10 

     

    

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling and
Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the
Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4,
Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange
all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates and Class X-F Certificates if the
Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E Certificates and Class X-F
Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses incurred
by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of the Mortgage
Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement shall be borne
by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and Servicing Agreement.

 

The respective obligations and
responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates
(other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator
and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution
Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in
accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its
Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later
of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation
and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided that in no
event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom,
living on the date hereof.

 

    A-17-11 

     

    

 

Unless the Certificate of Authentication
on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled
to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-17-12 

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-E Certificate to be duly executed.

 

Dated: August __, 2016 

	 	 	 
	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-E
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016 

	 	 	 
	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-17-13 

     

    

 

 

EXHIBIT A-18

 

FORM OF CLASS X-F [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1 For Rule 144A Global Certificates
only.

2 For Reg S Global Certificates
only.

3 Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement. 

 

     A-18-1

     

    

 

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-F CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-F CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-F CERTIFICATES IS EQUAL TO AN AMOUNT AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4 For Reg S Global Certificates
only.

 

     A-18-2

     

    

 

 

CD 2016-CD1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-F

  

	Class X-F Pass-Through Rate:  Variable	 	
        CUSIP:   12514M AJ45

                         U1252M AE16

                         12514M AK17
        

         

        ISIN:       US12514MAJ458

                         USU1252MAE139

                         US12514MAK1810

         

	Original Aggregate Notional Balance of the

Class X-F Certificates:  $23,733,985	 	Initial Notional Balance of this Certificate:  $23,733,985
	First Distribution Date: September 12, 2016	 	Cut-off Date:  The close of business on the later of the related due date for each Mortgage Loan in August 2016 and the date of origination of such Mortgage Loan
	Assumed Final Distribution Date:  August 2026	 	No.:  X-F-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-F Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee
and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian,

 

 

 

5 For
Rule 144A Certificates 

6 For
Regulation S Certificates 

7 For
IAI Certificates 

8 For
Rule 144A Certificates 

9 For
Regulation S Certificates 

10 For IAI Certificates 

 

     A-18-3

     

    

 

Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences
the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C,
Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-F Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class X-F Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

     A-18-4

     

    

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the
office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such
agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

     A-18-5

     

    

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential
Plaza Loan REMIC Residual Interest; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this

 

     A-18-6

     

    

 

Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential
Plaza Loan REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would
be a claim against the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not,
as evidenced by an Opinion of Counsel, cause the Trust Fund, any

 

     A-18-7

     

    

 

Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any
securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine that the commercial mortgage
backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such
modification does not adversely affect the status of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant
provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation
and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the

 

     A-18-8

     

    

 

requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv).

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

     A-18-9

     

    

  

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential
Plaza Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any
Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense
of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and
would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

     A-18-10

     

    

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount, the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates
and Class X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V
and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

     A-18-11

     

    

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-18-12

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-F Certificate to be duly executed.

 

Dated: August __, 2016

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

  

Certificate of Authentication

 

This is one of the Class X-F
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016 

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

  

     A-18-13

     

    

 

EXHIBIT A-19

 

FORM OF CLASS R CERTIFICATE

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN THREE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS
THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).
A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS
ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02(l) OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN
AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED
ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN)
FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE
TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF
SUCH PERSON OR ANY OTHER U.S. PERSON, (C) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO CONTINUE TO PAY
ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY
BECOME DUE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE
IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. BECAUSE
THIS CERTIFICATE REPRESENTS MULTIPLE “NON-ECONOMIC RESIDUAL INTERESTS,” AS DEFINED IN TREASURY REGULATIONS SECTION
1.860E-1(c), TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY
SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY
ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO PAY A SPECIFIED AMOUNT TO THE

 

     A-19-1

     

    

 

PROPOSED TRANSFEREE
OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.

 

THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE AGREED TO CONSENT TO ACT AS “TAX MATTERS PERSON” AND “PARTNERSHIP REPRESENTATIVE”
WITHIN THE MEANING OF SECTION 6223 OF THE CODE (TO THE EXTENT SUCH PROVISION IS APPLICABLE TO THE TRUST REMICS OR THE PRUDENTIAL
PLAZA LOAN REMIC) OF THE TRUST REMICS AND THE PRUDENTIAL PLAZA LOAN REMIC AND TO THE APPOINTMENT OF THE CERTIFICATE ADMINISTRATOR
AS ATTORNEY IN FACT AND AGENT FOR THE TAX MATTERS PERSON AND “PARTNERSHIP REPRESENTATIVE” OR AS OTHERWISE PROVIDED
IN THE POOLING AND SERVICING AGREEMENT TO PERFORM THE FUNCTIONS OF A “TAX MATTERS PARTNER” AND “PARTNERSHIP REPRESENTATIVE”
FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN

 

     A-19-2

     

    

 

OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT
ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
SECTION 4975 OF THE CODE, OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE
OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE
CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE
ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON
BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM
SHALL BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT. 

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

     A-19-3

     

    

 

CD 2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS R

	No.: R-1	Percentage Interest: [_]%

                                               

	 	
        CUSIP:12514M AW51

         

        ISIN:    US12514MAW552

 

This certifies that [              ]
is the registered owner of the Percentage Interest evidenced by this Certificate in the Class R Certificates issued by the Trust
Fund. The Class R Certificateholder is not entitled to interest or principal distributions. The Class R Certificateholder
will be entitled to receive the proceeds of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution
Date for the Certificates, after distributions in respect of any accrued but unpaid interest on the Certificates and after distributions
in reduction of principal balance have reduced the principal balances of the Certificates to zero. It is not anticipated that there
will be any assets remaining in the Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following the distributions
on the Regular Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences
the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C,
Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

 

 

1
For Rule 144A Certificates

 

2 For Rule 144A
Certificates 

 

     A-19-4

     

    

 

This Class R Certificate
represents the sole “residual interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income. The Holder of the largest Percentage Interest in the Class R Certificates shall be
the “tax matters person” pursuant to Treasury Regulations Section 1.860F-4(d) and “partnership representative”
(within the meaning of Section 6223 of the Code, to the extent such provision is applicable to the Trust REMICs or the Prudential
Plaza Loan REMIC) for each Trust REMIC and the Prudential Plaza Loan REMIC, and the Certificate Administrator is hereby irrevocably
designated and shall serve as attorney-in-fact and agent for any such Person that is the “tax matters person” or “partnership
representative”.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the
office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such
agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders

 

     A-19-5

     

    

 

concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential
Plaza Loan REMIC Residual Interest; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

     A-19-6

     

    

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement

 

     A-19-7

     

    

 

or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential
Plaza Loan REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would
be a claim against the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not,
as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any
securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section
3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,

 

     A-19-8

     

    

 

the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Certificateholder, determine that the commercial mortgage
backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such
modification does not adversely affect the status of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant
provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation
and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv).

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such 

 

     A-19-9

     

    

 

	 	 	Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential
Plaza Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any
Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense
of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and
would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

     A-19-10

     

    

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount, the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates
and Class X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class V
and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

     A-19-11

     

    

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

  

     A-19-12

     

    

 

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class R Certificate to be duly executed.

 

Dated: August __, 2016 

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

  

Certificate of Authentication

 

This is one of the Class R
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

  

     A-19-13

     

    

 

EXHIBIT A-20

 

FORM OF CLASS V CERTIFICATE

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE

 

     A-20-1

     

    

 

MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT
ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED
TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT.

  

     A-20-2

     

    

 

 

CD 2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS V

	No.: V-1	Percentage Interest: [_____]%

                                               

	 	
        CUSIP:   12514M AU91

                         U1252M AK72

                         12514M AV73

         

        ISIN:       US12514MAU994

                 USU1252MAK725

                 US12514MAV726 

  

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class V Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing community properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto
Capital Advisors, LLC, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as trustee (in such capacity, the “Trustee”), Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”), and Park Bridge Lender Services
LLC, as asset representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences
the issuance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class A-M, Class B, Class C,
Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F, Class G, Class V and Class R Certificates
(the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

 

 

1 For
Rule 144A Certificates 

2 For
Regulation S Certificates 

3 For
IAI Certificates 

4 For
Rule 144A Certificates 

5 For
Regulation S Certificates 

6 For IAI Certificates

 

     A-20-3

     

    

 

This Certificate represents a beneficial
interest in a portion of a grantor trust under subpart E, part I of subchapter J of the Internal Revenue Code of 1986, as amended
(the “Code”), which portion includes the Excess Interest and any proceeds thereof in the Class V Distribution
Account.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the
treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local
income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class V Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the sixth day of each month, or
if such sixth day is not a Business Day, then the next Business Day, commencing in September 2016. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution
Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately
available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities
therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior
to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions),
or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final
distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the
office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such
agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall

 

     A-20-4

     

    

 

not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Prudential
Plaza Loan REMIC Residual Interest; and (xv) the proceeds of the foregoing (other than any interest

 

     A-20-5

     

    

 

earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan

 

     A-20-6

     

    

 

Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC or the Prudential
Plaza Loan REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC that would
be a claim against the Trust Fund, any Trust REMIC or the Prudential Plaza Loan REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not,
as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC, the Prudential Plaza Loan REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any
securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same
manner as any Rating Agency Confirmation may be considered satisfied

 

     A-20-7

     

    

 

 with respect to the Certificates); provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting
thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section 3.17
of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely
affect the status of any Trust REMIC or the Prudential Plaza Loan REMIC as a REMIC under the relevant provisions of the Code,
as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard
to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with
Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the
interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated,
receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that
the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5
Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; and (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would
be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv).

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(vi)	reduce in any manner the amount of, or delay the timing
of, payments received on the Mortgage Loans or Subordinate Companion Loan which are required to be distributed on any Certificate,
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected
thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

     A-20-8

     

    

 

		(vii)	reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion
Loan Noteholder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such
Companion Loan Noteholder, as applicable;

 

		(viii)	adversely affect the Voting Rights of any Class of Certificates
without the consent of the Holders of all Certificates of such Class then outstanding;

 

		(ix)	change in any manner any defined term used in any Mortgage
Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage
Loan Seller; or

 

		(x)	amend the Servicing Standard without the consent of 100%
of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Upper-Tier REMIC or the Prudential
Plaza Loan REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times that any
Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense
of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and
would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act,
Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the

 

     A-20-9

     

    

 

Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional
Amount, the Class X-C Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then-outstanding Certificates (other than (i) the Class X-D, Class X-E Certificates
and Class X-F Certificates if the Sole Certificateholder has only taken an assignment of the Voting Rights of the Class X-D, Class X-E
Certificates and Class X-F Certificates pursuant to the definition of “Sole Certificateholder” and (ii) the Class
V and Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by
clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to
the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and

 

     A-20-10

     

    

 

Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-20-11

     

    

 

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class V Certificate to be duly executed.

 

Dated: August __, 2016

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

  

Certificate of Authentication

 

This is one of the Class
V Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: August __, 2016

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

  

     A-20-12

     

    

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

    B-1 

     

    

 

 

CD 2016-CD1 - Mortgage Loan Schedule

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Mortgage Loan	 	 	 	 	 	Mortage	Original Principal	Cut-off Date 	Maturity Date	Due
	ID	Loan Number	 Seller	Mortgage Loan Name	Street Address	City	State	Zip Code	Rate	Balance	Stated Principal Balance	or ARD	Date 
	GACC1	1.00	GACC	10 Hudson Yards	10 Hudson Yards	New York	NY	10001	2.98333%	$65,000,000	$65,000,000.00	8/6/2026	6
	GACC2	2.00	GACC	Fiserv at 2900 Westside	2900 & 2950 Westside Parkway	Alpharetta	GA	30004	4.01000%	$65,000,000	$65,000,000.00	8/6/2026	6
	GACC3	3.00	GACC	Westfield San Francisco Centre	865 Market Street	San Francisco	CA	94103	3.39400%	$60,000,000	$60,000,000.00	8/1/2026	1
	GACC4	4.00	GACC	Prudential Plaza	130 East Randolph Street & 180 North Stetson Avenue	Chicago	IL	60601	4.61000%	$50,000,000	$50,000,000.00	8/6/2025	6
	GACC5	5.00	GACC	U-Haul AREC Portfolio	Various	Various	Various	Various	3.72000%	$48,500,000	$48,500,000.00	8/6/2026	6
	GACC5.01	5.01	GACC	U-Haul N Miami Beach	2269 Northeast 163rd Street and 2100 Northeast 162nd Street	North Miami Beach	FL	33160 and 33162	3.72000%	$4,572,368	$4,572,367.53	 	 
	GACC5.02	5.02	GACC	U-Haul Moving & Storage At Oso Blanca	8701 Oso Blanca Road	Las Vegas	NV	89166	3.72000%	$3,429,275	$3,429,275.38	 	 
	GACC5.03	5.03	GACC	U-Haul Moving & Storage Of Spring Valley	5220 South Jones Boulevard	Las Vegas	NV	89118	3.72000%	$3,013,606	$3,013,605.75	 	 
	GACC5.04	5.04	GACC	U-Haul Moving & Storage Of North Brunswick	1256 How Lane	North Brunswick	NJ	08902	3.72000%	$2,909,688	$2,909,688.47	 	 
	GACC5.05	5.05	GACC	U-Haul Moving & Storage Of Marlboro	409 Highway 9 South	Englishtown	NJ	07726	3.72000%	$2,840,410	$2,840,409.94	 	 
	GACC5.06	5.06	GACC	U-Haul Moving & Storage Of Forestville Rd	4014 Forestville Road	District Heights	MD	20747	3.72000%	$2,805,771	$2,805,770.67	 	 
	GACC5.07	5.07	GACC	U-Haul Moving & Storage Of Casa Grande	242 North Camino Mercado	Casa Grande	AZ	85122	3.72000%	$2,667,214	$2,667,214.13	 	 
	GACC5.08	5.08	GACC	U-Haul Moving & Storage Of East Brunswick	397 State Route 18	East Brunswick	NJ	08816	3.72000%	$2,424,740	$2,424,740.30	 	 
	GACC5.09	5.09	GACC	U-Haul Coeur D Alene	750 West Appleway Avenue	Coeur d’Alene	ID	83814	3.72000%	$2,251,544	$2,251,544.49	 	 
	GACC5.1	5.10	GACC	U-Haul Moving & Storage At W Lake Mead Blvd	3083 West Lake Mead Boulevard	North Las Vegas	NV	89032	3.72000%	$2,182,266	$2,182,265.97	 	 
	GACC5.11	5.11	GACC	U-Haul Moving & Storage Of Little River	3195 Highway 9 East	Little River	SC	29566	3.72000%	$2,043,709	$2,043,709.43	 	 
	GACC5.12	5.12	GACC	U-Haul Moving & Storage At Hwy 13 & Portland Ave	12200 Portland Avenue	Burnsville	MN	55337	3.72000%	$1,929,400	$1,929,400.31	 	 
	GACC5.13	5.13	GACC	U-Haul Storage Of Cumming	3060 Keith Bridge Road	Cumming	GA	30041	3.72000%	$1,870,514	$1,870,514.12	 	 
	GACC5.14	5.14	GACC	U-Haul Moving & Storage Of Haines City	3307 US Highway 17-92 West	Haines City	FL	33844	3.72000%	$1,856,658	$1,856,658.01	 	 
	GACC5.15	5.15	GACC	U-Haul Storage Of Downtown	400 West Ashley Street	Jacksonville	FL	32202	3.72000%	$1,790,844	$1,790,843.76	 	 
	GACC5.16	5.16	GACC	U-Haul Moving & Storage Of Salisbury	1326 & 1402 North Salisbury Boulevard	Salisbury	MD	21801	3.72000%	$1,770,060	$1,770,060.10	 	 
	GACC5.17	5.17	GACC	U-Haul Center Dade County	5341 Northwest 7th Avenue	Miami	FL	33127	3.72000%	$1,628,040	$1,628,039.79	 	 
	GACC5.18	5.18	GACC	U-Haul Moving & Storage Of Historic Ybor City	2309 Angel Oliva Senior Street	Tampa	FL	33605	3.72000%	$1,233,154	$1,233,153.82	 	 
	GACC5.19	5.19	GACC	U-Haul Of Stone Mountain	4940 Memorial Drive	Stone Mountain	GA	30083	3.72000%	$1,203,710	$1,203,710.46	 	 
	GACC5.2	5.20	GACC	U-Haul Moving & Storage Of Cedar Rapids	1550 16th Avenue Southwest	Cedar Rapids	IA	52404	3.72000%	$1,098,061	$1,098,061.04	 	 
	GACC5.21	5.21	GACC	U-Haul Center North Irby St	369 North Irby Street	Florence	SC	29501	3.72000%	$1,004,535	$1,004,535.08	 	 
	GACC5.22	5.22	GACC	U-Haul Moving And Storage Of West Warner Robins	301 Robins West Parkway	Warner Robins	GA	31088	3.72000%	$1,004,535	$1,004,535.08	 	 
	GACC5.23	5.23	GACC	U-Haul 36th Street	2460 Northwest 36th Street	Miami	FL	33142	3.72000%	$969,896	$969,896.33	 	 
	GACC6	6.00	GACC	Birch Run Premium Outlets	12240 South Beyer Road	Birch Run	MI	48415	4.20900%	$43,000,000	$43,000,000.00	2/6/2026	6
	GACC7	7.00	GACC	Hall Office Park 16	3001 Dallas Parkway	Frisco	TX	75034	4.08000%	$42,000,000	$42,000,000.00	8/1/2026	1
	GACC8	8.00	GACC	Gas Company Tower & World Trade Center Parking Garage	555 West Fifth Street; 350 South Figueroa Street	Los Angeles	CA	90013; 90071	3.47270%	$40,000,000	$40,000,000.00	8/6/2021	6
	CGMRC1	9.00	CGMRC	Vertex Pharmaceuticals HQ	50 Northern Avenue & 11 Fan Pier Boulevard	Boston	MA	2110	2.79818%	$30,000,000	$30,000,000.00	8/6/2026	6
	CGMRC2	10.00	CGMRC	60 East 55th Street	60 East 55th Street	New York	NY	10022	4.27000%	$25,000,000	$25,000,000.00	8/6/2026	6
	GACC9	11.00	GACC	Embassy Suites Columbus	2886 Airport Drive	Columbus	OH	43219	5.05000%	$23,000,000	$23,000,000.00	1/6/2026	6
	GACC10	12.00	GACC	Columbia Gorge Premium Outlets	450 Northwest 257th Way	Troutdale	OR	97060	4.52000%	$21,350,000	$21,350,000.00	2/6/2026	6
	CGMRC3	13.00	CGMRC	Hilton Garden Inn San Leandro	510 Lewelling Boulevard	San Leandro	CA	94579	4.75000%	$20,275,000	$20,275,000.00	7/6/2026	6
	GACC11	14.00	GACC	Deerbrook Commons	9638 FM 1960 Bypass West	Humble	TX	77338	4.29000%	$17,000,000	$17,000,000.00	10/6/2025	6
	CGMRC4	15.00	CGMRC	401 South State Street	401 South State Street & 418 South Wabash Street	Chicago	IL	60605	4.80000%	$15,760,000	$15,742,454.07	7/6/2026	6
	GACC12	16.00	GACC	Oxford Glen Apartments	1424 Sycamore Drive	Augusta	GA	30909	4.85000%	$15,500,000	$15,482,941.80	7/6/2026	6
	CGMRC5	17.00	CGMRC	NY Rite Aid Portfolio	Various	Various	NY	Various	4.65000%	$11,950,830	$11,950,830.00	7/6/2026	6
	CGMRC5.01	17.01	CGMRC	Rite Aid - Batavia, NY	4155 West Main Road	Batavia	NY	14020	4.65000%	$3,387,489	$3,387,489.00	 	 
	CGMRC5.02	17.02	CGMRC	Rite Aid - West Seneca, NY	1454 Union Road	West Seneca	NY	14224	4.65000%	$3,185,236	$3,185,236.00	 	 
	CGMRC5.03	17.03	CGMRC	Rite Aid - Cheektowaga	2561 Union Road	Cheektowaga	NY	14227	4.65000%	$2,816,485	$2,816,485.00	 	 
	CGMRC5.04	17.04	CGMRC	Rite Aid - Greece, NY	4433 Dewey Avenue	Greece	NY	14616	4.65000%	$2,561,620	$2,561,620.00	 	 
	GACC13	18.00	GACC	Kahana Retail	4405 Honoapiilani Highway	Lahaina	HI	96761	4.69000%	$11,900,000	$11,900,000.00	1/6/2026	6
	GACC14	19.00	GACC	465 Columbus Ave	465 Columbus Avenue	Valhalla	NY	10595	4.50000%	$11,500,000	$11,500,000.00	8/6/2026	6
	CGMRC6	20.00	CGMRC	Shoppes at Vickery Village	5820, 5830, 5860 Clarion Street; 5802-5854 Vickery Street	Cumming	GA	30040	4.75000%	$10,687,500	$10,675,463.78	7/6/2026	6
	GACC15	21.00	GACC	San Marin Shopping Center	199 San Marin Drive	Novato	CA	94945	4.25000%	$9,300,000	$9,300,000.00	7/6/2026	6
	GACC16	22.00	GACC	Mapletree Gardens	6050 Glenmont Drive	Houston	TX	77081	4.30000%	$8,950,000	$8,950,000.00	7/6/2026	6
	GACC17	23.00	GACC	North Pacific Plaza	1675 Southwest Marlow Avenue	Portland	OR	97225	4.40000%	$8,500,000	$8,500,000.00	8/6/2026	6
	GACC18	24.00	GACC	Altmonte Apartments	10925 Beamer Road	Houston	TX	77089	4.70000%	$7,100,000	$7,100,000.00	8/6/2026	6
	GACC19	25.00	GACC	Fourth & Milliken	9638, 9640, 9668 Milliken Avenue & 11226 Fourth Street	Rancho Cucamonga	CA	91730	4.47000%	$6,800,000	$6,800,000.00	7/6/2026	6
	GACC20	27.00	GACC	Huntington Park	7019 Crowder Boulevard	New Orleans	LA	70127	4.75000%	$5,900,000	$5,900,000.00	8/6/2026	6
	GACC21	26.00	GACC	Holiday Inn Express Cocoa Beach	5575 North Atlantic Avenue	Cocoa Beach	FL	32931	4.83000%	$6,100,000	$6,100,000.00	8/6/2026	6
	GACC22	28.00	GACC	Hampton Inn Eugene	3780 West 11th Avenue	Eugene	OR	97402	4.54000%	$5,670,000	$5,663,302.58	7/6/2026	6
	GACC23	29.00	GACC	National Self Storage Portfolio	Various	Various	TX	79938	4.67000%	$5,000,000	$4,994,265.13	7/6/2026	6
	GACC23.01	29.01	GACC	Joe Battle	3070 Joe Battle Boulevard	El Paso	TX	79938	4.67000%	$3,000,000	$2,996,559.08	 	 
	GACC23.02	29.02	GACC	North Kenazo	490 North Kenazo Avenue	Horizon City	TX	79928	4.67000%	$2,000,000	$1,997,706.05	 	 
	GACC24	30.00	GACC	Shady Haven MHC	150 Old Englewood Road	Englewood	FL	34223	4.45000%	$4,600,000	$4,600,000.00	8/6/2026	6
	CGMRC7	31.00	CGMRC	Emporia Marketplace	200-280 Market Drive	Emporia	VA	23847	5.15000%	$4,165,000	$4,160,728.63	7/6/2026	6
	CGMRC8	32.00	CGMRC	Fresenius Medical Center Summit	7320 Archer Avenue	Summit Argo	IL	60501	4.60000%	$3,775,000	$3,775,000.00	8/1/2026	1

 

    

     

    

 

CD 2016-CD1 - Mortgage Loan Schedule

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	Servicing Fee Rate	Interest	 	 	 	 	 	 
	 	 	Mortgage Loan	 	Current Monthly	Master Servicing	Primary Servicing	Accrual 	Letter of 	 	Part of	Leasehold	Current Mezzanine	 
	ID	Loan Number	 Seller	Mortgage Loan Name	Debt Service	Fee Rate	Fee Rate	Method	Credit	Post-ARD Revised Rate	Loan Combination	Interest	or Subordinate Debt	Earnout/Holdback
	GACC1	1.00	GACC	10 Hudson Yards	             166,983.79 	0.0025%	0.00125%	Actual/360	None	 	Yes	Fee Simple	Yes	No
	GACC2	2.00	GACC	Fiserv at 2900 Westside	             224,448.61 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	GACC3	3.00	GACC	Westfield San Francisco Centre	             175,356.67 	0.0025%	0.0013%	Actual/360	$4,300,000 	 	Yes	Fee Simple/Leasehold	Yes	No
	GACC4	4.00	GACC	Prudential Plaza	             198,486.11 	0.0025%	0.0025%	Actual/360	None	 	Yes	Fee Simple	 	No
	GACC5	5.00	GACC	U-Haul AREC Portfolio	             248,562.39 	0.0025%	0.0025%	Actual/360	None	3.0000% in excess of the greater of (i) 3.7200% and (ii) the 10-year treasury yield as of the ARD plus 2.0200%	Yes	Fee Simple	 	No
	GACC5.01	5.01	GACC	U-Haul N Miami Beach	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.02	5.02	GACC	U-Haul Moving & Storage At Oso Blanca	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.03	5.03	GACC	U-Haul Moving & Storage Of Spring Valley	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.04	5.04	GACC	U-Haul Moving & Storage Of North Brunswick	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.05	5.05	GACC	U-Haul Moving & Storage Of Marlboro	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.06	5.06	GACC	U-Haul Moving & Storage Of Forestville Rd	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.07	5.07	GACC	U-Haul Moving & Storage Of Casa Grande	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.08	5.08	GACC	U-Haul Moving & Storage Of East Brunswick	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.09	5.09	GACC	U-Haul Coeur D Alene	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.1	5.10	GACC	U-Haul Moving & Storage At W Lake Mead Blvd	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.11	5.11	GACC	U-Haul Moving & Storage Of Little River	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.12	5.12	GACC	U-Haul Moving & Storage At Hwy 13 & Portland Ave	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.13	5.13	GACC	U-Haul Storage Of Cumming	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.14	5.14	GACC	U-Haul Moving & Storage Of Haines City	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.15	5.15	GACC	U-Haul Storage Of Downtown	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.16	5.16	GACC	U-Haul Moving & Storage Of Salisbury	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.17	5.17	GACC	U-Haul Center Dade County	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.18	5.18	GACC	U-Haul Moving & Storage Of Historic Ybor City	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.19	5.19	GACC	U-Haul Of Stone Mountain	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.2	5.20	GACC	U-Haul Moving & Storage Of Cedar Rapids	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.21	5.21	GACC	U-Haul Center North Irby St	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.22	5.22	GACC	U-Haul Moving And Storage Of West Warner Robins	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC5.23	5.23	GACC	U-Haul 36th Street	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC6	6.00	GACC	Birch Run Premium Outlets	             155,849.92 	0.0025%	0.0013%	Actual/360	None	 	Yes	Fee Simple	 	No
	GACC7	7.00	GACC	Hall Office Park 16	             202,456.33 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	GACC8	8.00	GACC	Gas Company Tower & World Trade Center Parking Garage	             119,615.22 	0.0025%	0.0013%	Actual/360	None	 	Yes	Fee Simple	Yes	No
	CGMRC1	9.00	CGMRC	Vertex Pharmaceuticals HQ	              72,286.23 	0.0025%	0.0025%	Actual/360	None	(1) 2.79817647% plus (2) the product of (A) the quotient of (x) the 2.79817647% divided by (y) 3.5300%, multiplied by (B) the difference between (x) the Aggregate Extended Interest Rate (the greater of (i) 6.5300% or (ii) the sum of (1) the then effective U.S. swap rate for a swap terminating on the then effective maturity date plus (2) 5.0000%), minus (y) 3.5300% 	Yes	Fee Simple	Yes	No
	CGMRC2	10.00	CGMRC	60 East 55th Street	             123,277.86 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	GACC9	11.00	GACC	Embassy Suites Columbus	             100,018.06 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	GACC10	12.00	GACC	Columbia Gorge Premium Outlets	              83,098.94 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	CGMRC3	13.00	CGMRC	Hilton Garden Inn San Leandro	              82,930.38 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	GACC11	14.00	GACC	Deerbrook Commons	              62,800.83 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	CGMRC4	15.00	CGMRC	401 South State Street	              82,687.26 	0.0025%	0.0025%	Actual/360	None	 	Yes	Fee Simple	Yes	No
	GACC12	16.00	GACC	Oxford Glen Apartments	              81,792.23 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	CGMRC5	17.00	CGMRC	NY Rite Aid Portfolio	              47,853.12 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	CGMRC5.01	17.01	CGMRC	Rite Aid - Batavia, NY	  	 	 	 	 	 	 	Fee Simple	 	 
	CGMRC5.02	17.02	CGMRC	Rite Aid - West Seneca, NY	  	 	 	 	 	 	 	Fee Simple	 	 
	CGMRC5.03	17.03	CGMRC	Rite Aid - Cheektowaga	  	 	 	 	 	 	 	Fee Simple	 	 
	CGMRC5.04	17.04	CGMRC	Rite Aid - Greece, NY	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC13	18.00	GACC	Kahana Retail	              48,059.47 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	GACC14	19.00	GACC	465 Columbus Ave	              58,268.81 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	CGMRC6	20.00	CGMRC	Shoppes at Vickery Village	              55,751.06 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	GACC15	21.00	GACC	San Marin Shopping Center	              34,035.42 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	GACC16	22.00	GACC	Mapletree Gardens	              33,139.86 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	GACC17	23.00	GACC	North Pacific Plaza	              42,564.68 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	GACC18	24.00	GACC	Altmonte Apartments	              36,823.28 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	GACC19	25.00	GACC	Fourth & Milliken	              26,174.33 	0.0025%	0.0000%	Actual/360	None	 	 	Fee Simple	 	No
	GACC20	27.00	GACC	Huntington Park	              30,777.19 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	Yes
	GACC21	26.00	GACC	Holiday Inn Express Cocoa Beach	              32,115.29 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	GACC22	28.00	GACC	Hampton Inn Eugene	              28,863.97 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	Yes
	GACC23	29.00	GACC	National Self Storage Portfolio	              25,841.81 	0.0025%	0.0000%	Actual/360	None	 	 	Fee Simple	 	No
	GACC23.01	29.01	GACC	Joe Battle	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC23.02	29.02	GACC	North Kenazo	  	 	 	 	 	 	 	Fee Simple	 	 
	GACC24	30.00	GACC	Shady Haven MHC	              23,171.06 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No
	CGMRC7	31.00	CGMRC	Emporia Marketplace	              22,741.99 	0.0025%	0.0000%	Actual/360	None	 	 	Fee Simple	 	No
	CGMRC8	32.00	CGMRC	Fresenius Medical Center Summit	              20,366.90 	0.0025%	0.0025%	Actual/360	None	 	 	Fee Simple	 	No

 

    

     

    

  

EXHIBIT C-1

 

FORM OF TRANSFEREE AFFIDAVIT

 

AFFIDAVIT PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED

	STATE OF NEW YORK	)	 
	 	)	ss:
	COUNTY OF NEW YORK	)	 

  

                                     ,
being first duly sworn, deposes and says:

 

1.            That he/she is
a                                      
of                                      
(the “Purchaser”), a                                      
duly organized and existing under the laws of the State of                                      
on behalf of which he/she makes this affidavit.

 

2.            That the Purchaser’s
Taxpayer Identification Number is                             .

 

3.            That the Purchaser
of the CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Class R (the “Class R Certificate”)
is a Permitted Transferee (as defined in Article I of the Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Pooling
and Servicing Agreement”), entered into among Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer,
Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services
LLC, as asset representations reviewer, Wells Fargo Bank, National Association, as trustee, and Wells Fargo Bank, National
Association, as certificate administrator, paying agent and custodian, or is acquiring the Class R Certificate for the account
of, or as agent (including as a broker, nominee, or other middleman) for, a Permitted Transferee and has received from such person
or entity an affidavit substantially in the form of this affidavit.

 

4.            That the Purchaser
historically has paid its debts as they have come due and intends to pay its debts as they come due in the future and the Purchaser
intends to pay taxes associated with holding the Class R Certificate as they become due.

 

5.            That the Purchaser
understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flow generated by the
Class R Certificate.

 

6.            That the Purchaser
will not transfer the Class R Certificate to any person or entity from which the Purchaser has not received an affidavit substantially
in the form of this affidavit or as to which the Purchaser has actual knowledge that the requirements set forth in paragraph 3,
paragraph 4 or paragraph 7 hereof are not satisfied or that the Purchaser has reason to know does not satisfy the requirements
set forth in paragraph 4 hereof.

 

    C-1-1 

     

    

 

7.            That the Purchaser
is not a Disqualified Non-U.S. Tax Person and is not purchasing the Class R Certificate for the account of, or as an agent (including
as a broker, nominee or other middleman) for, a Disqualified Non-U.S. Tax Person and is otherwise a Permitted Transferee.

 

8.            That the Purchaser
agrees to such amendments of the Pooling and Servicing Agreement as may be required to further effectuate the restrictions on transfer
of the Class R Certificate to a “disqualified organization,” an agent thereof, or a person that does not satisfy the
requirements of paragraph 4, paragraph 7 and paragraph 11 hereof.

 

9.            That, if a “tax
matters person” or “partnership representative” is required to be designated with respect to the Trust REMICs
and the Prudential Plaza Loan REMIC, the Purchaser agrees to act as “tax matters person” and to perform the functions
of “tax matters partner” or “partnership representative” of the Trust REMICs and the Prudential Plaza Loan
REMIC pursuant to Section 4.04 of the Pooling and Servicing Agreement, and agrees to the irrevocable designation of the Certificate
Administrator as the Purchaser’s agent in performing the function of “tax matters person” and “tax matters
partner” or “partnership representative”.

 

10.          The Purchaser
agrees to be bound by and to abide by the provisions of Section 5.02 of the Pooling and Servicing Agreement concerning registration
of the transfer and exchange of the Class R Certificate.

 

11.          The Purchaser
will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed base, within
the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Tax Person.

 

12.          Check the applicable
paragraph:

 

☐           The
present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed
the sum of:

 

 (i)          the
present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

 (ii)         the
present value of the expected future distributions on such Certificate; and

 

 (iii)        the
present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

 

For purposes of this calculation,
(i) the Purchaser is assumed to pay tax at the highest rate currently specified in Code Section 11(b) (but the tax rate in Code
Section 55(b)(1)(B) may be used in lieu of the highest rate specified in Code Section 11(b) if the Purchaser has been subject to
the alternative minimum tax under Code Section 55 in the preceding two years and will compute its taxable income in the current
taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount rate equal to the short
term Federal rate prescribed by Code Section 1274(d) for the month of the transfer and the compounding period used by the Purchaser.

 

    C-1-2 

     

    

 

☐          The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,

 

(i)          the
Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
income from the Class R Certificate will only be taxed in the United States;

 

(ii)          at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)         the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in U.S. Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Section 1.860E-1(c)(4)(i), (ii) and
(iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and

 

(iv)        the
Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐          None
of the above.

 

Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be executed on its behalf by its                                            
this          day of                        ,
20     .

 

	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-1-3 

     

    

 

Personally appeared before
me the above named                                 ,
known or proved to me to be the same person who executed the foregoing instrument and to be the of the Purchaser, and acknowledged
to me that he/she executed the same as his/her free act and deed and the free act and deed of the Purchaser.

 

Subscribed and sworn
before me this          day of                        ,
20     .

	 	 	 	 
	 	 	 	 
	NOTARY PUBLIC	 
	 	 	 	 
	COUNTY OF	 	 
	 	 	 
	STATE OF	 	 	 

 

My commission expires the         
day of                        ,
20     .

 

    C-1-4 

     

    

 

EXHIBIT C-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

 

Wells Fargo Bank, National Association 

Sixth Street & Marquette
Avenue 

Minneapolis, Minnesota
55479-0113 

Attention: CD 2016-CD1
Mortgage Trust

 

	Re:	Pooling and Servicing Agreement (“Pooling
                                         and Servicing Agreement”) relating to CD 2016-CD1 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Class R

  

Ladies and Gentlemen:

 

[Transferor] has reviewed
the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee] is not
a Permitted Transferee (as defined in the Pooling and Servicing Agreement defined in the attached affidavit) and has no actual
knowledge or reason to know that the information contained in the attached affidavit is not true. No purpose of [Transferor] relating
to the transfer of the Class R Certificate by [Transferor] to [Transferee] is or will be to impede the assessment of any tax.

 

	 	Very truly
yours,
	 	 
	 	[Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-2-1 

     

    

 

EXHIBIT D-1

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

Wells Fargo Bank, National Association 

Sixth Street & Marquette
Avenue 

Minneapolis, Minnesota
55479-0113 

Attention: CD 2016-CD1
Mortgage Trust

 

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

		Re:	Transfer of CD 2016-CD1 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates: Class [   ]

 

Ladies and Gentlemen:

 

This
letter is delivered pursuant to Section 5.02 of the Pooling and Servicing Agreement dated as of August 1, 2016 (the “Pooling
and Servicing Agreement”), entered into among Deutsche Mortgage & Asset Receiving Corporation, as depositor,
Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services LLC, as operating
advisor, Park Bridge Lender Services LLC, as asset representations reviewer, Wells Fargo Bank, National Association, as trustee,
and Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian, on behalf of the holders
of CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”) with respect
to the transfer by [__________] (the “Seller”) to the undersigned (the “Purchaser”) of [$_____
aggregate Certificate Balance][_____% Percentage Interest] of Class [_____] Certificates, in certificated fully registered form
(such registered interest, the “Certificate”). Terms used but not defined herein shall have the meanings ascribed
thereto in the Pooling and Servicing Agreement.

 

In connection with
such transfer, the undersigned hereby represents and warrants to you as follows:

 

			[For Institutional Accredited Investors only] 1. The Purchaser is an institutional “accredited
investor” within the meaning of Rule 501 (a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act of
1933, as amended (the “Securities Act”), or an entity in which all of the equity owners are such accredited
investors (an “Institutional Accredited Investor”), and has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of the investment in the Certificate, and the Purchaser and any accounts
for which the Purchaser is acting are each able to bear the economic risk of the investment. The Purchaser is acquiring the Certificate
for its own account or for one or more accounts (each of which is an Institutional Accredited Investor) as to each of which the
Purchaser exercises sole investment discretion. The Purchaser hereby undertakes to reimburse the Trust for any costs incurred by
it in connection with this transfer.

 

    D-1-1 

     

    

 

			[For Qualified Institutional Buyers only] 1. The Purchaser is a “qualified institutional
buyer” within the meaning of Rule 144A (“Rule 144A”) promulgated under the Securities Act of 1933, as
amended (the “Securities Act”). The Purchaser is aware that the transfer is being made in reliance on Rule 144A,
and the Purchaser has had the opportunity to obtain the information required to be provided pursuant to paragraph (d)(4)(i) of
Rule 144A.

 

		2.	The Purchaser’s intention is to acquire the Certificate (a) for investment for the Purchaser’s
own account or (b) for reoffer, resale, pledge or other transfer to (i) “qualified institutional buyers” within the
meaning of, and in transactions complying with, Rule 144A promulgated under the Securities Act, (ii) entities qualifying as “accredited
investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act, or
any entity in which all of the equity owners are such accredited investors, or (iii) pursuant to any other exemption from the registration
requirements of the Securities Act, subject in the case of this clause (iii) to (a) the receipt by the Certificate Registrar of
a letter substantially in the form hereof, (b) the receipt by the Certificate Registrar of an opinion of counsel acceptable to
the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act, (c) the receipt
by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or
transfer is in compliance with the Securities Act and other applicable laws (including applicable state and foreign securities
laws), and (d) a written undertaking to reimburse the Trust for any costs incurred by it in connection with the proposed transfer.
It understands that the Certificate (and any subsequent Individual Certificate) has not been registered under the Securities Act,
by reason of a specified exemption from the registration provisions of the Securities Act which depends upon, among other things,
the bona fide nature of the Purchaser’s investment intent (or intent to resell to only certain investors in certain exempted
transactions) as expressed herein.

 

		3.	The Purchaser acknowledges that the Certificate (and any Certificate issued on transfer or exchange
thereof) has not been registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction,
and that the Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder
or unless an exemption from such registration or qualification is available.

 

		4.	The Purchaser has reviewed the applicable Private Placement Memorandum dated August [_], 2016,
relating to the Certificates (the “Private Placement Memorandum”) and the agreements and other materials referred
to therein and has had the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions
contemplated by the Private Placement Memorandum.

 

		5.	The Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing
Agreement in its capacity as an owner of an Individual Certificate or Certificates, as the case may be (each, a “Certificateholder”),
in all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Trustee, the Certificate
Administrator, the Certificate Registrar and all Certificateholders present and future.

 

		6.	The Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance
with Section 5.02 of the Pooling and Servicing Agreement.

 

    D-1-2 

     

    

 

		7.	Check one of the following:

 

☐   The
Purchaser is a “U.S. Tax Person” (as defined below) and it has attached hereto an Internal Revenue Service (“IRS”)
Form W-9 (or successor form).

 

☐   The
Purchaser is not a “U.S. Tax Person” (as defined below) and under applicable law in effect on the date hereof, no taxes
will be required to be withheld by the Certificate Registrar (or its agent) with respect to distributions to be made on the Certificate(s).
The Purchaser has attached hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form), which identifies
such Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S. Tax Person, (ii) two
duly executed copies of IRS Form W-8IMY (and all appropriate attachments) or (iii)]* two duly executed copies of IRS Form W-8ECI
(or successor form), which identify such Purchaser as the beneficial owner of the Certificate(s) and state that interest and original
issue discount on the Certificate(s) is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser
agrees to provide to the Certificate Registrar updated [IRS Forms W-8BEN, IRS Forms W-8BEN-E, IRS Forms W-8IMY or]* IRS Forms W-8ECI[,
as the case may be]*, any applicable successor IRS forms, or such other certifications as the Certificate Registrar may reasonably
request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence
of any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate Registrar.

 

For purposes of this
paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership
(except to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of
the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source,
or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and
one or more such U.S. Persons have the authority to control all substantial decisions of such trust (or, to the extent provided
in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax
Persons).

 

Please
make all payments due on the Certificates: **

 

(a)by
wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

 

	Account number:	 
	 	 
	Institution:	 

  

(b)by
mailing a check or draft to the following address:

 

 

 

*         Delete for Class R.

 

**      Only to be filled out
by Purchasers of Individual Certificates. Please select (a) or (b).

 

    D-1-3 

     

    

 

	 
	 
	 
	 
	 

 

	 	Very truly yours,
	 	 
	 	[Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20___

 

    D-1-4 

     

    

 

EXHIBIT D-2

 

FORM OF ERISA REPRESENTATION LETTER

 

[Date]

 

Wells Fargo Bank, National Association 

Sixth Street & Marquette
Avenue 

Minneapolis, Minnesota
55479-0113 

Attention: CD 2016-CD1
Mortgage Trust 

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

		Re:	CD 2016-CD1 Mortgage Trust Commercial Mortgage
                                         Pass-Through Certificates, Class [   ]

 

Ladies and Gentlemen:

 

_______________ (the
“Purchaser”) intends to purchase from _______________ (the “Seller”) [$_____ initial Certificate
Balance][ or _____% Percentage Interest] of CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Class [_____],
CUSIP No. _____ (the “Certificates”), issued pursuant to the Pooling and Servicing Agreement dated as of August
1, 2016 (the “Pooling and Servicing Agreement”), among Deutsche Mortgage & Asset Receiving Corporation,
as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors,
LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, Wells Fargo Bank, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator,
paying agent and custodian. All capitalized terms used herein and not otherwise defined shall have the meaning set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and warrants to, and covenants with, the Depositor,
the Certificate Administrator, the Certificate Registrar and the Trustee that:

 

The Purchaser is not
and will not become (a) an employee benefit plan or other retirement arrangement, including an individual retirement account or
a Keogh plan, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Code Section 4975, a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal, state or local
law (“Similar Law”) which is to a material extent similar to the foregoing provisions of ERISA or the Code (each,
a “Plan”), or (b) a collective investment fund whose underlying assets include Plan assets by reason of a Plan’s
investment in the collective investment fund (pursuant to U.S. Department of Labor Regulation Section 2510.3-101, as modified by
Section 3(42) of ERISA, or Similar Law), an insurance company using assets of separate accounts or general accounts which are deemed
pursuant to ERISA or any Similar Law to include assets of Plans, or other person acting on behalf of any such Plan or using the
assets of

 

    D-2-1 

     

    

 

any
such Plan, other than (except in the case of the Class V and Class R Certificates) an insurance company using the assets of
its general account under circumstances whereby such purchase and the subsequent holding of such Certificate by
such insurance company would be exempt from the prohibited transaction provisions of Section 406 and 407 of ERISA and Code
Section 4975 under Sections I and III of PTCE 95-60, or a substantially similar exemption under Similar Law; and

 

The Purchaser understands
that if the Purchaser is a person referred to in clause (a) or (b) above, except in the case of the Class V and Class R Certificates,
which may not be transferred unless the transferee represents it is not such a person, such Purchaser is required to provide to
the Certificate Registrar any Opinions of Counsel, officers’ certificates or agreements as may be required by such persons,
and which establishes to the satisfaction of the Depositor, the Certificate Administrator and the Certificate Registrar that the
purchase and holding of the Certificates by or on behalf of a Plan will not constitute or result in a non-exempt prohibited transaction
within the meaning of Section 406 and Section 407 of ERISA or Code Section 4975 or any corresponding provision of any Similar Law,
and will not subject the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer or the Certificate Registrar to any obligation or liability (including obligations
or liabilities under ERISA, Code Section 4975 or Similar Law), which Opinions of Counsel, officers’ certificates or agreements
shall not be at the expense of the Master Servicer, the Special Servicer, the operating advisor, the asset representations reviewer,
the Depositor, the certificate administrator, the trustee or the Certificate Registrar.

 

IN WITNESS WHEREOF,
the Purchaser hereby executes this ERISA Representation Letter on this ___  day of  , 20__.

 

	 	Very truly yours,
	 	 
	 	[Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-2-2 

     

    

 

EXHIBIT E

 

FORM OF REQUEST FOR RELEASE

 

[Date]

 

Wells
Fargo Bank, National Association 

1055 10th Avenue SE

Minneapolis, Minnesota
55414 

Attention: CD 2016-CD1
Mortgage Trust

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

Dear __________________:

 

In connection with the
administration of the Mortgage Files held by, or on behalf of, you as Custodian under the Pooling and Servicing Agreement, the
undersigned hereby requests a release of the Mortgage File (or the portion thereof specified below) held by you as Custodian with
respect to the following described Mortgage Loan for the reason indicated below:

	 	 	 	 	 
	Mortgagor’s Name:  	 	 
	 	 	 	 	 
	Address:	 	 	 	 
	 	 	 	 	 
	Asset No.:	 	 	 

 

If only particular documents
in the Mortgage File are requested, please specify which:

 

Reason for requesting
file (or portion thereof):

 

	_____    	1.	Mortgage Loan paid in full. Such [Master Servicer] [Special
Servicer][Other Servicer][Other Special Servicer] hereby certifies that all amounts received in connection with the Mortgage Loan
have been or will be, following such [Master Servicer’s] [Special Servicer’s] [Other
Servicer’s][Other Special Servicer’s] release of the Mortgage File, credited to the Collection Account pursuant to
the Pooling and Servicing Agreement.

 

	_____    	2.	The Mortgage Loan is being foreclosed.

 

	_____    	3.	Other. (Describe)

 

The undersigned acknowledges
that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance with the provisions of
the

 

    E-1 

     

    

 

[Pooling and Servicing Agreement][Other Pooling and Servicing Agreement] and will be returned to you or your designee within
ten (10) days of our receipt thereof, unless [the [Other Servicer][Other Special Servicer] requires such Mortgage File pursuant
to the applicable Intercreditor Agreement or Other Pooling and Servicing Agreement.][the Mortgage Loan has been paid in full or
otherwise liquidated, in which case the Mortgage File (or such portion thereof) will be retained by us permanently, or unless the
Mortgage Loan is being foreclosed,] in which case the Mortgage File (or such portion thereof) will be returned when no longer required
by us for such purpose.

 

Capitalized terms used
but not defined herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement.

 

	 	[MASTER SERVICER][SPECIAL
SERVICER][OTHER SERVICER][OTHER SPECIAL SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    E-2 

     

    

 

EXHIBIT F

 

SECURITIES LEGEND

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE
HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3)
(EXCEPT WITH RESPECT TO THE CLASS [R] CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF
RULE 501 (a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR AN ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH
ACCREDITED INVESTORS, OR (4) (EXCEPT WITH RESPECT TO THE CLASS [R] CERTIFICATES) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION
S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO
DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF
SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

    F-1 

     

    

 

EXHIBIT G

 

FORM OF REGULATION S TRANSFER CERTIFICATE

 

Wells Fargo Bank, National
Association 

Sixth Street & Marquette
Avenue 

Minneapolis, Minnesota
55479-0113 

Attention: CD 2016-CD1
Mortgage Trust

 

		Re:	Transfer of CD 2016-CD1 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Class [    ]

 

Ladies and Gentlemen:

 

This certificate is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Pooling and Servicing
Agreement”), and executed in connection with the above referenced transaction, on behalf of the holders of the CD 2016-CD1
Mortgage Trust Commercial Mortgage Pass Through Certificates, Class [_] (the “Certificates”) in connection with
the transfer by the undersigned (the “Transferor”) to                                      
(the “Transferee”) of $                    
Certificate Balance of Certificates, in fully registered form (each, an “Individual Certificate”), or a beneficial
interest of such aggregate Certificate Balance in the Regulation S Global Certificate (the “Global Certificate”)
maintained by The Depository Trust Company or its successor as Depositary under the Pooling and Servicing Agreement (such transferred
interest, in either form, being the “Transferred Interest”).

 

In connection with such
transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions
set forth in the Pooling and Servicing Agreement and the Certificates and (i) with respect to transfers made in accordance with
Regulation S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:

 

(1)          the offer of the
Transferred Interest was not made to a person in the United States;

 

[(2)         at the time the
buy order was originated, the Transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the Transferee was an institution that was outside the United States;]*

 

[(2)         the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither there undersigned
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]*

 

 

 

* Insert one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

 

    G-1 

     

    

 

(3)          no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)          the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:`	 
	 	 	Name:
	 	 	Title:

  

Dated: ________________, 20     

 

    G-2 

     

    

 

EXHIBIT H

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchanges or transfers pursuant to
Section 5.02(c)(ii)(A) of 

the Pooling and Servicing Agreement) 

 

Wells Fargo Bank, National
Association 

Sixth Street & Marquette
Avenue 

Minneapolis, Minnesota
55479-0113 

Attention: CD 2016-CD1 Mortgage Trust

 

		Re:	Transfer of CD 2016-CD1 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Class [    ]

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”),
and executed in connection with the above-referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to
US $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of Rule 144A Global
Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest for an interest in the Regulation S Global Certificate (CUSIP No.                     )
to be held with [Euroclear] [Clearstream]* (Common Code) through the Depositary.

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the Transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with Regulation
S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby
certify that:

 

(1)          the offer of the
Certificates was not made to a person in the United States,

 

[(2)         at the time the
buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any persons
acting on its behalf reasonably believed that the Transferee was outside the United States,]**

 

 

 

* Select appropriate depository.

 

** Insert one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

 

    H-1 

     

    

 

[(2)          the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)           no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)           the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20__

 

    H-2 

     

    

 

EXHIBIT I

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE AFTER THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to

Section 5.02(c)(ii)(B) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association 

Sixth Street & Marquette
Avenue 

Minneapolis, Minnesota
55479-0113 

Attention: CD 2016-CD1
Mortgage Trust

 

		Re:	Transfer of CD 2016-CD1 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Class [    ]

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

The letter relates to
U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Rule 144A
Global Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation S Global Certificate (Common Code
No.                     ).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and, (i) with respect to transfers made in reliance
on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), the Transferor does hereby
certify that:

 

(1)          the offer of the
Certificates was not made to a person in the United States,

 

[(2)        at the time the
buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the transferee was outside the United States,]*

 

 

 

* Insert one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

 

    I-1 

     

    

 

[(2)        the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)         no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)          the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act;

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______________, 20___

 

    I-2 

     

    

 

EXHIBIT J

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM REGULATION S GLOBAL

CERTIFICATE TO RULE 144A GLOBAL CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to Section
5.02(c)(ii)(C)

of the Pooling and Servicing Agreement)

Wells Fargo Bank, National Association 

Sixth Street & Marquette
Avenue 

Minneapolis, Minnesota
55479-0113 

Attention: CD 2016-CD1
Mortgage Trust

 

		Re:	Transfer of CD 2016-CD1 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Class [    ]

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to
U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Regulation
S Global Certificate (CUSIP No.                     )
with [Euroclear] [Clearstream]* (Common Code                     )
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation 144A Global Certificate (CUSIP No.
                    ).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Pooling and Servicing Agreement and (ii) Rule 144A under the Securities
Act to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account with respect to
which the transferee exercises sole investment discretion and the transferee and any such account is “qualified institutional
buyer” within the meaning of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance
with any applicable securities laws of any state of the United States or an jurisdiction.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

 

 

* Select appropriate depositary.

 

    J-1 

     

    

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ______________, 20__

 

    J-2 

     

    

 

EXHIBIT K

 

FORM OF DISTRIBUTION DATE STATEMENT

 

    K-1 

     

    

  

 

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION DATE STATEMENT	 	 	 
	 	 	 	 	Table of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification Tables	7-9	 	 	 
	 	 	 	 	Mortgage Loan Detail	10	 	 	 
	 	 	 	 	NOI Detail	11	 	 	 
	 	 	 	 	Principal Prepayment Detail	12	 	 	 
	 	 	 	 	Historical Detail	13	 	 	 
	 	 	 	 	Delinquency Loan Detail	14	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	15-16	 	 	 
	 	 	 	 	Advance Summary	17	 	 	 
	 	 	 	 	Modified Loan Detail	18	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	19	 	 	 
	 	 	 	 	Historical Bond / Collateral Loss Reconciliation Detail	20	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	21-22	 	 	 
	 	 	 	 	Defeased Loan Detail	23	 	 	 
	 	 	 	 	Supplemental Reporting	24	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Depositor	 	 	 	Master Servicer	 	 	 	Special Servicer	 	 	 	Operating
    Advisor/ 

    Asset Representations Reviewer 	 	 
	 	 	Deutsche Mortgage & Asset

                                         Receiving Corporation 
	 	 	 	

                                             Midland
Loan Services, a Division of PNC Bank,

National Association
	 	 	 	Rialto Capital Advisors, LLC
790 NW 107th Avenue	 	 	 	Park Bridge Lender Services LLC
600 Third Avenue	 	 
	 	 	60 Wall Street	 	 	 	10851 Mastin Street, Suite 300	 	 	 	4th Floor	 	 	 	40th Floor	 	 
	 	 	New York, NY 10005	 	 	 	Overland Park, KS 66210	 	 	 	Miami, FL 33172	 	 	 	New York, NY 10016	 	 
	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 
	 	 	Contact:	 	 	 	 	 	 	 	Contact:	 	 	 	 	 	 
	 	 	Helaine M. Kaplan	 	 	 	Contact:     Heather Wagner	 	 	 	Niral.shah@rialtocapital.com	 	 	 	Contact: David Rodgers	 	 
	 	 	Phone Number:  (212) 250-5270	 	 	 	Phone:       (913) 253-9396	 	 	 	Phone Number:	 	 	 	Phone Number:     (212) 230-9025	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from
    information provided by third parties. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the information.	 	 
	 	 	 	 
	 	Please visit www.ctslink.com for additional information
    and special notices. In addition, certificateholders may register online for email notification when special notices are posted.
    For information or assistance please call 866-846-4526.	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 1 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Distribution
    Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class 	 	CUSIP	 	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/

    Additional Trust

    Fund Expenses	 	Total

    Distribution	 	Ending

    Balance	 	Current

    Subordination

    Level (1)	 	 
	 	 	A-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-SB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-M	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	V	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	CUSIP	 	Pass-Through

    Rate	 	Original

    Notional

    Amount	 	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	 	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1) Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A).

                                               

                                               

                                               

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 2 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

Balance
	Principal

Distribution
	Interest

Distribution
	Prepayment

Premium
	Realized
Loss/

Additional Trust

Fund Expenses
	Ending

Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-SB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-M	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	V	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-B	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-C	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-D	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-E	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-F	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 3 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation Detail	 	 
	 	 	Principal Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled

    Principal	 	Principal

    Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
    Certificate Interest Reconciliation
    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual
 Days	 	Accrued

    Certificate

    Interest	 	Net Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC CAP

    Shortfall	 	Additional

    Trust Fund

    Expenses	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

 Certificate Interest	 	 
	 	 	A-1	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-2	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-SB	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-3	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-4	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-M	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	G	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 4 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount (1)	 	  0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling Class Information	 	 	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 	    Controlling Class:	 	 	 	 	 	 	 	 	 
	 	 	Effective as of:
    mm/dd/yyyy	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 	 	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App. Red.	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
        (1) The Available Distribution
        Amount includes any Prepayment Premiums.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 5 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Interest paid or advanced	0.00	 	 	Master Servicing Fee
    - Midland Loan Services	0.00	 	 
	 	Interest reductions due to Non-Recoverability
    Determinations	0.00	 	 	Trustee Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administration Fee - Wells
    Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC® Intellectual Property Royalty License Fee	0.00	 	 
	 	Net Prepayment Interest Shortfall	0.00	 	 	Operating Advisor Fee - Park Bridge Lender Services LLC	0.00	 	 
	 	Net Prepayment Interest Excess	0.00	 	 	Asset Representations
    Reviewer Fee - Park Bridge Lender 	0.00	 	 
	 	Extension Interest	0.00	 	 	Services LLC	 	 	 
	 	Interest Reserve Withdrawal	0.00	 	 	Total Fees	 	0.00	 
	 	Total Interest Collected	 	0.00	 	Additional Trust
    Fund Expenses:	 	 	 
	 	 	 	 	 	Reimbursement for
    Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	Principal:	 	 	 	Special Servicing Fee	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Rating Agency Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Attorney Fees & Expenses	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Collection of Principal after Maturity
    Date	0.00	 	 	Taxes Imposed on Trust Fund	0.00	 	 
	 	Recoveries from Liquidation and Insurance
    Proceeds	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Excess of Prior Principal Amounts paid	0.00	 	 	Other Expenses	0.00	 	 
	 	Curtailments	0.00	 	 	Total Additional Trust Fund Expenses	 	0.00	 
	 	Negative Amortization	0.00	 	 	 	 	 	 
	 	Principal Adjustments	0.00	 	 	Interest Reserve Deposit	 	0.00	 
	 	Total Principal Collected	 	0.00	 	 	 	 	 
	 	 	 	 	 	Payments to Certificateholders &
    Others:	 	 	 
	 	Other:	 	 	 	Interest Distribution	0.00	 	 
	 	Prepayment Penalties/Yield Maintenance	0.00	 	 	Principal Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Prepayment Penalties/Yield Maintenance	0.00	 	 
	 	Borrower Option Extension Fees	0.00	 	 	Borrower Option Extension Fees	0.00	 	 
	 	Equity Payments Received	0.00	 	 	Equity Payments Paid	0.00	 	 
	 	Net Swap Counterparty Payments Received	0.00	 	 	Net Swap Counterparty Payments Paid	0.00	 	 
	 	Total Other Collected	 	0.00	 	Total Payments to Certificateholders
    & Others	 	0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 6 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled Balance	 	State   (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled

    Balance	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	State	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	  See footnotes on last page of this section.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 7 of 24

     

    
 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt Service Coverage Ratio	 	Property Type   (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service

    Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Property
    Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note Rate	 	Seasoning	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note

    Rate	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See footnotes on last page
    of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 8 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Anticipated Remaining Term
    (ARD and Balloon Loans)	 	Remaining Stated Term (Fully
    Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Anticipated
    Remaining

    Term (2)	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Remaining
    Stated

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining Amortization
    Term (ARD and Balloon Loans)	 	Age of Most Recent NOI	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Age
    of Most

    Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	

(1) Debt Service Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases, the most recent DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the offering document is used. The Trustee makes no representations as to the accuracy of the data provided by the borrower for this calculation.

	 
	 	 	 
	 	(2) Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the Anticipated Repayment Date, if applicable, and the maturity date.	 
	 	 	 
	 	(3) Data in this table was calculated by allocating pro-rata the current loan information to the properties based upon the Cut-off Date balance of each property as disclosed in the offering document.	 
	 	 	 	 	 

 

    	 	 	 Page 9 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon
    	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	OF	-	Office	1	-	Modification	6	-	DPO	10	-	Deed in Lieu Of	1	-	Maturity Date Extension	6	-	Capitalization of Interest	 
	 	RT 	-	Retail	MU	-	Mixed Use	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	2	-	Amortization Change	7	-	Capitalization of Taxes	 
	 	HC	-	Health Care	LO	-	Lodging	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	3	-	Principal Write-Off	8	-	Principal Write-Off	 
	 	IN  	-	Industrial	SS	-	Self Storage	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	4	-	Blank	9	-	Combination	 
	 	WH	-	Warehouse	OT	-	Other	5	-	Note Sale	 	 	   to Master Servicer	13	-	Other or TBD	5	-	Temporary Rate Reduction	 	 	 	 
	 	MH 	-	Mobile Home Park	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 10 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI	Most

    Recent

    NOI	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 11 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 
	 	Principal Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan Number	Loan Group	Offering
    Document	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Cross-Reference	Payoff
    Amount	Curtailment
    Amount	Prepayment
    Premium	Yield
    Maintenance Premium	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 12 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	Coupon	Remit	WAM	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals are excluded from the
    delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 13 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Mortgage

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	-   Current	4	-	Assumed Scheduled Payment	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 	 
	 	 	 	 	But Still in Grace Period	1	-   One Month Delinquent	 	 	(Performing Matured Balloon)	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	 	 
	 	 	 	 	Or Not Yet Due	2	-   Two Months Delinquent	5	-	Non Performing Matured Balloon	3 	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 	 
	 	 	B	-	Late Payment But Less	3	-   Three or More Months Delinquent	 	 	 	4 	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 	 
	 	 	 	 	Than 1 Month Delinquent	 	 	 	 	 	5 	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	** Outstanding
    P & I Advances include the current period advance.	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 14 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	NOI

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-   Modification	6	-	DPO	10	-	Deed In Lieu Of	MF	-	 Multi-Family	OF	-	Office	 
	 	2	-   Foreclosure	7	-	REO	 	 	Foreclosure	RT	-	 Retail	MU	-	Mixed use	 
	 	3	-   Bankruptcy	8	-	Resolved	11	-	Full Payoff	HC	-	 Health Care	LO	-	Lodging	 
	 	4	-   Extension	9	-	Pending Return	12	-	Reps and Warranties	IN	-	 Industrial	SS	-	Self Storage	 
	 	5	-   Note Sale	 	 	to Master Servicer	13	-	Other or TBD	WH	-	 Warehouse	OT	-	Other	 
	 	 	 	 	 	 	 	 	 	MH	-	 Mobile Home Park	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 15 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

    Phase 1 Date
	Appraisal
Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code
	 	 	 	 	 	 	 	 	 	 	 
	 	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 
	 	2	-	Foreclosure	7	-	REO	 	 	Foreclosure	 
	 	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 
	 	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 
	 	5	-	Note Sale	 	 	to Master Servicer	13	-	Other or TBD	 
	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 16 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	 	 	 Page 17 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 
	 	Modified Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 18 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Liquidated
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 19 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Bond/Collateral
    Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 20 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	 	Work
    Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 21 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	Other
    (Shortfalls)/

    Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total Interest
    Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	 	 	 Page 22 of 24

     

    

 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Defeased
    Loan Detail
	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering
    Document

    Cross-Reference	Ending
    Scheduled

    Balance	Maturity
    Date	Note
    Rate	Defeasance
    Status	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

    	 	 	 Page 23 of 24

     

    
 

	 	 	 	 
		Deutsche Mortgage Asset & Receiving Corporation

Commercial Mortgage Pass-Through Certificates

Series 2016-CD1	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination Date:	9/6/16

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	 	 Page 24 of 24

     

    

EXHIBIT L-1A

 

Form
of Investor Certification for Non-Borrower PartY

(for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045 

Attention: Corporate
Trust Services – CD 2016-CD1 Mortgage Trust

Email: trustadministrationgroup@wellsfargo.com 

           ct.cmbs.bond.admin@wellsfargo.com

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

           

1.          The undersigned
is a certificateholder, beneficial owner or prospective purchaser of the Class ___ Certificates, and is neither the Controlling
Class Representative nor a Controlling Class Certificateholder.

 

2.          In the case of
a Publicly Offered Certificate, the undersigned has received a copy of the Prospectus.

 

3.          The undersigned
is not a Borrower Party.

 

4.          The undersigned
is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”) on
the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

    	 	 L-1A-1	 

     

    

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.          The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with
respect to any such breach by the undersigned or any of its Representatives.

 

6.          The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

7.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.]

  

	 	[Certificateholder][Beneficial Owner][Prospective Purchaser]
	 	 	 
		By:	
 
	 	 	Title:

Company:

Phone:

 

    	 	 L-1A-2	 

     

    

 

EXHIBIT L-1B

 

Form
of Investor Certification for Non-Borrower PartY

(for the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

 

	Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head	
        

        Wells Fargo Bank, National Association

Corporate Trust Services 

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – CD 2016-CD1

        Email: trustadministrationgroup@wellsfargo.com

        ct.cmbs.bond.admin@wellsfargo.com

        

	 	 
	
        Rialto Capital Advisors, LLC

        790 NW 107th Avenue, 4th Floor

        Miami, Florida 33172

        Attention: Liat Heller

                         Jeff Krasnoff

                         Niral Shah

                         Adam Singer

        
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: CD 2016-CD1-Surveillance Manager

        

        (with a copy sent contemporaneously via email 

to cmbs.notices@parkbridgefinancial.com)

        

	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned
is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

3.          The undersigned
is not a Borrower Party.

 

4.          The undersigned
is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside

 

    	 	 L-1B-1	 

     

    

 

persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law, regulation or legal, judicial or administrative
process; provided, however, that the confidentiality requirement detailed above shall not apply to information which
(i) is already in the undersigned’s possession, (ii) is or becomes publicly available other than as a result of a disclosure
by the undersigned in breach of this agreement or (iii) is or becomes available to the undersigned from a source other than the
Certificate Administrator’s Website.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.          The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with
respect to any such breach by the undersigned or any of its Representatives.

 

6.          At any time the
undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned shall deliver the certification attached
as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached as Exhibit
L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

7.          The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

8.          The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

9.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.]

 

    	 	 L-1B-2	 

     

    

 

	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
		By:	
 
	 	 	Title:

Company:

Phone:

 

    	 	 L-1B-3	 

     

    

 

EXHIBIT L-1C

 

Form
of Investor Certification for Borrower PartY

(for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

 

	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – CD 2016-CD1

Email: 

trustadministrationgroup@wellsfargo.com

ct.cmbs.bond.admin@wellsfargo.com	Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention:  Liat Heller

                  Jeff Krasnoff

                  Niral Shah

                  Adam Singer
	 	 
	Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head	 
	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned
is a certificateholder, beneficial owner or prospective purchaser of the Class ___ Certificates, and is neither the Controlling
Class Representative nor a Controlling Class Certificateholder.

 

2          The undersigned
is a Borrower Party.

 

3.          The undersigned
is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside

 

    	 	 L-1C-1	 

     

    

 

persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.          The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with
respect to any such breach by the undersigned or any of its Representatives.

 

5.          The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

6.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

 

	 	[Certificateholder][Beneficial
Owner][Prospective Purchaser]
	 	 	 
		By:	
 
	 	 	Title:

Company:

Phone:

 

    	 	 L-1C-2	 

     

    

 

EXHIBIT L-1D

 

Form
of Investor Certification for Borrower PartY

(for the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

 

	Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head	
        Wells Fargo Bank, National Association

        Corporate Trust Services

        

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – CD 2016-CD1

        Email: trustadministrationgroup@wellsfargo.com

        ct.cmbs.bond.admin@wellsfargo.com

        

	 	 
	
        Rialto Capital Advisors, LLC

        790 NW 107th Avenue, 4th Floor

        Miami, Florida 33172

        Attention: Liat Heller

        

           Jeff Krasnoff

                         Niral Shah

                         Adam Singer

        
	
        Park Bridge Lender Services LLC

c/o Park Bridge Financial LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CD 2016-CD1-Surveillance Manager 

        (with a copy sent contemporaneously via email 

to cmbs.notices@parkbridgefinancial.com)

        

	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned
is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

2          The undersigned
is a Borrower Party with respect to the following Excluded Controlling Class Mortgage Loans:

 

[IDENTIFY EXCLUDED
CONTROLLING CLASS MORTGAGE LOANS] (the “Excluded Controlling Class Mortgage Loans”)

 

    	 	 L-1D-1	 

     

    

 

3.          Except with respect
to the Excluded Controlling Class Mortgage Loans, the undersigned is requesting access pursuant to the Pooling and Servicing Agreement
to certain information (the “Information”) on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.          The undersigned
hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as defined in the
Pooling and Servicing Agreement) relating to the Excluded Controlling Class Mortgage Loans to the extent the undersigned receives
access to such Excluded Information on the Certificate Administrator’s website or otherwise receives access to such Excluded
Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

5.          The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify each party to
the Pooling and Servicing Agreement, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.          To the extent the
undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise receives
access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or indirectly
provide such Excluded Information to the related Borrower or (A) any employees or personnel of the undersigned or any Affiliate
involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge,
any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) will maintain sufficient
internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause
(i) above.

 

7.          The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

    	 	 L-1D-2	 

     

    

 

8.          The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

9.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

 

	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
		By:	
 
	 	 	Title:

Company:

Phone:

 

    	 	 L-1D-3	 

     

    

 

EXHIBIT L-1E

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER

 

[Date]

 

	Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head	
        

        Wells Fargo Bank, National Association

        Corporate Trust Services

        

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – CD 2016-CD1

        Email: 

trustadministrationgroup@wellsfargo.com

        ct.cmbs.bond.admin@wellsfargo.com

        

	 	 
	
        Rialto Capital Advisors, LLC

        790 NW 107th Avenue, 4th Floor

        Miami, Florida 33172

        Attention: Liat Heller

        

         Jeff Krasnoff

                Niral Shah

                Adam Singer 
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: CD 2016-CD1-Surveillance Manager

        

        (with a copy sent contemporaneously via email 

to cmbs.notices@parkbridgefinancial.com)

        

	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

THIS NOTICE IDENTIFIES
AN “EXCLUDED CONTROLLING CLASS MORTGAGE LOAN” RELATING TO THE CD 2016-CD1 MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.32 OF THE POOLING AND SERVICING AGREEMENT.

 

In accordance with Section
4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby certifies and agrees as follows:

 

1.          The undersigned is
[the Controlling Class Representative] [a Controlling Class Certificateholder] as of the date hereof.

 

2.          The undersigned has
become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded Controlling Class
Mortgage Loans”):

 

    	 	 L-1E-1	 

     

    

 

	Mortgage Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.          As of the date above,
the undersigned is the beneficial owner of the following certificates, and is providing the below information to the addressees
hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, the Certificate Administrator’s
determination as to whether a Consultation Termination Event or Control Termination Event is in effect with respect to the Excluded
Controlling Class Mortgage Loans listed in paragraph 2 if any such mortgage loan is an Excluded Mortgage Loan:
 

 

	CUSIP	Class	Outstanding Certificate Balance	Initial Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

4.          The undersigned is
simultaneously providing notice to the Certificate Administrator in the form of Exhibit L-1F to the Pooling and Servicing Agreement,
requesting termination of access to any Excluded Information. The undersigned acknowledges that it is not permitted to access and
shall not access any Excluded Information relating to the Excluded Controlling Class Mortgage Loans on the Certificate Administrator’s
website unless and until it has (i) delivered notice of the termination of the related Excluded Controlling Class Holder status
and (ii) submitted a new investor certification in accordance with Section 4.02(b) of the Pooling and Servicing Agreement.

 

5.          The undersigned agrees
to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters, the Initial Purchasers and
the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing this indemnity)
arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative or person acting
on its behalf of any Excluded Information relating to the Excluded Controlling Class Mortgage Loans listed in Paragraph 2 above.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

    	 	 L-1E-2	 

     

    

 

IN WITNESS WHEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized
officer, as of the day and year written above.

 

	 	[Controlling Class Representative][a
Controlling Class Certificateholder]
	 	 	 
		By:	
 
	 	 	Name:

Title:

Phone:

Email:

Address:

 

    	 	 L-1E-3	 

     

    

 

EXHIBIT L-1F

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	
        Via: Email

        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – CD 2016-CD1

        trustadministrationgroup@wellsfargo.com

        ct.cmbs.bond.admin@wellsfargo.com

         

        [with a copy to:

         

        Wells Fargo Bank, National Association

        8480 Stagecoach Circle

        Frederick, Maryland 21701-4747

        Attention: CD 2016-CD1]

         

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In accordance with Section
4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby directs you as follows:

 

1.          The undersigned is
the [Controlling Class Representative][a Controlling Class Certificateholder] as of the date hereof.

 

2.          The undersigned has
become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded Controlling Class
Mortgage Loans”):

 

	Mortgage Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 

 

    	 	 L-1F-1	 

     

    

 

	 	 	 	 

 

3.          The following USER
IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate Administrator’s Website
with respect to the CD 2016-CD1 Mortgage Trust securitization should be revoked as to such users:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

4.          The undersigned acknowledges
that it is not permitted to access and shall not access any Excluded Information with respect to such Excluded Controlling Class
Mortgage Loans on the Certificate Administrator’s website unless and until it (i) is no longer an Excluded Controlling Class
Holder with respect to such Excluded Controlling Class Mortgage Loans, (ii) has delivered notice of the related Excluded Controlling
Class Holder status and (iii) has submitted an investor certification in the form of Exhibit L-1E to the Pooling and Servicing
Agreement.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized
officer, as of the day and year written above.

 

	 	 	[Controlling Class Representative][a Controlling Class Certificateholder]
	 	 	 	 
			
 
	 	 	Name:

Title:

Phone:

Email:

Address:

 

    	 	 L-1F-2	 

     

    

 

The undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator

 

	 	 	 
	Name:

Title:	 	 

 

 

    	 	 L-1F-3	 

     

    

 

EXHIBIT L-1G

 

Form
of Certification of the Controlling Class Representative

 

[Date]

 

	Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head	
        

        Wells Fargo Bank, National Association

        Corporate Trust Services

        

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – CD 2016-CD1

        

        Email: 

trustadministrationgroup@wellsfargo.com

        ct.cmbs.bond.admin@wellsfargo.com

        

	 	 
	
        Rialto Capital Advisors, LLC

        790 NW 107th Avenue, 4th Floor

        Miami, Florida 33172

        Attention: Liat Heller

        

         Jeff Krasnoff

                Niral Shah

                Adam Singer
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: CD 2016-CD1-Surveillance Manager

        

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

        

	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In accordance with Section
3.29(a) of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned
has been appointed to act as the Controlling Class Representative.

 

2.          The undersigned
is not a Borrower Party.

 

3.          If the undersigned
becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver the certification attached
as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached as Exhibit
L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

4.          The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

    	 	 L-1-1	 

     

    

 

5.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

 

	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
		By:	
 
	 	 	Title:

Company:

Phone:

 

    	 	 L-1-2	 

     

    

 

EXHIBIT L-2

 

FORM OF FINANCIAL MARKET PUBLISHER CERTIFICATION

 

This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.

 

In connection with
the CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”) issued pursuant
to the Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”),
entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC
Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services
LLC, as operating advisor, Park Bridge Lender Services LLC,
as asset representations reviewer, Wells Fargo Bank, National Association, as trustee, and Wells Fargo Bank, National Association,
as certificate administrator, paying agent and custodian, the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is an employee or agent of BlackRock Financial Management, Inc., Bloomberg Financial
Markets, L.P., Intex Solutions, Inc., Trepp, LLC, Interactive Data Corporation, Markit LLC or Thomson Reuters Corporation, a market
data provider that has been given access to the Distribution Date Statements, CREFC® reports and supplemental notices
delivered or made available pursuant to Section 4.02 of the Pooling and Servicing Agreement to Privileged Persons on www.ctslink.com
(the “Website”) by request of the Depositor.

 

		2.	The undersigned agrees that each time it accesses the Website, the undersigned is deemed to have
recertified that the representation above remains true and correct.

 

		3.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the agreement pursuant to which the Certificates were issued.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.

  

    	 	 L-2-1	 

     

    

 

EXHIBIT M

 

FORM OF NOTIFICATION FROM CUSTODIAN

 

[DATE]

 

To the Persons Listed on the attached Schedule
A

 

		Re:	Pooling and Servicing Agreement (“Pooling and
Servicing Agreement”) relating to CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

Ladies and Gentlemen:

 

In accordance with Section
2.02 of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby notifies you that, based upon the review required
under the Pooling and Servicing Agreement, the Mortgage File for each Mortgage Loan set forth on the attached defect schedule contains
a document or documents which (i) has not been executed or received, (ii) has not been recorded or filed (if required), (iii) is
unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, (iv) appears not to be what they purport to be or has
been torn in any materially adverse manner or (v) is mutilated or otherwise defaced, in each case as more fully described on the
attached defect schedule.

 

The Custodian has no
responsibility to determine, and expresses no opinion with respect thereto, whether any document or opinion is legal, valid, binding
or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine
if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any
applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing
any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian
	 	 	 
		By:	
 
	 	 	Name:

Title:

 

    	 	 M-1	 

     

    

 

SCHEDULE A

TO

FORM OF NOTIFICATION FROM CUSTODIAN

 

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CD 2016-CD1-Surveillance Manager

 

Midland Loan Services, a
Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

 

			with a copy to:

 

Stinson Leonard Street LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention: Kenda K. Tomes

 

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:

 

Jeff Krasnoff

Facsimile number: (305) 229-6425

E-mail: jeff.krasnoff@rialtocapital.com;

Niral Shah

Facsimile number: (305) 229-6425

Email: niral.shah@rialtocapital.com;

Adam Singer

facsimile number (305) 229-6425

Email: adam.singer@rialtocapital.com

 

    	 	 M-2	 

     

    

 

Wells Fargo Bank, National Association

Corporate Trust Services

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services — CD 2016-CD1

 

with copies to:

ct.cmbs.bond.admin@wellsfargo.com; and

trustadministrationgroup@wellsfargo.com.

 

Wells Fargo Bank, National Association

Corporate Trust Services 

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services — CD 2016-CD1

 

To the applicable Mortgage Loan Seller:

 

German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

Citigroup
Global Markets Realty Corp. 

390 Greenwich
Street, 5th Floor

New York,
New York 10013 

Attention:
Paul Vanderslice

 

with a copy
to:

 

Citigroup
Global Markets Realty Corp. 

390 Greenwich
Street, 7th Floor

New York,
New York 10013 

Attention:
Richard Simpson

  

with copies
by electronic mail to:

 

Richard.simpson@citi.com;

ryan.m.oconnor@citi.com; and, in the case of each Rule 15Ga-1 Notice,

cmbs.notice@citi.com

 

    	 	 M-3	 

     

    

 

DEFECT SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN

 

    	 	 M-4	 

     

    

 

EXHIBIT N-1

 

FORM OF CLOSING DATE CUSTODIAN CERTIFICATION

[Date]

 

[                 ]

[                 ]

[                 ]

Attention: [                 ]

 

		Re:	Pooling and Servicing Agreement (“Pooling and
Servicing Agreement”) relating to CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In accordance with Section 2.02
of the Pooling and Servicing Agreement, the Custodian hereby certifies that, with respect to each Mortgage Loan listed on the Mortgage
Loan Schedule attached hereto as Schedule A, (a) the Custodian has in its possession the documents specified in clause (i) of the
definition of “Mortgage File”, (b) the foregoing documents delivered or caused to be delivered by the Mortgage Loan
Sellers as described in clause (a) above have been reviewed by it or by a Custodian on its behalf and appear regular on their
face, appear to be executed and purports to relate to such Mortgage Loan, except as identified on the schedule attached hereto,
and (c) each of the documents specified in Section 2.01(a)(ii), 2.01(a)(vii), 2.01(a)(xi) and 2.01(a)(xix) of the Pooling and Servicing
Agreement have been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable)
and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the
Mortgage Loans identified in the Mortgage Loan Schedule.

 

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement.

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian
	 	 	 
		By:	
 
	 	 	Name:

Title:

 

    N-1-1

     

    

 

SCHEDULE A 

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

    N-1-2

     

    

 

EXHIBIT N-2

 

FORM OF POST-CLOSING CUSTODIAN CERTIFICATION

 

[Date]

 

[                 ]

[                 ]

[                 ]

Attention: [                 ]

 

		Re:	Pooling and Servicing Agreement (“Pooling and
Servicing Agreement”) relating to CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In accordance with Section 2.02
of the Pooling and Servicing Agreement, the Custodian hereby certifies, subject to the terms of the Pooling and Servicing Agreement,
that, with respect to each Mortgage Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, all documents (other
than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of the Pooling and Servicing Agreement and the documents
referred to in clauses (iii), (iv)(B), (v)(B) and (viii)(B) of Section 2.01(a) of the Pooling and Servicing Agreement and the assignments
of financing statements referred to in clause (xiii) of Section 2.01(a) of the Pooling and Servicing Agreement) referred to in
Section 2.01(a) of the Pooling and Servicing Agreement (in the case of the documents referred to in Section 2.01(a)(iv), (vi),
(viii), (ix), (x), (xi), (xii) through (xvi) and (xviii) through (xx) of the Pooling and Servicing Agreement, as identified to
it in writing as a document required to be delivered by the related Mortgage Loan Seller) and any original recorded documents included
in the delivery of a Mortgage File have been received, have been executed, appear to be what they purport to be, purport to be
recorded or filed (as applicable) and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and
that such documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule, in each case, except as set forth on
the attached schedule hereto.

 

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement.

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian
	 	 	 
		By:	
 
	 	 	Name:

Title:

 

    	 	 N-2-1	 

     

    

 

SCHEDULE A 

TO POST-CLOSING CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

    	 	 N-2-2	 

     

    

 

EXHIBIT O

 

FORM OF TRUSTEE BACKUP CERTIFICATION

 

CD 2016-CD1 Mortgage Trust (The “Trust”)

 

The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as trustee (in such
capacity, the “Trustee”), under that certain Pooling and Servicing Agreement, dated as of August 1, 2016 (the
“Pooling and Servicing Agreement”), entered into among Deutsche Mortgage & Asset Receiving Corporation,
as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors,
LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor,
Park Bridge Lender Services LLC, as asset representations reviewer, Wells Fargo
Bank, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator (the “Certificate
Administrator”), paying agent and custodian, certifies to [       ], Deutsche
Mortgage & Asset Receiving Corporation and its officers, directors and affiliates, to the extent that the following information
is within the Trustee’s normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the
knowledge and intent that they will rely upon this certification, that:

 

		1.	I am responsible for reviewing the activities performed by the Trustee and based on my knowledge
and the compliance reviews conducted in preparing the Trustee compliance statements required for inclusion on Form 10-K pursuant
to Item 1123 of Regulation AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Trustee has fulfilled
its obligations in all material respects under the Pooling and Servicing Agreement; and

 

		2.	The report on assessment of compliance with servicing criteria applicable to the Trustee for asset-backed
securities with respect to the Trustee or any Servicing Function Participant retained by the Trustee and related attestation report
on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K
for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided
to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of
noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in
such annual report on Form 10-K.

 

    	 	 O-1	 

     

    

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

	Date: _________________	
	 	 
	 	WELLS FARGO BANK,
NATIONAL ASSOCIATION
	 	 	 
		By:	
 
	 	 	Name:

Title:

 

    	 	 O-2	 

     

    

 

EXHIBIT P

 

FORM OF CUSTODIAN BACKUP CERTIFICATION

 

[NAME OF ISSUING ENTITY] (The “Trust”)

 

The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as custodian (in such
capacity, the “Custodian”), under that certain Pooling and Servicing Agreement, dated as of August 1, 2016 (the
“Pooling and Servicing Agreement”), entered into among Deutsche Mortgage & Asset Receiving Corporation,
as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors,
LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor,
Park Bridge Lender Services LLC, as asset representations reviewer, Wells Fargo
Bank, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator, paying agent
and custodian (in such capacity as certificate administrator, the “Certificate Administrator”), certifies to
[       ], Deutsche Mortgage & Asset Receiving Corporation and its officers, directors
and affiliates, to the extent that the following information is within the Custodian’s normal area of responsibilities and
duties under the Pooling and Servicing Agreement, and with the knowledge and intent that they will rely upon this certification,
that:

 

		1.	I am responsible for reviewing the activities performed by the Custodian and based on my knowledge
and the compliance reviews conducted in preparing the Custodian compliance statements required for inclusion on Form 10-K pursuant
to Item 1123 of Regulation AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Custodian has
fulfilled its obligations in all material respects under the Pooling and Servicing Agreement; and

 

		2.	The report on assessment of compliance with servicing criteria applicable to the Custodian for
asset-backed securities with respect to the Custodian or any Servicing Function Participant retained by the Custodian and related
attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report
on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has
been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material
instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for
disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

    	 	 P-1	 

     

    

 

	Date: _________________	
	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
		By:	
 
	 	 	Name:

Title:

 

    	 	 P-2	 

     

    

 

EXHIBIT Q

 

FORM OF CERTIFICATE ADMINISTRATOR BACKUP
CERTIFICATION

 

CD 2016-CD1 Mortgage Trust (The “Trust”)

 

The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as certificate administrator,
(in such capacity, the “Certificate Administrator”), paying agent and custodian, under that certain Pooling
and Servicing Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”), entered into among
Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors,
LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services
LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo
Bank, National Association, as certificate administrator, paying agent and custodian, certifies to [       ],
Deutsche Mortgage & Asset Receiving Corporation and its officers, directors and affiliates, to the extent that the following
information is within the Certificate Administrator’s normal area of responsibilities and duties under the Pooling and Servicing
Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I have reviewed the annual report on Form 10-K for the fiscal year [20___] (the “Annual
Report”), and all reports on Form 10-D and Form 8-K to be filed in respect of periods included in the year covered by
the Annual Report (collectively with the Annual Report, the “Reports”), of the Trust;

 

		2.	To my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Annual Report;

 

		3.	To my knowledge, the distribution information required to be provided by the Certificate Administrator
under the Pooling and Servicing Agreement for inclusion in the Reports is included in the Reports;

 

		4.	I am responsible for reviewing the activities performed by the Certificate Administrator under
the Pooling and Servicing Agreement and based on my knowledge and the compliance reviews conducted in preparing the Certificate
Administrator compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except as disclosed
on any Reports, the Certificate Administrator has fulfilled its obligations in all material respects under the Pooling and Servicing
Agreement; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Certificate Administrator
for asset-backed securities with respect to the Certificate Administrator or any Servicing Function Participant retained by the
Certificate Administrator and related attestation report on assessment of compliance with servicing 

 

    	 	 Q-1	 

     

    

 

	 	 	criteria applicable to it required
to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18 has been provided to the Depositor for inclusion as an exhibit to such Form 10-K. Any material instances
of noncompliance described in such reports have been provided to the Depositor for disclosure in such annual report on Form 10-K.

 

In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the Master Servicer, the Special Servicer and the Depositor.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

	Date: _________________	
	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
		By:	
 
	 	 	Name:

Title:

 

    	 	 Q-2	 

     

    

 

EXHIBIT R

 

FORM OF OPERATING ADVISOR BACKUP CERTIFICATION

 

CD 2016-CD1 Mortgage Trust (the “Trust”)

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Operating Advisor to the Master Servicer, the Depositor, Trustee
or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Operating Advisor Reports”)
have been submitted by the Operating Advisor to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator,
as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the operating advisor information contained in the Operating Advisor Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by these reports;

 

		3.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Operating Advisor with respect to the Trust’s fiscal year ________ have
been provided all information relating to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria,
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

		4.	The report on assessment of compliance with servicing criteria applicable to the Operating Advisor
for asset-backed securities with respect to the Operating Advisor or any Servicing Function Participant retained by the Operating
Advisor and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.

 

    	 	 R-1	 

     

    

 

Capitalized terms used but not defined
herein have the meanings set forth in the Pooling and Servicing Agreement.

 

	Date: _________________	
	 	 
	 	PARK
BRIDGE LENDER SERVICES LLC
	 	 	 
		By:	
 
	 	Name:
 Title:

 

    	 	 R-2	 

     

    

 

EXHIBIT S

 

PRUDENTIAL PLAZA LOAN
REMIC DECLARATION

 

    	 	 S-1	 

     

    

 

 

REMIC DECLARATION

 

This
REMIC Declaration, made this 26th day of July, 2016, by German American Capital Corporation (the “Lender”).

 

W
I T N E S S E T H:

 

WHEREAS,
the Lender made a mortgage loan to SL PRU LLC (the “Borrower”), in the original principal amount of $415,000,000
(the “Loan”) evidenced by four Promissory Notes, each dated July 30, 2015 (as amended or modified from time
to time, collectively, the “Notes”), with the following designations: Note A-1 with an original principal balance
of $115,000,000, Note A-2 with an original principal balance of $100,000,000, Note A-3 with an original principal balance of $100,000,000,
and Note A-4 with an original principal balance of $100,000,000 (and such Notes, other than Note A-1, whether in their current
designations and denominations or whether further subjected to one or more note-splitting agreements, the “Loan REMIC
Notes”);

 

WHEREAS,
the Loan is secured by, among other things, a first priority Mortgage, Assignment of Leases and Rents and Security Agreement as
of July 30, 2015 (the “Mortgage”), by the Borrower for the benefit of the Lender covering the land and improvements
described in the Mortgage (collectively, the “Mortgaged Property”);

 

WHEREAS,
the Loan is evidenced by the Notes, the Mortgage and any and all documents and instruments now or hereafter executed in connection
with the Loan (collectively referred to as the “Loan Documents”);

 

WHEREAS,
Note A-1 was transferred to a trustee under a pooling and servicing agreement relating to the COMM 2015-CCRE26 Mortgage Trust Commercial
Mortgage Pass-Through Certificates securitization (the “Servicing PSA”), into which Note A-1 was deposited;

 

WHEREAS,
pursuant to that certain Participation Agreement, dated as of June 30, 2016, between Lender and Deutsche Bank AG, New York Branch
(“DBNY”), Lender transferred to DBNY an undivided 100% participation interest in the Loan REMIC Notes (”Participation”);

 

WHEREAS,
the Lender desires to declare the terms and conditions upon which this segregated asset pool consisting of the Loan REMIC Notes
will be treated as a real estate mortgage investment conduit (“REMIC”) for purposes of the Internal Revenue
Code of 1986, as amended (the “Code”);

 

WHEREAS,
Lender, and its successors or assigns, may transfer the Loan REMIC Notes, the Regular Interest (or percentage interests therein)
or the Residual Interest (each, as defined below), in such REMIC to a trustee (each such trustee, the “Trustee”)
under a related Pooling and Servicing Agreement (each, a “PSA”) in connection with a securitization of all or
a portion of the Loan REMIC Notes;

 

    

     

    

 

NOW,
THEREFORE, the undersigned declares and agrees as follows:

 

1.     
 The undersigned, or its successors or assigns shall elect, or shall cause any assignee of a Loan REMIC Note, including
a Trustee, to elect, to treat the Loan REMIC Notes and all proceeds thereof or any real or personal property acquired with respect
thereto as a REMIC on the first federal income tax return of such REMIC for its short first taxable year ending December 31, 2016.
Lender, as prior owner of the Loan REMIC Notes for federal income tax purposes, shall segregate the Loan REMIC Notes on its books,
disclaim any ownership thereof for federal income tax purposes, and no longer treat itself as owning the Loan REMIC Notes for federal
income tax purposes. Further, Lender shall note in its U.S. tax books and records, if any, that it has transferred the Loan REMIC
Notes to the REMIC created hereby.

                    
 

2.      There is hereby issued a single regular interest in the REMIC (the “Regular Interest”), corresponding
to the Loan REMIC Notes, and having a principal balance equal to the aggregate principal balance of the Loan REMIC Notes as of
the date hereof and an interest rate equal to the interest rate of the Loan REMIC Notes, plus default interest as and when payable
under the terms of such Loan REMIC Notes. The Regular Interest shall be uncertificated, and ownership thereof shall be evidenced
by ownership of Loan REMIC Notes, each such Loan REMIC Note representing its proportionate interest in the Regular Interest or,
upon acquisition of the Mortgaged Property, by ownership of the Mortgaged Property. The Regular Interest shall pay principal and
interest on the dates and in the manner provided in the Loan REMIC Notes and related documents governing the Loan. The Regular
Interest shall be entitled to receive any prepayment premium or yield maintenance charge or similar liquidated damages amount
payable by the Borrower with respect to the Loan REMIC Notes. All other amounts payable in respect of the Loan REMIC Notes (other
than as provided in Section 3) shall be paid to the holders of the Loan REMIC Notes Interest as a payment exclusive of such Regular
Interest and not as a payment from the REMIC.

                
 

3.     
There is hereby issued a residual interest in the REMIC (the “Residual Interest”), which shall not be
entitled to any payment of interest, principal, prepayment premium or yield maintenance charge or liquidated damages amount, but
shall be entitled to any proceeds received with respect to the Mortgaged Property acquired by foreclosure or deed in lieu of foreclosure
in excess of amounts due under the Loan REMIC Notes, net of expenses or, if applicable, advances, including interest thereon.
Prior to the transfer of the Residual Interest to any Trustee, the Residual Interest shall be uncertificated, and transfer thereof
may be effected only by written notation of transfer on a register maintained by the Lender. The Lender shall not register any
transfer prohibited by this REMIC Declaration. The Residual Interest shall be transferred to the Trustee simultaneously with the
first transfer of any portion of the Loan REMIC Notes and the related interest in the Regular Interest to a Trustee and shall
be the held by such Trustee outside of any REMIC formed in the securitization. Upon and after transfer of the Residual Interest
to the Trustee, the Residual Interest shall be represented by a certificate which shall also represent one or more residual interests
issued in the securitization, and transfers thereof shall be governed by the PSA. Except as otherwise provided in the PSA,
no transfer of the Residual Interest may be made to, and any transferee must furnish an affidavit to the transferor to the effect
that it is not, (i) a “disqualified organization” within the meaning of Code Section 860E(e)(5) or agent thereof,
(ii) a person who is not a “United States person,” within the meaning of Code Section 7701(a)(30) or agent thereof,
(iii) a

 

    -2-

     

    

 

person
who is a United States Person, if classified as a partnership under the Code, if any of its direct or indirect beneficial owners
(other than through a U.S. corporation) are (or are permitted to be under the related partnership agreement) not United States
Persons, or (iv) a person with respect to whom income on the Residual Interest is attributable to a foreign permanent establishment
or fixed base, within the meaning of an applicable income tax treaty, of such person or any other United States Person, and that
it will not transfer the Residual Interest to a subsequent transferee who does not furnish a similar affidavit. Any transfer
of the Residual Interest to such a person shall be null and void and the prior owner shall be restored to the ownership thereof
ab initio. The Lender, or after transfer of the Residual Interest to a Trustee, such Trustee or its designee, shall be
required to furnish the information required by Treasury Regulations Section 1.860E-2(a)(5) to the Internal Revenue Service or
a person who violates the foregoing requirements, at such person’s expense, in accordance with such regulation.

 

4.     The
“startup day” of the REMIC, within the meaning of Code Section 860G(a)(9) and Treasury Regulations Section 1.860G-2(k),
is July 26, 2016. The “latest possible maturity date” of the Regular Interest, within the meaning of Treasury Regulations
Section 1.860G-l(a)(4)(iii), is August 6, 2025, the maturity date of the Loan. The REMIC shall be liquidated only in a “qualified
liquidation” as defined in Code Section 860F(a)(4).

 

5.     The
Lender or any permitted assignee of the Residual Interest or, upon transfer of the Residual Interest to a Trustee (for so long
as held by such Trustee under the PSA), such Trustee, shall prepare, sign and file, or cause to be prepared, signed and filed,
in a timely manner, a U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return (Form 1066) and the Information Return
for Real Estate Mortgage Investment Conduits (REMICs) and Issuers of Collateralized Debt Obligations (Form 8811) and prepare and
file or cause to be prepared and filed with the Internal Revenue Service and applicable state or local tax authorities income
tax or information returns for each taxable year with respect to the REMIC, using the calendar year as the taxable year and the
accrual method of accounting, containing such information and at the times and in the manner as may be required by the Code or
state or local tax laws, regulations, or rules (including but not limited to, Treasury Regulations Sections 1.860D-l(b)(5)(ii)
and 1.860E-2(a)(5)) and shall furnish or cause to be furnished to the holders of the Regular Interest and the Residual Interest
the schedules, statements or information at such times and in such manner as may be required thereby. Unless the Trustee is obligated
to do so under the PSA, the holder of the Residual Interest shall obtain a taxpayer identification number for the REMIC by filing
Form SS-4 in connection with this REMIC Declaration within 30 days of the startup day, and upon transfer of the Loan REMIC Notes,
the Regular Interest or the Residual Interest to a Trustee, shall notify such Trustee of such taxpayer identification number.
If applicable, the Lender hereby expressly authorizes any Trustee to whom the Residual Interest is transferred to prepare, sign
and file, or cause to be prepared, signed and filed, as its agent, such Form 1066 for the portion of the taxable year of the REMIC
prior to the transfer of the Residual Interest to such Trustee.

 

6.     Subject
to Section 9 hereof, the holders of the Regular Interest, the holder of Residual Interest and the Trustee shall each ensure, to
the extent it is within the power of such persons to do so:

 

    -3-

     

    

 

		a.	That no interest in the REMIC shall be created other than the Regular Interest and the Residual
Interest;

 

		b.	That substantially all of the assets of the REMIC be maintained at all times as, and that the REMIC
receive no income from assets other than, “qualified mortgages” and “permitted investments” within
the meaning of Code Section 860G(a)(3) and (5);

 

		c.	That the REMIC does not receive any fee or other compensation for the performance of services;

 

		d.	That no asset of the REMIC shall be disposed of other than pursuant to Code Section 860F(a)(2)(A)
or (D) and that the Loan shall not be modified in any manner that would be a “significant modification” within the
meaning of Treasury Regulations Section 1.860G-2(b);

 

		e.	That any “qualified liquidation” of the REMIC comply with Code Section 860F(a)(4);

 

		f.	That the REMIC receive no contributions of property after the startup day other than as permitted
by Code Section 860G(d); and

 

		g.	That the REMIC shall have a taxable year which is the calendar year.

 

7.      If the Mortgaged Property
securing the Notes is acquired by or on behalf of the holder of a Note pursuant to foreclosure or deed in lieu of foreclosure,
such Mortgaged Property shall be administered so that it qualifies at all times as “foreclosure property” within the
meaning of Code Section 860G(a)(8).

 

8.     The holder of the
Residual Interest shall be the “tax matters person”, within the meaning of Treasury Regulations Section 1.860F-4(d),
and ‘‘partnership representative, within the meaning of Code Section 6223 (to the extent such provision applies to
the REMIC) of the REMIC and after the Residual Interest is transferred to a Trustee, such holder shall designate such Trustee as
its agent to perform all the functions of the tax matters person and partnership representative.

 

9.      Lender shall be the
initial owner of the Regular Interest and the initial owner of the Residual Interest. Notwithstanding any other provision hereof,
it is understood that as long as Note A-l is serviced pursuant to the Servicing PSA, neither the Lender nor (except to the extent
required by the Servicing PSA or such successor servicing agreement, as applicable) any Trustee shall be responsible for servicing
such Note, but instead the Note shall be serviced in accordance with the Servicing PSA or such successor servicing agreement.

 

10.    The Lender represents
that (a) each Note is secured by a first lien on real property, (b) the Loan is not more than thirty (30) days delinquent on the
date hereof and (c) as of the date of origination, the Loan had a loan to value ratio less than 100%.

 

    -4-

     

    

 

11.    The REMIC created
hereunder shall terminate upon payment (or provision for payment) to the holders of the Regular Interest and the Residual Interest
of all amounts required to be paid hereunder. In addition, the holder of the Regular Interest (or, in the event the Regular Interest
has been retired, the holder of the Residual Interest) or such other person as set forth in each PSA may elect to conduct a qualified
liquidation of the REMIC in accordance with Code Section 860F(a)(4).

 

    -5-

     

    

 

The undersigned
have caused this REMIC Declaration to be executed as of this 26th day of July, 2016. 

	 	 	 
	 	German American Capital Corporation
	 	 	 
	 	By: 	/s/ Natalie D. Grainger
	 	 	Name: Natalie D. Grainger
	 	 	Title: Director
	 	 	 
	 	By: 	/s/ Helaine Kaplan
	 	 	Name: Helaine Kaplan
	 	 	Title: Managing Director
	 	 	 
	Acknowledge and Agreed:	 	 
	 	 	 
	 	Deutsche Bank AG, New York Branch, as Participation holder
	 	 	 
	 	By: 	/s/ Natalie D. Grainger
	 	 	Name: Natalie D. Grainger
	 	 	Title: Director
	 	 	 
	 	By: 	/s/ Helaine Kaplan
	 	 	Name: Helaine Kaplan
	 	 	Title: Managing Director

 

    -6-

     

    

 

 

EXHIBIT T

 

FORM OF MASTER SERVICER BACKUP CERTIFICATION

 

CD 2016-CD1 Mortgage Trust
(the “Trust”)

 

I, [identify the certifying individual],
a [_______________] of Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master
Servicer”) under that certain Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Pooling and
Servicing Agreement”), entered into among Deutsche Mortgage & Asset Receiving Corporation, as depositor, the Master
Servicer, Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Park Bridge Lender Services
LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, Wells Fargo Bank, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, on behalf of the Master Servicer,
certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates,
and with the knowledge and intent that they will rely upon this certification, that:

 

	1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), and assuming the accuracy of the statements required to be made by the Special Servicer, [each applicable Other
Servicer and each applicable Other Special Servicer] in the backup certificate[s] delivered by the Special Servicer, [each applicable
Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period, all servicing information and all reports
required to be submitted by the Master Servicer to the Certificate Administrator pursuant to Sections 3.13(a) and 3.13(c) of the
Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports
on Form 10-D or Form 8-K (the “Servicer Reports”) have been submitted by the Master Servicer to the Certificate
Administrator for inclusion in these reports;

 

	2.	Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special
Servicer, [each applicable Other Servicer and each applicable Other Special Servicer] in the backup certificate[s] delivered by
the Special Servicer, [each applicable Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period,
the master servicing information contained in the Servicer Reports, taken as a whole, does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these reports;

 

	3.	I am, or a servicing officer under my supervision is, responsible for reviewing the activities
performed by the Master Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of
Regulation AB with respect to the Master Servicer, and except

 

    T-1 

     

    

 

		as disclosed in the compliance certificate delivered by the Master
Servicer under Section 10.11 of the Pooling and Servicing Agreement, the Master Servicer has fulfilled its obligations under the
Pooling and Servicing Agreement in all material respects in the year to which such report applies;

 

	4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Master Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

	5.	The report on assessment of compliance with servicing criteria applicable to the Master Servicer
for asset-backed securities with respect to the Master Servicer or any Servicing Function Participant retained by the Master Servicer
and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in
the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor
for disclosure in such annual report on Form 10-K.

 

In giving the certification above,
I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties: [name(s)
of servicer, sub-servicer, co-servicer, Other Servicer, Other Special Servicer or Other Trustee not retained by the master servicer
giving certification] and, notwithstanding the foregoing certifications, neither I nor Master Servicer makes any certification
under the foregoing clauses (2) and (3) with respect to the information in the Servicing Reports that is in turn dependent upon
information provided by the Special Servicer under the Pooling and Servicing Agreement or by any Other Servicer, Other Special
Servicer or Other Trustee.

 

Capitalized terms used but not
defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

	Date:	       

 

    T-2 

     

    

 

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

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    T-3 

     

    

 

EXHIBIT
U

 

FORM OF SPECIAL SERVICER BACKUP CERTIFICATION

 

CD 2016-CD1 Mortgage Trust (the “Trust”)

 

I, [identify the certifying individual],
a [_______________ ] of Rialto Capital Advisors, LLC, as special servicer (the “Special
Servicer”) under that certain Pooling and Servicing Agreement dated as of August 1, 2016 (the “Pooling and Servicing
Agreement”), entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Park Bridge Lender
Services LLC, as operating advisor, Park Bridge Lender Services
LLC, as asset representations reviewer, Wells Fargo Bank, National Association, as trustee, Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), paying agent and custodian,
and Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”)
and the Special Servicer, on behalf of the Special Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification],
the Depositor, and its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification,
that:

 

	1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all required reports required to be submitted by the Special Servicer to the
Master Servicer, the Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement
for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the
“Special Servicer Reports”) have been submitted by the Special Servicer to the Master Servicer, the Depositor,
the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports;

 

	2.	Based on my knowledge, the special servicing information contained in the Special Servicer Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made therein, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by these reports;

 

	3.	I am, or an officer under my supervision is, responsible for reviewing the activities performed
by the Special Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance reviews
conducted in preparing the servicer compliance statements required in this report under Item 1123 of Regulation AB with respect
to the Special Servicer, and except as disclosed in the compliance certificate delivered by the Special Servicer under Section
10.11 of the Pooling and Servicing Agreement, the Special Servicer has fulfilled its obligations under the Pooling and Servicing
Agreement in all material respects in the year to which such report applies;

 

	4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Special Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the Special Servicer assessment of compliance with the Relevant Servicing Criteria, in order

 

    U-1 

     

    

 

		to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB;
and

 

	5.	The report on assessment of compliance with servicing criteria applicable to the Special Servicer
for asset-backed securities with respect to the Special Servicer or any Servicing Function Participant retained by the Special
Servicer and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used but not
defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

	Date:	       

	 	 	 
	 	RIALTO
    CAPITAL ADVISORS, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    U-2 

     

    

 

EXHIBIT
V

 

FORM OF SUB-SERVICER BACKUP CERTIFICATION

 

CD 2016-CD1 Mortgage Trust
(the “Trust”)

 

As contemplated by Section 10.08 of
that certain Pooling and Servicing Agreement dated as of August 1, 2016 (the “Pooling and
Servicing Agreement”), entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master
Servicer”), Rialto Capital Advisors, LLC, as special servicer (the “Special Servicer”), Park
Bridge Lender Services LLC, as operating advisor, Park Bridge Lender
Services LLC, as asset representations reviewer, Wells Fargo Bank, National
Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the
“Certificate Administrator”), paying agent and custodian, [identify the certifying individual], a
__________ of __________, __________ a [corporation] (the “Sub-Servicer”) as Sub-Servicer in connection
with the sub-servicing of one or more Mortgage Loans and/or Serviced Companion Loan under the Pooling and Servicing
Agreement, on behalf of the Sub-Servicer, certify to [Name of Each Certifying Person for Sarbanes-Oxley Certification], the
Depositor, the Master Servicer and their officers, directors and affiliates, and with the knowledge and intent that they will
rely upon this certification, that:

 

	1.	I have reviewed the Servicer Reports and Sub-Servicer Reports (each as defined below) relating
to the Mortgage Loans and/or Serviced Companion Loan delivered by the Sub-Servicer to the Master Servicer, pursuant to the Sub-Servicing
Agreement dated [___________], 20[__] by and between the Sub-Servicer and the Master Servicer (the “Sub-Servicing Agreement”);

 

	2.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all reports required to be submitted by the Sub-Servicer to the Certificate Administrator
pursuant to the Pooling and Servicing Agreement (the “Servicer Reports”) for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Sub-Servicer
to the Certificate Administrator for inclusion in these reports;

 

	3.	Based on my knowledge, with respect to the Relevant Period, all servicing information and all reports
required to be submitted by the Sub-Servicer to the Master Servicer pursuant to the Sub-Servicing Agreement (the “Sub-Servicer
Reports”) have been submitted by the Sub-Servicer to the Master Servicer;

 

	4.	Based on my knowledge, the sub-servicer information contained in the Servicer Reports and Sub-Servicer
Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by these reports;

 

    V-1 

     

    

 

	5.	Based upon my knowledge and the annual compliance review performed as required under Section [__]
of the Sub-Servicing Agreement, and except as disclosed in the compliance certificate delivered pursuant to Section [__] of the
Sub-Servicing Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material respects;

 

	6.	[I am, or a servicing officer under my supervision is, responsible for reviewing the activities
performed by the Sub-Servicer under the Sub-Servicing Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements for inclusion on Form 10-K pursuant Item 1123 of Regulation AB
with respect to the Sub-Servicer, and except as disclosed in the compliance certificate delivered by the Sub-Servicer under Section
[__] of the Sub-Servicing Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material
respects in the year which such report applies];

 

	7.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Sub-Servicer with respect to the Trust’s fiscal year _____ have been provided
all information relating to the Sub-Servicer’s assessment of compliance with the Relevant Servicing Criteria, in order to
enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

	8.	The report on assessment of compliance with servicing criteria applicable to the Sub-Servicer for
asset-backed securities with respect to the Sub-Servicer or any Servicing Function Participant retained by the Sub-Servicer and
related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the
annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor
for disclosure in such annual report on Form 10-K.

 

Capitalized terms used but not defined herein have
the meanings set forth in the Sub-Servicing Agreement, or if not defined in the Sub-Servicing Agreement, then the meanings set
forth in the Pooling and Servicing Agreement.

 

	Date:	       

	 	 	 
	 	[Insert
    NAME OF SUB-SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    V-2 

     

    

 

EXHIBIT
W

 

FORM OF SARBANES-OXLEY CERTIFICATION

 

I, [identify the certifying individual],
certify that:

 

1.          I have reviewed
this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form
10-K of the CD 2016-CD1 Mortgage Trust (the “Exchange Act periodic reports”);

 

2.          Based on my
knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

 

3.          Based on my
knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered
by this report is included in the Exchange Act periodic reports;

 

4.          Based on my
knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as disclosed
in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in all material
respects; and

 

5.          All of the
reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on
assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except
as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in
this report on Form 10-K.

 

    W-1 

     

    

 

In giving the certifications above, I have reasonably
relied on information provided to me by the following unaffiliated parties: Midland Loan Services, a Division of PNC Bank, National
Association, Rialto Capital Advisors, LLC, Wells Fargo Bank, National Association, Park Bridge Lender Services LLC and [list any
sub-servicers].

 

	Dated:	       

	 	 	 
	 		 
	 	 	[_____]

    (Senior officer in charge of securitization of the depositor)

 

    W-2 

     

    

 

EXHIBIT X

 

MORTGAGE LOAN SELLER SUB-SERVICERS

 

	Mortgage Loan	Sub-Servicer Name
	Fourth & Milliken	NorthMarq Capital, LLC
	National Self Storage Portfolio	NorthMarq Capital, LLC
	Emporia Marketplace	NorthMarq Capital, LLC
	Deerbrook Commons	Holliday Fenoglio Fowler, L.P.
	North Pacific Plaza	CBRE Loan Services, Inc.

 

    X-1 

     

    

 

EXHIBIT Y

 

MORTGAGE LOANS WITH EARNOUT/HOLDBACK PROVISIONS

 

None

 

    Y-1 

     

    

 

EXHIBIT Z

 

FORM OF NRSRO CERTIFICATION

 

[Date]

 

Wells Fargo Bank, National Association 

Corporate Trust Services 

9062 Old Annapolis Road 

Columbia, Maryland 21045 

Attention: CD 2016-CD1 Mortgage Trust 

 

		Re:	CD 2016-CD1 Mortgage
                                         Trust Commercial Mortgage Pass-Through Certificates

  

In accordance with the Pooling
and Servicing Agreement, dated as of August 1, 2016 (the “Agreement”), and executed in connection with the above-referenced
transaction, with respect to the certificates issued thereunder (the “Certificates”), the undersigned hereby
certifies as follows:

 

1.             (a)          The undersigned is a Rating
Agency; or

 

(b)          The undersigned is a nationally
recognized statistical rating organization and either (x) has provided the Depositor with the appropriate certifications under
Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date, is requesting access pursuant
to the Agreement to certain information (the “Information”) on such 17g-5 website pursuant to the provisions
of the Agreement, and agrees that any confidentiality agreement applicable to the undersigned with respect to the information obtained
from the Depositor’s 17g-5 website prior to the Closing Date shall also be applicable to information obtained from the 17g-5
Information Provider’s Website (including without limitation, to any information received by the Depositor for posting on
the 17g-5 Information Provider’s Website), or (y), if the undersigned did not have access to the Depositor’s 17g-5
website prior to the Closing Date, it hereby agrees that it shall be bound by the provisions of the confidentiality agreement attached
hereto as Annex A which shall be applicable to it with respect to any information obtained from the 17g-5 Information Provider’s
Website, including any information that is obtained from the section of the 17g-5 Information Provider’s Website that hosts
the Depositor’s 17g-5 website after the Closing Date.

 

2.             The undersigned either
(a) has not accessed information pursuant to Rule 17g–5(a)(3) ten (10) or more times during the most recently ended calendar
year, or (b) has determined and maintained credit ratings for at least 10% of the issued securities and money market instruments
for which it accessed information pursuant to Rule 17g–5(a)(3)(iii) in the calendar year prior to the year covered by the
SEC Certification, if it accessed such information for 10 or more issued securities or money market instruments.

 

    Z-1 

     

    

 

3.             The undersigned agrees
that each time it accesses the 17g-5 Information Provider’s Website, it is deemed to have recertified that the representations
herein contained remain true and correct.

 

Capitalized terms used but
not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION HEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized
signatory, as of the date certified.

 

    Z-2 

     

    

 

ANNEX
A

 

CONFIDENTIALITY AGREEMENT

 

This Confidentiality Agreement (the “Confidentiality
Agreement”) is made in connection with [________] (together with its affiliates, “[_______]”, the
“Furnishing Entities” and each a “Furnishing Entity”) furnishing certain financial, operational,
structural and other information relating to the issuance of the CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates
(the “Certificates”) pursuant to the Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Pooling
and Servicing Agreement”), by and among Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan
Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer,
Wells Fargo Bank, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, paying
agent and custodian, Park Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset representations
reviewer, and the assets underlying or referenced by the Certificates, including the identity of, and financial information with
respect to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”)
to you (the “NRSRO”) through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider
under the Pooling and Servicing Agreement, including the [section of the 17g-5 Information Provider’s website that hosts
the Depositor’s 17g-5 website after the Closing Date (as defined in the Pooling and Servicing Agreement]. Information provided
by each Furnishing Entity is labeled as provided by the specific Furnishing Entity.

 

		1.	Definition of Confidential Information. For purposes of this Confidentiality Agreement, the
term “Confidential Information” shall include the following information (irrespective of its source or form
of communication, including information obtained by you through access to this site) that may be furnished to you by or on behalf
of a Furnishing Entity in connection with the issuance or monitoring of a rating with respect to the Certificates: (x) all data,
reports, interpretations, forecasts, records, agreements, legal documents and other information (such information, the “Evaluation
Material”) and (y) any of the terms, conditions or other facts with respect to the transactions contemplated by the Pooling
and Servicing Agreement, including the status thereof; provided, however, that the term Confidential Information
shall not include information which:

 

		-	was or becomes generally available to the public (including through filing with the Securities and
Exchange Commission or disclosure in an offering document) other than as a result of a disclosure by you or a NRSRO Representative
(as defined in Section 2(c)(i) below) in violation of this Confidentiality Agreement;

 

		-	was or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives
that (i) is reasonably believed by you to be under no obligation to maintain the information as confidential and (ii) provides
it to you without any obligation to maintain the information as confidential; or

 

    Z-3 

     

    

 

		-	is independently developed by the NRSRO without reference to any Confidential Information.

 

		2.	Information to Be Held in Confidence.

 

		(a)	You will use the Confidential Information solely for the purpose of determining or monitoring a credit
rating on the Certificates and, to the extent that any information used is derived from but does not reveal any Confidential Information,
for benchmarking, modeling or research purposes (the “Intended Purpose”).

 

		(b)	You acknowledge that you are aware that the United States and state securities laws impose restrictions
on trading in securities when in possession of material, non-public information and that the NRSRO will advise (through policy
manuals or otherwise) each NRSRO Representative who is informed of the matters that are the subject of this Confidentiality Agreement
to that effect.

 

		(c)	You will treat the Confidential Information as private and confidential. Subject to Section 4, without
the prior written consent of the applicable Furnishing Entity, you will not disclose to any person any Confidential Information,
whether such Confidential Information was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding
the foregoing, you may:

 

		(i)	disclose the Confidential Information to any of the NRSRO’s affiliates, directors, officers,
employees, legal representatives, agents and advisors (each, a “NRSRO Representative”) who, in the reasonable
judgment of the NRSRO, need to know such Confidential Information in connection with the Intended Purpose; provided, that,
prior to disclosure of the Confidential Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions
to ensure, and shall be satisfied, that such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

		(ii)	solely to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),
post the Confidential Information to the NRSRO’s password protected website; and

 

		(iii)	use information derived from the Confidential Information in connection with an Intended Purpose,
if such derived information does not reveal any Confidential Information.

 

		3.	Disclosures Required by
Law. If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena, civil
investigatory demand, request for information or documents, deposition or similar process relating to any legal proceeding, investigation,
hearing or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity with notice
as soon as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation, and otherwise
to the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request to disclose
the Confidential Information has been made so that the relevant Furnishing Entity may seek an

 

    Z-4 

     

    

 

			appropriate protective order or other
reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses. Unless otherwise
required by a court or other governmental or regulatory authority to do so, and provided that you been informed by written notice
that the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential treatment with
respect to the requested Confidential Information, you agree not to disclose the Confidential Information while the Furnishing
Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment is pending. You
agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other reasonable assurance
that confidential treatment will be accorded to the portion of the Confidential Information that is being disclosed, at the sole
expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be required to take a position
that such information should be entitled to receive such a protective order or reasonable assurance as to confidential treatment.
If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree to comply with its terms with respect
to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity. If a protective order or other
remedy is not obtained or if the relevant Furnishing Entity waives compliance with the provisions of this Confidentiality Agreement
in writing, you agree to furnish only such information as you are legally required to disclose, at the sole expense of the relevant
Furnishing Entity.

 

		4.	Obligation to Return Evaluation Material. Promptly upon written request by or on behalf of
the relevant Furnishing Entity, all material or documents, including copies thereof, that contain Evaluation Material will be destroyed
or, in your sole discretion, returned to the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the NRSRO may retain
one or more copies of any document or other material containing Evaluation Material to the extent necessary for legal or regulatory
compliance (or compliance with the NRSRO’s internal policies and procedures designed to ensure legal or regulatory compliance)
and (b) the NRSRO may retain any portion of the Evaluation Material that may be found in backup tapes or other archive or electronic
media or other documents prepared by the NRSRO and any Evaluation Material obtained in an oral communication; provided,
that any Evaluation Material so retained by the NRSRO will remain subject to this Confidentiality Agreement and the NRSRO will
remain bound by the terms of this Confidentiality Agreement.

 

		5.	Violations of this Confidentiality Agreement.

 

		(a)	The NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or
any NRSRO Representative.

 

		(b)	You agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation or
unauthorized disclosure or use by any person of the Confidential Information which may come to your attention and to take all steps
reasonably requested by such Furnishing Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure
or use.

 

		(c)	You acknowledge and agree that the Furnishing Entities would not have an adequate remedy at law and
would be irreparably harmed in the event that any of the

 

    Z-5 

     

    

 

			provisions of this Confidentiality Agreement were not performed in accordance
with their specific terms or were otherwise breached. It is accordingly agreed that each Furnishing Entity shall be entitled to
specific performance and injunctive relief to prevent breaches of this Confidentiality Agreement and to specifically enforce the
terms and provisions hereof, in addition to any other remedy to which a Furnishing Entity may be entitled at law or in equity.
It is further understood and agreed that no failure to or delay in exercising any right, power or privilege hereunder shall preclude
any other or further exercise of any right, power or privilege.

 

		6.	Term. Notwithstanding the termination or cancellation of this Confidentiality Agreement and
regardless of whether the NRSRO has provided a credit rating on a Security, your obligations under this Confidentiality Agreement
will survive indefinitely.

 

		7.	Governing Law. This Confidentiality Agreement and any claim, controversy or dispute arising
under the Confidentiality Agreement, the relationships of the parties and/or the interpretation and enforcement of the rights and
duties of the parties shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements
made and to be performed within such State.

 

		8.	Amendments. This Confidentiality Agreement may be modified or waived only by a separate writing
by the NRSRO and each Furnishing Entity.

 

		9.	Entire Agreement. This Confidentiality Agreement represents the entire agreement between you
and the Furnishing Entities relating to the treatment of Confidential Information heretofore or hereafter reviewed or inspected
by you. This agreement supersedes all other understandings and agreements between us relating to such matters; provided,
however, that, if the terms of this Confidentiality Agreement conflict with another agreement relating to the Confidential
Information that specifically states that the terms of such agreement shall supersede, modify or amend the terms of this Confidentiality
Agreement, then to the extent the terms of this Confidentiality Agreement conflict with such agreement, the terms of such agreement
shall control notwithstanding acceptance by you of the terms hereof by entry into this website.

 

		10.	Contact Information. Notices for each Furnishing Entity under this Confidentiality Agreement,
shall be directed as set forth below:
	 	 	 
	 	 	[__________________]

  

    Z-6 

     

    

 

EXHIBIT AA-1

 

FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Deutsche Mortgage & Asset Receiving
Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

		Re:	Deutsche Mortgage
                                         & Asset Receiving Corporation, CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through
                                         Certificates

 

Ladies and Gentlemen:

 

This letter is delivered to
you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Pooling
and Servicing Agreement”), and executed with respect to the above-referenced transaction. All capitalized terms used
but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferee
hereby certifies, represents and warrants to you, as Depositor, that:

 

1.          The Transferor is the
lawful owner of the right to receive the Excess Servicing Fees with respect to the Mortgage Loans for which _________________ is
the Master Servicer (the “Excess Servicing Fee Right”), with the full right to transfer the Excess Servicing
Fee Right free from any and all claims and encumbrances whatsoever.

 

2.          Neither the Transferor
nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any person in any
manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action,
which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution of the Excess
Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would render the
disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities laws, or would
require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state securities
laws.

 

     AA-1-1

     

    

 

	 	 	 
	 	Very
    truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     AA-1-2

     

    

 

EXHIBIT
AA-2

 

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Deutsche Mortgage & Asset Receiving
Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

Midland Loan Services, a Division of PNC Bank, National
Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

 

		Re:	Deutsche Mortgage
                                         & Asset Receiving Corporation, CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through
                                         Certificates

 

Ladies and Gentlemen:

 

This letter is delivered to
you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Pooling
and Servicing Agreement”), entered into and executed with respect to the above-referenced transaction. All capitalized
terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.
The Transferee hereby certifies, represents and warrants to you, as the Depositor and the Master Servicer, that:

 

1.          The Transferee is acquiring
the right to receive Excess Servicing Fees with respect to the Mortgage Loans as to which __________________ is the applicable
Master Servicer (the “Excess Servicing Fee Right”) for its own account for investment and not with a view to
or for sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which would violate the
Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws.

 

2.          The Transferee understands
that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act or registered or qualified
under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator or the Certificate
Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing Fee Right may not
be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified pursuant to any
applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration and qualification
and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached as Exhibit
AA-1 to the Pooling and Servicing Agreement, and

 

     AA-2-1

     

    

 

(B) each of the Master Servicer and the Depositor have received a certificate
from the prospective transferee substantially in the form attached as Exhibit AA-2 to the Pooling and Servicing Agreement.

 

3.          The Transferee understands
that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except in compliance with the
provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

4.          Neither the Transferee
nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any person in any
manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action with
respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security, which
(in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of the Excess Servicing
Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation of Section 5 of
the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing Fee Right
pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any manner set
forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.

 

5.          The Transferee has been
furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments thereon, (c) the
Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing of the Mortgage
Loans, and (e) all related matters that it has requested.

 

6.          The Transferee is (a)
a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b) an “accredited
investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities Act or an entity in which
all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing Fee Right; the Transferee
has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision; and the
Transferee is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

7.          The Transferee agrees
(i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing Agreement, and made
available to it, confidential, (ii) not to use or disclose such information in any manner which could result in a violation of
any provision of the Securities Act or would require registration of the Excess

 

     AA-2-2

     

    

 

Servicing Fee Right or any Certificate pursuant
to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees, agents
or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than
such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law, court order
or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such holder or
has become generally available to the public other than as a result of disclosure by such holder; provided, however, that such
holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the Excess Servicing
Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in writing to keep such
information confidential, not to use or disclose such information in any manner which could result in a violation of any provision
of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant to the Securities
Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents or representatives
not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than such Persons’
auditors, legal counsel and regulators.

 

8.          The Transferee acknowledges
that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing Agreement except as
set forth in Section 3.12(a) of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate may be reduced to the
extent provided in the Pooling and Servicing Agreement.

	 	 	 
	 	Very
    truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     AA-2-3

     

    

 

EXHIBIT
BB

 

FORM OF OPERATING ADVISOR ANNUAL REPORT

 

Report Date: Report will
be delivered annually no later than [INSERT DATE].

Transaction: Deutsche Mortgage & Asset Receiving Corporation, CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through
Certificates

Operating Advisor: Park Bridge Lender Services LLC

Special Servicer: Rialto Capital Advisors, LLC

Controlling Class Representative: RREF III Debt AIV, LP

 

I. Executive Summary 

 

Based on the requirements and
qualifications set forth in the Pooling and Servicing Agreement dated as of August 1, 2016 (the “Pooling and Servicing
Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division
of PNC Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Wells Fargo Bank, National
Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian, Park
Bridge Lender Services LLC, as operating advisor, and
Park Bridge Lender Services LLC, as asset representations reviewer, as well
as the items listed below, the Operating Advisor has undertaken a limited review of the Special Servicer’s operational activities
in light of the Servicing Standard and the requirements of the Pooling and Servicing Agreement with respect to the resolution and/or
liquidation of the Specially Serviced Loans and provides this Operating Advisor Annual Report.

 

No information or any other
content included in this Operating Advisor Annual Report contravenes any provision of the Pooling and Servicing Agreement. This
Operating Advisor Annual Report sets forth the Operating Advisor’s assessment of the Special Servicer’s performance
of its duties under the Pooling and Servicing Agreement during the prior calendar year on a platform-level basis with respect to
the resolution and liquidation of Specially Serviced Loans during the prior calendar year.

 

Subject to the restrictions
in the Pooling and Servicing Agreement, this Operating Advisor Annual Report (A) identifies any material deviations, if any (i)
from the Servicing Standard and (ii) from the Special Servicer’s obligations under the Pooling and Servicing Agreement with
respect to the resolution or liquidation of Specially Serviced Loans and (B) complies with all of the confidentiality requirements
described in the Pooling and Servicing Agreement.

 

In connection with the assessment
set forth in this report, the Operating Advisor:

 

	1.	Reviewed any annual compliance statement delivered to the Operating Advisor pursuant to Section
10.11 the Pooling and Servicing Agreement and the following issues were noted therein: [ ]

 

     BB-1

     

    

 

Operating Advisor Actions:

 

	2.	Reviewed any annual independent public accountants’ servicing report delivered to the Operating
Advisor pursuant to Section 10.13 of the Pooling and Servicing Agreement and the following issues were noted therein: [ ]

 

Operating Advisor Actions:

 

	3.	Reviewed any [Final] Asset Status Report and other information or communications delivered to the
Operating Advisor and the following issues were noted therein: [ ]

 

Operating Advisor Actions:

 

Based on such review and/or
consultation with the Special Servicer and performance of the other obligations of the Operating Advisor under the Pooling and
Servicing Agreement, the Operating Advisor [does, does not] believe there are material violations of the Special Servicer’s
compliance with its obligations under the Pooling and Servicing Agreement.

 

Qualifications related to the
work product undertaken and opinions related to this report:

 

1.          The Operating
Advisor did not participate in, or have access to, the Special Servicer’s and Controlling Class Representative’s discussion(s)
regarding any Specially Serviced Loan. The Operating Advisor does not have authority to speak with the Controlling Class Representative
directly pursuant to the Pooling and Servicing Agreement. As such, the Operating Advisor generally relied upon its interaction
with the Special Servicer in gathering the relevant information to generate this report.

 

2.          The Special Servicer
has the legal authority and responsibility to service the Specially Serviced Loans pursuant to the Pooling and Servicing Agreement.
The Operating Advisor has no responsibility or authority to alter the standards set forth therein.

 

3.          Confidentiality
and other contractual restrictions limit the Operating Advisor’s ability to outline herein the details or substance of certain
information it reviewed in connection with its duties under the Pooling and Servicing Agreement. As a result, this report may not
reflect all the relevant information that the Operating Advisor is given access to by the Special Servicer. However, all such information
is considered in preparing this report.

 

4.          There are many
tasks that the Special Servicer undertakes on an ongoing basis related to Specially Serviced Loans. These include, but are not
limited to, assumptions, ownership changes, collateral substitutions, capital reserve changes, etc. The Operating Advisor does
not participate in discussions regarding such actions. As such, the Operating Advisor has not assessed the Special Servicer’s
operational compliance with respect to those types of actions.

 

     BB-2

     

    

 

5.          The Operating
Advisor is not empowered to directly communicate with investors pursuant to the Pooling and Servicing Agreement. If investors have
questions regarding this report, they should address such questions to the Certificate Administrator through the Certificate Administrator’s
Website.

 

Terms used but not defined
herein have the meaning set forth in the Pooling and Servicing Agreement as described herein.

	 	 	 
	 	PARK
    BRIDGE LENDER SERVICES LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     BB-3

     

    

 

EXHIBIT
CC

 

ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO (410)715-2380 AND VIA EMAIL TO

[cts.sec.notifications@wellsfargo.com] AND [_____] AND VIA OVERNIGHT MAIL TO THE

ADDRESSES IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association 

Corporate Trust Services 

9062 Old Annapolis Road

Columbia, Maryland 21045 

Attention: CD 2016-CD1 Mortgage Trust

 

Deutsche Mortgage & Asset Receiving Corporation,

as Depositor

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

		Re:	**Additional Form [10-D][10-K][8-K] Disclosure Required **

 

Ladies and Gentlemen:

 

In accordance with Section [10.06][10.07][10.09]
of the Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”),
entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC
Bank, National Association, as master servicer (the “Master Servicer”), Rialto Capital Advisors, LLC, as special
servicer (the “Special Servicer”), Park Bridge Lender Services LLC,
as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, Wells Fargo Bank, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, the undersigned, as , hereby
notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

     CC-1

     

    

 

List of any Attachments hereto to be included
in the Additional Form [10-D][10-K][8-K] Disclosure: 

 

Any inquiries related to this notification should
be directed to _______________, phone number:  _______________; email address:  _______________.

	 	 	 
	 	[NAME
    OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     CC-2

     

    

 

EXHIBIT DD-1

 

FORM OF POWER OF ATTORNEY BY TRUSTEE
FOR MASTER SERVICER

 

RECORDING REQUESTED
BY:

 

Midland Loan Services, a Division of PNC
Bank, National Association

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President –
Division Head

Telecopy number: 913-253-9001

 

SPACE ABOVE THIS LINE FOR
RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States
and having an office at 9062 Old Annapolis Road, Columbia, Maryland 20145, not in its individual capacity but solely as Trustee
(in such capacity, the “Trustee”), hereby constitutes and appoints Midland Loan Services, a Division of PNC
Bank, National Association (the “Master Servicer”), and in its name, aforesaid Attorney-In-Fact, by and through
any authorized representative appointed by the Board of Directors of [_________], to execute and acknowledge in writing or by facsimile
stamp all documents customarily and reasonably necessary and appropriate for the tasks described in the items (1) through (12)
below; provided however, that the documents described below may only be executed and delivered by such Attorneys-In-Fact if such
documents are required or permitted under the terms of the Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Agreement”)
by and among Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo Bank, National Association, as
Certificate Administrator, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Midland Loan
Services, a Division of PNC Bank, National Association, as Master Servicer, Rialto Capital Advisors, LLC, as Special Servicer and
Wells Fargo Bank, National Association, as Trustee, in connection with the CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through
Certificates and no power is granted hereunder to take any action that would be adverse to the interests of Wells Fargo Bank, National
Association.

 

This Limited Power of
Attorney is being issued in connection with the Master Servicer’s responsibilities to service certain mortgage loans (the
“Loans”) held by Wells Fargo Bank, National Association, as Trustee. The Loans are comprised of mortgages or
deeds of trust (the “Mortgages” and “Deeds of Trust” respectively), and other forms of security
instruments (collectively, the “Security Instruments”) and the Mortgage Notes secured thereby. Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

    DD-1-1

     

    

 

1.          Demand, sue for,
recover, collect and receive each and every sum of money, debt, account and interest (which now is, or hereafter shall become due
and payable) belonging to or claimed by Wells Fargo Bank, National Association, as Trustee, and to use or take any lawful means
for recovery by legal process or otherwise, including but not limited to the substitution of trustee serving under a Deed of Trust,
the preparation and issuance of statements of breach, notices of default, and/or notices of sale, accepting deeds in lieu of foreclosure,
evicting (to the extent allowed by federal, state or local laws) and foreclosing on the properties under the Security Instruments
by judicial or non-judicial foreclosure, actions for temporary restraining orders, injunctions, appointments of receiver, suits
for waste, fraud and any and all other tort, contractual or other claims of whatever nature, including execution of any evidentiary
affidavits or verifications in support thereof, as may be necessary or advisable in any bankruptcy action, state or federal suit
or any other action.

 

2.          Execute and/or
file such documents and take such other action as is proper and necessary to defend Wells Fargo Bank, National Association, as
Trustee, in litigation and to resolve any litigation where the Master Servicer has an obligation to defend Wells Fargo Bank, National
Association, as Trustee, including but not limited to dismissal, termination, cancellation, rescission and settlement.

 

3.          Transact business
of any kind regarding the Loans and the Mortgaged Properties.

 

4.          Obtain an interest
in the Loans, Mortgaged Properties and/or building thereon, as Wells Fargo Bank, National Association, Trustee’s act and
deed, to contract for, purchase, receive and take possession and evidence of title in and to the property and/or to secure payment
of a promissory note or performance of any obligation or agreement.

 

5.          Execute, complete,
indorse or file bonds, notes, Mortgages, Deeds of Trust and other contracts, agreements and instruments regarding the Borrowers,
the Loans and/or the Mortgaged Properties, including but not limited to the execution of estoppel certificates, financing statements,
continuation statements, releases, satisfactions, assignments, loan modification agreements, payment plans, waivers, consents,
amendments, forbearance agreements, loan assumption agreements, subordination agreements, property adjustment agreements, non-disturbance
and attornment agreements, leasing agreements, management agreements, listing agreements, purchase and sale agreements, and other
instruments pertaining to Mortgages or Deeds of Trust, and execution of deeds and associated instruments, if any, conveying the
Mortgaged Properties, in the interest of Wells Fargo Bank, National Association, as Trustee.

 

6.          Endorse on behalf
of the undersigned all checks, drafts and/or other negotiable instruments made payable to the undersigned and draw upon, replace,
substitute, release or amend letters of credit as property securing the Loans.

 

7.          [RESERVED].

 

    DD-1-2

     

    

 

8.          Such other actions
and file such other instruments and certifications as are reasonably necessary to complete or accomplish the Master Servicer’s
duties and responsibilities under the Agreement.

 

9.          Execute any document
or perform any act described in items (3), (4), and (5) in connection with the termination of any Trust as necessary to transfer
ownership of the affected Loans to the entity (or its designee or assignee) possessing the right to obtain ownership of the Loans.

 

10.        Subordinate the
lien of a Mortgage, Deed of Trust, or deed to secure debt (i) for the purpose of refinancing Loans, where applicable, or (ii) to
an easement in favor of a public utility company or a government agency or unit with powers of eminent domain, including but not
limited to the execution of partial satisfactions and releases and partial reconveyances reasonably required for such purpose,
and the execution or requests to the trustees to accomplish the same.

 

11.        Convey the Property
to the mortgage insurer, or close the title to the Mortgaged Property to be acquired as real estate owner, or convey title to real
estate owned property (“REO Property”).

 

12.        Execute and deliver
the following documentation with respect to the sale of the REO Property acquired through a foreclosure or deed-in-lieu of foreclosure,
including, without limitation, listing agreements, purchase and sale agreements, grant / limited or special warranty / quit claim
deeds or any other deed, but not general warranty deeds, causing the transfer of title of the Mortgaged Property to a party contracted
to purchase same, escrow instructions and any all documents necessary to effect the transfer of REO Property.

 

The undersigned gives
said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every act and thing necessary
and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned
might or could do as of [date].

 

This appointment is to
be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is
not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

The Master Servicer hereby
agrees to indemnify and hold Wells Fargo Bank, National Association, as Trustee, and its directors, officers, employees and agents
harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind or nature whatsoever incurred by the Trustee by reason or result of the misuse of this Limited Power
of Attorney by the Master Servicer. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and
the Agreement or the earlier resignation or removal of Wells Fargo Bank, National Association, as Trustee under the Agreement.

 

    DD-1-3

     

    

 

IN WITNESS WHEREOF, Wells
Fargo Bank, National Association, as Trustee has caused these presents to be signed and acknowledged in its name and behalf by
a duly elected and authorized signatory this _________ day of ________, 20[__].

 

	NO CORPORATE SEAL	Wells Fargo Bank, National Association, as Trustee,
	 	 
	 	For [___________]

	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	 	 	 	 	 
	Attest:	Trust Officer	 	 	 

 

    DD-1-4

     

    

 

EXHIBIT DD-2

 

FORM OF POWER OF ATTORNEY TO THE SPECIAL
SERVICER

 

RECORDING REQUESTED BY:

 

Rialto Capital Advisors, LLC

790 NW 107th Avenue, 4th Floor

Miami, Florida 33172

Attention: Liat Heller, Jeff Krasnoff,
Niral Shah, Adam Singer

Telecopy number: 1-305-229-6425

  

SPACE ABOVE THIS LINE FOR
RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

Wells Fargo Bank,
National Association, a national banking association organized and existing under the laws of the United States and having
an office at 9062 Old Annapolis Road, Columbia, Maryland 21045, not in its individual capacity but solely as Trustee (“Trustee”),
hereby constitutes and appoints [Special] Servicer, and in its name, aforesaid Attorney-In-Fact, by and through any duly appointed
authorized representative appointed by the [Board of Directors] of (“[Special] Servicer”), to execute and acknowledge
in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate for the tasks described in
the items (1) through [(7)] [(11)] below; provided however, that the documents described below may only be executed and delivered
by such Attorneys-In-Fact if such documents are required or permitted under the terms of the Pooling and Servicing Agreement dated
as of August 1, 2016 (the “Pooling and Servicing Agreement”) among Midland Loan Services, a Division of PNC
Bank, National Association (the “Master Servicer”), Rialto Capital Advisors, LLC (the “Special Servicer”),
Wells Fargo Bank, National Association, as Certificate Administrator, Paying Agent and Custodian, Wells Fargo Bank, National Association,
as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, on behalf of CD 2016-CD1
Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Trust”) and no power is granted hereunder
to take any action that would be adverse to the interests of Wells Fargo Bank, National Association.

 

This Limited Power of
Attorney and the rights, powers and authority granted herein are coupled with an interest, and this Limited Power of Attorney is
being issued in connection with [Master] [Special] Servicer’s responsibilities to service certain mortgage loans (the “Mortgage
Loans”) held by the Trustee. The Mortgage Loans are secured by collateral comprised of mortgages or deeds of trust (the
“Mortgages” and “Deeds of Trust” respectively), and other forms of security instruments (collectively
the “Security Instruments”), in each case, encumbering any and all real and personal property delineated therein
(the “Mortgaged

 

    DD-2-1

     

    

 

Properties”)
and the Notes secured thereby. Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the Pooling and Servicing Agreement.

 

1.         Demand, sue for,
recover, collect and receive each and every sum of money, debt, account and interest (which now is, or hereafter shall become due
and payable) belonging to or claimed by the Trustee, and to use or take any lawful means for recovery by legal process or otherwise,
including but not limited to the substitution of trustee serving under a Deed of Trust, the preparation and issuance of statements
of breach, notices of default, and/or notices of sale, accepting deeds in lieu of foreclosure, evicting (to the extent allowed
by federal, state or local laws) and foreclosing on the properties under the Security Instruments by judicial or non-judicial foreclosure,
actions for temporary restraining orders, injunctions, appointments of receiver, suits for waste, fraud and any and all other tort,
contractual or other claims of whatever nature, including execution of any evidentiary affidavits or verifications in support thereof,
as may be necessary or advisable in any bankruptcy action, state or federal suit or any other action.

 

2.         Execute and/or
file such documents and take such other action as is proper and necessary to defend the Trustee in litigation and to resolve any
litigation where the [Master] [Special] Servicer has an obligation to defend the Trustee, including but not limited to dismissal,
termination, cancellation, rescission and settlement.

 

3.         Transact business
of any kind to preserve the Trustee’s interest in the Mortgage Loans and the Mortgaged Properties.

 

4.         Obtain an interest
in the Mortgage Loans, Mortgaged Properties and/or buildings thereon, as the Trustee’s act and deed, to contract for, purchase,
receive and take possession and evidence of title in and to the property and/or to secure payment of a promissory note or performance
of any obligation or agreement.

 

5.         Execute, complete,
indorse or file bonds, notes, Mortgages, Deeds of Trust and other contracts, agreements and instruments regarding the Borrowers,
the Mortgage Loans and/or the Mortgaged Properties, including but not limited to the execution of estoppel certificates, financing
statements, continuation statements, releases, satisfactions, assignments, loan modification agreements, payment plans, waivers,
consents, amendments, forbearance agreements, loan assumption agreements, subordination agreements, property adjustment agreements,
management agreements, listing agreements, purchase and sale agreements, non-disturbance and attornment agreements, leasing agreements
and other instruments pertaining to Mortgages or Deeds of Trust, and execution of deeds and associated instruments, if any, conveying
the Mortgaged Properties, in the interest of the Trustee.

 

6.         Endorse on behalf
of the undersigned all checks, drafts and/or other negotiable instruments made payable to the undersigned and draw upon, replace,
substitute, release or amend letters of credit as Property securing the Mortgage Loans.

 

7.         [For Special Servicer:
Execute any document or perform any act described in items (3), (4), and (5) in connection with the termination of any Trust as
necessary to transfer ownership of the affected Loans to the entity (or its designee or assignee) possessing the right to obtain
ownership of the Loans.]

 

    DD-2-2

     

    

 

8.         Such other actions
and file such other instruments and certifications as are reasonably necessary to complete or accomplish the [Special] Servicer’s
duties and responsibilities under the Pooling and Servicing Agreement.

 

9.         [For Special Servicer:
Subordinate the lien of a mortgage, deed of trust, or deed to secure debt (i) for the purpose of refinancing Loans, where applicable,
or (ii) to an easement in favor of a public utility company or a government agency or unit with powers of eminent domain, including
but not limited to the execution of partial satisfactions and releases and partial reconveyances reasonably required for such purpose,
and the execution or requests to the trustees to accomplish the same.]

 

10.       [For Special Servicer:
Convey the Property to the mortgage insurer, or close the title to the Property to be acquired as real estate owned, or convey
title to real estate owned property (“REO Property”).]

 

11.       [For Special Servicer:
Execute and deliver the following documentation with respect to the sale of REO Property acquired through a foreclosure or deed-in-lieu
of foreclosure, including, without limitation: listing agreements; purchase and sale agreements; grant / limited or special warranty
/ quit claim deeds or any other deed, but not general warranty deeds, causing the transfer of title of the property to a party
contracted to purchase same; escrow instructions; and any and all documents necessary to effect the transfer of REO Property.]

 

The undersigned gives
said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every act and thing necessary
and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned
might or could do as of [date].

 

This appointment is to
be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is
not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

The [Special] Servicer
hereby agrees to indemnify and hold Wells Fargo Bank, National Association, as Trustee, and its directors, officers, employees
and agents harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever incurred by the Trustee and its directors, officers, employees
and agents by reason or result of the misuse of this Limited Power of Attorney by the [Special] Servicer. The foregoing indemnity
shall survive the termination of this Limited Power of Attorney and the Pooling and Servicing Agreement or the earlier resignation
or removal of Wells Fargo Bank, National Association, as Trustee under the Agreement.

 

Witness my hand and seal this       day of              ,
2016.

 

	NO CORPORATE SEAL	Wells Fargo Bank, National Association, as Trustee, for Deutsche Mortgage & Asset Receiving Corporation, CD 2016-CD1

 

    DD-2-3

     

    

  

	 	 
	 	Mortgage Trust Commercial Mortgage Pass-Through Certificates

	 	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 	 
	Attest:	, Trust Officer	 	 	 

 

    DD-2-4

     

    

 

EXHIBIT EE

 

FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

[Other Servicer]

[ADDRESS]

 

[Other Special Servicer]

[ADDRESS]

 

[Other Trustee]

[ADDRESS]

 

The trust fund formed
in connection with the issuance of the CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Trust
Fund”) is the Note [__] Holder, as such term is defined under the Agreement between Noteholders, dated as of [__], between
[__], as each of the [__] Holder and the [__] Holder (the “[__] Intercreditor Agreement”). In connection with
the deposit of the Note [__] of the [__] Whole Loan into the Trust Fund, attached is an executed copy [for Vertex Pharmaceuticals
HQ][executed certified copy] of the related pooling and servicing agreement (the “Pooling and Servicing Agreement”).
This Notice is being delivered to you pursuant to Section 3.27(f) of the Pooling and Servicing Agreement. Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement or, if not defined
therein, in the [__] Intercreditor Agreement. Contact information for the Certificate Administrator, the Trustee, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Directing Holder and the Rating Agencies are
as set forth on Schedule I attached here.

 

The [__] Whole Loan is
being serviced pursuant to the terms of a pooling and servicing agreement dated [_], between [__], as depositor, [__], as master
servicer, [__], as special servicer, [__], as operating advisor, [__], as asset representations reviewer, and [__], as certificate
administrator and trustee (the “Other Pooling and Servicing Agreement”). [__], as certificate administrator
for the registered holders of the Trust Fund, hereby directs the applicable parties to the Other Pooling and Servicing Agreement
as follows:

 

(i)        [__], as master
servicer under the Other Pooling and Servicing Agreement, shall remit no later than one (1) Business Day after the Determination
Date all amounts payable in accordance with the [__] Intercreditor Agreement and the Other Pooling and Servicing Agreement due
to the Note [__] Holder of the [__] Whole Loan on such days as specified in the Other Pooling and Servicing Agreement to Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer of the Trust Fund, to the collection account set
forth on Schedule II attached hereto in accordance with the terms of the Other Pooling and Servicing Agreement; and

 

    EE-1

     

    

 

(ii)       [other Master
Servicer] and [other Certificate Administrator], as applicable, shall forward, deliver or otherwise make available, as the case
may be, all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise
made available to the holder of Note [__] of the [__] Whole Loan in accordance with the [__] Intercreditor Agreement and the Other
Pooling and Servicing Agreement to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer of the
Trust Fund, no later than one (1) Business Day after the Determination Date.

 

You are advised that
the Trust is subject to Regulation AB and Exchange Act reporting and that the Mortgaged Property related to the [__] Mortgage Loan
[is][is not] a Significant Obligor related to the Trust Fund. This notification serves as notice of request for delivery of all
Exchange Act reporting items deliverable to us pursuant to the terms of the Other Pooling and Servicing Agreement.

 

Thank you for your attention
to this matter.

	 	 	 
	 	Wells Fargo Bank, National Association, as Certificate Administrator for the Holders of the CD 2016-CD1 Mortgage Trust Pass-Through Certificates
	 	 	 
	 	By:	 
	 	 	
        [Name]

        [Title] 

 

    EE-2

     

    

 

SCHEDULE I

 

TO FORM OF NOTICE FROM
THE CERTIFICATE ADMINISTRATOR

REGARDING [NON-SERVICED WHOLE LOAN]

Deutsche Mortgage &
Asset Receiving Corporation

60 Wall Street

New York, New York, 10005

Attention: Lainie Kaye

Midland
Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Fax Number: (888) 706-3565 

with a
copy to: 

Stinson
Leonard Street LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Fax Number: (816) 412-9338

Attention: Kenda K. Tomes

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:

Jeff Krasnoff

Facsimile number: (305) 229-6425

E-mail: jeff.krasnoff@rialtocapital.com;

Niral Shah

Facsimile number: (305) 229-6425

Email: niral.shah@rialtocapital.com;

Adam Singer

facsimile number (305) 229-6425

Email: adam.singer@rialtocapital.com

 

    EE-3

     

    

 

Wells Fargo Bank, National Association

Corporate Trust Services

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services — CD 2016-CD1

with copies to:

ct.cmbs.bond.admin@wellsfargo.com;
and 

trustadministrationgroup@wellsfargo.com. 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services — CD 2016-CD1

Park
Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CD 2016-CD1-Surveillance Manager 

[RREF
III Debt AIV, LP, c/o Rialto Capital Management LLC]

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Josh Cromer

Facsimile number: (212) 751-4646 

with
a copy to: 

[RREF
III Debt AIV, LP, c/o Rialto Capital Management LLC]

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile number: (212) 751-4646 

DBRS, Inc.

333 West Wacker Drive, Suite 1800

Chicago, Illinois 60606

Attention: Commercial Mortgage Surveillance

Facsimile No.: (312) 332-3492

Email: cmbs.surveillance@dbrs.com 

Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

    EE-4

     

    

 

Moody’s Investors Service, Inc.

7 World Trade Center

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 553-1350

Email:cmbssurveillance@moodys.com

    EE-5

     

    

SCHEDULE II TO
FORM OF NOTICE 

 FROM THE CERTIFICATE ADMINISTRATOR

REGARDING [NON-SERVICED WHOLE LOAN]

	Account:	Collection Account
	 	 
	Account #:	[______]
	 	 
	Title:	Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, on behalf of Wells Fargo Bank, National Association, as trustee, for the benefit of the Holders of Deutsche Mortgage & Asset Receiving Corporation, CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-CD1 Collection Account
	 	 
	Location:	[___]

    EE-6

     

    

EXHIBIT
FF

 

FORM OF SERVICED COMPANION LOAN NOTEHOLDER
CERTIFICATION

 

[Date]

 

Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

 

Wells Fargo Bank, National
Association

Corporate Trust Services

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services — CD 2016-CD1

 

		Re:	CD 2016-CD1 Mortgage Trust – Companion Loan

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement (the “Agreement”),
dated as of August 1, 2016, between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge
Lender Services LLC, as operating advisor, Park Bridge Lender Services
LLC, as asset representations reviewer, Wells Fargo Bank, National Association, as trustee, and
Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian, with respect to any Companion
Loan (as defined in the Agreement), the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned
is a Companion Loan Noteholder (as defined in the Agreement).

 

2.          The undersigned
is requesting access pursuant to the Agreement to certain information (the “Information”) on the Certificate
Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner, in whole or in part.

 

    FF-1

     

    

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

3.          The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations contained herein remain true and correct.

 

4.          The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Underwriters,
the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by
the undersigned or any of its Representatives.

 

5.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

IN WITNESS WHEREOF, the
undersigned has caused its name to be signed hereto by its duly authorized officer, as of the day and year written above.

	 	 	 
	 	[Companion
Loan Noteholder]
	 	 	 
	 	By:	 
	 	 	
        Title:

Company:

Phone:

 

    FF-2

     

    

 

EXHIBIT GG

 

 [RESERVED]

 

    GG-1

     

    

 

EXHIBIT HH

 

FORM OF ASSET REVIEW REPORT BY THE 

ASSET REPRESENTATIONS REVIEWER1

 

To: [Addresses of Recipients]

 

Re:          CD 2016-CD1 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2016-CD1

 

Ladies and Gentlemen:

 

In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Mortgage Loan identified by the Certificate Administrator, and is hereby issuing the following
Asset Review Report.

 

		1.	We have performed an Asset Review on each Delinquent Mortgage Loan identified by the Certificate
Administrator and our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as specifically
detailed on the scorecard attached hereto as Exhibit A] with respect to the Delinquent Mortgage Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this report to the persons listed above,
will not be required to take or participate in any other or further action with respect to the aforementioned Asset Review Report.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.

 

 

1
This report is an indicative report, and the Asset Representations Reviewer will have
the ability to modify or alter the organization and content of this report, subject to compliance with the terms of the Pooling
and Servicing Agreement, including without limitation, provisions relating to Privileged Information.

 

    	 	HH-1 	 

     

    

  

	 	PARK BRIDGE LENDER SERVICES
LLC, as Asset Representations Reviewer
	 	 	 
		By:	Park Bridge Advisors LLC, a New York limited liability company, its sole member

 

		By:	Park Bridge Financial LLC, a New York limited liability company, its sole member

 

	 	By: 	 

	 	Name: 	 

	 	Title: 	 

 

    	 	HH-2 	 

     

    

 

Exhibit A

 

Detailed Scorecard

[Template Example Below]

 

	Test Failures
	Loan #	Loan Name	Mortgage Loan Seller	R&W #	R&W Name	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws	[Insert Test Description]	[Insert Test findings]
	31	Single-Purpose Entity	 	 

 

    	 	HH-3 	 

     

    

 

EXHIBIT II

 

FORM OF ASSET REVIEW REPORT SUMMARY 

BY THE ASSET REPRESENTATIONS REVIEWER2

 

To: [Addresses of Recipients]

 

Re:          CD 2016-CD1 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2016-CD1

 

Ladies and Gentlemen:

 

In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Mortgage Loan identified by the Certificate Administrator, and is hereby issuing the following
Asset Review Report Summary.

 

		1.	We have performed an Asset Review on each Delinquent Mortgage Loan identified by the Certificate
Administrator and our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as identified
on the summary scorecard attached hereto as Exhibit A] with respect to the Delinquent Mortgage Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this Asset Review Report Summary to the
parties listed above, will not be required to take or participate in any other or further action with respect to the aforementioned
Asset Review Report Summary.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.

 

 

2
 This report is an indicative report, and the Asset Representations Reviewer will have
the ability to modify or alter the organization and content of this report, subject to compliance with the terms of the Pooling
and Servicing Agreement, including without limitation, provisions relating to Privileged Information.

 

    	 	II-1 	 

     

    

 

	 	PARK BRIDGE LENDER SERVICES
LLC, as Asset Representations Reviewer
	 	 	 
		By:	Park Bridge Advisors LLC, a New York limited liability company, its sole member

 

		By:	Park Bridge Financial LLC, a New York limited liability company, its sole member

 

	 	By: 	 

	 	Name: 	 

	 	Title: 	 

 

    	 	II-2 	 

     

    

 

Exhibit A

 

Summary Scorecard

[Template Example Below]

 

	Test failures
	Loan #	Loan Name	Mortgage Loan Seller	Representations and Warranty #	Representation and Warranty Name
	[Insert Loan #]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws
	31	Single-Purpose Entity

 

    	 	II-3 	 

     

    

 

EXHIBIT JJ

 

ASSET REVIEW PROCEDURES

 

Subject to the Pooling
and Servicing Agreement, this Exhibit sets forth Asset Representations Reviewer’s review procedures for each Delinquent Mortgage
Loan based on the information provided for an Asset Review. Capitalized terms used herein and not defined herein shall have the
meanings ascribed to them in the Pooling and Servicing Agreement. In the event of any conflict between this Exhibit JJ and the
terms of the Pooling and Servicing Agreement, the Pooling and Servicing Agreement shall control and govern the Asset Representation
Reviewer’s responsibilities and duties with respect to Asset Reviews.

 

Call for Review and Collection and
Inventory of Review Materials

 

		Step 1	Asset
Representations Reviewer (“ARR”) receives the following items before beginning its review from the parties
specified in Section 11.01 of the Pooling and Servicing Agreement:

 

		■	Notice of Asset Review Trigger (with attachments)

 

		■	Asset Review Vote Election

 

		■	Notice of Affirmative Asset Review Vote

 

		■	List of all Delinquent Mortgage Loans subject to the Asset Review

 

		■	Review Materials for each Delinquent Mortgage Loan via Secure Data Room access, including the Diligence
File

 

		■	Any Unsolicited Information (if applicable)

 

		Step 2	For each Delinquent
Mortgage Loan, ARR inventories all Review Materials to which ARR is provided access in the Secure Data Room to determine what,
if any, Review Materials for such Delinquent Mortgage Loan are missing, using the list of documents in Section 2.01(a)(i)
through Section 2.01(a)(xxi) of this Agreement, any comparable lists included in the related Mortgage Loan Purchase Agreement,
and any closing checklist from the origination of such Delinquent Mortgage Loan, to guide its review and determination

 

    	 	JJ-1 	 

     

    

 

		Step 3	If ARR determines
that the information made available to it in the Secure Data Room with respect to any Delinquent Mortgage Loan is missing any
documents required to complete an Asset Review of such Delinquent Mortgage Loan, ARR shall prepare a list of such missing documents
and notify Master Servicer (with respect to Non-Specially Serviced Loans) and Special Servicer (with respect to Specially Serviced
Loans) or applicable Mortgage Loan Seller of such missing documents. If the Master Servicer or Special Servicer, as applicable,
does not provide such document as provided in the Pooling and Servicing Agreement, the ARR shall notify the related Mortgage Loan
Seller of such missing information

 

Analysis and
Testing of Representations and Warranties

 

		Step 4	For each Delinquent Mortgage
Loan for which ARR has received all Review Materials required to complete an Asset Review of such Delinquent Mortgage Loan, ARR
tests such Delinquent Mortgage Loan for compliance with each representation and warranty made by the related Mortgage Loan Seller
with respect to such Delinquent Mortgage Loan as follows:

 

		■	ARR reviews each representation and warranty and each item included in the Review Materials applicable
or related to such representation or warranty to determine whether there is any evidence that such representation or warranty was
not true when made by the related Mortgage Loan Seller

 

		■	For each representation and warranty, ARR lists

 

		·	all items from the Review Materials reviewed or used in its testing of such representation and warranty

 

		·	whether ARR has determined that there is any evidence that such representation or warranty was not
true when made by the related Mortgage Loan Seller, and

 

		○	if so, stating the aspect of the applicable representation or warranty that does not appear to have
been true when made by the related Mortgage Loan Seller and ARR’s basis for its conclusion

 

		○	completing the Asset Review Report by setting forth, for each Delinquent Mortgage Loan, the information
contemplated herein with respect to each representation and warranty

 

ARR will not attempt (and has no obligation)
to determine the materiality of any potential breach of a representation or warranty that it discovers evidence of during its review
as contemplated herein.

 

    	 	JJ-2 	 

     

    

 

EXHIBIT KK

 

CERTIFICATION TO CERTIFICATE ADMINISTRATOR
REQUESTING ACCESS TO SECURE DATA ROOM

 

Wells Fargo Bank, National Association

Corporate Trust Services

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services – CD 2016-CD1

Email:trustadministrationgroup@wellsfargo.com

Attention:             CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-CD1

 

In accordance with the
requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement, dated as of August 1,
2016 (the “Pooling and Servicing Agreement”), by and among Deutsche Mortgage & Asset Receiving Corporation,
as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors,
LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, Wells Fargo Bank, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator,
paying agent and custodian, with respect to the certificates (the “Certificates”), the undersigned hereby certifies
and agrees as follows:

 

1.           The undersigned
is an authorized representative of [________________________].

 

2.           The undersigned
acknowledges and agrees that (a) access to the Secure Data Room is being granted to it solely for purposes of the undersigned carrying
out its obligations under the Pooling and Servicing Agreement (b) it will not disseminate or otherwise make information contained
on the Secure Data Room available to any other person except in accordance with the Pooling and Servicing Agreement or otherwise
with the written consent of the Depositor and (c) it will only access information relating to the Mortgage Loans to which the Asset
Review relates.

 

3.           The undersigned
agrees that each time it accesses the Secure Data Room, the undersigned is deemed to have recertified that the representations
above remains true and correct.

 

    	 	KK-1 	 

     

    

 

4.           [The undersigned
is not a Certificateholder, a beneficial owner or a prospective purchaser of any Certificate.]*

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[NAME OF
PARTY], as [role]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

	Dated:	 	 

 

	[Deutsche Mortgage & Asset Receiving Corporation]‡	 
	 	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 

 

 

‡
    Required to the extent that a party other
than the Asset Representations Reviewer is identified by the Depositor as needing access to the Secure Data Room. 

 

    	 	KK-2 	 

     

    

 

EXHIBIT LL

 

FORM OF NOTICE OF [ADDITIONAL DELINQUENT
MORTGAGE LOAN][CESSATION OF DELINQUENT MORTGAGE LOAN][CESSATION OF ASSET REVIEW TRIGGER]

 

[Date]

 

	Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head	Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CD 2016-CD1 Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)
	 	 
	Rialto Capital Advisors, LLC
 790 NW 107th Avenue, 4th Floor
 Miami, Florida 33172
 Attention:  Liat Heller

                                  Jeff Krasnoff
  Niral Shah
  Adam Singer
	 
	 	 

		Attention:	CD 2016-CD1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2016-CD1

 

In accordance with Section
11.01(a) of the Pooling and Servicing Agreement, dated as of August 1, 2016 (the “Pooling and Servicing Agreement”),
by and among Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services LLC, as
operating advisor, Park Bridge Lender Services LLC, as asset representations reviewer, Wells Fargo Bank, National Association,
as trustee, and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate
Administrator”), paying agent and custodian, the Certificate Administrator hereby notifies you that as of [RELATED DISTRIBUTION
DATE]:

 

1.           _____ An additional
Mortgage Loan has become a Delinquent Mortgage Loan.

 

2.           _____ A Mortgage
Loan has ceased to be a Delinquent Mortgage Loan.

 

3.           _____An Asset
Review Trigger has ceased to exist.

 

    	 	LL-1 	 

     

    

 

(check all that apply)

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

	 	Wells Fargo Bank, National Association,
as Certificate Administrator for the Holders of the CD 2016-CD1 Mortgage Trust Pass-Through Certificates
	 	 	 
	 	By: 	 
	 	 	[Name]
	 	 	[Title]

 

    	 	LL-2 	 

     

    

 

SCHEDULE I

 

DIRECTING HOLDERS

 

	Mortgage Loan	Directing Holder	Contact Information
	All Mortgage Loans (other than the 10 Hudson Yards Mortgage Loan, the Westfield San Francisco Centre Mortgage Loan, the Prudential Plaza Mortgage Loan, the Birch Run Premium Outlets Mortgage Loan, the Gas Company Tower & World Trade Center Parking Garage Mortgage Loan and the 401 South State Street Mortgage Loan)	RREF III Debt AIV, LP	
        RREF III Debt AIV, LP, c/o Rialto Capital
        Management LLC

        600 Madison Avenue, 12th Floor

        New York, New York 10022

        Attention: Josh Cromer

        Facsimile number: (212) 751-4646

         

        with a copy to:

          

        RREF III Debt AIV, LP, c/o Rialto
Capital Management LLC

600 Madison Avenue, 12th Floor

New York, New York 10022

Attention: Joseph Bachkosky

Facsimile number: (212) 751-4646

 

    	 	Sch. I-1 	 

     

    

 

SCHEDULE II

 

SERVICING CRITERIA TO BE ADDRESSED IN
ASSESSMENT OF COMPLIANCE

 

The assessment of compliance
to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing Criteria” (with each
Servicing Function Participant deemed to be responsible for the items applicable to the functions it is performing and for which
the party that retained such Servicing Function Participant is responsible):

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master Servicer

Special Servicer
	1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master Servicer

Special Servicer

Certificate Administrator
	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	Master Servicer

Special Servicer

 

    	 	Sch. II-1 	 

     

    

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Cert. Admin.
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	Trustee

Master Servicer

Special Servicer
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	 	Investor Remittances and Reporting	 

 

    	 	Sch. II-2 	 

     

    

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced by the Master Servicer.	Cert. Admin.

Operating Adv. 

(excluding clauses (C) and (D) in the case of the Operating Adv.)
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	Cert. Admin.
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Master Servicer’s investor records or Certificate Administrator’s investor records, or such other number of days specified in the transaction agreements.	Cert. Admin.

 
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Cert. Admin.
	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

Master Servicer

Special Servicer
	1122(d)(4)(ii)	Mortgage loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	Master Servicer

Special Servicer

 

    	 	Sch. II-3 	 

     

    

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(4)(iv)	Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents.	Master Servicer
	1122(d)(4)(v)	The Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to an obligor’s unpaid principal balance.	Master Servicer
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master Servicer

Special Servicer
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	Special Servicer

Operating Adv.
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master Servicer

Special Servicer
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.	Master Servicer

 

    	 	Sch. II-4 	 

     

    

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master Servicer
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master Servicer
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	N/A

 

 

At all times that the
Master Servicer and Special Servicer are the same entity, the Master Servicer and the Special Servicer may provide a combined assessment
of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    	 	Sch. II-5 	 

     

    

 

SCHEDULE III

 

CLASS A-SB PLANNED PRINCIPAL BALANCE
SCHEDULE

 

	
        Period
	
	Balance($)

	Initial	 	 46,236,000.00 	 
	1	 	 46,236,000.00 	 
	2	 	 46,236,000.00 	 
	3	 	 46,236,000.00 	 
	4	 	 46,236,000.00 	 
	5	 	 46,236,000.00 	 
	6	 	 46,236,000.00 	 
	7	 	 46,236,000.00 	 
	8	 	 46,236,000.00 	 
	9	 	 46,236,000.00 	 
	10	 	 46,236,000.00 	 
	11	 	 46,236,000.00 	 
	12	 	 46,236,000.00 	 
	13	 	 46,236,000.00 	 
	14	 	 46,236,000.00 	 
	15	 	 46,236,000.00 	 
	16	 	 46,236,000.00 	 
	17	 	 46,236,000.00 	 
	18	 	 46,236,000.00 	 
	19	 	 46,236,000.00 	 
	20	 	 46,236,000.00 	 
	21	 	 46,236,000.00 	 
	22	 	 46,236,000.00 	 
	23	 	 46,236,000.00 	 
	24	 	 46,236,000.00 	 
	25	 	 46,236,000.00 	 
	26	 	 46,236,000.00 	 
	27	 	 46,236,000.00 	 
	28	 	 46,236,000.00 	 
	29	 	 46,236,000.00 	 
	30	 	 46,236,000.00 	 
	31	 	 46,236,000.00 	 
	32	 	 46,236,000.00 	 
	33	 	 46,236,000.00 	 
	34	 	 46,236,000.00 	 
	35	 	 46,236,000.00 	 
	36	 	 46,236,000.00 	 
	37	 	 46,236,000.00 	 
	38	 	 46,236,000.00 	 
	39	 	 46,236,000.00 	 
	40	 	 46,236,000.00 	 
	41	 	 46,236,000.00 	 
	42	 	 46,236,000.00 	 
	43	 	 46,236,000.00 	 
	44	 	 46,236,000.00 	 
	45	 	 46,236,000.00 	 
	46	 	 46,236,000.00 	 
	47	 	 46,236,000.00 	 
	48	 	 46,236,000.00 	 
	49	 	 46,236,000.00 	 
	50	 	 46,236,000.00 	 
	51	 	 46,236,000.00 	 
	52	 	 46,236,000.00 	 
	53	 	 46,236,000.00 	 
	54	 	 46,236,000.00 	 
	55	 	 46,236,000.00 	 
	56	 	 46,236,000.00 	 
	57	 	 46,236,000.00 	 
	58	 	 46,236,000.00 	 
	59	 	 46,236,000.00
    	 

	Period	 	Balance($)
	60	 	 46,235,575.46 	 
	61	 	 45,524,908.64 	 
	62	 	 44,758,682.31 	 
	63	 	 44,042,497.74 	 
	64	 	 43,270,911.54 	 
	65	 	 42,549,168.24 	 
	66	 	 41,824,730.11 	 
	67	 	 40,940,205.51 	 
	68	 	 40,209,747.64 	 
	69	 	 39,424,296.51 	 
	70	 	 38,688,173.86 	 
	71	 	 37,897,220.02 	 
	72	 	 37,155,390.51 	 
	73	 	 36,410,790.45 	 
	74	 	 35,611,601.76 	 
	75	 	 34,861,231.88 	 
	76	 	 34,056,438.44 	 
	77	 	 33,300,255.87 	 
	78	 	 32,541,248.66 	 
	79	 	 31,625,382.71 	 
	80	 	 30,860,107.38 	 
	81	 	 30,040,834.92 	 
	82	 	 29,269,636.10 	 
	83	 	 28,444,609.64 	 
	84	 	 27,667,443.32 	 
	85	 	 26,887,373.26 	 
	86	 	 26,053,729.37 	 
	87	 	 25,267,625.90 	 
	88	 	 24,428,121.20 	 
	89	 	 23,635,939.48 	 
	90	 	 22,840,797.40 	 
	91	 	 21,942,341.59 	 
	92	 	 21,140,862.86 	 
	93	 	 20,286,422.79 	 
	94	 	 19,478,751.52 	 
	95	 	 18,618,296.07 	 
	96	 	 17,804,386.21 	 
	97	 	 16,987,434.08 	 
	98	 	 16,117,963.28 	 
	99	 	 15,294,703.59 	 
	100	 	 14,419,105.67 	 
	101	 	 13,589,491.51 	 
	102	 	 12,756,775.86 	 
	103	 	 11,774,083.50 	 
	104	 	 10,934,569.81 	 
	105	 	 10,043,182.87 	 
	106	 	 9,197,193.83 	 
	107	 	 8,299,516.79 	 
	108	 	 7,447,004.24 	 
	109	 	 6,669,746.64 	 
	110	 	 5,847,127.90 	 
	111	 	 5,093,244.02 	 
	112	 	 4,296,038.84 	 
	113	 	 3,536,385.61 	 
	114	 	 2,832,882.48 	 
	115	 	 2,061,026.50 	 
	116	 	 1,387,764.08 	 
	117	 	 678,397.04 	 
	118	 	 67.39 	 
	119 and thereafter	 	 0.00	 

    	 	Sch. III-1 	 

     

    

 

SCHEDULE IV

 

ADDITIONAL FORM 10-D DISCLOSURE

 

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.06 of the Pooling
and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information described in the corresponding
Form 10-D Item described in the “Item on Form 10-D” column to the extent such party has actual knowledge (and in the
case of financial statements required to be provided in connection with Item 6 below, possession) of such information (other than
information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from
the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party identified as such in the Prospectus. For this CD 2016-CD1 Mortgage Trust Pooling and Servicing
Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in
its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus.

 

	Item on Form 10-D	Party Responsible
	Item 1: Distribution and Pool Performance Information: Only with respect to any information required by 1121 which is NOT included on the Distribution Date Statement	
        ·     Each
Master Servicer (only with respect to 1121(a)(12) as to non Specially Serviced Loans)

        ·     Special
Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans)

        ·     Depositor

        ·     Certificate
Administrator

        ·     Asset
Representations Reviewer

        ·     Each
Mortgage Loan Seller (only with respect to 1121(c)(2))

	Item 2: Legal Proceedings:

Item 1117 of Regulation AB (to the extent material to Certificateholders)	
        ·     Master
Servicer (as to itself)

        ·     Special
Servicer (as to itself)

        ·     Trustee
(as to itself)

        ·     Certificate
Administrator (as to itself)

        ·     Depositor
(as to itself)

        

 

    	 	Sch. IV-1 	 

     

    

 

		
        

        ·     Any
other Reporting Servicer (as to itself)

        ·     Trustee/Certificate
Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings)

        ·     Each
Mortgage Loan Seller

        ·     Originators
under Item 1110 of Regulation AB (to be provided by the Depositor)

        ·     Party
under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

	Item 3: Sale of Securities and Use of Proceeds	·     Depositor
	Item 4: Defaults Upon Senior Securities	
        ·     Certificate
Administrator

        ·     Trustee

	Item 5: Submission of Matters to a Vote of Security Holders	·     Certificate Administrator
	Item 6: Significant Obligors of Pool Assets	·     Master Servicer
	Item 7: Change in Sponsor Interest in the Securities:

Item 1124 of Regulation AB	·     Each Mortgage Loan Seller
	Item 8: Significant Enhancement Provider Information	·     N/A
	Item 9: Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	·     Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item 10: Exhibits	
        ·     Depositor
(exhibits required by Item 601 of Regulation S-K, such as material agreements)

        ·     Certificate
Administrator (Monthly Statement to Certificateholders)

 

    	 	Sch. IV-2 	 

     

    

 

SCHEDULE V

ADDITIONAL FORM 10-K DISCLOSURE

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.07 of the Pooling
and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information described in the corresponding
Form 10-K Item described in the “Item on Form 10-K” column to the extent such party has actual knowledge (and in the
case of financial statements required to be provided in connection with 1112(b) below, possession) of such information (other than
information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from
the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party identified as such in the Prospectus. For this CD 2016-CD1 Mortgage Trust Pooling and Servicing
Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in
its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus.

 

	Item on Form 10-K	Party Responsible
	Item 1B: Unresolved Staff Comments	·    Depositor
	Item 9B:  Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	  ·   Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item 15:  Exhibits, Financial Statement Schedules	·   
Certificate Administrator

·   
Depositor
	Additional Item:

Disclosure per Item 1112(b)(1) of Regulation AB	·    Master Servicer
	Additional Item:

Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB	·    N/A

 

    	 	 Sch. V-1	 

     

    

 

	Additional Item:

Disclosure per Item 1117 of Regulation AB (to the extent material to Certificateholders)	
        ·  
        Master Servicer (as to itself)

        ·  
Special Servicer (as to itself)

        ·  
Certificate Administrator (as to itself)

        ·  
Trustee (as to itself)

        ·  
Depositor (as to itself)

        ·  
Operating Advisor (as to itself)

        ·  
Asset Representations Reviewer (as to itself)

        ·  
Any other Reporting Servicer (as to itself)

        ·   Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust

        ·   
Each Mortgage Loan Seller

        ·  
Originators under Item 1110 of Regulation AB (to be provided by the Depositor)

        ·  
Party under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

 

    	 	 Sch. V-2	 

     

    

 

	Additional Item:

Disclosure per Item 1119 of Regulation AB	
        ·   Master Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with
        the Trustee, Certificate Administrator, Special Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

        ·  
Special Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a)
with the Trustee, Certificate Administrator, Master Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

        ·   Certificate Administrator (as to itself) (to the extent material to Certificateholders)

        ·  
        Trustee (as to itself) (to the extent material to Certificateholders)

        ·  
Depositor (as to itself)

        ·  
Depositor (as to the Trust)

        ·  
Each Mortgage Loan Seller

        ·  
Operating Advisor (as to itself)

        ·  
Asset Representations Reviewer (as to itself)

        ·  
Originators under Item 1110 of Regulation AB (to be provided by the Depositor)

        ·  
Party under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

    	 	 Sch. V-3	 

     

    

SCHEDULE VI

FORM 8-K DISCLOSURE INFORMATION

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.09 of the Pooling
and Servicing Agreement to report to the Depositor and the Certificate Administrator the occurrence of any event described in the
corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent such party has actual knowledge
of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent,
the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that
there is no “significant obligor” other than a party identified as such in the Prospectus. For this CD 2016-CD1 Mortgage
Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as
such in the Prospectus.

 

	Item on Form 8-K	Party Responsible 
	Item 1.01- Entry into a Material Definitive Agreement

Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party.  

Examples: servicing agreement, custodial agreement.

Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus	·      Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)
	Item 1.02- Termination of a Material Definitive Agreement

Disclosure is required regarding termination of  any definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party.  

 	·       Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust  (only as to the agreements
such entity is a party to or entered into on behalf of the Trust)

 

    	 	 Sch. VI-1	 

     

    

 

	Item on Form 10-K	Party Responsible
	 

                                                                                Examples: servicing agreement, custodial agreement.
	 
	Item 1.03- Bankruptcy or Receivership	
        ·       
        Depositor

        ·       
        Each Mortgage Loan Seller

	Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.

Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.	
        ·       
        Depositor

        ·       
        Certificate Administrator

	Item 3.03- Material Modification to Rights of Security Holders

Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the Pooling and Servicing Agreement.	·        Certificate Administrator
	Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

Disclosure is required of any amendment “to the governing documents of the issuing entity”.	·        Depositor
	Item 5.06 – Change in Shell Company Status	·        Depositor
	Item 5.07 – Submission of Matters to a Vote of Security Holders	·        Depositor
	Item 5.08 – Shareholder Director Nomination	·        Depositor
	Item 6.01- ABS Informational and Computational Material	·        Depositor
	Item 6.02- Change of Servicer or Trustee 

Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report, other material servicers or trustee.	
        ·       
        Master Servicer (as to itself or a servicer retained by it)

        ·       
        Special Servicer (as to itself or a servicer retained by it)

        ·       
        Certificate Administrator (as to itself or an entity retained by it)

        ·       
Trustee

 

    	 	 Sch. VI-2	 

     

    

 

	Item on Form 10-K	Party Responsible
	 	·        Depositor
	Reg AB disclosure about any new servicer or master servicer is also required.	·        Master Servicer or Special Servicer, as applicable
	Reg AB disclosure about any new Trustee is also required.	·        Trustee
	Reg AB disclosure about any new Certificate Administrator is also required.	·        Certificate Administrator
	Item 6.03- Change in Credit Enhancement or Other External Support	     N/A
	Item 6.04- Failure to Make a Required Distribution	·        Certificate Administrator
	Item 6.05- Securities Act Updating Disclosure

If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the actual asset pool.

If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively.	·        Depositor
	Item 7.01- Regulation FD Disclosure	·        Depositor
	Item 8.01 – Other Events

Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to certificateholders.	·        Depositor
	Item 9.01 – Financial Statements and Exhibits	·       Responsible party for reporting/disclosing the financial statement or exhibit

    	 	 Sch. VI-3	 

     

    

SCHEDULE VII

INITIAL SERVICED
COMPANION LOAN NOTEHOLDERS

 

	Serviced Companion

 Loan	Initial Noteholders	Address
	U-Haul AREC Portfolio	
        DBJPM 2016-C3 (Note A-2 Holder)

         
	
        Midland Loan Services, a Division of PNC Bank, National Association

        10851 Mastin Street, Suite 700

        Overland Park, Kansas 66210

        Attention: Executive Vice President – Division Head

        Fax Number: (888) 706-3565

         

	 	 

    	 	 Sch. VII-1	 

     

    

SCHEDULE VIII

 

CONTACT INFORMATION
FOR THE OTHER 17G-5 INFORMATION PROVIDER

	Other 17g-5 

Information Provider	Transaction	Contact Information
	Wells Fargo Bank, National Association	Hudson Yards 2016-10HY	17g5informationprovider@wellsfargo.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically with a subject reference of “Hudson Yards 2016-10HY” and an identification of the type of information being provided in the body of such electronic mail)
	 	 	 
	Deutsche Bank Trust Company Americas	DBJPM 2016-SFC	17g5information.provider@db.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically with a subject reference of “DBJPM 2016-SFC” and an identification of the type of information being provided in the body of such electronic mail)
	 	 	 
	Wells Fargo Bank, National Association	COMM 2015-CCRE26	17g5informationprovider@wellsfargo.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically with a subject reference of “COMM 2016-DC2 Mortgage Trust” and an identification of the type of information being provided in the body of such electronic mail)
	 	 	 
	Deutsche Bank Trust Company Americas	COMM 2016-DC2	17g5information.provider@db.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically with a subject reference of “DBJPM 2016-SFC” and an identification of the type of information being provided in the body of such electronic mail)

 

    	 	 Sch. VIII-1	 

     

    

 

	Wells Fargo Bank, National Association	COMM 2016-GCT	17g5informationprovider@wellsfargo.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically with a subject reference of “COMM 2016-GCT” and an identification of the type of information being provided in the body of such electronic mail)
	 	 	 
	Wells Fargo Bank, National Association	WFCM 2016-BNK1	17g5informationprovider@wellsfargo.com, specifically with a subject reference of “WFCM 2016-BNK1” and an identification of the type of information being provided in the body of such electronic mail
	 	 	 
	Citibank, N.A.	CGCMT 2016-P4	ratingagencynotice@citi.com, specifically with a subject reference of “CGCMT 2016-P4” and an identification of the type of information being provided in the body of such electronic mail

    	 	 Sch. VIII-2Exhibit 4.2

 

 

EXECUTION
VERSION

 

 

DEUTSCHE MORTGAGE & ASSET RECEIVING
CORPORATION,

Depositor,

 

WELLS
FARGO BANK, national association,

Master Servicer

 

AEGON
USA REALTY ADVISORS, LLC,

Special Servicer

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

Trustee,

 

and

 

Wells
Fargo bank, national association,

Certificate Administrator, Paying Agent and Custodian

 

 

 

TRUST
AND SERVICING AGREEMENT

Dated as of August 6, 2016

 

 

 

Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

 

 

     

    	 

    

 

TABLE OF CONTENTS

 

Page

 

ARTICLE
I

DEFINITIONS

	Section 1.01	Defined Terms	2
	Section 1.02	Certain Calculations	70
	Section 1.03	Certain Constructions	74
	 	 	 
	ARTICLE II
	 	 	 
	CONVEYANCE OF THE MORTGAGE LOAN;
	ORIGINAL ISSUANCE OF CERTIFICATES
	 	 	 
	Section 2.01	Conveyance of the Trust Loan; Assignment of Trust Loan
    Purchase  Agreements	74
	Section 2.02	Acceptance by Custodian and the Trustee	81
	Section 2.03	Representations, Warranties and Covenants of the Depositor; Repurchase of Trust Loan	83
	Section 2.04	Representations, Warranties and Covenants of the Master
    Servicer, the Special Servicer, the Certificate Administrator
    and the Trustee	90
	Section 2.05	Execution and Delivery of Certificates; Issuance of Lower-Tier
    Regular Interests	95
	Section 2.06	Miscellaneous REMIC Provisions	95
	 	 	 
	ARTICLE III
	 	 	 
	ADMINISTRATION AND SERVICING
	OF THE TRUST FUND
	 
	Section 3.01	The Master Servicer To Act as Master Servicer; Special Servicer
    To Act as Special Servicer; Administration of the Whole Loan	96
	Section 3.02	Liability of the Master Servicer and the Special Servicer When Sub-Servicing	100
	Section 3.03	Collection of Whole Loan Payments	100
	Section 3.04	Collection of Taxes, Assessments and Similar Items; Escrow Accounts	101
	Section 3.05	Collection Account; Distribution Accounts and Interest Reserve Account	103
	Section 3.06	Permitted Withdrawals from the Collection Account and the
    Distribution Accounts; Trust Ledger	106
	Section 3.07	Investment of Funds in the Collection Account, the REO Account,
    the Lock-Box Accounts, the Cash Collateral Accounts and the Reserve Accounts	115 

 

    	-i- 

    	 

    

 

	Section 3.08	Maintenance of Insurance Policies and Errors
    and Omissions and Fidelity Coverage	117
	Section 3.09	Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions	122
	Section 3.10	Appraisals; Realization upon Defaulted Whole Loan	126
	Section 3.11	Custodian to Cooperate; Release of Mortgage File	132
	Section 3.12	Servicing Fees, Trustee/Certificate Administrator Fees and
    Special Servicing Compensation	133
	Section 3.13	Reports to the Certificate Administrator; Collection Account Statements	139
	Section 3.14	Access to Certain Documentation	145
	Section 3.15	Title and Management of REO Property and REO Accounts	153
	Section 3.16	Sale of a Specially Serviced Loan or the REO Property	157
	Section 3.17	Additional Obligations of the Master Servicer and the Special
    Servicer; Inspections	161
	Section 3.18	Authenticating Agent	163
	Section 3.19	Appointment of Custodians	163
	Section 3.20	Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts	164
	Section 3.21	Property Advances	164
	Section 3.22	Appointment of Special Servicer	168
	Section 3.23	Transfer of Servicing Between the Master Servicer and the
    Special Servicer; Record Keeping; Asset Status Report; Notice of
    Mezzanine Foreclosure	171
	Section 3.24	Special Instructions for the Master Servicer and/or Special Servicer	176
	Section 3.25	Certain Rights and Obligations of the Master Servicer and/or the
    Special Servicer	177
	Section 3.26	Modification, Waiver, Amendment and Consents	177
	Section 3.27	[Reserved]	179
	Section 3.28	[Reserved]	179
	Section 3.29	[Reserved]	179
	Section 3.30	No Downgrade Confirmation	179
	Section 3.31	Certain Co-Lender Matters Relating to the Whole Loan	182
	 	 	 
	ARTICLE IV
	 	 	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS
	 
	Section 4.01	Distributions	185
	Section 4.02	Statements to Certificateholders; Reports by Certificate
    Administrator; Other Information Available to the Holders and Others	191
	Section 4.03	Compliance with Withholding Requirements	201
	Section 4.04	REMIC Compliance	201
	Section 4.05	Imposition of Tax on the Trust Fund	204
	Section 4.06	Remittances	205
	Section 4.07	P&I Advances and Administrative Advances	205
	Section 4.08	Appraisal Reductions; Collateral Deficiency Amounts	210

 

    	-ii- 

    	 

    

 

	ARTICLE V
	 	 	 
	THE CERTIFICATES
	Section 5.01	The Certificates	211
	Section 5.02	Registration, Transfer and Exchange of Certificates	215
	Section 5.03	Mutilated, Destroyed, Lost or Stolen Certificates	225
	Section 5.04	Appointment of Paying Agent	225
	Section 5.05	Access to Certificateholders’ Names and Addresses; Special Notices	226
	Section 5.06	Actions of Certificateholders	226
	Section 5.07	Rule 144A Information	227
	 	 	 
	ARTICLE VI
	 	 	 
	THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE
	DIRECTING HOLDER AND THE INITIAL CONSULTING HOLDERS
	 	 	 
	Section 6.01	Liability of the Depositor, the Master Servicer and the Special Servicer	227
	Section 6.02	Merger or Consolidation of either the Master Servicer, the
    Special Servicer or the Depositor	227
	Section 6.03	Limitation on Liability of the Depositor, the Master Servicer and Others	228
	Section 6.04	Limitation on
    Resignation of the Master Servicer and the Special Servicer;
    Termination of the Master Servicer and the Special Servicer	229
	Section 6.05	Rights of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer	231
	Section 6.06	The Master Servicer or Special Servicer as Owners of a Certificate	232
	Section 6.07	Selection and Removal of the Directing Holder	232
	Section 6.08	Limitation on Liability of Directing Holder; Acknowledgements of
    the Certificateholders	235
	Section 6.09	Rights and Powers of the Directing Holder	235
	Section 6.10	Directing Holder Contact with Master Servicer and Special Servicer	237
	Section 6.11	Initial Consulting Holder	237
	 	 	 
	ARTICLE VII
	 	 	 
	TERMINATION EVENTS
	 	 	 
	Section 7.01	Servicer Termination Events	238
	Section 7.02	Trustee to Act; Appointment of Successor	247
	Section 7.03	Notification to Certificateholders and Other Persons	248
	Section 7.04	Other Remedies of Trustee	248
	Section 7.05	Waiver of Past Servicer Termination Events; Termination	249
	Section 7.06	Trustee as Maker of Advances	249

 

    	-iii- 

    	 

    

 

	ARTICLE VIII
	 	 	 
	CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR
	 	 	 
	Section 8.01	Duties of Trustee and Certificate Administrator	250
	Section 8.02	Certain Matters Affecting the Trustee and the Certificate Administrator	252
	Section 8.03	Trustee and Certificate Administrator Not Liable for
    Certificates or the Trust Loan	255
	Section 8.04	Trustee and Certificate Administrator May Own Certificates	257
	Section 8.05	Payment of Trustee’s and Certificate Administrator’s
    Fees and Expenses; Indemnification	257
	Section 8.06	Eligibility Requirements for Trustee and Certificate Administrator	260
	Section 8.07	Resignation and Removal of Trustee and Certificate Administrator	261
	Section 8.08	Successor Trustee and Certificate Administrator	263
	Section 8.09	Merger or Consolidation of Trustee or Certificate Administrator	263
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	264
	 	 	 
	ARTICLE IX
	 	 	 
	TERMINATION
	 	 	 
	Section 9.01	Termination	265
	 	 	 
	ARTICLE X
	 	 	 
	MISCELLANEOUS PROVISIONS
	 
	Section 10.01	Counterparts	270
	Section 10.02	Limitation on Rights of Certificateholders	270
	Section 10.03	Governing Law	271
	Section 10.04	Waiver of Jury Trial; Consent to Jurisdiction	271
	Section 10.05	Notices	272
	Section 10.06	Severability of Provisions	276
	Section 10.07	Notice to the Depositor and Each Rating Agency	276
	Section 10.08	Amendment	278
	Section 10.09	Confirmation of Intent	281
	Section 10.10	No Intended Third-Party Beneficiaries	282
	Section 10.11	Entire Agreement	282
	Section 10.12	Third Party Beneficiaries	282
	 	 	 
	ARTICLE XI
	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 	 	 
	Section 11.01	Intent of the Parties; Reasonableness	283

	 	 	 
	ARTICLE XI
	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 	 	 
	Section 11.01	Intent of the Parties; Reasonableness	283
	Section 11.02	Succession; Sub-Servicers; Subcontractors	284

 

 

    	-iv- 

    	 

    

 

	Section 11.03	Other Securitization Trust’s
    Filing Obligations	285
	Section 11.04	Form 10-D Disclosure	285
	Section 11.05	Form 10-K Disclosure	286
	Section 11.06	Form 8-K Disclosure	286
	Section 11.07	Annual Compliance Statements	287
	Section 11.08	Annual Reports on Assessment of Compliance with
    Servicing Criteria	288
	Section 11.09	Annual Independent Public Accountants’
    Servicing Report	290
	Section 11.10	Significant Obligor	291
	Section 11.11	Sarbanes-Oxley Backup Certification	292
	Section 11.12	Indemnification	292
	Section 11.13	Amendments	296
	Section 11.14	Termination of the Certificate Administrator	296
	Section 11.15	Termination of Sub-Servicing Agreements	296
	Section 11.16	Notification Requirements and Deliveries in
    Connection with Securitization of a Companion Loan	296
	 		

 

	TABLE OF EXHIBITS
	 	 
	Exhibit A-1	Form of Class A Certificate
	Exhibit A-2	Form of Class X-A Certificate
	Exhibit A-3	Form of Class B Certificate
	Exhibit A-4	Form of Class C Certificate
	Exhibit A-5	Form of Class D Certificate
	Exhibit A-6	Form of Class E Certificate
	Exhibit A-7	Form of Class R Certificate
	Exhibit A-8	Form of Class LR Certificate
	Exhibit B	Mortgage Loan Schedule
	Exhibit C-1	Form of Transferee Affidavit
	Exhibit C-2	Form of Transferor Certificate
	Exhibit D-1	Form of Investment Representation Letter
	Exhibit D-2	Form of ERISA Representation Letter
	Exhibit E	Form of Request for Release
	Exhibit F	Securities Legend
	Exhibit G	Form of Regulation S Transfer Certificate
	Exhibit H	Form of Transfer Certificate for Exchange or
    Transfer from Rule 144A Global Certificate to Regulation S Global Certificate
    during the Restricted Period
	Exhibit I	Form of Transfer Certificate for Exchange or
    Transfer from Rule 144A Global Certificate to Regulation S Global Certificate
    after the Restricted Period
	Exhibit J	Form of Transfer Certificate for Exchange or
    Transfer from Regulation S Global Certificate to Rule 144A Global Certificate
	Exhibit K	Form of Distribution Date Statement
	Exhibit L-1-A	Form of Investor Certification for Non-Borrower
    Related Parties
	Exhibit L-1-B	Form of Investor Certification for Borrower
    Related Parties
	Exhibit L-1-C	Form of Certification of the Directing Holder

 

    	-v- 

    	 

    

 

 

	Exhibit L-1-D	Form of Notice of Conflicted
    Controlling Class Holder or Initial Consulting Holder Who Becomes a Borrower Related
    Party
	Exhibit L-2	Form of Investor Certification
	Exhibit L-3	Form of Online Vendor Certification
	Exhibit L-4	Form of CREFC® Certification
	Exhibit M	Form of Notification from Custodian
	Exhibit N-1	Form of Closing Date Custodian Certification
	Exhibit N-2	Form of Post-Closing Custodian Certification
	Exhibit O	Form of NRSRO Certification
	Exhibit P-1	Form of Transferor Certificate for Transfer
    of the Excess Servicing Fee Rights
	Exhibit P-2	Form of Transferee Certificate for Transfer
    of the Excess Servicing Fee Rights
	Exhibit Q	Form of Power of Attorney to the Master Servicer
    and Special Servicer
	Exhibit R	Form of Notice of Mezzanine Collateral Foreclosure
	Exhibit S	Additional Form 10-D Disclosure
	Exhibit T	Additional Form 10-K Disclosure
	Exhibit U	Form 8-K Disclosure Information
	Exhibit V	Additional Disclosure Notification
	Exhibit W	Initial Sub-Servicers
	Exhibit X	Form of Backup Certification
	 	 
	TABLE OF SCHEDULES
	 	 
	Schedule I	Servicing Criteria to be Addressed in Assessment
    of Compliance

  

    	-vi- 

    	 

    

 

Trust
and Servicing Agreement, dated as of August 6, 2016, between Deutsche Mortgage & Asset Receiving Corporation, as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wilmington Trust,
National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator, Paying Agent and Custodian.

 

PRELIMINARY
STATEMENT:

 

(Terms used
but not defined in this Preliminary Statement shall have

the meanings specified in Article I hereof)

 

The
Depositor intends to sell pass-through certificates to be issued hereunder in multiple Classes which in the aggregate will evidence
the entire beneficial ownership interest in the Trust Fund consisting primarily of the Trust Loan.

 

The
Lower-Tier REMIC will hold the Trust Loan and certain other related assets subject to this Agreement, and will issue (i) the Lower-Tier
Regular Interests set forth in the table below (the “Lower-Tier Regular Interests”), as classes of “regular
interests” in the Lower-Tier REMIC and (ii) the Class LR Certificates, as the sole class of residual interests in the Lower-Tier
REMIC.

 

The
Upper-Tier REMIC will hold the Lower-Tier Regular Interests and certain other related assets subject to this Agreement and will
issue (i) the Class A, Class X-A, Class B, Class C, Class D and Class E Certificates as Classes of “regular interests”
in the Upper-Tier REMIC and (ii) the Class R Certificates, as the sole class of residual interests in the Upper-Tier REMIC.

 

The
following table sets forth the Class designation and Certificate Balance or Notional Balance of each Class of Certificates (other
than the Class R and Class LR Certificates) (collectively, the “Corresponding Certificates”) and the corresponding
Lower-Tier Regular Interest (the “Corresponding Lower-Tier Regular Interest”) and the Corresponding Component
of the Class X-A Certificates (the “Corresponding Component”) for each Class of Corresponding Certificates
and each Class of Corresponding Lower-Tier Regular Interests.

 

	Corresponding

    Certificates 	 	Certificate
    Balance 

    or Notional Balance 	 	 	Corresponding

    Lower-Tier Regular

    Interests(1) 	 	Lower-Tier
    

    Principal Balance 	 	 	Corresponding
    

    Component 
	Class A	 	$	346,663,000	 	 	LA	 	$	346,663,000	 	 	XA
	Class X-A	 	$	346,663,000	 	 	N/A	 	N/A	 	 	N/A
	Class B	 	$	64,237,000	 	 	LB	 	$	64,237,000	 	 	N/A
	Class C	 	$	98,000,000	 	 	LC	 	$	98,000,000	 	 	N/A
	Class D	 	$	65,800,000	 	 	LD	 	$	65,800,000	 	 	N/A
	Class E	 	$	25,300,000	 	 	LE	 	$	25,300,000	 	 	N/A

  

 

		1)	The
                                         Lower-Tier Regular Interest and the Component of the Class X-A Certificates that correspond
                                         to any particular Class of Certificates also correspond to each other and, accordingly,
                                         constitute the (i) “Corresponding Lower-Tier Regular Interest” and
                                         (ii) “Corresponding Component” respectively, with respect to each
                                         other. The Component Notional Balance for such Corresponding Component of the Class X-A
                                         Certificates shall at all times equal the then Lower-Tier Principal Balance of the Corresponding
                                         Lower-Tier Regular Interest.

 

    

     

    

 

The
initial Certificate Balance of each of the Class R and Class LR Certificates is zero. Additionally, the Class R and Class LR Certificates
do not have a Notional Balance. The Certificate Balance of any Class of Certificates outstanding at any time represents the maximum
amount which holders thereof are entitled to receive as distributions allocable to principal from the cash flow on the Trust Loan
and the other assets in the Trust Fund; provided, however, that in the event that amounts previously allocated as
Realized Losses to a Class of Certificates in reduction of the Certificate Balance thereof are subsequently recovered (including,
without limitation, after the reduction of the Certificate Balance of such Class to zero), such Class may receive distributions
in respect of such recoveries in accordance with the priorities set forth in Section 4.01 of this Agreement.

 

As
of the Cut-off Date, the Trust Loan has a Stated Principal Balance equal to approximately $600,000,000.

 

In
consideration of the mutual agreements herein contained, the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee and the other parties hereto hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

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

 

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

 

“17g-5
Information Provider”: The Certificate Administrator.

 

“17g-5
Information Provider’s Website”: The internet website of the 17g-5 Information Provider, initially located at
https://www.ctslink.com, under the “NRSRO” tab of the respective transaction, access to which is limited to NRSROs
who have provided an NRSRO Certification to the 17g-5 Information Provider.

 

“AB
Modified Loan”: Any Corrected Mortgage Loan (1) that became a Corrected Mortgage Loan due to a modification thereto
that resulted in the creation of an A/B note structure (or similar structure) and as to which the new junior note(s) did not previously
exist or the principal amount of the new junior note(s) was previously part of either an A note held by the issuing entity or
the original unmodified Trust Loan and (2) as to which an Appraisal Reduction Amount is not in effect.

 

“Acceptable
Insurance Default”: With respect to the Whole Loan, any Default arising when the Loan Documents require that the Borrower
must maintain standard extended coverage casualty insurance or other insurance that covers acts of terrorism and the Special Servicer
has determined, in accordance with the Servicing Standard, that either (i) such insurance is not available at commercially reasonable
rates and the subject hazards are not at the time

 

    -2-

     

    

 

commonly
insured against by for properties similar to the Mortgaged Property and located in or around the geographic region in which the
Mortgaged Property is located (but only by reference to such insurance that has been obtained by such owners at current market
rates), or (ii) such insurance is not available at any rate. In making this determination, the Special Servicer, to the extent
consistent with the Servicing Standard, may rely on the opinion of an insurance consultant (such expense to be advanced as a Property
Advance).

 

“Accrued
AB Loan Interest”: With respect to any AB Modified Loan and any date of determination, accrued and unpaid interest that
remains unpaid with respect to the new junior note(s) of such AB Modified Loan.

 

“Act”:
The Securities Act of 1933, as it may be amended from time to time.

 

“Actual/360
Basis”: The accrual of interest calculated on the basis of the actual number of days elapsed during any calendar month
(or other applicable accrual period) in a year assumed to consist of 360 days.

 

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

 

“Additional
Form 10-D Disclosure”: The information described in the Form 10-D items set forth under the “Item on Form 10-D”
column on Exhibit S hereto.

 

“Additional
Form 10-K Disclosure”: The information described in the Form 10-K items set forth under the “Item on Form 10-K”
column on Exhibit T hereto.

 

“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Trust Loan Sellers or the Initial Purchasers (other than an Affiliate of any such party acting in the capacity of a Sub-Servicer),
that Services the Trust Loan, and each Person, other than the Special Servicer, who is not an Affiliate of any of the Master Servicer,
the Certificate Administrator, the Trustee, the Trust Loan Sellers or the Underwriters, who Services 10% or more of the Trust
Loan (based on its Stated Principal Balance).

 

“Additional
Trust Fund Expense”: Any extraordinary expense incurred with respect to the Trust Fund (including interest on Advances
(to the extent such amounts cannot be paid from Default Interest or late payment fees on the Whole Loan), Special Servicing Fees,
Liquidation Fees and Workout Fees) and not otherwise treated as a Realized Loss that would result in the Holders of any Class
of Regular Certificates receiving less than the full amount of principal and/or the Interest Distribution Amount to which they
are entitled on any Distribution Date. Expenses incurred as a result of the exercise of the Master Servicer or Special Servicer,
as applicable, of any right granted under the Loan Documents to obtain terrorism insurance in the event that the Borrower (i)
is not required to purchase such terrorism or (ii) is only required to purchase terrorism insurance up to a cap shall be an Additional
Trust Fund Expense.

 

“Administrative
Advance”: As defined in Section 4.07(c) of this Agreement.

 

 

    -3-

     

    

 

“Administrative
Fee Rate”: The percentage rate per annum equal to the sum of (i) the Servicing Fee Rate, (ii) the Trustee/Certificate
Administrator Fee Rate and (iii) the CREFC® License Fee Rate. The Administrative Fee Rate is equal to 0.00670%
per annum and accrues on the same basis as interest accrues on the Whole Loan.

 

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

 

“Advance
Interest Amount”: Interest at the Advance Rate on the aggregate amount of P&I Advances, Property Advances and Administrative
Advances for which the Master Servicer or the Trustee, as applicable, has not been reimbursed for the number of days from the
date on which such Advance was made to the date of payment or reimbursement of the related Advance or other such amount, less
any amount of interest previously paid on such Advance; provided that if, during any Collection Period in which an Advance
was made, the Borrower makes a payment of an amount in respect of which such Advance was made with interest at the Default Rate
or a late payment fee, the Advance Interest Amount payable to the Master Servicer or the Trustee shall be paid first, from
Default Interest and late payment fees in the manner set forth in Section 9(d) of the Co-Lender Agreement, and then,
upon determining in accordance with the Servicing Standard that such Advance Interest Amount is not recoverable from such amounts
from other amounts on deposit in the Collection Account.

 

“Advance
Rate”: A per annum rate equal to the Prime Rate. Interest at the Advance Rate will accrue from (and including)
the date on which the related Advance is made or the related expense incurred to (but excluding) the date on which such amounts
are recovered out of amounts received on the Trust Loan as to which such Advances were made or servicing expenses incurred or
the first Servicer Remittance Date after a determination of non-recoverability, as the case may be, is made; provided that
such interest at the Advance Rate will continue to accrue to the extent funds are not available in the Collection Account for
such reimbursement of such Advance.

 

“Adverse
REMIC Event”: Any action, that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) cause
either Trust REMIC to fail to qualify as a REMIC or (ii) result in the imposition of a tax upon either Trust REMIC or the Trust
Fund (including but not limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code
and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income
from foreclosure property”).

 

“Affected
Reporting Party”: As defined in Section 11.12 of this Agreement.

 

“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise, and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. The Trustee and the Certificate Administrator may obtain and rely on an Officer’s
Certificate of the Master Servicer, the Special Servicer or the Depositor to determine whether any Person is an Affiliate of such
party.

 

    -4-

     

    

 

“Affiliated
Person”: Any Person (other than a Rating Agency) involved in the organization or operation of the Depositor or an affiliate,
as defined in Rule 405 of the Act, of such Person.

 

“Agency
Lease”: The Amended and Restated Agency Lease Agreement, dated as of August 1, 2016, between the IDA, as lessor, and
Borrower, as lessee.

 

“Agent
Member”: Members of, or Depository Participants in, the Depository.

 

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

 

“Annual
Budget”: As defined in the Loan Agreement.

 

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

 

“Applicable
Procedures”: As defined in Section 5.02(c)(ii)(A) of this Agreement.

 

“Applicable
State and Local Tax Law”: For purposes hereof, the Applicable State and Local Tax Law shall be (a) the tax laws of the
State of New York and (b) such state or local tax laws whose applicability shall have been brought to the attention of the Certificate
Administrator by either (i) an opinion of counsel delivered to it or (ii) written notice from the appropriate taxing authority
as to the applicability of such state or local tax laws.

 

“Appraisal”:
With respect to the Mortgaged Property, an appraisal prepared by an Independent MAI appraiser with at least five years of experience
in appraising properties of like kind, similar size, quality and condition and in the same area.

 

“Appraisal
Reduction Amount”: For any Distribution Date and for the Whole Loan as of which an Appraisal Reduction Event has occurred,
an amount calculated by the Master Servicer by the first Determination Date that is at least ten (10) Business Days following
the date the Master Servicer obtains from the Special Servicer the required Appraisal (and thereafter by the first Determination
Date following any change in the amounts set forth in the following equation) and receipt of any additional relevant information
from the Special Servicer equal to the excess, if any, of (a) the sum of (without duplication) (i) the Stated Principal Balance
of the Whole Loan, plus (ii) to the extent not previously advanced by the Master Servicer or the Trustee or the Other Master Servicer
or the Other Trustee, all unpaid interest on the Whole Loan at a per annum rate equal to the Whole Loan Rate, plus (iii)
all unreimbursed Property Advances and the principal portion of all unreimbursed P&I Advances, and all unpaid interest on
Advances at the Advance Rate, in respect of the Trust Loan or the Companion Loans, plus (iv) any other unpaid Additional Trust
Fund Expenses in respect of the Whole Loan, plus (v) all currently due and unpaid real estate taxes, ground rents and assessments
and insurance premiums (net of any escrows and reserves therefor) and all other amounts (excluding principal, Default Interest,
late charges,
penalty charges, exit fees, Prepayment Charges and any similar amounts) due and unpaid with respect to the Whole Loan (which taxes,
premiums (net of any escrows and reserves therefor) and other amounts that have not been the subject of an Advance by the Master
Servicer or the Trustee, as applicable), over (b) the sum of (without duplication) (i) 90% of the appraised 

 

    -5-

     

    

 

value (net of any
prior mortgage liens) of the Mortgaged Property as determined by an Appraisal obtained by the Special Servicer (the costs of which
shall be paid by the Master Servicer as a Property Advance) minus, solely for purposes of determining the amount by which P&I
Advances made by the Master Servicer or Other Master Servicer with respect to the Trust Loan or the Companion Loans, as applicable,
is to be reduced, any downward adjustments the Special Servicer deems appropriate in accordance with the applicable Servicing
Standard (without implying any duty to do so) based upon its review of the Appraisal and any other information it may deem appropriate,
plus (ii) all escrows, letters of credit and reserves (other than escrows and reserves for taxes, ground rents, assessments and
insurance), plus (iii) all insurance and casualty proceeds and condemnation awards that constitute collateral for the Whole Loan
(whether paid or then payable by any insurance company or government authority); provided that without limiting the Special
Servicer’s obligation to order and obtain such Appraisal, if the Special Servicer has not obtained an Appraisal or an Updated
Appraisal, as applicable, referred to above within 60 days of the Appraisal Reduction Event (or in the case of an Appraisal Reduction
Event occurring by reason of clause (ii) of the definition thereof, within 30 days of such Appraisal Reduction Event),
solely for purposes of determining the amount by which P&I Advances made by the Master Servicer or Other Master Servicer with
respect to the Trust Loan or the Companion Loans, as applicable, are to be reduced (and not for the purpose of determining whether
a Subordinate Control Period or Subordinate Consultation Period has occurred and is continuing or for reducing the Voting Rights
of Certificateholders), the Appraisal Reduction Amount shall be deemed to be an amount equal to 25% of the current Stated Principal
Balance of the Whole Loan until such time as such Updated Appraisal referred to above is received and the Appraisal Reduction
Amount is calculated.

 

Notwithstanding
anything herein to the contrary, the aggregate Appraisal Reduction Amount related to the Whole Loan or the REO Property will be
reduced to zero as of the date the Whole Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust Fund.
In addition, to the extent an Appraisal Reduction Event has occurred, the Whole Loan shall no longer be subject to the Appraisal
Reduction Amount if (a) the Whole Loan has become a Corrected Mortgage Loan (if a Servicing Transfer Event had occurred with respect
to the Whole Loan) or (b) an Updated Appraisal is obtained and after giving effect thereto, no Appraisal Reduction Amount exists;
provided that in case of either of clause (a) or (b), no other Appraisal Reduction Event has occurred and
is continuing. The Trust Loan and the Companion Loans shall be treated as a single mortgage loan for purposes of calculating an
Appraisal Reduction Amount with respect to the mortgage loans that comprise such Whole Loan. Any Appraisal Reduction Amount in
respect of the Whole Loan shall be allocated first, to the Junior Notes up to the full outstanding principal balances thereof,
pro rata, and second, to the Senior Notes up to the full outstanding principal balances thereof, pro rata.

 

“Appraisal
Reduction Event”: With respect to the Whole Loan, on the earliest of the following (i) the date on which the Whole
Loan becomes a Modified Mortgage Loan, (ii) the 90th day following the occurrence of any uncured Delinquency in
Monthly Payments, (iii) receipt of notice that the Borrower has filed a bankruptcy petition or the date on which a receiver
is appointed
and continues in such capacity in respect of the Mortgaged Property or the 60th day after the Borrower becomes the
subject of involuntary bankruptcy proceedings and such proceedings are not dismissed in respect of the Mortgaged Property, (iv)
the date on which the Mortgaged Property becomes an REO Property and (v) a payment default shall have occurred 

 

    -6-

     

    

 

with respect
to the related Balloon Payment; provided, however, that for purposes of clause (v) above, if (a) the Borrower is
diligently seeking a refinancing commitment (and delivers a statement to that effect to the Master Servicer within 30 days after
the default, which shall promptly deliver a copy to the Special Servicer), (b) the Borrower continues to make its Assumed Scheduled
Payment and (c) no other Appraisal Reduction Event has occurred, then an Appraisal Reduction Event will not occur until 60 days
beyond the Maturity Date, unless extended by the Special Servicer in accordance with the Loan Documents or this Agreement; and
provided, further that if the Borrower has delivered to the Master Servicer, which shall promptly deliver a copy
to the Special Servicer, on or before the 60th day after the Maturity Date, a refinancing commitment reasonably acceptable to
the Special Servicer, and the Borrower continues to make its Assumed Scheduled Payments (and no other Appraisal Reduction Event
has occurred with respect to that Whole Loan), an Appraisal Reduction Event will not occur until the earlier of (1) 120 days beyond
the related Maturity Date (or extended Maturity Date) and (2) the termination of the refinancing commitment. The Special Servicer
shall notify the Master Servicer promptly upon the occurrence of any of the foregoing events if the Whole Loan is a Specially
Serviced Loan.

 

“Asset
Status Report”: As defined in Section 3.23(e) of this Agreement.

 

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

 

“Assignment
of Management Agreement”: As defined in the Loan Agreement.

 

“Assignment
of Mortgage”: An Assignment of Mortgage without recourse, notice of transfer or equivalent instrument, in recordable
form, which is sufficient under the laws of the jurisdiction in which the Mortgaged Property is located to reflect of record the
sale of the Mortgage.

 

“Assumed
Scheduled Payment”: If the Trust Loan (including any REO Loan) is delinquent in respect of its Balloon Payment, an amount
equal to the sum of (a) the principal portion, if any, of the Monthly Payment that would have been due on the Trust Loan on the
related Due Date (or portion thereof not received), based on the constant payment required by the Trust Note or the amortization
or payment schedule thereof (as calculated with interest at the Trust Loan Rate) (if any), assuming such Balloon Payment had not
become due, after giving effect to any prior modification, and (b) interest at the Trust Loan Rate minus the Servicing Fee Rate.

 

“Assumption
Fees”: Any fees (other than assumption application fees) collected by the Master Servicer or the Special Servicer in
connection with an assumption of the Whole Loan
or related substitution of the Borrower (or an interest therein) thereunder (in each case, as permitted or set forth in the Loan
Documents or under the provisions of this Agreement).

 

    -7-

     

    

 

“Authenticating
Agent”: Any authenticating agent appointed by the Certificate Administrator pursuant to Section 3.18 of this
Agreement.

 

“Available
Funds”: For any Distribution Date, with respect to the Trust Loan, the sum of (i) all previously undistributed Monthly
Payments or other receipts on account of principal and interest on or in respect of the Trust Loan (including Unscheduled Payments
and Net REO Proceeds, if any, transferred from an REO Account pursuant to Section 3.15(b) of this Agreement) received by
or on behalf of the Master Servicer in the Collection Period relating to such Distribution Date, (ii) all P&I Advances and
Administrative Advances made by the Master Servicer or the Trustee, as applicable, in respect of the Trust Loan as of such Distribution
Date, (iii) all other amounts received by the Master Servicer in the Collection Period and required to be deposited in the Collection
Account by the Master Servicer pursuant to Section 3.05 of this Agreement, (iv) without duplication, any late Monthly Payments
on the Trust Loan received after the end of the Collection Period relating to such Distribution Date but prior to the close of
business on the Business Day prior to the related Servicer Remittance Date, (v) any Master Servicer Prepayment Interest Shortfall
Amount remitted by the Master Servicer to the Collection Account, and (vi) with respect to the Distribution Date in March of each
calendar year (or February if the final Distribution Date occurs in such month), the Withheld Amounts then on deposit in the Interest
Reserve Account by the Certificate Administrator in accordance with Section 3.05 of this Agreement; but excluding (without
duplication) the following (in no order of priority):

 

(a)          all
amounts permitted to be used to reimburse the Master Servicer or the Trustee, as applicable, for previously unreimbursed Advances
and interest thereon as described in Section 3.06 of this Agreement;

 

(b)          the
aggregate amount of the Servicing Fee, the Trustee/Certificate Administrator Fee, the CREFC® License Fee, the Special
Servicing Fee, fees for primary servicing functions, Prepayment Interest Excess (net of any Prepayment Interest Shortfall), Net
Default Interest, late payment fees (to the extent not applied to the reimbursement of Advance Interest Amounts and/or Additional
Trust Fund Expenses as provided in Section 3.06 of this Agreement), Workout Fees, Liquidation Fees, Assumption Fees, Modification
Fees, Permitted Special Servicer/Affiliate Fees, defeasance fees, demand fees, beneficiary statement charges and similar fees
on the Trust Loan payable to the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, together
with interest on Advances to the extent provided herein, and reinvestment earnings on payments received for the Trust Loan (in
the case of all of the foregoing, which the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee
is entitled to retain as Servicing Compensation, Special Servicing Compensation or other compensation, as applicable), in each
case in respect of such Distribution Date;

 

(c)          all
amounts representing scheduled Monthly Payments on the Trust Loan due after the related Due Date;

 

(d)          that
portion of Net Liquidation Proceeds, Net Insurance Proceeds and Net Condemnation Proceeds with respect to the Trust Loan which
represents any unpaid Servicing Fee, Servicing Compensation, Special Servicing Compensation, 

 

    -8-

     

    

 

Trustee/Certificate
Administrator Fee and CREFC® License Fee, to which the Master Servicer, the Special Servicer, any Sub-Servicer,
the Certificate Administrator, the Trustee and CREFC®, as the case may be, are entitled;

 

(e)          all
amounts representing certain fees and expenses, including indemnity amounts, reimbursable or payable to the Master Servicer, the
Special Servicer, the Certificate Administrator (in all of its capacities under this Agreement), the Custodian or the Trustee
and other amounts permitted to be retained by the Master Servicer or withdrawn by the Master Servicer from the Collection Account
to the extent expressly set forth in this Agreement (including, without limitation, as provided in Section 3.06 of this
Agreement and including any indemnities provided for herein), including interest thereon as expressly provided in this Agreement
(to the extent allocable to the Trust Loan);

 

(f)           any
interest or investment income on funds on deposit in the Collection Account or any interest on Permitted Investments in which
such funds may be invested;

 

(g)          all
amounts received with respect to the Trust Loan if previously purchased or repurchased from the Trust Fund pursuant to Section
2.03(e), Section 3.16 or Section 9.01 of this Agreement or the Trust Loan Purchase Agreements or any mezzanine
loan intercreditor agreement during the related Collection Period and subsequent to the date as of when the Trust Loan was purchased
or repurchased;

 

(h)          the
amount reasonably determined by the Certificate Administrator to be necessary to pay any applicable federal, state or local taxes
imposed on the Upper-Tier REMIC or the Lower-Tier REMIC under the circumstances and to the extent described in Section 4.05
of this Agreement;

 

(i)           Prepayment
Charges; and

 

(j)           with
respect to the Distribution Date occurring in (A) January of each calendar year that is not a leap year and (B) February of each
calendar year, in each case, unless such Distribution Date is the final Distribution Date, the Withheld Amounts deposited into
the Interest Reserve Account by the Certificate Administrator in accordance with Section 3.05(f) of this Agreement.

 

Available
Funds will not include any amounts allocable to the Companion Loans under the Co-Lender Agreement.

 

“Balloon
Payment”: With respect to the Trust Loan or Whole Loan, as applicable, the scheduled payment of principal due on the
Maturity Date (less principal included in the applicable amortization schedule or scheduled Monthly Payment).

 

“Base
Interest Fraction”: With respect to any Principal Prepayment on the Trust Loan and any of the Class A, Class B, Class
C, Class D and Class E Certificates, a fraction (not greater than one) (a) the numerator of which is the greater of zero and the
amount, if any, by which
(i) the Pass-Through Rate on such Class of Certificates exceeds (ii) the yield rate (as provided by the Master Servicer) used
in calculating the Prepayment Charges with respect to such Principal Prepayment and (b) the denominator of which is the amount,
if any, by which (i) 

 

    -9-

     

    

 

the Trust Loan Rate on the Trust Loan exceeds (ii) the yield rate (as provided by the Master Servicer) used
in calculating the Prepayment Charges with respect to such Principal Prepayment; provided, that if such yield rate is greater
than or equal to the Trust Loan Rate on the Trust Loan, then the Base Interest Fraction shall be zero (0); provided, further,
that if such yield rate is greater than or equal to the Trust Loan Rate on the Trust Loan, but less than the Pass-Through Rate
described in the clause (a)(i) above, then the Base Interest Fraction will be one (1).

 

To
the extent that the “yield rate” referred to in the immediately preceding paragraph to be provided by the Master Servicer
is not provided in the related Loan Documents, such “yield rate” shall be, when compounded monthly, equivalent to
the yield, on the U.S. Treasury primary issue with a maturity date closest to the Maturity Date for the Trust Loan. If there are:
(a) two or more U.S. Treasury issues with the same coupon the issue with the lower yield shall be selected and (b) two or more
U.S. Treasury issues with maturity dates equally close to the Maturity Date for the Trust Loan, the issue with an earlier maturity
date shall be selected.

 

“Beneficial
Owner”: With respect to a Global Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly as a Depository
Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository) with respect to such
Classes. Each of the Trustee, the Certificate Administrator and the Master Servicer shall have the right to require, as a condition
to acknowledging the status of any Person as a Beneficial Owner under this Agreement, that such Person executes an Investor Certification.

 

“Book-Entry
Certificate” shall mean any Certificate registered in the name of the Depository or its nominee.

 

“Borrower”:
Legacy Yards Tenant LP, a Delaware limited partnership (or the successor in interest to any of the foregoing under the Loan Agreement).

 

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

 

“Borrower
Related Party”: Any of (a) the Borrower, the Loan Sponsor, any Manager or a Restricted Holder, (b) any other Person
controlling or controlled by or under common control with the Borrower, Loan Sponsor, Manager or Restricted Holder, as applicable,
or (c) any other Person owning, directly or indirectly, 25% or more of the beneficial interests in the Borrower, Loan Sponsor,
Manager or Restricted Holder, as applicable. For the purposes of this definition, “control” when used with respect
to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

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

 

“Business
Day”: Any day other than (i) a Saturday or a Sunday, (ii) a legal holiday in New York, New York (and if Wells Fargo
is the Master Servicer or the Special Servicer,
Oakland, California and Charlotte, North Carolina), or the principal cities in which the Master Servicer, the Special Servicer,
the Trustee or the Certificate Administrator conduct servicing, trust administration or surveillance operations, or (iii) day
on which the Federal 

 

    -10-

     

    

 

Reserve Bank of New York or banking institutions or savings associations in New York, New York (and if Wells
Fargo is the Master Servicer or the Special Servicer, Oakland, California and Charlotte, North Carolina), or the principal cities
in which the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator are located or conducts servicing,
trust administration, certificate transfers or surveillance operations are authorized or obligated by law or executive order to
be closed.

 

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

 

“Cash
Collateral Account”: Any account or accounts created pursuant to a Mortgage, Loan Agreement, Cash Collateral Account
Agreement or other Loan Document into which the Lock-Box Account monies are swept on a regular basis for the benefit of the Trustee,
on behalf of the Certificateholders and the Companion Loan Holders, as successor to the Trust Loan Sellers. Any Cash Collateral
Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive all reinvestment
income or gain thereon in accordance with the terms and provisions of the Loan Agreement and Section 3.07 of this Agreement,
which Person shall be taxed on all reinvestment income or gain thereon in accordance with the terms of the Loan Agreement. The
Master Servicer shall be permitted to make withdrawals therefrom for deposit into the Collection Account. To the extent not inconsistent
with the terms of the related Loan Documents, the Cash Collateral Account shall be an Eligible Account.

 

“Cash
Collateral Account Agreement”: The cash collateral account agreement between the Originator and the Borrower, pursuant
to which the Cash Collateral Account, if any, may have been established.

 

“Cash
Management Agreement”: As defined in the Loan Agreement.

 

“Certificate”:
Any Class A, Class X-A, Class B, Class C, Class D, Class E, Class R or Class LR Certificate issued, authenticated and delivered
hereunder.

 

“Certificate
Administrator”: Wells Fargo Bank, National Association, a national banking association, in its capacity as Certificate
Administrator, or its successor in interest, or any successor certificate administrator appointed as herein provided.

 

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

 

“Certificate
Balance”: With respect to any Class of Certificates (other than the Class X-A, Class R and Class LR Certificates) (a)
on or prior to the first Distribution Date, an amount equal to the aggregate initial Certificate Balance of such Class, as specified
in the 

 

    -11-

     

    

 

Preliminary
Statement to this Agreement and (b) as of any date of determination after the first Distribution Date, the Certificate Balance
of such Class of Certificates on the Distribution Date immediately prior to such date of determination less any distributions
allocable to principal and any allocations of Realized Losses made thereon on such prior Distribution Date.

 

“Certificate
Custodian”: Initially, the Certificate Administrator; thereafter, any other Certificate Custodian acceptable to the
Depository and selected by the Certificate Administrator.

 

“Certificate
Interest Accrual Period”: With respect to any Class of Regular Certificates and any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs.

 

“Certificate
Register” and “Certificate Registrar”: The register maintained and the registrar appointed pursuant
to Section 5.02 of this Agreement.

 

“Certificateholder”:
The Person whose name is registered in the Certificate Register, subject to the following:

 

(a)          except
as provided in clauses (b) and (d), solely for the purpose of giving any consent or taking any action pursuant to
this Agreement, any Certificate beneficially owned by (x) the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee (in its individual capacity) or any Person known to a Responsible Officer of the Certificate Registrar
to be an Affiliate of any of the foregoing parties, (y) a Manager, the Borrower, any Affiliate of the Borrower or any agent of
the Borrower or (z) a Restricted Holder shall be deemed not to be outstanding and the Voting Rights to which it is entitled shall
not be taken into account in determining whether the requisite percentage of Voting Rights necessary to effect any such consent
or take any such action has been obtained;

 

(b)          for
purposes of obtaining the consent of Certificateholders to an amendment of this Agreement, any Certificates beneficially owned
by the Master Servicer or the Special Servicer or an Affiliate thereof shall be deemed to be outstanding for all purposes if such
amendment does not relate to the increase in compensation or material reduction in obligations of the Master Servicer or the Special
Servicer in any material respect, provided that if such amendment does relate to such matters, such Certificates shall
be deemed not to be outstanding with respect to such matters;

 

(c)          for
purposes of obtaining the consent of Certificateholders (other than the Controlling Class Certificateholders or the Directing
Holder) to any action proposed to be taken by the Special Servicer with respect to the Whole Loan, any Certificates beneficially
owned by the Special Servicer or an Affiliate thereof shall be deemed not to be outstanding; and

 

(d)          for
purposes of providing or distributing any reports, statements or other information required or permitted to be provided to a Certificateholder
hereunder, a Certificateholder shall include any Beneficial Owner, or (subject to the execution of an Investor Certification)
any Person identified by a Beneficial Owner as a prospective

 

    -12-

     

    

 

transferee
of a Certificate beneficially owned by such Beneficial Owner, but only if the Certificate Administrator or another party hereto
furnishing such report, statement or information has been provided with the name of the Beneficial Owner of the related Certificate
or the Person identified as a prospective transferee thereof.

 

Notwithstanding
anything to the contrary in this paragraph, the limitations set forth in the foregoing clauses (a), (b), (c)
and (d) will not be construed so as to limit or prevent a Controlling Class Certificateholder or the Directing Holder,
solely based on it being an Affiliate of the Special Servicer, from exercising any appointment, consent, consultation or any other
rights (including, without limitation, Voting Rights) it may have under this Agreement solely in its capacity as Controlling Class
Certificateholder or Directing Holder (unless, for the avoidance of doubt, the Controlling Class Certificateholder or Directing
Holder is a Borrower Related Party).

 

For
purposes of the foregoing, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Paying Agent or other such Person may rely, without limitation, on a Depository Participant listing from the Depository or
statements furnished by a Person that on their face appear to be statements from a Depository Participant to such Person indicating
that such Person beneficially owns Certificates.

 

“Certificateholder
Quorum”: In connection with any solicitation of votes in connection with the replacement of the Special Servicer pursuant
to Section 3.22(b), the holders of Principal Balance Certificates evidencing at least 66-2⁄3% of the aggregate Voting
Rights (taking into account Realized Losses and the application of any Appraisal Reduction Amounts and Collateral Deficiency Amounts
to notionally reduce the Certificate Balance of the Certificates) of all Principal Balance Certificates on an aggregate basis.

 

“Certifying
Certificateholder”: A Certificateholder or Beneficial Owner of a Certificate that has provided the Certificate Administrator
with an executed Investor Certification.

 

“Certifying
Person”: As defined in Section 11.11 of this Agreement.

 

“Certifying
Servicer”: As defined in Section 11.07 of this Agreement.

 

“Class”:
All of the Certificates bearing the same alphabetical or alphanumeric Class designation, each separately designated Lower-Tier
Regular Interest.

 

“Class
A Certificate”: Any one of the Certificates with a “Class A” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the 

Authenticating Agent on
behalf of the Depositor in substantially the form of Exhibit A-1 to this Agreement. 

 

“Class
A Pass-Through Rate”: A per annum rate equal to 2.835% for the related Distribution Date.

 

“Class
B Certificate”: Any one of the Certificates with a “Class B” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the

 

    -13-

     

    

 

Authenticating Agent on
behalf of the Depositor in substantially the form of Exhibit A-3 to this Agreement.

 

“Class
B Pass-Through Rate”: A per annum rate equal to the Net Mortgage Rate for the related Distribution Date.

 

“Class
C Certificate”: Any one of the Certificates with a “Class C” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-4 to this Agreement.

 

“Class
C Pass-Through Rate”: A per annum rate equal to the Net Mortgage Rate for the related Distribution Date.

 

“Class
D Certificate”: Any one of the Certificates with a “Class D” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-5 to this Agreement.

 

“Class
D Pass-Through Rate”: A per annum rate equal to the Net Mortgage Rate for the related Distribution Date.

 

“Class
E Certificate”: Any one of the Certificates with a “Class E” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-6 to this Agreement.

 

“Class
E Pass-Through Rate”: A per annum rate equal to the Net Mortgage Rate for the related Distribution Date.

 

“Class
Interest Shortfall”: With respect to any Distribution Date (subsequent to the initial Distribution Date) for any Class
of Regular Certificates, the excess, if any, of (i) the Interest Distribution Amount and any Class Interest Shortfall for such
Class of Regular Certificates for the immediately preceding Distribution Date over (ii) all distributions of interest made on
such Class of Regular Certificates on the immediately preceding Distribution Date. The Class Interest Shortfall for each Class
of Regular Certificates for the initial Distribution Date shall be zero.

 

“Class
LA Interest”, “Class LB Interest”, “Class LC Interest”, “Class LD Interest”
and “Class LE Interest”: Each, a regular interest in the Lower-Tier REMIC entitled to monthly distributions
payable thereto pursuant to Section 4.01 of this Agreement.

 

“Class
LR Certificate”: Any one of the Certificates with a “Class LR” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of Exhibit A-7 to this Agreement. The Class LR Certificates have no Pass-Through Rate, Certificate Balance.

 

    -14-

     

    

 

“Class
R Certificate”: Any one of the Certificates with a “Class R” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-8 to this Agreement. The Class R Certificates have no Pass-Through Rate or Certificate Balance.

 

“Class
X Certificates”: The Class X-A Certificates.

 

“Class
X-A Certificates”: Any one of the Certificates with a “Class X-A” designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of Exhibit A-2 to this Agreement.

 

“Class
X-A Component”: Component XA.

 

“Class
X-A Notional Balance”: As of any date of determination, the Component Notional Balance of the Class X-A Component.

 

“Class
X-A Pass-Through Rate”: With respect to any Distribution Date, the Class X Strip Rate at which interest accrues from
time to time on the Class X-A Component for such Distribution Date, based on the Component Notional Balance of such Component
outstanding immediately prior to such Distribution Date. The Class X-A Pass-Through Rate for the initial Distribution Date is
approximately 0.240% per annum.

 

“Class
X Strip Rate”: With respect to any Component for any Distribution Date, the excess, if any, of (i) the Net Mortgage
Rate for such Distribution Date over (ii) the Pass-Through Rate of such Class of Certificates.

 

“Clearstream”:
Clearstream Banking Luxembourg, a division of Clearstream International, société anonyme.

 

“Closing
Date”: August 23, 2016.

 

“Co-Lender
Agreement”: The co-lender agreement, dated as of August 6, 2016, between DB AG and GSMC.

 

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

 

“Collateral
Deficiency Amount”: With respect to any AB Modified Loan as of any date of determination, an amount equal to the excess
of (i) the Stated Principal Balance of such AB Modified Loan (taking into account the related junior note(s) and any pari passu
notes included therein), over (ii) the sum of (solely to the extent allocable to the Trust Loan) (x) the most recent appraised
value for the Mortgaged Property, plus (y) solely to the extent not reflected
or taken into account in such appraised value and to the extent on deposit with, or otherwise under the control of, the Mortgage
Lender as of the date of such determination, any capital or additional collateral contributed by the Borrower at the time the
Whole Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the

 

    -15-

     

    

 

 Mortgaged Property,
plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y))
held by the Mortgage Lender in respect of such AB Modified Loan as of the date of such determination. The Special Servicer and
the Certificate Administrator will be entitled to conclusively rely on the Master Servicer’s calculation or determination
of any Collateral Deficiency Amount.

 

“Collection
Account”: The trust account, accounts or sub-accounts created and maintained by the Master Servicer pursuant to Section
3.05(a) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association, as Master Servicer, on behalf
of Wilmington Trust, National Association, as Trustee, in trust for the benefit of the Holders of Hudson Yards 2016-10HY Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Collection Account” and/or “Wells Fargo Bank, National Association,
as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee, in trust for the benefit of the Holders of
Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates, Companion Loan Account” and each of
which must be an Eligible Account.

 

“Collection
Period”: With respect to any Distribution Date, the period that begins immediately following the Determination Date
in the calendar month preceding the month in which such Distribution Date occurs (or, in the case of the initial Distribution
Date, immediately following the Cut-off Date) and ending at the close of business on such Determination Date in the calendar month
in which the Distribution Date occurs.

 

“Commission”:
The Securities and Exchange Commission.

 

“Companion
Loan(s)”: That portion of the Whole Loan identified (i) as Note A-1-C1, Note A-1-C2, Note A-1-C3, Note A-1-C4, Note
A-1-C5 and Note A-1-C6, which are owned by DB AG as of the date hereof and has an aggregate outstanding principal balance as of
the Closing Date of $212,500,000, and/or (ii) as Note A-2-C1, Note A-2-C2 and Note A-2-C3 which are owned by GSMC as of the date
hereof and has an aggregate outstanding principal balance as of the Closing Date of $87,500,000, as applicable.

 

“Companion
Loan Advance”: With respect to a Companion Loan that is part of an Other Securitization Trust, any advance of delinquent
scheduled payments with respect to such Companion Loan made by the master servicer or trustee with respect to such Other Securitization
Trust.

 

“Companion
Loan Holder”: Any holder of a Companion Loan.

 

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

 

“Companion
Loan Securities”: Any commercial mortgage-backed securities that evidence an interest in or are secured by the assets
of an Other Securitization Trust, which assets include a Companion Loan (or a portion thereof or interest therein).

 

“Companion
Loan Service Provider”: With respect to any Companion Loan that has been deposited into a securitization trust, the
related Other Trustee, Other Servicer, Other 

 

    -16-

     

    

 

Special
Servicer, any sub-servicer and any other Person that makes principal and/or interest advances in respect of such Companion Loan
pursuant to the related Other Pooling and Servicing Agreement.

 

“Company
Lease”: The Amended and Restated Company Lease Agreement, dated as of August 1, 2016, between the Borrower, as lessor,
and The New York City Industrial Development Agency, a corporate governmental agency constituting a public benefit corporation
organized and existing under the laws of the State of New York (the “IDA”), as lessee.

 

“Component”:
Component XA.

 

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

 

“Component
XA”: The component of the Class X-A Certificates having a Component Notional Balance equal to the then current Lower-Tier
Principal Balance of Lower-Tier Regular Interest LA as of any date of determination.

 

“Condemnation
Proceeds”: Any awards resulting from the full or partial condemnation or any eminent domain proceeding or any conveyance
in lieu or in anticipation thereof with respect to the Mortgaged Property by or to any governmental, quasi-governmental authority
or private entity with condemnation powers (other than amounts to be applied to the restoration, preservation or repair of the
Mortgaged Property or released to the Borrower in accordance with the terms of the REMIC Provisions and the Whole Loan).

 

“Conflicted
Controlling Class Holder”: The Directing Holder, any Initial Consulting Holder or any Controlling Class Certificateholder,
as applicable, that becomes a Borrower Related Party. Immediately upon obtaining actual knowledge of any such party becoming a
“Conflicted Controlling Class Holder”, the Directing Holder or Controlling Class Certificateholder, as applicable,
shall not be considered a Privileged Person and shall provide notice in the form of Exhibit L-1-D hereto to the Master
Servicer, the Special Servicer, the Trustee and the Certificate Administrator, which such notice shall be physically delivered
in accordance with Section 10.05 of this Agreement and shall specifically identify the Conflicted Controlling Class Holder.
As of the Closing Date, the Directing Holder is not a Conflicted Controlling Class Holder.

 

“Controlling
Class”: As of any time of determination, the most subordinate of the Class D and Class E Certificates then outstanding
so long as such Class has an outstanding Certificate Balance (as reduced by any principal payments and realized losses and notionally
reduced by any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocable to such Class) that is equal to or greater
than 25% of the initial Certificate Balance of such Class. If neither
the Class D nor Class E Certificates satisfy the foregoing requirements, the Class D Certificates shall be the Controlling Class
so long as such Class has an outstanding Certificate Balance (as reduced by any principal payments and realized losses allocable
to such Class) that is equal to or greater than 25% of the initial Certificate Balance of such Class. If the Class D Certificates
do not satisfy the preceding sentence, then there will be no Controlling Class. No other Class of Certificates shall be eligible
to act as the Controlling Class. No Holder of

 

    -17-

     

    

 

 Certificates of the Controlling Class that is a Borrower Related Party shall (i)
be permitted to appoint the Directing Holder or (ii) be entitled to exercise any consent, consultation or direction rights that
may otherwise be exercised by a holder of Certificates of the Controlling Class.The Controlling Class as of the Closing Date will
be the Class E Certificates.

 

“Controlling
Class Certificateholder”: Each Holder (or Beneficial Owner, if applicable) of the Controlling Class of Certificates,
as determined by the Certificate Registrar from time to time in accordance with the terms of Section 6.07(a) of this Agreement.

 

“Corporate
Trust Office”: (a) With respect to the Trustee, the corporate trust office of Wilmington Trust, National Association
initially located at 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee Hudson Yards 2016-10HY, or
the principal trust office of any successor trustee qualified and appointed pursuant to this Agreement; and (b) with respect to
the Certificate Administrator, located at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services
Hudson Yards 2016-10HY, or, in the case of any surrender, transfer or exchange at Sixth Street & Marquette Avenue, Minneapolis,
Minnesota 55479-0113, Attention: Hudson Yards 2016-10HY, or the principal trust office of any successor certificate administrator
qualified and appointed pursuant to this Agreement.

 

“Corrected
Mortgage Loan”: As defined under the definition of Specially Serviced Loan.

 

“Corresponding
Certificates”: As defined in the Preliminary Statement with respect to any Corresponding Lower-Tier Regular Interest.

 

“Corresponding
Component”: As defined in the Preliminary Statement with respect to any Class of Corresponding Certificates or any Corresponding
Lower Tier Regular Interest.

 

“Corresponding
Lower-Tier Regular Interest”: As defined in the Preliminary Statement with respect to any Class of Corresponding Certificates
or any Corresponding Component.

 

“CREFC®”:
CRE Finance Council, formerly known as Commercial Mortgage Securities Association, or any association or organization that is
a successor thereto. If neither such association nor any successor remains in existence, “CREFC®”
shall be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers,
trustees, certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and
whose principal purpose is the establishment of industry standards for reporting transaction-specific information
relating to commercial mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial mortgage loans
and foreclosed properties underlying or backing them to investors holding or owning such certificates or bonds, and any successor
to such other association or organization. If an organization or association described in one of the preceding sentences of this
definition does not exist, “CREFC®” shall be deemed to 

 

    -18-

     

    

 

refer to
such other association or organization as shall be selected by the Master Servicer and reasonably acceptable to the Certificate
Administrator, the Trustee and the Special Servicer.

 

“CREFC®
Appraisal Reduction Template”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Appraisal Reduction Template” available and effective from time to time on the CREFC®
Website.

 

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

 

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

 

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

 

“CREFC®
Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report”
format substantially in the form of and containing the information called for therein for the Whole Loan, or such other form for
the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally. In connection with preparing the CREFC® Comparative Financial Status Report,
the Master Servicer shall process (a) interim financial statements beginning with interim financial statements for the fiscal
quarter ending March 2017, and (b) annual financial statements beginning with annual financial statements for the 2016 fiscal
year.

  

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

 

“CREFC®
Financial File”: The data file in the “CREFC® Financial File” format substantially
in the form of and containing the information called for therein for the Whole Loan, or
such other form for the presentation of such information as may be approved from time to time by the CREFC® for
commercial mortgage securities transactions generally. The initial data for this report shall be provided by the Trust Loan Sellers.

 

    -19-

     

    

 

“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template”: A report substantially in the form of, and
containing the information called for in, the downloadable form of the “Historical Bond/Collateral Realized Loss Reconciliation
Template” available and effective from time to time on the CREFC® Website.

 

“CREFC®
Historical Liquidation Loss Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Historical Liquidation Loss Template” available and effective from time to time
on the CREFC® Website.

 

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

 

“CREFC®
Interest Shortfall Reconciliation Template”: A report substantially in the form of, and containing the information
called for in, the downloadable form of the “Interest Shortfall Reconciliation Template” available and effective from
time to time on the CREFC® Website.

 

“CREFC®
Investor Reporting Package (CREFC® IRP)”:

 

(a)          The
following seven electronic files: (i) CREFC® Loan Setup File, (ii) CREFC® Loan Periodic Update File,
(iii) CREFC® Property File, (iv) CREFC® Bond Level File, (v) CREFC® Financial File,
(vi) CREFC® Collateral Summary File and (vii) CREFC® Special Servicer Loan File;

 

(b)          The
following eleven supplemental reports: (i) CREFC® Delinquent Loan Status Report, (ii) CREFC® Historical
Loan Modification and Corrected Mortgage Loan Report, (iii) CREFC® REO Status Report, (iv) CREFC®
Operating Statement Analysis Report, (v) CREFC® Comparative Financial Status Report, (vi) CREFC®
Servicer Watch List, (vii) CREFC® Loan Level Reserve/LOC Report, (viii) CREFC® NOI Adjustment Worksheet,
(ix) CREFC® Advance Recovery Report, (x) CREFC® Total Loan Report and (xi) CREFC®
Reconciliation of Funds Report;

 

(c)          the
following eight templates: (i) CREFC® Appraisal Reduction Template, (ii) CREFC® Servicer Realized
Loss Template, (iii) CREFC® Reconciliation of Funds Template, (iv) CREFC® Historical Bond/Collateral
Realized Loss Reconciliation Template, (v) CREFC® Historical Liquidation Loss Template, (vi) CREFC®
Interest Shortfall Reconciliation Template, (vii) CREFC® Servicer Remittance to Trustee Template and (viii) CREFC®
Significant Insurance Event Template; and

 

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

 

“CREFC®
License Agreement”: The License Agreement, in the form set forth on the website of CREFC® on the
Closing Date, relating to the use of the CREFC® trademarks and trade names.

 

    -20-

     

    

 

 

“CREFC®
License Fee”: With respect to the Trust Loan (including any REO Loan) for any related Certificate Interest Accrual
Period, the amount of interest accrued during such related Certificate Interest Accrual Period at the CREFC® License
Fee Rate (adjusted to a monthly rate) on the same balance, in the same manner and for the same number of days as interest at the
applicable Trust Rate accrued with respect to such Trust Loan during such related Certificate Interest Accrual Period is computed.
Any payments of the CREFC® License Fee shall be made to “CRE Finance Council” and delivered by wire
transfer pursuant to the following instructions (or such other instructions as may hereafter be furnished by CREFC®
to the Master Servicer in writing at least two Business Days prior to the Servicer Remittance Date):

 

Account
Name: Commercial Real Estate Finance Council (CREFC®)

Bank Name: JPMorgan Chase Bank, National Association

Bank Address: 80 Broadway, New York, NY 10005

Routing Number: 021000021

Account Number: 213597397

 

“CREFC®
License Fee Rate”: 0.0005% per annum.

 

“CREFC®
Loan Level Reserve/LOC Report”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Loan Level Reserve/LOC Report” available and effective from time to time on the
CREFC® Website.

 

“CREFC®
Loan Periodic Update File”: The monthly data file substantially in the form of, and containing the information
called for in, the downloadable form of the “CREFC® Loan Periodic Update File” available and effective
from time to time on the CREFC® Website and; provided that each CREFC® Loan Periodic Update
File shall be accompanied by a CREFC® Advance Recovery Report, if such report is required for a particular month,
and all references herein to “CREFC® Loan Periodic Update File” shall be construed accordingly.

 

“CREFC®
Loan Setup File”: The data file substantially in the form of, and containing the information called for in, the
downloadable form of the “CREFC® Loan Setup File” available and effective from time to time on the
CREFC® Website.

 

“CREFC®
NOI Adjustment Worksheet”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “NOI Adjustment Worksheet” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Operating Statement Analysis Report”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Operating Statement Analysis Report” available and effective from time to time
on the CREFC® Website.

 

“CREFC®
Property File”: The monthly data file substantially in the form of, and containing the information called for,
in the downloadable form of the “CREFC® Property File” available and effective from time to time on
the CREFC® Website.

 

“CREFC®
Reconciliation of Funds Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Reconciliation of Funds Template” available and effective from time to time
on the CREFC® Website, or such 

 

    -21-

     

    

 

other
form for the presentation of such information and containing such additional information as may from time to time be recommended
by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
REO Status Report”: A monthly report substantially in the form of, and containing the information called for in,
the downloadable form of the “REO Status Report” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Servicer Realized Loss Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Servicer Realized Loss Template” available and effective from time to time on
the CREFC® Website.

 

“CREFC®
Servicer Watch List”: A report substantially in the form of, and containing the information called for in, the
downloadable form of the “Servicer Watch List” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Special Servicer Loan File”: The monthly data file substantially in the form of, and containing the information
called for in, the downloadable form of the “Special Servicer Loan File” available and effective from time to time
on the CREFC® Website.

 

“CREFC®
Supplemental Servicer Reports”: The CREFC® Delinquent Loan Status Report, the CREFC®
Historical Loan Modification and Corrected Mortgage Loan Report, the CREFC® REO Status Report, the CREFC®
Servicer Watch List, the CREFC® NOI Adjustment Worksheet, the CREFC® Comparative Financial
Status Report, the CREFC® Operating Statement Analysis Report, the CREFC® Loan Level Reserve/LOC
Report, the CREFC® Advance Recovery Report and the CREFC® Total Loan Report.

 

“CREFC®
Total Loan Report”: The monthly report substantially in the form of, and containing the information called for
in, the downloadable form of the “Total Loan Report” available and effective from time to time on the CREFC®
Website.

 

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

 

“Current
Interest Distribution Amount”: With respect to any Distribution Date for any Class of Regular Certificates is equal
to the related Regular Interest Distribution Amount.

 

“Custodial
Agreement”: The Custodial Agreement, if any, from time to time in effect between the Custodian named therein and the
Certificate Administrator, in the form agreed to by the Certificate Administrator and the Custodian, as the same may be amended
or modified from time to time in accordance with the terms thereof. No Custodian Agreement will be required if the Custodian is
the same party as the Certificate Administrator.

 

“Custodian”:
Any Custodian appointed pursuant to Section 3.19 of this Agreement. If a Custodian is not so appointed, then the Custodian
shall be the Certificate Administrator.
The Custodian may (but need not) be the Certificate Administrator, the Trustee or the Master Servicer or any Affiliate of the
Certificate Administrator, the Trustee or the Master Servicer.

 

    -22-

     

    

 

“Cut-off
Date”: August 6, 2016.

 

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

 

“DBRS”:
DBRS, Inc., or any successor thereto. If neither DBRS nor any successor remains in existence, “DBRS” shall be deemed
to refer to such other nationally recognized statistical rating agency or other comparable Person designated by the Depositor,
notice of which designation shall be given to the other parties hereto and specific ratings of DBRS herein referenced shall be
deemed to refer to the equivalent ratings of the party so designated.

 

“Debt
Service Coverage Ratio”: As of any date of determination and for any period, the ratio calculated by dividing the net
operating income or net cash flow, as applicable, of the Mortgaged Property, for the most recently ended 12-month trailing or
one-year period for which data is available from the Borrower (or year-to-date until such time that data for the trailing 12-month
period is available), before payment of any scheduled payments of principal and interest on the Trust Loan or Whole Loan, as applicable,
but after funding of required reserves and “normalized” information from the CREFC® NOI Adjustment
Worksheet for the Mortgaged Property by the Master Servicer or Special Servicer, if applicable, pursuant to Section 3.13
of this Agreement, by the annual debt service required by the Trust Loan or Whole Loan, as applicable. Annual debt service shall
be calculated by multiplying the Monthly Payment in effect on such date of determination by 12 (or such fewer number of months
for which related information is available).

 

“Default”:
An event of default under the Loan Documents, or an event which, with the passage of time or the giving of notice, or both, would
constitute an event of default under the Loan Documents.

 

“Default
Interest”: Interest accrued on the Trust Loan or the Whole Loan, as applicable, at the excess of (i) the Default Rate
over (ii) the Trust Loan Rate or the Whole Loan Rate, as applicable.

 

“Default
Rate”: The per annum rate at which interest accrues on the Trust Loan or the Whole Loan, as applicable, following
any event of default on thereunder, including a default in the payment of a Monthly Payment or a Balloon Payment.

 

“Defaulted
Mortgage Loan”: The Whole Loan, if it is delinquent at least 60 days in respect of its Monthly Payments or more than
60 days delinquent in respect of its Balloon Payment, if any, in either case such Delinquency to be determined without giving
effect to any grace period permitted by the Loan Documents and without regard to any acceleration of payments under the Whole
Loan.

 

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

 

“Deficient
Exchange Act Deliverable”: With respect to the Master Servicer, the Special Servicer, the Custodian, the Certificate
Administrator, the Trustee and each Servicing Function Participant retained by it (other than a Sub-Servicer), any item (x) regarding
such party, (y) prepared by such party or any registered public accounting firm, attorney or other agent 

 

    -23-

     

    

 

retained
by such party to prepare such item and (z) delivered by or on behalf of such party pursuant to the delivery requirements under
Article XI of this Agreement that does not conform to the applicable reporting requirements under the Securities Act, the
Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder.

 

“Delinquency”:
Any failure of the Borrower to make a scheduled Monthly Payment or Balloon Payment on a Due Date.

 

“Denomination”:
As defined in Section 5.01(a) of this Agreement.

 

“Depositor”:
Deutsche Mortgage & Asset Receiving Corporation, a Delaware corporation, and its successors and assigns.

 

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

 

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

 

“Determination
Date”: With respect to each calendar month commencing in September 2016, the 6th day of such calendar month
or, if such 6th day is not a Business Day, then the immediately preceding Business Day.

 

“Directing
Holder”: The Controlling Class Certificateholder (or other representative) selected or designated, as applicable, in
accordance with Section 6.07.

 

“Directly
Operate”: If the Mortgaged Property becomes an REO Property, the furnishing or rendering of services to the tenants
thereof that are not customarily provided to tenants in connection with the rental of space for occupancy only within the meaning
of Treasury Regulations Section 1.512(b)-1(c)(5), the management or operation of the REO Property, the holding of the REO Property
primarily for sale to customers in the ordinary course of a trade or business, or any use of the REO Property in a trade or business
conducted by the Trust Fund, or the performance of any construction work on the REO Property other than through an Independent
Contractor; provided, however, that the Special Servicer, on behalf of the Trust Fund, shall not be considered to
Directly Operate the REO Property solely because the Special Servicer, on behalf of the Trust Fund, establishes rental terms,
chooses tenants, enters into or renews leases, deals with taxes and insurance, or makes decisions as to repairs or capital expenditures
with respect to the REO Property or takes other actions consistent with Treasury Regulations Section l.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”: With respect to the Whole Loan or any REO Property, any compensation and other
remuneration (including, without limitation, in the form of commissions, brokerage fees, rebates, and as a result of any
other fee-sharing arrangement)
received or retained by the Special Servicer or any of its Affiliates that is paid by any Person (including, without limitation,
the Trust, the Borrower, any Manager, any guarantor or indemnitor in respect of the Whole Loan and any purchaser of the Whole
Loan or the REO Property) in connection with the disposition, workout or foreclosure of the Whole Loan, the 

 

    -24-

     

    

 

management or disposition
of the REO Property, and the performance by the Special Servicer or any such Affiliate of any other special servicing duties under
this Agreement; provided that any compensation and other remuneration that the Master Servicer or the Certificate Administrator
is permitted to receive or retain pursuant to the terms of this Agreement in connection with its respective duties in such capacity
as master servicer or certificate administrator under this Agreement shall not be Disclosable Special Servicer Fees.

 

“Disclosure
Parties”: As defined in Section 3.14(e) of this Agreement.

 

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

 

“Disqualified
Organization”: Any of (a) the United States, a State or any political subdivision thereof or any agency or instrumentality
of any of the foregoing (other than an instrumentality that is a corporation if all of its activities are subject to tax and,
except for FHLMC, a majority of its board of directors is not selected by any such governmental unit), (b) a foreign government,
International Organization (as defined below) or agency or instrumentality of either of the foregoing, (c) an organization that
is exempt from tax imposed by Code Chapter 1 (including the tax imposed by Section 511 of the Code on unrelated business taxable
income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect to the Class R or Class LR Certificates
(except certain farmers’ cooperatives described in Section 521 of the Code), (d) rural electric and telephone cooperatives
described in Section 1381(a)(2)(C) of the Code, or (e) any other Person so designated by the Certificate Registrar who is unable
to provide an Opinion of Counsel to the Certificate Registrar to the effect that any Transfer to such Person will not cause either
Trust REMIC to be subject to tax or to fail to qualify as a REMIC at any time that the Certificates are outstanding. For the purposes
of this definition, the terms “United States”, “State” and “International Organization” shall
have the meanings set forth in Section 7701 of the Code or successor provisions.

 

“Distribution
Accounts”: Collectively, the Upper-Tier Distribution Account and the Lower-Tier Distribution Account, each of which
may be a sub-account of a single Eligible Account.

 

“Distribution
Date”: During each calendar month commencing in September 2016, the fourth Business Day following the Determination
Date in such calendar month.

 

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

 

    -25-

     

    

 

“Do
Not Hire List”: The list, as may be updated at any time, provided by the Depositor to the Master Servicer, Special Servicer,
the Certificate Administrator and Trustee, which lists certain parties identified by the Depositor as having failed to comply
(after any applicable cure period) with their respective obligations under Article XI of this Agreement or as having failed
to comply (after any applicable cure period) with any similar Regulation AB reporting requirements under any trust and servicing
agreement relating to any other series of certificates offered by the Depositor.

 

“Due
Date”: With respect to (i) the Whole Loan on or prior to its Maturity Date, the day of the month set forth in the Note
on which each Monthly Payment thereon is scheduled to be first due and (ii) the Whole Loan after the Maturity Date therefore or
any REO Loan, the day of the month set forth in the Note on which each Monthly Payment on the Whole Loan had been scheduled to
be first due.

 

“Early
Termination Notice Date”: Any date as of which the Stated Principal Balance of the Trust Loan is less than 1.0% of the
Stated Principal Balance of the Trust Loan as of the Cut-off Date.

 

“Eligible
Account”: Any of:

 

(i)          an
account or accounts

 

(A)         maintained
with a depository institution or trust company, (1) the short-term unsecured debt obligations or commercial paper of which are
rated at least “P-1” by Moody’s in the case of accounts in which funds are held for 30 days or less or, (2)
the long-term unsecured debt obligations of which are rated at least “A2” by Moody’s in the case of accounts
in which funds are held for more than 30 days,

 

(B)          maintained
with Wells Fargo Bank, National Association, a wholly owned subsidiary of Wells Fargo & Co., so long as its long-term unsecured
debt rating is at least “A2” by Moody’s (if the deposits are to be held in the account for more than thirty
(30) days) or such subsidiary’s short term deposit or short term unsecured debt rating is at least “P-1” by
Moody’s (in each case, if the deposits are to be held in the account for thirty (30) days or less)

 

(C)          maintained
with Wells Fargo Bank, National Association, a wholly owned subsidiary of Wells Fargo & Co., so long as it meets the eligibility
standards of the Certificate Administrator pursuant to Section 8.06, or

 

(ii)        a
segregated trust account or accounts maintained with the trust department of a federal or state chartered depository institution,
financial institution or trust company (which, subject to the remainder of this clause (ii), may include the Certificate Administrator
or the Trustee) acting in its fiduciary capacity
which, in either case, has a combined capital and surplus of at least $50,000,000 and is subject to supervision or examination
by federal or state

 

    -26-

     

    

 

 authority and to regulations regarding fiduciary funds on deposit substantially similar to Title 12 of the
Code of Federal Regulations, Section 9.10(b) and the long term unsecured debt obligations of which are rated at least “A2”
by Moody’s,

 

(iii)       such
other account or accounts that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable
clause, would be listed in clauses (i)-(ii) above, with respect to which a No Downgrade Confirmation has been obtained from (i)
Moody’s and (ii) Morningstar, or

 

(iv)        any
other account for which the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer, as applicable,
receives a No Downgrade Confirmation, which may be an account maintained by or with the Certificate Administrator, the Trustee,
the Master Servicer or the Special Servicer.

 

Eligible
Accounts may bear interest.

 

“Eligible
Investor”: Any of (i) a Qualified Institutional Buyer that is purchasing for its own account or for the account of a
Qualified Institutional Buyer to whom notice is given that the offer, sale or transfer is being made in reliance on Rule 144A
or (ii) (except with respect to the Class R and Class LR Certificates) an Institutional Accredited Investor that is not a Qualified
Institutional Buyer.

 

“Environmental
Insurance Policy”: With respect to the Mortgaged Property or REO Property, any insurance policy covering pollution conditions
and/or other environmental conditions that is maintained from time to time in respect of the Mortgaged Property or REO Property,
as the case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders and the Companion Loan Holders.

 

“Environmental
Report”: The environmental audit report or reports with respect to the Mortgaged Property delivered to the Trust Loan
Sellers.

 

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

 

“Escrow
Account”: As defined in Section 3.04(b) of this Agreement. Any Escrow Account may be a sub-account of the related
Cash Collateral Account.

 

“Escrow
Payment”: Any payment made by the Borrower to the Master Servicer pursuant to the Mortgage, Cash Collateral Account
Agreement, Lock-Box Agreement, Loan Agreement or other Loan Document for the account of the Borrower for application toward the
payment of taxes, insurance premiums, assessments, environmental remediation and similar items in respect of the Mortgaged Property
or related to the satisfaction of closing conditions for the Whole Loan.

 

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

 

    -27-

     

    

  

“Excess
Prepayment Interest Shortfall”: With respect to any Distribution Date, any portion of the aggregate Prepayment Interest
Shortfalls for such Distribution Date in excess of the sum of (i) the Master Servicer Prepayment Interest Shortfall Amount with
respect to such Distribution Date and (ii) any Prepayment Interest Excess with respect to such Distribution Date.

 

“Excess
Servicing Fee Rate”: With respect to the Trust Loan and the Companion Loans (and the successor REO Loan, if applicable),
a rate per annum equal to 0.00125%; provided that such rate shall be subject to reduction at any time following
any resignation of a Master Servicer pursuant to Section 6.04 of this Agreement (if no successor is appointed in accordance
with Section 6.04 of this Agreement) or any termination of the Master Servicer pursuant to Section 7.01 of this
Agreement, to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor
Master Servicer (which successor may include the Trustee) that meets the requirements of Section 7.02 of this Agreement.

 

“Excess
Servicing Fee Right”: With respect to the Trust Loan and the Companion Loans (and the successor REO Loan, if applicable),
the right to receive Excess Servicing Fees. In the absence of any transfer of the Excess Servicing Fee Right, the Master Servicer
shall be the owner of such Excess Servicing Fee Right.

 

“Excess
Servicing Fees”: With respect to the Trust Loan and the Companion Loans (and the successor REO Loan, if applicable),
that portion of the Servicing Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.

 

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

 

“FDIC”:
The Federal Deposit Insurance Corporation or any successor thereto.

 

“FHLMC”:
The Federal Home Loan Mortgage Corporation, or any successor thereto.

 

“Final
Asset Status Report”: An Asset Status Report, together with such other data or supporting information provided by the
Special Servicer to the Directing Holder or, if no Directing Holder has
been appointed, any Initial Consulting Holder, which does not include any communications (other than the related Asset
Status Report) between the Special Servicer and the Directing Holder or,
if no Directing Holder has been appointed, any Initial Consulting Holder; provided that no Asset Status Report shall
be considered a Final Asset Status Report unless (i) the Directing Holder (during any Subordinate Control Period) has either finally
approved of and consented to the actions proposed to be taken in connection therewith, or has exhausted all of its rights of approval
or consent pursuant to this Agreement in respect of such action, or has been deemed to approve or consent to such action or (ii)
the Asset Status Report is otherwise implemented by the Special Servicer in accordance with the terms of this Agreement.

 

“Final
Recovery Determination”: With respect to the Whole Loan or REO Loan, including after it becomes subject to repurchase
by the Trust Loan Sellers pursuant to Section 2.03(e) of this Agreement or subject to purchase pursuant to any related
mezzanine intercreditor agreement, the recovery of all Insurance Proceeds, Liquidation Proceeds, the related Repurchase

 

    -28-

     

    

 

Price
and other payments or recoveries (including proceeds of the final sale of the REO Property) which the Master Servicer (or if the
Whole Loan becomes a Specially Serviced Loan or an REO Loan, the Special Servicer), in its reasonable judgment, as evidenced by
a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator and the Custodian (and the Master
Servicer, if the certificate is from the Special Servicer), expects to be finally recoverable. The Master Servicer shall maintain
records, prepared by a Servicing Officer, of each Final Recovery Determination until the earlier of (i) its termination as the
Master Servicer hereunder and the transfer of such records to a successor servicer and (ii) five years following the termination
of the Trust Fund.

 

“Financial
Market Publisher”: BlackRock Financial Management, Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Interactive Data
Corporation, Markit LLC and Thomson Reuters Corporation, or any successor entities thereof.

 

“Fitch”:
Fitch Ratings, Inc., or any of its successors in interest.

 

“Form
8-K Disclosure” The information described in the Form 8-K items set forth under the “Item on Form 8-K” column
on Exhibit S hereto.

 

“FNMA”:
The Federal National Mortgage Association or any successor thereto.

 

“GACC”:
German American Capital Corporation, in its capacity as a Trust Loan Seller, and its successors in interest.

 

“GACC
Indemnification Agreement”: The agreement dated as of the Pricing Date, among GACC, the Depositor and the Initial Purchasers.

 

“GACC
Trust Loan Purchase Agreement”: The Trust Loan Purchase Agreement dated and effective the Pricing Date, between GACC
and the Depositor.

 

“GSMC”:
Goldman Sachs Mortgage Company, in its capacity as a Trust Loan Seller, and its successors in interest.

 

“GSMC
Indemnification Agreement”: The indemnification agreement dated as of the Pricing Date, among GSMC, the Depositor and
the Initial Purchasers.

 

“GSMC
Trust Loan Purchase Agreement”: The Trust Loan Purchase Agreement dated and effective the Pricing Date, between GSMC
and the Depositor.

 

“Global
Certificates”: Each of the Regulation S Global Certificates or Rule 144A Global Certificates if and so long as such
class of Certificates is registered in the name of a nominee of the Depository.

 

“Hazardous
Materials”: Any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including, without limitation,
those so identified pursuant to the Comprehensive
Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq., or any other environmental laws
now existing, and specifically including, without limitation, asbestos and asbestos-containing materials, polychlorinated biphenyls
(“PCBs”), radon gas, petroleum and petroleum products, urea formaldehyde and any substances

 

    -29-

     

    

 

classified
as being “in inventory,” “usable work in process” or similar classification which would, if classified
as unusable, be included in the foregoing definition.

 

“Holder”:
With respect to any Certificate, a Certificateholder; with respect to any Lower-Tier Regular Interest, the Trustee.

 

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

 

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

 

“Independent”:
When used with respect to any specified Person, any such Person who (i) does not have any direct financial interest, or any material
indirect financial interest, in any of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special
Servicer, the Directing Holder, any Initial Consulting Holder, the Borrower or any Manager or any Affiliate thereof, and (ii)
is not connected with any such Person thereof as an officer, employee, promoter, underwriter, trustee, partner, director or Person
performing similar functions.

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the applicable
Trust REMIC within the meaning of Section 856(d)(3) of the Code if such Trust REMIC were a real estate investment trust (except
that the ownership tests set forth in that section shall be considered to be met by any Person that owns, directly or indirectly,
35% or more of any Class or 35% or more of the aggregate value of all Classes of Certificates); provided that such Trust
REMIC does not receive or derive any income from such Person and the relationship between such Person and such Trust REMIC is
at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the Master Servicer
nor the Special Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless
an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Master Servicer
or the Special Servicer, as applicable, the Certificate Administrator and the Trustee has been delivered to the Certificate Administrator
to that effect) or (ii) any other Person (including the Master Servicer and the Special Servicer) if the Master Servicer or the
Special Servicer, as applicable, on behalf of itself, the Certificate Administrator and the Trustee has received an Opinion of
Counsel (at the expense of the party seeking to be deemed an Independent Contractor) to the effect that the taking of any action
in respect of the REO Property by such Person, subject to any conditions therein specified, that is otherwise herein contemplated
to be taken by an Independent Contractor will not cause the REO Property to cease to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section
860D(a) of the Code) or cause any income realized in respect of the REO Property to fail to qualify as Rents from Real Property
(provided that such income would otherwise so qualify).

 

“Individual
Certificate”: Any Certificate in definitive, fully registered physical form without interest coupons.

 

    -30-

     

    

 

“Initial
Consulting Holder”: The Controlling Class Certificateholder (or other representative) selected or designated, as applicable,
in accordance with Section 6.11.

 

“Initial
Purchasers”: Deutsche Bank Securities Inc. and Goldman, Sachs & Co. and their respective successors in interest.

 

“Initial
Resolution Period”: As defined in Section 2.03(e) of this Agreement.

 

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

 

“Institutional
Accredited Investor”: An institution that is an “accredited investor” within the meaning of Rule 501(a)(l),
(2), (3) or (7) under the Act or any entity in which all of the equity owners come within such paragraphs.

 

“Insurance
Proceeds”: Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to the
Whole Loan (including any amounts paid by the Master Servicer pursuant to Section 3.08 of this Agreement).

 

“Interest
Distribution Amount”: With respect to any Distribution Date and any Class of Regular Certificates, an amount equal to
the Current Interest Distribution Amount for such Class and such Distribution Date, less any excess Prepayment Interest Shortfall
allocable to such Class.

 

“Interest
Reserve Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(e) of this Agreement; which shall be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, in trust for the benefit
of the Holders of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates, Interest Reserve Account”
and which must be an Eligible Account or a sub-account of an Eligible Account. The Interest Reserve Account shall be an asset
of the Lower-Tier REMIC.

 

“Interested
Person”: As of any date of determination, the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Directing Holder (if any), any Certificateholder, any Companion Loan Holder, any Independent Contractor
engaged by the Special Servicer pursuant to Section 3.15 of this Agreement, or any Person known to a Responsible Officer
of the Trustee or the Certificate Administrator, or to a Servicing Officer of the Special Servicer, to be an Affiliate of any
of them, or any Borrower Related Party.

 

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

 

“Investment
Representation Letter”: As defined in Section 5.02(c)(i)(A) of this Agreement.

 

“Investor
Certification”: A certificate (which may be in electronic form or “click-through format”) representing that
such Person executing the certificate is a Certificateholder, a Directing
Holder, a Beneficial Owner or a prospective purchaser of a Certificate and that (i) for purposes of obtaining certain information
and notices (including access to information and

 

    -31-

     

    

 

 notices on the Certificate Administrator’s Website) pursuant to this Agreement,
such Person (a) is not a Borrower Related Party or (b) is a Borrower Related Party, substantially in the form of Exhibit L-1-A
(in the case of clause (a)) or Exhibit L-1-B (in the case of clause (b)) to this Agreement or in the form of an electronic
certification contained on the Certificate Administrator’s Website and/or (ii) for purposes of exercising Voting Rights,
such Person is not the Depositor, the Certificate Administrator, the Trustee or a Borrower Related Party, substantially in the
form of Exhibit L-2 to this Agreement or in the form of an electronic certification contained on the Certificate Administrator’s
Website. The Certificate Administrator may require that Investor Certifications are resubmitted from time to time in accordance
with its policies and procedures.

 

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

 

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

 

“IRS”:
The Internal Revenue Service.

 

“Junior
Notes”: Promissory Note B-1 and Promissory Note B-2 in the aggregate original principal amount of $191,900,000.

 

“KBRA”:
Kroll Bond Rating Agency, Inc., or any of its successors in interest. If neither such rating agency nor any successor remains
in existence, “KBRA” shall be deemed to refer to such other nationally recognized statistical rating agency or other
comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto,
and specific ratings of KBRA herein referenced shall be deemed to refer to the equivalent ratings of the party so designated

 

“Late
Collections”: With respect to the Whole Loan, all amounts received thereon during any Collection Period (or within the
related grace period), whether as payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or otherwise, which
represent late payments or collections of principal or interest due in respect of the Whole Loan (without regard to any acceleration
of amounts due thereunder by reason of default) on a Due Date in a previous Collection Period and not previously recovered. If
the Whole Loan becomes an REO Loan, all amounts received in connection with the REO Property during any Collection Period (including
any grace period applicable under the original Whole Loan), whether as Insurance Proceeds, Condemnation Proceeds, Liquidation
Proceeds, REO Proceeds or otherwise, which represent late collections of principal or interest due or deemed due in respect of
the REO Loan or the predecessor Whole Loan (without regard to any acceleration of amounts due under the predecessor Whole Loan
by reason of default) on a Due Date in a previous Collection Period and not previously recovered. The term “Late Collections”
shall specifically exclude Penalty Charges.

 

“Liquidation
Expenses”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred by the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee in connection with the liquidation of the Whole
Loan or the liquidation of the REO Property or the sale of the Whole Loan pursuant to Section 3.16 or Section 9.01
of this Agreement (including, without limitation, legal fees and expenses, committee or referee fees, and, if applicable, brokerage
commissions, and conveyance taxes).

 

    -32-

     

    

 

“Liquidation
Fee”: A fee payable to the Special Servicer pursuant to Section 3.12(c) of this Agreement with respect to the
Whole Loan (if repurchased in accordance with Section 2.03(e) of this Agreement), Specially Serviced Loan or REO Loan (except
as specified in the following paragraph), in each case as to which the Special Servicer obtains a full, partial or discounted
payoff from the Borrower, a loan purchaser or the Trust Loan Sellers, as applicable, or any Liquidation Proceeds with respect
thereto (in any case, other than amounts for which a Workout Fee has been paid, or will be payable), equal to the product of 0.50%
and the proceeds of such full, partial or discounted payoff or the Net Liquidation Proceeds related to such liquidated or repurchased
Whole Loan or Specially Serviced Loan, as the case may be, in each case exclusive of any portion of such full, partial or discounted
payoff or Net Liquidation Proceeds that represents Penalty Charges; provided that with respect to any particular liquidation
(or partial liquidation), as reduced by the amount of any and all related Offsetting Modification Fees received by the Special
Servicer as additional servicing compensation relating to the Specially Serviced Loan, REO Loan or Whole Loan.

 

No
Liquidation Fee shall be payable (a) with respect to clause (v) of the definition of Liquidation Proceeds; (b) in the case
of clause (vi) of the definition of Liquidation Proceeds if exercised within 90 days after the first time that such holder’s
option to purchase the Whole Loan becomes exercisable, provided, however, that even if the purchase occurs before such
expiration the Liquidation Fee will be payable to the extent paid by, and collected from, the related borrower or the mezzanine
lender; (c) in the case of a final disposition consisting of the repurchase of the Trust Loan (or the REO Loan, if applicable)
by the Trust Loan Sellers pursuant to the Trust Loan Purchase Agreements, if the Trust Loan Sellers repurchase the Trust Loan
within the resolution time period set forth in Section 2.03(e) of this Agreement (and giving effect to any applicable extension
period beyond the end of the Initial Resolution Period set forth in Section 2.03(e) of this Agreement); (d) in connection
with the purchase of the Trust Loan if it has become a Defaulted Mortgage Loan by the Special Servicer or any Affiliate thereof
within 90 days after the transfer of the Defaulted Mortgage Loan to special servicing; (e) in connection with any indemnification
payment made by the Trust Loan Sellers as a result of a Material Breach or Material Document Defect pursuant to Section 2.03(e),
if the Trust Loan Sellers make such indemnification payment within the resolution time period set forth in Section 2.03(e)
of this Agreement (and giving effect to any applicable extension period beyond the end of the Initial Resolution Period set
forth in Section 2.03(e) of this Agreement); (f) if the Whole Loan becomes a Specially Serviced Loan only because of an
event described in clause (a) of the definition of “Specially Serviced Loan” and the related Liquidation Proceeds
are received within three months following the related maturity date as a result of the related Whole Loan being refinanced or
otherwise repaid in full (provided that the Special Servicer may collect from the Borrower and retain (x) a liquidation
fee, (y) such other fees as are provided for in the Loan Documents, and (z) other appropriate fees in connection with such liquidation);
and (g) with respect to an Other Securitization Trust, in connection with (A) a repurchase or replacement of such Companion Loan
by the applicable Trust Loan Seller due to a breach of a representation or warranty or a document defect under the related mortgage
loan purchase agreement related to the Other Pooling and Servicing Agreement prior to the expiration of the cure period (including
any applicable extension thereof) set forth therein or (B) a purchase of such Companion Loan pursuant
to a clean-up call or similar liquidation under the related Other Pooling and Servicing Agreement.

 

    -33-

     

    

 

“Liquidation
Proceeds”: Cash amounts (other than Insurance Proceeds and Condemnation Proceeds and REO Proceeds) received by or paid
to the Master Servicer or the Special Servicer in connection with: (i) the liquidation of the Mortgaged Property or other collateral
constituting security for the Defaulted Mortgage Loan, through trustee’s sale, foreclosure sale, disposition of REO Property
or otherwise, exclusive of any portion thereof required to be released to the Borrower in accordance with applicable law and the
terms and conditions of the Note and the Mortgage; (ii) the realization upon any deficiency judgment obtained against the Borrower;
(iii) the sale of the Defaulted Mortgage Loan; (iv) a repurchase of the Trust Loan Seller Percentage Interest in the Trust Loan
(or REO Loan) by the related Trust Loan Seller pursuant to the related Trust Loan Purchase Agreement; (v) the purchase of the
Trust Loan and all property acquired in respect of the Trust Loan by the Sole Certificateholder, the Special Servicer or the Master
Servicer pursuant to Section 9.01 of this Agreement; (vi) if applicable, in connection with any existing mezzanine indebtedness
or any mezzanine indebtedness that may exist on a future date, the purchase of the Whole Loan by a mezzanine lender; or (vii)
the purchase of the Trust Loan by any related Companion Loan Holder(s).

 

“Loan
Agreement”: The Loan Agreement, dated as of August 1, 2016, by and between the Borrower, as borrower, and DB AG and
GSMC, collectively, as lender.

 

“Loan
Documents”: The documents executed or delivered in connection with the origination or any subsequent modification of
the Whole Loan or subsequently added to the Mortgage File.

 

“Loan
Sponsor”: Podium Fund HY REIT Owner LP, a Delaware limited partnership.

 

“Lock-Box
Account”: With respect to the Mortgaged Property, if applicable, any account created pursuant to the Loan Documents
to receive revenues therefrom. Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person
who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the Whole Loan
and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon. The Master
Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Accounts in accordance
with the terms of the Whole Loan.

 

“Lock-Box
Agreement”: The lock-box agreement, if any, between the Originator and the Borrower, pursuant to which the Lock-Box
Account, if any, may have been established.

 

“Lower-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which shall be entitled “Wells Fargo Bank,
National Association, as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, in
trust for the benefit of the Holders of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates, Lower-Tier
Distribution Account”
and which must be an Eligible Account or a sub-account of an Eligible Account. The Lower-Tier Distribution Account shall be an
asset of the Lower-Tier REMIC.

 

    -34-

     

    

 

“Lower-Tier
Distribution Amount”: As defined in Section 4.01 of this Agreement.

 

“Lower-Tier
Principal Balance”: With respect to any Class of Lower-Tier Regular Interest, initially will equal the original principal
balance set forth in the Preliminary Statement herein, and from time to time will equal such amount reduced by the amount of distributions
of the Lower-Tier Distribution Amount allocable to principal and Realized Losses allocable thereto in all prior periods as described
in Section 4.01(d) of this Agreement, such that at all times the Lower-Tier Principal Balance of a Lower-Tier Regular Interest
shall equal the Certificate Balance of its Corresponding Certificates.

 

“Lower-Tier
Regular Interests”: The Class LA Interest, the Class LB Interest, the Class LC Interest, the Class LD Interest and the
Class LE Interest issued by the Lower-Tier REMIC and held by the Trustee as assets of the Upper-Tier REMIC. Each Lower-Tier Regular
Interest (i) is designated as a “regular interest” in the Lower-Tier REMIC (ii) relates to its Corresponding Class
of Certificates, (iii) is uncertificated, (iv) has an initial Lower-Tier Principal Balance equal to the original Lower-Tier Principal
Balance set forth in the Preliminary Statement herein, (v) has a Pass-Through Rate equal to the Net Mortgage Rate, (vi) has a
“latest possible maturity date”, within the meaning of Treasury Regulations Section 1.860G-1(a), that is the Rated
Final Distribution Date and (vii) is entitled to the distributions in the amounts and at the times specified in Section 4.01(e)
of this Agreement.

 

“Lower-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Trust Loan, collections thereon, the Trust’s
interest in any REO Property acquired in respect thereof, amounts related thereto held from time to time in the Collection Account
and the Lower-Tier Distribution Account, any REO Account, related amounts in the Interest Reserve Account and all other property
included in the Trust Fund that is not in the Upper-Tier REMIC.

 

“MAI”:
Member of the Appraisal Institute.

 

“Major
Decision”: Any of the following:

 

(a)            any
substitution or release of real property collateral for the Whole Loan (other than substitutions or releases of immaterial and
non-income producing real property collateral) except as expressly permitted by the Loan Documents;

 

(b)            any
waiver of or determination not to enforce a “due-on-sale” or “due-on-encumbrance” clause (unless such
clause is not exercisable under applicable law or such exercise is reasonably likely to result in successful legal action by the
Borrower);

 

(c)            any
transfer of the Mortgaged Property or any portion of the Mortgaged Property, or any transfer of any direct or indirect ownership
interest in the Borrower to the extent lender consent under the Loan Documents is required, except in each case as expressly permitted
by the Loan Documents, or in connection with a pending or threatened condemnation;

 

(d)            any
consent to the incurrence of additional debt by the Borrower or mezzanine debt by a direct or indirect parent of the Borrower,
including modification of

 

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 the terms of any document evidencing or securing any such additional debt and of any intercreditor or
subordination agreement executed in connection therewith and any waiver of or amendment or modification to the terms of any such
document or agreement, in each case to the extent lender approval is required by the Loan Documents;

 

(e)            any
proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of REO Properties) of the ownership
of the Mortgaged Property;

 

(f)            any
modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest but including,
without limitation, the timing of payments and the acceptance of discounted payoffs) or material non-monetary term of the Whole
Loan or any extension of the maturity date of the Whole Loan to the extent lender approval is required by the Loan Documents;

 

(g)            following
a default with respect to the Whole Loan or an Event of Default, any exercise of remedies, including the acceleration of the Whole
Loan or initiation of judicial, bankruptcy or similar proceedings under the Loan Documents or with respect to the Borrower or
the Mortgaged Property;

 

(h)            any
sale or other disposition of the Whole Loan or the Mortgaged Property (including any REO Property) for less than the Repurchase
Price;

 

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

 

(j)             any
modification, waiver or amendment of an intercreditor agreement, co-lender agreement, participation agreement or similar agreement
with any mezzanine lender, holder of the Companion Loan or subordinate debt holder related to the Whole Loan, or an action to
enforce rights with respect thereto, in each case in a manner that materially and adversely affects the Controlling Class (to
the extent that neither the Directing Holder, the majority holder of the Controlling Class, nor any affiliate or agent thereof
is a holder of the applicable mezzanine loan or any beneficial interest in such mezzanine loan);

 

(k)            any
Manager changes with respect to the Whole Loan, to the extent lender approval is required by the Loan Documents;

 

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

 

(m)           any
acceptance of an assumption agreement releasing the Borrower, the guarantor or other obligor from liability under the Whole Loan
or the Loan Documents other
than as permitted pursuant to the specific terms of such Loan Documents and for which there is no lender discretion;

 

    -36-

     

    

 

(n)           any
determination of an Acceptable Insurance Default under the Loan Documents;

 

(o)           the
execution, termination or renewal of any lease, to the extent lender approval is required under the Loan Documents and to the
extent such lease constitutes a “major lease” as defined in the Loan Documents, including entering into any subordination,
non-disturbance and attornment agreement;

 

(p)           any
adoption or implementation of the Annual Budget;

 

(q)           the
voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of the Borrower; and

 

(r)            the
exercise of the rights and powers granted under any intercreditor agreement to the “Senior Lender” or such other similar
term as may be set forth in any such intercreditor agreement 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 “Senior
Lender” or such other similar term (to the extent that neither the Directing Holder, the majority holder of the Controlling
Class, nor any affiliate or agent thereof is a holder of the applicable mezzanine loan or any beneficial interest in such mezzanine
loan).

 

“Majority
Controlling Class Certificateholders”: The Holder(s) of Certificates representing more than 50% of the aggregate Certificate
Balance of the Controlling Class.

 

“Management
Agreement”: With respect to the Mortgaged Property, the property management agreement, if any, by and between a Manager
and the Borrower, or any successor property management agreement between such parties.

 

“Manager”:
With respect to the Mortgaged Property, any property manager or development manager for the Mortgaged Property.

 

“Master
Servicer”: Wells Fargo Bank, National Association, a national banking association, its successor in interest (in such
capacity), or if any successor Master Servicer is appointed as herein provided, such successor Master Servicer or any successor
master servicer appointed as herein provided.

 

“Master
Servicer Prepayment Interest Shortfall Amount”: As defined in Section 3.17(c) of this Agreement.

 

“Master
Servicer Termination Event”: As defined in Section 7.01(a) of this Agreement.

 

“Master
Servicer’s Website”: Shall mean the internet website maintained by the Master Servicer; initially located at www.wellsfargo.com/com/comintro.

 

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

 

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

 

    -37-

     

    

 

“Maturity
Date”: The maturity date on August 2026.

 

“Mezzanine
Loan”: Any mezzanine indebtedness related to the Whole Loan.

 

“Modification
Fees”: With respect to the Whole Loan, any and all fees with respect to a modification, restructure, extension, waiver
or amendment that modifies, restructures, extends, amends or waives any term of the Loan Documents (as evidenced by a signed writing)
agreed to by the Master Servicer or the Special Servicer (other than all defeasance fees, Assumption Fees, consent fees, assumption
application fees, and fees similar to the foregoing). For the avoidance of doubt, Special Servicing Fees, Workout Fees and Liquidation
Fees due to the Special Servicer in connection with a modification, restructure, extension, waiver or amendment shall not be considered
Modification Fees. For each modification, restructure, extension, waiver or amendment in connection with working out the Whole
Loan after it has become a Specially Serviced Loan, the Modification Fees collected from the Borrower shall be subject to a cap
of 1.0% of the outstanding principal balance of the Whole Loan on the closing date of the related modification, restructure, extension,
waiver or amendment (prior to giving effect to such modification, restructure, extension, waiver or amendment); provided
that no aggregate cap exists in connection with the amount of Modification Fees which may be collected from the Borrower with
respect to a Specially Serviced Loan or REO Loan.

 

“Modified
Mortgage Loan”: A Specially Serviced Loan which has been modified by the Special Servicer pursuant to Section 3.26
of this Agreement in a manner that:

 

(a)          reduces
or delays the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing current
Monthly Payments with respect to the Trust Loan or Companion Loans), including any reduction in the Monthly Payment;

 

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

 

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

 

“Monthly
Payment”: With respect to the Trust Loan or Whole Loan (in each case, other than an REO Loan), and any Due Date, the
scheduled monthly payment of principal, if any, and interest at the Whole Loan Rate, excluding any Balloon Payment (but not excluding
any constant Monthly Payment due on the Whole Loan), which is payable by the Borrower on the
Due Date under the Note. The Monthly Payment with respect to an REO Loan is the monthly payment that would otherwise have been
payable on the Due Date had the Note not been discharged, determined as set forth in the preceding sentence and on the assumption
that all other amounts, if any, due thereunder are paid when due.

 

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“Moody’s”:
Moody’s Investors Service, Inc., or any of its successors in interest.

 

“Morningstar”:
Morningstar Credit Ratings, LLC, or any of its successors in interest. If neither Morningstar nor any successor remains in existence,
“Morningstar” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person designated by the Depositor, notice of which designation shall be given to the other parties hereto and specific ratings
of Morningstar herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Mortgage”:
The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in the Mortgaged
Property securing the Notes.

 

“Mortgage
File”: Collectively, the mortgage documents listed in Section 2.01(a)(i) through Section 2.01(a)(xxi)
of this Agreement pertaining to the Whole Loan and any additional documents required to be added to the Mortgage File pursuant
to the express provisions of this Agreement; provided that whenever the term “Mortgage File” is used to refer
to documents actually received by the Depositor or the Custodian, such term shall not be deemed to include such documents and
instruments required to be included therein unless they are actually so received.

 

“Mortgage
Loan Schedule”: The schedule attached as Exhibit B to this Agreement, which schedule shall set forth the following
information:

 

(a)            The
Trust Loan name;

 

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

 

(c)            the
Trust Loan Rate and Whole Loan Rate in effect as of the Cut-off Date;

 

(d)            the
original Whole Loan principal balance and the original Trust Loan principal balance;

 

(e)            the
Stated Principal Balance as of the Cut-off Date;

 

(f)            the
Maturity Date for the Whole Loan;

 

(g)            the
Due Date;

 

(h)            the
amount of the Monthly Payment due on the first Due Date following the Cut-off Date;

 

(i)             Master
Servicing Fee Rate, the Primary Servicing Fee Rate, the Trustee/Certificate Administrator Fee Rate, CREFC® Fee
Rate and the Administrative Fee Rate; and

 

(j)             whether
any letter of credit is held by the lender as a beneficiary or is assigned as security for the Whole Loan.

 

    -39-

     

    

 

“Mortgaged
Property”: The underlying property securing the Whole Loan including any REO Property, consisting secured by, among
other things, a first lien mortgage on the fee simple interest of the Borrower in a 52-story Class A office building consisting
of approximately 1,813,465 square feet and located at 10 Hudson Yards, in New York, New York, together with any personal property,
fixtures, leases and other property or rights pertaining thereto.

 

“Net
Condemnation Proceeds”: Condemnation Proceeds, to the extent such proceeds are not to be applied to the restoration,
preservation or repair of the related Mortgaged Property or released to the Borrower in accordance with the express requirements
of the Loan Documents or other documents included in the Mortgage File or in accordance with the Servicing Standard.

 

“Net
Default Interest”: With respect to any Distribution Date, an amount equal to the sum of (i) the amount of Default Interest
received during the preceding Collection Period, minus (ii) any portions thereof withdrawn from the applicable Collection Account
pursuant to Section 3.06(a)(vi) of this Agreement for Advance Interest Amounts and unreimbursed Additional Trust Fund Expenses
(including Special Servicing Fees, Liquidation Fees and Workout Fees) incurred on the Trust Loan or Whole Loan, as applicable,
during or prior to such Collection Period.

 

“Net
Insurance Proceeds”: Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the
Mortgaged Property or released to the Borrower in accordance with the express requirements of the Loan Documents or other documents
included in the Mortgage File or in accordance with prudent and customary servicing practices.

 

“Net
Liquidation Proceeds”: The Liquidation Proceeds received with respect to the Whole Loan net of the amount of Liquidation
Expenses incurred with respect thereto.

 

“Net
Mortgage Rate”: With respect to any Distribution Date, the rate at which interest accrues on the Trust Loan (net of
the Administrative Fee Rate) and excluding Default Interest during the related Certificate Interest Accrual Period. Notwithstanding
the foregoing, the Net Mortgage Rate of such Trust Loan or Companion Loan for any Interest Accrual Period will be the annualized
rate at which interest would have to accrue in respect of such Trust Loan or Companion Loan on a 30/360 Basis in order to produce
the aggregate amount of interest actually accrued in respect of such Trust Loan or Companion Loan at the related Net Mortgage
Rate during such Interest Accrual Period; provided, that with respect to each such Trust Loan, the Net Mortgage Rate for
the one-month period (i) preceding the Distribution Dates in (a) January and February in each year that is not a leap year or
(b) February only in each year that is a leap year (in either case, unless the related Distribution Date is the final Distribution
Date) (commencing in 2017), shall be determined net of any Withheld Amounts from that month and (ii) preceding the
Due Date in March (or February if the related Distribution Date is the final Distribution Date), shall be determined inclusive
of the Withheld Amounts, if applicable, from the immediately preceding February, and, if applicable, January; provided further,
that for purposes of calculating Pass-Through Rates, the Net Mortgage Rate shall be determined without regard to any modification,
waiver or amendment of the terms of the Whole Loan, whether agreed to by the Master Servicer or the Special Servicer or resulting
from a bankruptcy, insolvency or similar proceeding involving the Borrower or otherwise.

 

    -40-

     

    

 

“Net
REO Proceeds”: With respect to the REO Property, REO Proceeds with respect to the REO Property net of any insurance
premiums, taxes, assessments and other costs and expenses permitted to be paid therefrom pursuant to Section 3.15(b) of
this Agreement.

 

“New
Lease”: Any lease of an REO Property entered into on behalf of the Lower-Tier REMIC, if such Trust REMIC has the right
to renegotiate the terms of such lease, including any lease renewed or extended on behalf of such Trust REMIC.

 

“No
Downgrade Confirmation” shall mean, with respect to any matter, confirmation in writing (which may be in electronic
form and may be in the form of a press release) by each applicable Rating Agency that a proposed action, failure to act or other
event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating
assigned to any Class of Certificates if then rated by the Rating Agency; provided that a written waiver or other acknowledgment
from any Rating Agency indicating its decision not to review the matter for which the No Downgrade Confirmation is sought shall
be deemed to satisfy the requirement for the No Downgrade Confirmation from such Rating Agency with respect to such matter. At
any time during which no Certificates are rated by a Rating Agency, no No Downgrade Confirmation shall be required from that Rating
Agency. With respect to any matter affecting a Companion Loan (if Companion Loan Securities exist), any No Downgrade Confirmation
shall also refer to the nationally recognized statistical rating organizations then rating the securities representing an interest
in such loan and such rating organizations’ respective ratings of such securities.

 

“Non-Directing
Holder”: With respect to any Companion Loan, the “Non-Controlling Note Holder” or any analogous concept
under the Co-Lender Agreement.

 

“Non-Reduced
Certificates”: As of any date of determination, any Class of Principal Balance Certificates then outstanding for which
(a)(1) the initial Certificate Balance of such Class of Certificates minus (2) the sum (without duplication) of (x) the aggregate
payments of principal (whether as principal prepayments or otherwise) previously distributed to the Holders of such Class of Certificates
as of such date of determination, (y) any Appraisal Reduction Amounts and Collateral Deficiency Amounts then allocable to such
Class of Certificates as of such date of determination and (z) any Realized Losses previously allocated to such Class of Certificates
as of such date of determination, is equal to or greater than (b) 25% of the remainder of (i) the initial Certificate Balance
of such Class of Certificates less (ii) any payments of principal (whether as principal prepayments or otherwise) previously distributed
to the Holders of that Class of Certificates as of such date of determination.

 

“Non-U.S.
Person”: A person that is not a U.S. Person.

 

“Nonrecoverable
Administrative Advance”: Any Administrative Advance previously made or proposed to be made in respect of the Trust Loan
or REO Loan which, in the reasonable judgment of the Master Servicer, the Special Servicer, in each case in accordance with the
Servicing Standard and Section 4.07(d), or the Trustee in its reasonable judgment, as applicable, would not be ultimately
recoverable, together with any accrued and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds,
Liquidation Proceeds and other collections on or in respect of the Trust Loan or REO Loan, which shall be evidenced by an Officer’s
Certificate as provided by Section 4.07(d) of this Agreement. 

 

    -41-

     

    

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance, Nonrecoverable Property Advance or Nonrecoverable Administrative Advance.

 

“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of the Trust Loan or REO Loan
which, in the reasonable judgment of the Master Servicer, the Special Servicer, in each case in accordance with the Servicing
Standard and Section 4.07(d) and Section 4.07(e), or the Trustee in its reasonable judgment, as applicable, would
not be ultimately recoverable, together with any accrued and unpaid interest thereon, from late payments, Condemnation Proceeds,
Insurance Proceeds, Liquidation Proceeds and other collections on or in respect of the Trust Loan or REO Loan, which shall be
evidenced by an Officer’s Certificate as provided by Section 4.07(d) of this Agreement.

 

“Nonrecoverable
Property Advance”: Any Property Advance previously made or proposed to be made in respect of the Whole Loan or REO Loan
that, as determined by the Master Servicer, the Special Servicer, in each case in accordance with the Servicing Standard and Section
3.21(d), or the Trustee in its reasonable judgment, as applicable, would not be ultimately recoverable, together with any
accrued and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and other
collections on or in respect of the Whole Loan or REO Loan, which shall be evidenced by an officer certificate as provided by
Section 3.21(d) of this Agreement.

 

“Note”:
Collectively, as of any date of determination, the notes or other evidence of indebtedness and/or agreements evidencing the indebtedness
of the Borrower under the Whole Loan including any amendments or modifications, or any renewal or substitution note, as of such
date.

 

“Notice
of Termination”: Any of the notices given to the Trustee, the Certificate Administrator, the Special Servicer and the
Master Servicer by the Special Servicer, the Master Servicer or the Certificateholder owning a majority of the Percentage Interest
in the Class R and Class LR Certificates, as applicable, pursuant to Section 9.01(c) of this Agreement.

 

“Notional
Balance”: As of any date of determination, with respect to the Class X-A Certificates as a Class, the Class X-A Notional
Balance as of such date of determination and with respect to any of the Class X-A Certificates, the product of the Percentage
Interest evidenced by such Certificate and the Class X-A Notional Balance as of such date of determination.

 

“NRSRO”:
Any nationally recognized statistical ratings organization within the meaning of Section 3(a)(62) of the Exchange Act.

 

“NRSRO
Certification”: A certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in
the form attached hereto as Exhibit O or (b) provided electronically and executed by an NRSRO by means of a “click-through”
confirmation on the 17g-5 Information Provider’s Website.

 

“Offering
Circular”: That certain Offering Circular, dated the Pricing Date, relating to the offering of the Certificates.

 

    -42-

     

    

 

“Officer’s
Certificate”: A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President or a
Vice President (however denominated) and by the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries,
any Trust Officer or other officer of the Master Servicer or Special Servicer customarily performing functions similar to those
performed by any of the above designated officers, any Servicing Officer and also with respect to a particular matter, any other
officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject,
or an authorized officer of the Depositor, and delivered to the Depositor, the Trustee, the Certificate Administrator, the Special
Servicer or the Master Servicer, as the case may be.

 

“Offsetting
Modification Fees”: With respect to the Whole Loan or REO Loan and with respect to the Workout Fee or Liquidation Fee
payable by the Trust, any and all Modification Fees collected by the Special Servicer as additional servicing compensation, but
only to the extent that (1) such Modification Fees were earned and collected by the Special Servicer (A) in connection with the
workout or liquidation (including partial liquidation) of a Specially Serviced Loan or REO Loan as to which the subject Workout
Fee or Liquidation Fee became payable or (B) in connection with any workout of a Specially Serviced Loan that closed within the
prior 18 months (determined as of the closing day of the workout or liquidation as to which the subject Workout Fee or Liquidation
Fee became payable) and (2) such Modification Fees were earned in connection with a modification, restructure, extension, waiver
or amendment of the Whole Loan or REO Loan at a time when the Whole Loan or REO Loan was a Specially Serviced Loan.

 

“Opinion
of Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Special Servicer
or the Master Servicer, as the case may be, acceptable to the Certificate Administrator and the Trustee, except that any opinion
of counsel relating to (a) qualification of either Trust REMIC as a REMIC or the imposition of tax under the REMIC Provisions
on any income or property of either Trust REMIC, (b) compliance with the REMIC Provisions (including application of the definition
of “Independent Contractor”), or (c) a resignation of the Master Servicer or the Special Servicer pursuant to Section
6.04(b) of this Agreement, must be an opinion of counsel who is Independent of the Depositor, the Master Servicer and the
Special Servicer.

 

“Originator”:
Each of DB AG and GSMC (or its affiliate), in its capacity as co-originator of the Trust Loan under the Loan Agreement.

 

“Other
Asset Representations Reviewer”: The applicable other “asset representations reviewer” under an Other Pooling
and Servicing Agreement relating to a Companion Loan.

 

“Other
Depositor”: With respect to any Other Securitization Trust, the related “depositor” (within the meaning
of Item 1101(e) of Regulation AB).

 

“Other
Exchange Act Reporting Party”: With respect to any Other Securitization Trust that is subject to the reporting requirements
of the Exchange Act, the trustee, certificate administrator, master servicer, special servicer or depositor under the related
Other Pooling and Servicing Agreement that is responsible for the preparation and/or filing of Form 8-K, Form 10-D and Form 10-K
with respect to such Other Securitization Trust, as identified in writing to the

 

    -43-

     

    

 

parties
to this Agreement; and, with respect to any Other Securitization Trust that is not subject to the reporting requirements of the
Exchange Act and for the purposes of Sections 11.7, 11.8, 11.9 and 11.16 only, the trustee, certificate
administrator, master servicer, special servicer or depositor under the related Other Pooling and Servicing Agreement that is
responsible for the preparation and/or dissemination of periodic distribution date statements or similar reports, as identified
in writing to the parties to this Agreement.

 

“Other
Pooling and Servicing Agreement”: The pooling and servicing agreement or other comparable agreement governing the creation
of any Other Securitization Trust and the issuance of securities backed by the assets of such Other Securitization Trust.

 

“Other
Securitization Trust”: Any “issuing entity” (within the meaning of Item 1101(f) of Regulation AB) that holds
a Companion Loan (or any portion thereof or interest therein), as identified in writing to the parties to this Agreement.

 

“Other
Servicer”: The applicable other “master servicer” under an Other Pooling and Servicing Agreement relating
to a Companion Loan.

 

“Other
Special Servicer”: The applicable other “special servicer” under an Other Pooling and Servicing Agreement
relating to a Companion Loan.

 

“Other
Trustee”: The applicable other “trustee” under an Other Pooling and Servicing Agreement relating to a Companion
Loan.

 

“Ownership
Interest”: Any record or beneficial interest in a Class R or Class LR Certificate.

 

“P&I
Advance”: Any advance made by the Master Servicer or the Trustee pursuant to Section 4.07 of this Agreement.
Each reference to the payment or reimbursement of a P&I Advance shall be deemed to include, whether or not specifically referred
to and without duplication, payment or reimbursement of interest thereon at the Advance Rate. Neither the Master Servicer nor
the Trustee will be required to make P&I Advances with respect to any delinquent payment amounts due on the Companion Loans.

 

“P&I
Advance Determination Date”: With respect to the Distribution Date, the second Business Day prior to such Distribution
Date.

 

    -44-

     

    

 

“Pass-Through
Rate”: With respect to each Class of Regular Certificates, the rate for such Class as set forth below.

 

	Class 
	 	Pass-Through
Rate 

	Class A	 	Class A Pass-Through Rate
	Class X-A	 	Class X-A Pass-Through Rate
	Class B	 	Class B Pass-Through Rate
	Class C	 	Class C Pass-Through Rate
	Class D	 	Class D Pass-Through Rate
	Class E	 	Class E Pass-Through Rate

 

With
respect to each Class of Lower-Tier Regular Interests, the Net Mortgage Rate.

 

“Paying
Agent”: The paying agent appointed pursuant to Section 5.04 of this Agreement.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

“Penalty
Charges”: With respect to the Whole Loan (or successor REO Loan), any amounts collected thereon from the Borrower that
represent default charges, penalty charges, late fees and/or Default Interest, and excluding any Prepayment Charge.

 

“Percentage
Interest”: As to any Certificate, the percentage interest evidenced thereby in distributions required to be made with
respect to the related Class. With respect to any Certificate (except the Class R and Class LR Certificates), the percentage interest
is equal to the initial denomination of such Certificate divided by the initial Certificate Balance or Notional Balance, as applicable,
of such Class of Certificates. With respect to any Class R or Class LR Certificate, the percentage interest is set forth on the
face thereof.

 

“Performing
Loan”: The Whole Loan if it is not a Specially Serviced Loan or REO Loan.

 

“Permitted
Investments”: Any one or more of the following obligations or securities payable on demand or having a fixed principal
amount due on a scheduled maturity date on or before the Business Day preceding the date upon which such funds are required to
be drawn (and which do not include any embedded options, unless full payment of principal will be paid in cash upon the exercise
of such option), regardless of whether issued by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee or any of their respective Affiliates and having at all times the required ratings, if any, provided for in this
definition, unless each Rating Agency shall have provided a No Downgrade Confirmation relating to the Certificates and the Companion
Loan Securities:

 

(a)            direct
obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States of America,
Fannie Mae, Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which are backed
by the full faith and credit of the United States of America that mature in
one (1) year or less from the date of acquisition; provided that any obligation of, or

 

    -45-

     

    

 

guarantee
by, any agency or instrumentality of the United States of America shall be a Permitted Investment only if such investment would
not result in the downgrading, withdrawal or qualification of the then-current rating assigned by each Rating Agency to any Certificate
as evidenced in writing, other than (a) unsecured senior debt obligations of the U.S. Treasury (direct or fully funded obligations),
U.S. Department of Housing and Urban Development public housing agency bonds, Federal Housing Administration debentures, Government
National Mortgage Association guaranteed mortgage-backed securities or participation certificates, RefCorp debt obligations and
SBA-guaranteed participation certificates and guaranteed pool certificates and (b) Farm Credit System consolidated systemwide
bonds and notes, Federal Home Loan Banks’ consolidated debt obligations, Freddie Mac debt obligations, and Fannie Mae debt
obligations that (A) if it has a term of 30 days or less, the short-term obligations of which are rated in the highest short-term
rating category by Moody’s or the long-term obligations of which are rated at least “A2” by Moody’s, (B)
if it has a term of three months or less, but more than 30 days, the short-term obligations of which are rated in the highest
short-term rating category by Moody’s and the long-term obligations of which are rated at least “A2” by Moody’s,
(C) if it has a term of six months or less, but more than three months, the short-term obligations of which are rated in the highest
short-term rating category by Moody’s and the long-term obligations of which are rated at least “Aa3” by Moody’s,
and (D) if it has a term of more than six months, the short-term obligations of which are rated in the highest short-term rating
category by Moody’s and the long-term obligations of which are rated “Aaa” by Moody’s;

 

(b)           repurchase
agreements on obligations specified in clause (a) of this definition, with a party agreeing to repurchase such obligations (A)
in the case of such investments with maturities of 30 days or less, the short term obligations of which are rated at least “P-1”
by Moody’s and the long term obligations of which are rated at least “A2” by Moody’s (or, in the case
of any such Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates and
any Companion Loan Securities), (B) in the case of such investments with maturities of three months or less, but more than 30
days, the short term obligations of which are rated at least “P-1” by Moody’s (or the long term
obligations of which are rated at least “A2” by Moody’s (or, in the case of any such Rating
Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion Loan
Securities), (C) in the case of such investments with maturities of six months or less, but more than three months, the short
term obligations of which are rated at least in the highest short term rating category by Moody’s and the long term
obligations of which are rated at least “Aa3” by Moody’s (or, in the case of any such Rating
Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion Loan
Securities), and (D) in the case of such investments with maturities of more than six months (but less than 365 days), the
short term obligations of which are rated at least “P-1” by Moody’s and the long term
obligations of which are rated at least “Aaa” by Moody’s (or, in the case of any such Rating
Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion Loan
Securities);

 

    -46-

     

    

 

(c)            federal
funds, unsecured uncertificated certificates of deposit, time deposits, demand deposits and bankers’ acceptances of any
bank or trust company organized under the laws of the United States or any state thereof, (A) in the case of such investments
with maturities of 30 days or less, the short term obligations of which are rated at least “P-1” by Moody’s
(or, with respect to Moody’s, the long term obligations of which are rated at least “A2” by Moody’s) (or,
in the case of any such Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates
and any Companion Loan Securities), (B) in the case of such investments with maturities of three months or less, but more than
30 days, the short term obligations of which are rated in the highest short-term debt rating category by Moody’s (or, with
respect to Moody’s, the long-term obligations of which are rated at least “A2” by Moody’s) (or, in the
case of any such Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates
and any Companion Loan Securities), (C) in the case of such investments with maturities of six months or less, but more than three
months, the short term obligations of which are rated the highest short-term debt rating category by Moody’s and the long-term
obligations of which are rated at least “Aa3” by Moody’s (or, in the case of any such Rating Agency, such lower
rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities), and (D)
in the case of such investments with maturities of more than six months (but less than 365 days), the short term obligations of
which are rated at least in the highest short term rating category of Moody’s and the long-term obligations of which are
rated at least “Aaa” by Moody’s or otherwise acceptable to such Rating Agency, (or, in the case of any such
Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion
Loan Securities);

 

(d)           commercial
paper of any corporation incorporated under the laws of the United States or any state thereof (or of any corporation not so incorporated,
provided that the commercial paper is United States Dollar denominated and amounts payable thereunder are not subject to
any withholding imposed by any non-United States jurisdiction) (A) in the case of such investments with maturities of 30 days
or less, the short term obligations of which are rated at least “P-1” by Moody’s and the long term obligations
of which are rated at least “A2” by Moody’s (or, in the case of any such Rating Agency, such lower rating as
is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities), (B) in the case
of such investments with maturities of three months or less, but more than 30 days, the short term obligations of which are rated
at least “P-1” by Moody’s (or, with respect to Moody’s, the long-term obligations of which are rated at
least “A2” by Moody’s) (or, in the case of any such Rating Agency, such lower rating as is the subject of a
No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities), (C) in the case of such investments
with maturities of six months or less, but more than three months, the short term obligations of which are rated at least “P-1”
by Moody’s (or, with respect to Moody’s, the long-term obligations of which are rated at least “Aa3” by
Moody’s) (or, in the case of any such Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation
relating to the Certificates and any Companion Loan Securities), and (D) in the case of such investments with maturities of more
than six months (but less than 365 days), the long-term obligations of which are rated at least

 

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“Aaa”
by Moody’s (or, with respect to Moody’s, the short term obligations of which are rated at least in the highest short-term
debt rating category of Moody’s) (or, in the case of any such Rating Agency, such lower rating as is the subject of a No
Downgrade Confirmation relating to the Certificates and any Companion Loan Securities);

 

(e)            (1)
units of taxable money market mutual funds, issued by regulated investment companies, which seek to maintain a constant net asset
value per share (including the Federated Prime Obligation Money Market Fund, US Bank Long Term Eurodollar Sweep or the Wells Fargo
Advantage Heritage Money Market Fund) so long as any such fund is rated “Aaa-mf” by Moody’s or otherwise acceptable
to such Rating Agency, in any such case, as confirmed in a No Downgrade Confirmation relating to the Certificates and any Companion
Loan Securities), and (2) units of money market funds that (A) have substantially all of its assets invested continuously in the
types of investments referred to in clause (a) above, (B) has net assets of not less than $5,000,000,000, and (C) has a rating
of “Aaa-mf” by Moody’s; and

 

(f)            any
other demand, money market or time deposit, demand obligation or any other obligation, security or investment, provided
that the Master Servicer, Special Servicer or Certificate Administrator, as applicable, has received a No Downgrade Confirmation
relating to the Certificates and any Companion Loan Securities;

 

provided,
that no instrument or security shall be a Permitted Investment if (a) (i) such instrument or security evidences a right to receive
only interest payments or (ii) the right to receive principal and interest payments derived from the underlying investment provides
a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment, or (b) it may be redeemed
of a price below the purchase price. No Permitted Investment may be purchased at a price in excess of par. No Permitted Investment
may be sold prior to maturity if such sale would result in a loss of principal.

 

“Permitted
Special Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, customary title
agency fees and insurance commissions or fees received or retained by the Special Servicer or any of its Affiliates in connection
with any services performed by such party with respect to the Whole Loan or REO Property.

 

“Permitted
Transferee”: With respect to a Class R or Class LR Certificate, any Person or agent thereof that is a Qualified Institutional
Buyer or an Affiliated Person, other than (a) a Disqualified Organization, (b) a Person that is a Disqualified Non-U.S. Person,
(c) any other Person so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided at the
expense of such Person or the Person requesting the Transfer) to the effect that the Transfer of an Ownership Interest in any
Class R or Class LR Certificate to such Person will not cause either Trust REMIC to fail to qualify as a REMIC at any time that
the Certificates are outstanding, (d) an entity treated as a domestic partnership for U.S. federal income tax purposes, one or
more of the direct or indirect beneficial owners (other than through a U.S. corporation) of which is (or is permitted under the
applicable partnership agreement to be) a Disqualified Non-U.S. Person or (e) a U.S. Person with respect to whom income on the
Class R or Class LR Certificate is attributable to a fixed base or foreign permanent establishment, within the meaning of an applicable
income tax treaty, of such transferee or any other U.S. Person.

 

    -48-

     

    

 

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

 

“Plan”:
As defined in Section 5.02(k) of this Agreement.

 

“Prepayment
Assumption”: The assumption that the Trust Loan does not prepay prior to its Maturity Date.

 

“Prepayment
Charge”: With respect to the Whole Loan, any prepayment premium, spread maintenance premium, yield maintenance premium
or similar fee required to be paid under the Loan Documents in connection with a Principal Prepayment in respect of the Whole
Loan. Any breakage costs payable to the “lender” (as such term is used in the related Loan Documents) under the Trust
Loan and actually collected from the Borrower in connection with a Principal Prepayment during or after a “lockout”
period shall constitute Prepayment Charges.

 

“Prepayment
Interest Excess”: With respect to any Distribution Date, if the Whole Loan was subject to Principal Prepayment in full
or in part, or as to which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by
the Master Servicer or Special Servicer for application to the Whole Loan, in each case after the Due Date in the related Collection
Period and on or prior to the close of business on the Business Day prior to the related Servicer Remittance Date, the aggregate
amount of interest accrued at the Net Mortgage Rate on the amount of such Principal Prepayments, Insurance Proceeds, Liquidation
Proceeds and Condemnation Proceeds after the Due Date in the related Collection Period and accruing in the manner set forth in
the Loan Documents, to the extent such interest is collected by the Master Servicer or the Special Servicer (without regard to
any Prepayment Charge actually collected).

 

“Prepayment
Interest Shortfall”: With respect to any Distribution Date, if the Whole Loan was subject to a Principal Prepayment
in full or in part which did not include a full month’s interest, or as to which Insurance Proceeds, Liquidation Proceeds
or Condemnation Proceeds, as applicable, were received by the Master Servicer or Special Servicer for application to the Whole
Loan, in each case on or prior to the Due Date in the related Whole Loan Interest Accrual Period preceding such Distribution Date,
the shortfall in the amount of interest that would have accrued and been payable through the end of the Whole Loan Interest Accrual
Period at the Net Mortgage Rate on the amount of such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation
Proceeds had such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds not been made (without
regard to any Prepayment Charges actually collected).

 

“Pricing
Date”: August 8, 2016.

 

“Prime
Rate”: The “Prime Rate” as published in the “Money Rates” section of The Wall
Street Journal, Eastern edition (or, if such section or publication is no longer available, such other comparable publication
as determined by the Certificate Administrator in its reasonable discretion) as may be in effect from time to time, or, if the
“Prime Rate” no longer exists, such other comparable rate (as determined by the Certificate Administrator in
its

 

    -49-

     

    

 

reasonable
discretion) as may be in effect from time to time. The Certificate Administrator shall notify in writing the Master Servicer and
the Special Servicer with regard to any determination of the Prime Rate in accordance with the parenthetical in the preceding
sentence.

 

“Principal
Balance Certificates”: The Class A, Class B, Class C, Class D and Class E Certificates.

 

“Principal
Distribution Amount”: For any Distribution Date, an amount equal to (i) the sum of (without duplication and to the extent
not already included in the Principal Distribution Amount, if any, for the prior Distribution Date and other than amounts received
with respect to the Trust Loan as recoveries of Realized Losses):

 

(A)          the
principal component, if any, of the scheduled Monthly Payment (other than any Balloon Payment) due on the Trust Loan on the Due
Date in the related Collection Period (if received during the related Collection Period or advanced);

 

(B)           the
principal component, if any, of the Assumed Scheduled Payment deemed due on the Due Date in the related Collection Period (if
received during the related Collection Period or advanced) with respect to the Trust Loan if it is delinquent in respect of its
Balloon Payment;

 

(C)           the
Stated Principal Balance of the Trust Loan if it was, during the Collection Period, repurchased from the Trust Fund in connection
with a Breach or Defect pursuant to Section 2.03 of this Agreement, purchased from the Trust Fund pursuant to Section
3.16 of this Agreement, or purchased from the Trust Fund pursuant to Section 9.01 of this Agreement;

 

(D)           the
portion of Unscheduled Payments allocable to principal of the Trust Loan received during the Collection Period;

 

(E)            the
principal component of any Balloon Payment and any other principal payment on the Trust Loan received on or after the Maturity
Date thereof, to the extent received during the Collection Period;

 

(F)            all
other Principal Prepayments on the Trust Loan received in the related Collection Period;

 

(G)           any
indemnification payment made by the Trust Loan Sellers as a result of a Material Breach or Material Document Defect pursuant to
Section 2.03(e) of this Agreement to the extent that such amount was transferred into the Collection Account pursuant to
Section 3.05(a)(xi) of this Agreement during the related Collection Period;

 

(H)           any
other full or partial recoveries in respect of principal of the Trust Loan, including Net Insurance Proceeds, Net Liquidation
Proceeds, Net Condemnation Proceeds and Net REO Proceeds received in the related Collection Period; and

 

(I)            the
principal component of any late Monthly Payments or Unscheduled Payments on the Trust Loan received after the end of the Collection
Period relating to

 

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such
Distribution Date but prior to the close of business on the Business Day prior to the related Servicer Remittance Date;

 

as
reduced by (ii) the principal portion of all previously unreimbursed P&I Advances that are paid or reimbursed from the principal
collections on the Trust Loan described in clause (i) of this definition.

 

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

 

“Principal
Prepayment”: Any payment of principal made by the Borrower on the Whole Loan which is received in advance of its scheduled
Due Date and which is not accompanied by an amount of interest representing the full amount of scheduled interest due with respect
to the related Whole Loan Interest Accrual Period.

 

“Privileged
Information”: Any (i) correspondence or other communications between the Directing Holder (or the Controlling Class),
on the one hand, and the Special Servicer (or the Master Servicer), on the other hand, related to the Whole Loan if the Whole
Loan becomes a Specially Serviced Loan or the exercise of the consent or consultation rights of the Directing Holder under this
Agreement and the Co-Lender Agreement (ii) strategically sensitive information that the Special Servicer has reasonably determined
could compromise the Trust’s position in any ongoing or future negotiations with the Borrower or other interested party
and (iii) information subject to attorney-client privilege; provided that the summary of any Final Asset Status Report prepared
pursuant to this Agreement is deemed not to be Privileged Information (although no such summary shall be made available to any
Borrower Related Party).

 

“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information becomes
generally available and known to the public other than as a result of a disclosure directly or indirectly by the party restricted
from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary for
the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, taxing authorities or other
governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise subject to
a confidentiality obligation and/or (d) the Restricted Party is required by law to disclose such information.

 

“Privileged
Person”: A party to this Agreement, the Trust Loan Sellers, a Rating Agency, a designee of the Depositor (including
any financial market publisher), the Initial Purchasers, the Directing Holder or any Initial Consulting Holder (but only during
any Subordinate Control Period and any Subordinate Consultation Period), the Companion Loan Holders, any other person who delivers
to the Certificate Administrator an Investor Certification (which may be provided by the Certificate Administrator upon request)
and any NRSRO that delivers an NRSRO Certification to the 17g-5 Information Provider substantially in the form of Exhibit O
to this Agreement, which Investor Certification and NRSRO Certification may be submitted electronically via the Certificate
Administrator’s Website in a “click-through” format. For purposes of obtaining information or access to the
Certificate Administrator’s Website, each Borrower Related Party shall be prohibited from obtaining such information or
access pursuant to the terms of this Agreement (other than the Distribution Date Statement) and will not be considered Privileged
Persons.

 

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“Prohibited
Party”: Any proposed Servicing Function Participant (i) that is listed on the Depositor’s Do Not Hire List or
(ii) for which the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee that seeks to retain such
Servicing Function Participant has actual knowledge obtained by written notice or through actual experience that such party at
any point prior to such hiring, assignment or transfer failed to comply with the Servicing Function Participant’s reporting
obligations under Regulation AB with respect to any other securitization.

 

“Property
Advance”: Any advance made by the Master Servicer or the Trustee, as applicable, in respect of Property Protection Expenses
or any expenses incurred to protect, preserve and enforce the security for the Whole Loan or to pay taxes and assessments or insurance
premiums with respect to the Mortgaged Property, to the extent the making of any such advance is specifically provided for in
this Agreement, including, but not limited to, any advance made pursuant to Section 3.02 or Section 3.21 of this
Agreement, as applicable. Each reference to the payment or reimbursement of a Property Advance shall be deemed to include, whether
or not specifically referred to, payment or reimbursement of interest thereon at the Advance Rate. Notwithstanding anything to
the contrary, “Property Advance” shall not include allocable overhead of the Master Servicer or the Special Servicer,
as applicable, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related
expenses and similar internal costs and expenses or costs and expenses incurred by any such party in connection with its purchase
of the Whole Loan or REO Property.

 

“Property
Protection Expenses”: Any costs and expenses incurred by the Master Servicer or the Special Servicer pursuant to Section
3.04, Section 3.08(a), Section 3.10, Section 3.11, Section 3.15(a), Section 3.15(b), Section
3.15(c), Section 3.16(c) or Section 3.24(a) of this Agreement or indicated herein as being payable as a Property
Advance or as a cost or expense of the Trust Fund and the Companion Loan Holders but subject to the provisions of Section 1.02(e)
or the Lower-Tier REMIC or Upper-Tier REMIC to be paid out of the Collection Account.

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“Qualified
Affiliate”: Any Person (a) that is organized and doing business under the laws of any state of the United States or
the District of Columbia, (b) that is in the business of performing the duties of a servicer of mortgage loans, and (c) as to
which 50% or greater of its outstanding voting stock or equity ownership interest are directly or indirectly owned by the Master
Servicer or the Special Servicer, as applicable, or by any Person or Persons who directly or indirectly own equity ownership interests
in the Master Servicer or the Special Servicer, as applicable.

 

“Qualified
Institutional Buyer”: A “qualified institutional buyer” within the meaning of Rule 144A.

 

“Qualified
Insurer”: As used in Section 3.08 of this Agreement:

 

(i)
an insurance company or security or bonding company qualified to write the related insurance policy in the relevant jurisdiction
and whose claims paying ability is rated at least (a) “A-” by S&P (or, if not rated by S&P, an equivalent
rating by (x) at least two NRSROs (which may include Moody’s, KBRA and/or Morningstar) or (y) one

 

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NRSRO
(which may include Moody’s, KBRA and/or Morningstar) and A.M. Best) or (b) “A3” by Moody’s (or, if not
rated by Moody’s, an equivalent rating by (x) at least two NRSROs (which may include S&P, KBRA and/or Morningstar) or
(y) one NRSRO (which may include S&P, KBRA and/or Morningstar) and A.M. Best);

 

(ii)
in the case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant to Section 3.08(d)
of this Agreement, (a) a company that shall have a claim paying ability rated at least equal to any one of the following: (1)
“A-” by S&P, (2) “A3” by Moody’s, (3) “A-” by Fitch, (4) “A (low)” by
DBRS or (5) “A-:X” by A.M. Best,; and

 

(iii)
in the case of clauses (i) and (ii), such other rating as to which a No Downgrade Confirmation has been obtained from each Rating
Agency and, if applicable, each rating agency relating to a Companion Loan Securitization for which the minimum rating set forth
in the applicable clause is not satisfied.

 

“Qualified
Manager”: As defined in the Loan Agreement.

 

“Qualified
Mortgage”: An obligation that is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the
Code (but without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats a defective obligation as a qualified
mortgage), or any substantially similar successor provision.

 

“Qualified
Servicer”: As defined in Section 3.30 of this Agreement.

 

“Rated
Final Distribution Date”: With respect to the Regular Certificates, the Distribution Date in August 2038.

 

“Rating
Agency”: Any of Moody’s and Morningstar.

 

“Rating
Agency Q&A Forum and Document Request Tool”: As defined in Section 3.14(d) of this Agreement.

 

“Realized
Loss”: With respect to any Distribution Date, the amount, if any, by which (a) the aggregate Certificate Balance of
the Principal Balance Certificates after giving effect to distributions of principal on such Distribution Date exceeds (b) the
Stated Principal Balance of the Trust Loan immediately following the Determination Date preceding such Distribution Date.

 

“Record
Date”: With respect to each Distribution Date, the close of business on the last Business Day of the calendar month
immediately preceding the month in which such Distribution Date occurs.

 

“Regular
Certificates”: The Class A, Class X-A, Class B, Class C, Class D and Class E Certificates.

 

“Regular
Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to, (i) for any Class of Principal
Balance Certificates, interest for the related Interest Accrual Period at the applicable Pass-Through Rate for such Class on the
related

 

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Certificate
Balance immediately prior to such Distribution Date; and (ii) for any Class of Class X Certificates, interest for the related
Interest Accrual Period at the applicable Pass-Through Rate for such Class on the related Notional Balance immediately prior to
such Distribution Date.

 

“Regulation
AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as
such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission
or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case as effective
from time to time as of the compliance dates specified therein.

 

“Regulation
D”: Regulation D under the Act.

 

“Regulation
S”: Regulation S under the Act.

 

“Regulation
S Global Certificate”: Each of the Class A, Class X-A, Class B, Class C, Class D and Class E Certificates issued as
such on the Closing Date and registered in the name of a nominee of the Depository, interest in which is to be held by Regulation
S Investors.

 

“Regulation
S Investor”: With respect to a transferee of an interest in a Regulation S Global Certificate, a transferee that acquires
such interest pursuant to Regulation S.

 

“Regulation
S Transfer Certificate”: As defined in Section 5.02(c)(i)(B) of this Agreement.

 

“Relevant
Servicing Criteria”: The Servicing Criteria applicable to each Reporting Servicer (as set forth, with respect to the
Master Servicer and the Special Servicer, on Schedule I to this Agreement). For clarification purposes, multiple Reporting
Servicers can have responsibility for the same Relevant Servicing Criteria and some of the Servicing Criteria will not be applicable
to certain Reporting Servicers. With respect to a Servicing Function Participant engaged by the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee, the term “Relevant Servicing Criteria” refers to the items of the Relevant
Servicing Criteria applicable to the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee that
engaged such Servicing Function Participant that are applicable to such Servicing Function Participant based on the functions
it has been engaged to perform.

 

“REMIC”:
A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code and the REMIC Provisions.

 

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

 

“Remittance
Amount”: For each distribution date that a Master Servicer is required to make a distribution to a Companion Loan Holder
pursuant to Section 3.05(h), the amounts received by the Master Servicer (or, with respect to a Serviced REO Property,
the Special Servicer) during the related Collection Period pursuant to the Co-Lender Agreement and

 

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available
for payment after withdrawals from the Collection Account payable to the Companion Loan Holder(s) pursuant to the Co-Lender Agreement.

 

“Rents
from Real Property”: With respect to the REO Property, gross income of the character described in Section 856(d) of
the Code, which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:

 

(a)            except
as provided in Section 856(d)(4) of the Code or (6), any amount received or accrued, directly or indirectly, with respect to the
REO Property, if the determination of such amount depends in whole or in part on the income or profits derived by any Person from
such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise constitutes Rents from
Real Property);

 

(b)            any
amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including by
attribution) a ten percent or greater interest in such Person determined in accordance with Sections 856(d)(2)(B) and (d)(5) of
the Code;

 

(c)            any
amount received or accrued, directly or indirectly, with respect to the REO Property if any Person Directly Operates the REO Property;

 

(d)           any
amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings
of a similar class in the same geographic market as the REO Property within the meaning of Treasury Regulations Section 1.856-4(b)(1)
(whether or not such charges are separately stated); and

 

(e)            rent
attributable to personal property unless such personal property is leased under, or in connection with, the lease of the REO Property
and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received or accrued under,
or in connection with, the lease.

 

“REO
Account”: As defined in Section 3.15(b) of this Agreement.

 

“REO
Loan”: The Whole Loan if the Mortgaged Property has become an REO Property.

 

“REO
Proceeds”: With respect to the REO Property and the REO Loan, all revenues received by the Special Servicer with respect
to the REO Property or REO Loan which do not constitute Liquidation Proceeds.

 

“REO
Property”: The Mortgaged Property, title to which has been acquired by the Special Servicer on behalf of the Trust Fund
through foreclosure, deed-in-lieu of foreclosure or otherwise.

 

“Reporting
Servicer”: The Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special
servicing of the Whole Loan) and each Servicing Function Participant.

 

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“Repurchase
Communication”: For purposes of Section 2.03(d) of this Agreement only, any communication, whether oral or written,
which need not be in any specific form.

 

“Repurchase
Price”: With respect to the Trust Loan if it is to be repurchased or purchased pursuant to Section 2.03(e) or
Section 9.01 of this Agreement, or if the Trust Loan becomes a Specially Serviced Loan or REO Loan that is to be sold pursuant
to Section 3.16 of this Agreement, an amount, calculated by the Master Servicer or the Special Servicer, as applicable,
equal to:

 

(a)            the
outstanding principal balance of the Trust Loan as of the date of purchase; plus

 

(b)            all
accrued and unpaid interest on the Trust Loan at the Trust Loan Rate in effect from time to time to but not including the Due
Date in the month of purchase (or, in the case of a purchase occurring after the Determination Date in the related month, to but
not including the Due Date in the month immediately succeeding such purchase), but excluding any yield maintenance or other prepayment
penalty; plus

 

(c)            all
related unreimbursed Property Advances and Administrative Advances plus accrued and unpaid interest on related Advances at the
Advance Rate, and all Special Servicing Fees and Workout Fees allocable to the Trust Loan; plus

 

(d)            any
Liquidation Fee due pursuant to Section 3.12 of this Agreement allocable to the Trust Loan or Specially Serviced Loan;
plus

 

(e)            all
Additional Trust Fund Expenses; plus

 

(f)            if
the Trust Loan (or REO Loan) is being purchased by the Trust Loan Sellers pursuant to the Trust Loan Purchase Agreements, to the
extent not otherwise included in the amount described in clause (c) of this definition, all reasonable out-of-pocket expenses
reasonably incurred or to be incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee in respect of the Breach or Defect giving rise to the repurchase obligation, including any such expenses arising
out of the enforcement of the repurchase obligation, including, without duplication, any such expenses previously reimbursed from
the Collection Account, plus accrued and unpaid interest thereon at the Advance Rate, to the extent payable to the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee.

 

For
purposes of this Agreement, the “Repurchase Price” (i) in respect of a Companion Loan that is purchased by the Trust
Loan Seller shall be the repurchase price paid by the related Trust Loan Seller under the related Other Pooling and Servicing
Agreement or the applicable servicing agreement and (ii) with respect to a sale of an REO Property, the term Whole Loan or REO
Loan shall be construed to include the Companion Loans.

 

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

 

    -56-

     

    

 

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

 

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

 

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

 

“Request
for Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit E to
this Agreement.

 

“Requesting
Party”: As defined in Section 3.30(a) of this Agreement.

 

“Reserve
Accounts”: Reserve accounts, if any, established pursuant to the Mortgage or the Loan Agreement and any Escrow Account.
Any Reserve Account may be a sub-account of a related Cash Collateral Account. Any Reserve Account shall be beneficially owned
for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain thereon in accordance
with the terms and provisions of the Whole Loan and Section 3.07 of this Agreement, which Person shall be taxed on all
reinvestment income or gain thereon. The Master Servicer shall be permitted to make withdrawals therefrom for deposit into the
related Cash Collateral Account, if applicable, or the Collection Account or for the purposes set forth under the Loan Documents
for the Whole Loan.

 

“Residual
Certificates”: The Class R and Class LR Certificates, collectively.

 

“Resolution
Extension Period”: As used in this Agreement shall mean:

 

(a)           
for purposes of remediating a Material Breach with respect to the Trust Loan, the 90-day period following the end of the
applicable Initial Resolution Period;

 

(b)           for
purposes of remediating a Material Document Defect with respect to the Trust Loan, if it is not a Specially Serviced Loan at the
commencement of, and does not become a Specially Serviced Loan during, the applicable Initial Resolution Period, the period commencing
at the end of the applicable Initial Resolution Period and ending on, and including, the earlier of (i) the 90th day following
the end of such Initial Resolution Period and (ii) the 45th day following the Trust Loan Sellers’ receipt of written notice
from the Master Servicer or the Special Servicer of the occurrence of any Servicing Transfer Event with respect to the Trust Loan
subsequent to the end of such Initial Resolution Period;

 

(c)            for
purposes of remediating a Material Document Defect with respect to the Trust Loan, if it is a not a Specially Serviced Loan as
of the commencement of the applicable Initial Resolution Period, but as to which a Servicing Transfer Event occurs during such
Initial Resolution Period, the period commencing at the end of the applicable Initial Resolution Period and ending on, and including,
the 90th day following the earlier of the end of such Initial Resolution Period and the Trust Loan Sellers’ receipt of written

 

    -57-

     

    

 

notice
from the Master Servicer or the Special Servicer of the occurrence of such Servicing Transfer Event; and

 

(d)           for
purposes of remediating a Material Document Defect with respect to the Trust Loan, if it is a Specially Serviced Loan as of the
commencement of the applicable Initial Resolution Period, zero (-0-) days; provided that, if the Trust Loan Sellers did
not receive written notice from the Master Servicer or the Special Servicer of the relevant Servicing Transfer Event as of the
commencement of the applicable Initial Resolution Period, then such Servicing Transfer Event shall be deemed to have occurred
during such Initial Resolution Period and clause (c) of this definition will be deemed to apply.

 

“Responsible
Officer”: When used with respect to the Trustee or the Certificate Administrator, any officer of the Trustee or the
Certificate Administrator, as the case may be, assigned to the Corporate Trust Office of such party; in each case, with direct
responsibility for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom
such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and, in the
case of any certification required to be signed by a Responsible Officer, such an officer whose name and specimen signature appears
on a list of corporate trust officers furnished to the Master Servicer by the Trustee and the Certificate Administrator, as such
list may from time to time be amended.

 

“Restricted
Certificate”: As defined in Section 5.02(k) of this Agreement.

 

“Restricted
Holder”: With respect to any mezzanine loan related to the Whole Loan, a mezzanine lender (or any affiliate or agent
thereof) or an owner of any interest in any such mezzanine loan (whether legally, beneficially or otherwise, including as a beneficial
owner of any securities collateralized by any such mezzanine loan) (a) as to which a Default has occurred giving rise to an automatic
acceleration of such mezzanine loan or the right of the lender thereunder to accelerate such mezzanine loan or (b) as to which
foreclosure proceedings against the related collateral have been initiated (and in respect of which, the Special Servicer has
received notice thereof).

 

“Restricted
Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which the Certificates
are first offered to institutions that are persons other than the Initial Purchasers and any other distributor (as defined in
Regulation S) of the Certificates and (b) the Closing Date.

 

“Rule
144A”: Rule 144A under the Act.

 

“Rule
144A Global Certificate”: Each of the Class A, Class X-A, Class B, Class C, Class D and Class E Certificates issued
as such on the Closing Date and registered in the name of a nominee of the Depository, interest in which is to be held by Qualified
Institutional Buyers.

 

“Rule
15Ga-1 Notice”: As defined in Section 2.03(d) of this Agreement.

 

“Rule
15Ga-1 Notice Provider”: As defined in Section 2.03(d) of this Agreement.

 

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“Sarbanes
Oxley Act” means the Sarbanes Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder
(including any interpretations thereof by the Commission’s staff).

 

“Sarbanes-Oxley
Certification”: With respect to an Other Securitization Trust, the certification required to be filed together with
such Other Securitization Trust’s Exchange Act report on Form 10-K pursuant to Rule 13a-14 and Rule 15d-14 of the Exchange
Act.

 

“S&P”:
S&P Global Ratings, a Standard & Poor’s Financial Services LLC business, or any successor thereto. If neither S&P
nor any successor remains in existence, “S&P” shall be deemed to refer to such other nationally recognized statistical
rating agency or other comparable Person designated by the Depositor, notice of which designation shall be given to the other
parties hereto and specific ratings of S&P herein referenced shall be deemed to refer to the equivalent ratings of the party
so designated.

 

“Securities
Legend”: As defined in Section 5.02(c)(iii) of this Agreement.

 

“Senior
Non-Trust Notes”: Promissory Note A-1-C1, Promissory Note A-1-C2, Promissory Note A-1-C3, Promissory Note A-1-C4, Promissory
Note A-1-C5, Promissory Note A-1-C6, Promissory Note A-2-C1, Promissory Note A-2-C2 and Promissory Note A-2-C3 in the aggregate
principal amount of $300,000,000.

 

“Senior
Notes”: The Senior Trust Notes and the Senior Non-Trust Notes.

 

“Senior
Trust Notes”: Promissory Note A-1-S and Promissory Note A-2-S in the aggregate principal amount of $408,100,000.

 

“Service(s)(ing)”:
In accordance with Regulation AB, the act of servicing and administering the Trust Loan or any other assets of the Trust by an
entity that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is referenced in the disclosure
requirements set forth in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this term shall
have the meaning commonly understood by participants in the commercial mortgage-backed securities market.

 

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

 

“Servicer
Termination Event”: A Master Servicer Termination Event or Special Servicer Termination Event, as applicable.

 

“Servicing
Compensation”: With respect to any Collection Period, the related Servicing Fee, Prepayment Interest Excess (if any
and to the extent any such Prepayment Interest Excess exceeds the amount of any Prepayment Interest Shortfalls) and any other
fees, charges or other amounts payable to the Master Servicer under this Agreement for such period.

 

“Servicing
Criteria”: The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time to
time.

 

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“Servicing
Fee”: With respect to the Trust Loan or the Whole Loan, as the case may be, and for any Distribution Date, an amount
per Certificate Interest Accrual Period equal to interest at the Servicing Fee Rate accrued on the Stated Principal Balance of
the Trust Loan or the Whole Loan, as the case may be, as of the Due Date immediately preceding such Distribution Date (without
giving effect to payments of principal on the Trust Loan or the Whole Loan, as the case may be, on such Due Date). The Servicing
Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt,
the Servicing Fee shall be deemed for tax purposes as paid from the Lower-Tier REMIC.

 

“Servicing
Fee Rate”: (a) With respect to the Trust Loan, a master servicing fee rate equal to 0.00125% per annum, and (b)
with respect to the Whole Loan, a primary servicing fee rate equal to 0.00125% per annum.

 

“Servicing
File”: As defined in the Trust Loan Purchase Agreements.

 

“Servicing
Function Participant”: Any Person, other than the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian or the Trustee, that, within the meaning of Item 1122 of Regulation AB, is performing activities that address the
Servicing Criteria, unless the Master Servicer has assumed responsibility for the servicing activity, as provided for under Regulation
AB.

 

“Servicing
Officer”: Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible
for, the administration and servicing of the Trust Loan and/or a Companion Loan, or this Agreement and also, with respect to a
particular matter, any other officer to whom such matter is referred because of such officer’s or employee’s knowledge
of and familiarity with the particular subject, and, in the case of any certification required to be signed by a Servicing Officer,
such an officer or employee whose name and specimen signature appears on a list of servicing officers furnished to the Certificate
Administrator and the Trustee by the Master Servicer or the Special Servicer, as applicable, as such list may from time to time
be amended.

 

“Servicing
Standard”: With respect to the Master Servicer (with respect to the Whole Loan) and the Special Servicer (with respect
to the Specially Serviced Loan or REO Loan) (in each case, directly or through one or more sub-servicers), to diligently service
and administer the Whole Loan, Specially Serviced Loan or REO Loan for which each is responsible in the best interests of and
for the benefit of all of the Certificateholders and the Companion Loan Holders (as a collective whole as if such Certificateholders
and Companion Loan Holders constitute a single lender), as determined by the Master Servicer or the Special Servicer, as the case
may be, in the exercise of its reasonable judgment, in accordance with applicable law, the terms of this Agreement, the Loan Documents
and the Co-Lender Agreement, and to the extent not inconsistent with the foregoing, in accordance with the higher of the following
standards of care:

 

(a)            the
same manner in which, and with the same care, skill, prudence and diligence with which, the Master Servicer or the Special Servicer,
as the case may be, services and administers similar mortgage loans for other third-party portfolios, giving due consideration
to the customary and usual standards of practice of prudent institutional commercial and multifamily mortgage loan servicers servicing
their own mortgage loans

 

    -60-

     

    

 

with
a view to the timely recovery of all payments of principal and interest under the Whole Loan or if the Whole Loan is a Defaulted
Mortgage Loan, the maximization of timely recovery of principal and interest on a net present value basis (determined in accordance
with the Loan Documents or, in the event the Loan Documents are silent, at the Calculation Rate) on the Whole Loan, and the best
interests of the Trust and the Certificateholders and the Companion Loan Holders (as a collective whole as if such Certificateholders
and Companion Loan Holders constitute a single lender), as determined by the Master Servicer or the Special Servicer, as the case
may be, in the exercise of its reasonable judgment; and

 

(b)            the
same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services
and administers commercial and multifamily mortgage loans owned, if any, by the Master Servicer or the Special Servicer, as the
case may be, with a view to the timely recovery of all payments of principal and interest under the Whole Loan or, if the Whole
Loan is a Defaulted Mortgage Loan, the maximization of timely recovery of principal and interest on a net present value basis
(determined in accordance with the Loan Documents or, in the event the Loan Documents are silent, at the Calculation Rate) on
the Whole Loan, and the best interests of the Trust and the Certificateholders and Companion Loan Holders (as a collective whole
as if such Certificateholders and Companion Loan Holders constitute a single lender), as determined by the Master Servicer or
the Special Servicer, as the case may be, in the exercise of its reasonable judgment, but without regard to any potential conflict
of interest arising from (a) any relationship that the Master Servicer or the Special Servicer, as the case may be, or any Affiliate
of the Master Servicer or the Special Servicer, may have with the Borrower, the Trust Loan Sellers, the Companion Loan Holders,
any other party to this Agreement or any Affiliate of the foregoing; (b) the ownership of any Certificate or any interest in the
Companion Loans or any mezzanine loan related to the Whole Loan by the Master Servicer or the Special Servicer, as the case may
be, or any Affiliate of the Master Servicer or the Special Servicer; (c) the Master Servicer’s obligation to make Advances;
(d) the Master Servicer’s or the Special Servicer’s, as the case may be, right to receive compensation for its services
hereunder or with respect to any particular transaction; (e) the ownership, servicing or management for others of any other mortgage
loans or mortgaged properties by the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special
Servicer, as applicable; and (f) any debt that the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer
or the Special Servicer, as applicable, has extended to the Borrower or an Affiliate of the Borrower (including, without limitation,
any mezzanine financing).

 

“Servicing
Transfer Event”: An event specified in the definition of Specially Serviced Loan.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is 15 days after the distribution date under the related Other Pooling and Servicing Agreement
occurring on or immediately following the 30th day after the end of such calendar quarter.

 

    -61-

     

    

 

“Significant
Obligor NOI Yearly Filing Deadline”: With respect to each calendar year, the date that is the 90th day after
the end of such calendar year.

 

“Similar
Law”: As defined in Section 5.02(k) of this Agreement.

 

“SNDA”:
The Subordination, Non-Disturbance and Attornment Agreement, dated as of August 1, 2016, by and among DB AG, GSMC, the IDA and
Borrower.

 

“Sole
Certificateholder”: Any Holder (or Holders, provided they act in unanimity) holding 100% of the then outstanding
Certificates (excluding the Class R and Class LR Certificates) or an assignment of the Voting Rights thereof.

 

“Special
Notice”: Any (a) notice transmitted to Certificateholders pursuant to Section 5.05(c) of this Agreement and (b)
notice of any request by at least 25% of the Voting Rights allocable to the Certificates to terminate and replace the Special
Servicer pursuant to Section 3.22(b) of this Agreement.

 

“Special
Servicer”: AEGON USA Realty Advisors, LLC, an Iowa limited liability company, in its capacity as Special Servicer hereunder,
its successor in interest (in such capacity), or if any successor Special Servicer is appointed as herein provided, such successor
Special Servicer.

 

“Special
Servicer Termination Event”: As defined in Section 7.01(b) of this Agreement.

 

“Special
Servicing Compensation”: With respect to the Whole Loan, any of the Special Servicing Fee, Workout Fee, Liquidation
Fee and any other fees, charges or other amounts which shall be due to the Special Servicer.

 

“Special
Servicing Fee”: With respect to a Specially Serviced Loan (or REO Loan) for each calendar month (or portion thereof),
the fraction of the Special Servicing Fee Rate applicable to such month, or portion thereof (determined using the same interest
accrual methodology that is applied with respect to the Whole Loan Rate for such Specially Serviced Loan or REO Loan for such
month) multiplied by the Stated Principal Balance of such Specially Serviced Loan as of the Due Date (without giving effect to
all payments of principal on such Specially Serviced Loan or REO Loan on such Due Date) immediately preceding the applicable Distribution
Date (or, in the event that a Principal Prepayment in full or an event described in clauses (i)-(vii) under the
definition of Liquidation Proceeds has occurred with respect to a Specially Serviced Loan or REO Loan on a date that is not a
Due Date, on the basis of the actual number of days to elapse from and including the most recently preceding related Due Date
to but excluding the date of such Principal Prepayment or Liquidation Proceeds event in a month consisting of 30 days). For the
avoidance of doubt, the Special Servicing Fee shall be deemed for tax purposes as paid from the Lower-Tier REMIC.

 

“Special
Servicing Fee Rate”: A rate equal to 0.25% per annum.

 

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“Specially
Serviced Loan”: Subject to Section 3.23 of this Agreement, the Whole Loan if:

 

(a)            a
payment default shall have occurred on the Whole Loan at its Maturity Date or, if the Maturity Date of the Whole Loan has been
extended in accordance with this Agreement, a payment default occurs on the Whole Loan at such extended Maturity Date; provided,
however, that if (A) the Borrower is diligently seeking a refinancing commitment (and delivers a statement to that effect
within 30 days after such default to the Master Servicer, which shall promptly deliver a copy to the Special Servicer), (B) the
Borrower continues to make its Assumed Scheduled Payment, and (C) no other Servicing Transfer Event shall have occurred with respect
to the Whole Loan, a Servicing Transfer Event will not occur until 60 days beyond the Maturity Date, unless extended by the Special
Servicer in accordance with the Loan Documents, this Agreement and the Co-Lender Agreement; and provided, further,
that if the Borrower delivers to the Master Servicer or the Special Servicer, on or before the 60th day after the related Maturity
Date, a refinancing commitment reasonably acceptable to the Special Servicer, and the Borrower continues to make its Assumed Scheduled
Payments (and no other Servicing Transfer Event shall have occurred with respect to the Whole Loan), a Servicing Transfer Event
will not occur until the earlier of (1) 120 days beyond the related Maturity Date or extended Maturity Date and (2) the termination
of the refinancing commitment;

 

(b)            any
Monthly Payment (other than a Balloon Payment) or any amount due on a monthly basis as an Escrow Payment or reserve fund deposit,
is 60 days or more delinquent;

 

(c)            the
Master Servicer or Special Servicer determines in its reasonable business judgment, exercised in accordance with the Servicing
Standard, that (x) a default consisting of a failure to make a payment of principal or interest is reasonably foreseeable or there
is a significant risk of such default or (y) any other default that is likely to impair the use or marketability of the Mortgaged
Property or the value of the Mortgaged Property as security for the Whole Loan is reasonably foreseeable or there is a significant
risk of such default, which monetary or other default, in either case, would likely continue unremedied beyond the applicable
grace period (or, if no grace period is specified, for a period of 60 days) and is not likely to be cured by the Borrower within
60 days or, except as provided in clause (a) above, in the case of a Balloon Payment, for at least 30 days;

 

(d)            the
Borrower has become a subject of a decree or order of a court or agency or supervisory authority having jurisdiction in the premises
in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law, or the appointment
of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs;

 

(e)            the
Borrower consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling
of assets and liabilities or similar proceedings of or relating to the Borrower of or relating to all or substantially all of
its property;

 

    -63-

     

    

 

(f)            the
Borrower admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage of
any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends
payment of its obligations;

 

(g)           a
default, of which the Master Servicer or Special Servicer has notice (other than a failure by the Borrower to pay principal or
interest) and which in the opinion of the Master Servicer or Special Servicer materially and adversely affects the interests of
the Certificateholders or any Companion Loan Holder, occurs and remains unremedied for the applicable grace period specified in
the Loan Documents (or if no grace period is specified for those defaults which are capable of cure, 60 days);

 

(h)            the
Master Servicer or Special Servicer receives notice of the foreclosure or proposed foreclosure of any lien on the Mortgaged Property;
or

 

(i)             the
Master Servicer or the Special Servicer receives actual notice that the Borrower has violated any “due-on-sale” or
“due-on-encumbrance” provision in the related Loan Documents;

 

provided,
however, that the Whole Loan will cease to be a Specially Serviced Loan (a “Corrected Mortgage Loan”)
(i) with respect to the circumstances described in clauses (a) and (b) above, when the Borrower has brought the
Whole Loan current and thereafter made three consecutive full and timely Monthly Payments, including pursuant to any workout of
the Whole Loan, (ii) with respect to the circumstances described in clauses (c), (d), (e), (f) and
(h) above, when such circumstances cease to exist in the good faith judgment of the Special Servicer, or (iii) with respect
to the circumstances described in clauses (g) and (i) above, when such default is cured (as determined by the Special
Servicer in accordance with the Servicing Standard) or waived by the Special Servicer; provided, in each case, that at
that time no circumstance exists (as described above) that would cause the Whole Loan to continue to be characterized as a Specially
Serviced Loan.

 

“Startup
Day”: In the case of the Upper-Tier REMIC and Lower-Tier REMIC, the day designated as such pursuant to Section 2.06(a)
of this Agreement.

 

“Stated
Principal Balance”: With respect to the Trust Loan, a Companion Loan or the Whole Loan, on any date of determination,
the principal balance as of the Cut-off Date of such Trust Loan, Companion Loan or Whole Loan, as reduced (to not less than zero)
on each Distribution Date by (i) all payments (or P&I Advances or Companion Loan Advances in lieu thereof) of, and all other
collections allocated as provided in Section 1.02 of this Agreement to, principal of or with respect to such Trust Loan,
Companion Loan or Whole Loan, as applicable, that are distributed to Certificateholders on such Distribution Date or Companion
Loan Holders on the related remittance date in the same calendar month as such Distribution Date or applied to any other payments
required under this Agreement or the Co-Lender Agreement on or prior to such Distribution Date, and (ii) any principal forgiven
by the Special Servicer and other principal losses realized in respect of such Trust Loan, Companion Loan or Whole Loan during
the related Collection
Period.

 

    -64-

     

    

 

The
Trust Loan or the REO Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated Principal Balance until
the Distribution Date on which Liquidation Proceeds, if any, are to be (or, if no such Liquidation Proceeds are received, would
have been) distributed to Certificateholders. The Stated Principal Balance of the Whole Loan with respect to which the Master
Servicer or Special Servicer has made a Final Recovery Determination is zero.

 

“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly
understood by participants in the mortgage-backed securities market) of Whole Loan but performs one or more discrete functions
identified in Item 1122(d) of Regulation AB with respect to Whole Loan under the direction or authority of the Master Servicer
or a Servicing Function Participant.

 

“Sub-Servicer”:
Any Person engaged by the Master Servicer or the Special Servicer to perform Servicing with respect to the Whole Loan or REO Loan.

 

“Sub-Servicing
Agreement”: The written contract between the Master Servicer or the Special Servicer, on the one hand, and any Sub-Servicer,
on the other hand, relating to servicing and administration of the Whole Loan as provided in Section 3.01(c) of this Agreement.

 

“Subordinate
Consultation Period”: Any period when both (i) the Certificate Balance of the Class D Certificates (taking into account
the application of any Appraisal Reduction Amounts and Collateral Deficiency Amounts to notionally reduce the Certificate Balance
of such Certificates) is less than 25% of the initial Certificate Balance of the Class D Certificates and (ii) the Certificate
Balance of the Class D Certificates (without regard to the application of any Appraisal Reduction Amounts and Collateral Deficiency
Amounts allocated to the Class D Certificates) is at least 25% of the initial Certificate Balance of the Class D Certificates.
If the Directing Holder becomes a Borrower Related Party, a Subordinate Consultation Period shall be deemed to be terminated (except
for the purposes of determining whether the Directing Holder has the right to appoint the successor special servicer to a Special
Servicer that has become a Borrower Related Party pursuant to Section 3.22(f)).

 

“Subordinate
Control Period”: Any period when the Certificate Balance of the Class D Certificates (taking into account the application
of any Appraisal Reduction Amounts and Collateral Deficiency Amounts to notionally reduce the Certificate Balance of such Certificates)
is at least 25% of the initial Certificate Balance of the Class D Certificates; provided that if at any time the Certificate
Balances of the Class A, Class B and Class C Certificates have been reduced to zero as a result of the allocation of principal
payments on the Trust Loan, then a Subordinate Control Period shall be deemed to then be in effect. If the Directing Holder becomes
a Borrower Related Party, a Subordinate Control Period shall be deemed to be terminated (except for the purposes of determining
whether the Directing Holder has the right to appoint the successor special servicer to a Special Servicer that has become a Borrower
Related Party pursuant to Section 3.22(f)).

 

“Subordination
Agreement”: The Subordination Agreement, dated as of August 1, 2016, by and among (i) Hudson Yards Infrastructure Corporation,
as Senior Creditor, (ii) DB and GSMC, collectively, as Junior Creditors, (iii) the Borrower and (iv) the IDA.

 

    -65-

     

    

 

“Tax
Returns”: The federal income tax returns on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income
Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation,
or any successor forms, to be filed by the Certificate Administrator on behalf of each of the Upper-Tier REMIC and the Lower-Tier
REMIC due to its classification as a REMIC under the REMIC Provisions, together with any and all other information, reports or
returns that may be required to be furnished to the Certificateholders or filed with the IRS or any other governmental taxing
authority under any applicable provisions of federal law or Applicable State and Local Tax Law.

 

“Terminated
Party”: As defined in Section 7.01(d) of this Agreement.

 

“Terminating
Party”: As defined in Section 7.01(d) of this Agreement.

 

“Termination
Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01 of this Agreement.

 

“Third
Party Appraiser”: A Person performing an Appraisal.

 

“Third
Party Reports”: With respect to the Mortgaged Property, the related Appraisal, Phase I Environmental Report, Phase II
Environmental Report, seismic report (if any), engineering report, structural report, property condition report or similar report,
if any.

 

“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R or Class LR Certificate.

 

“Transferee
Affidavit”: As defined in Section 5.02(l)(ii) of this Agreement.

 

“Transferor
Certificate”: As defined in Section 5.02(l)(ii) of this Agreement.

 

“Trust”
or “Trust Fund”: The corpus of the trust created hereby and to be administered hereunder, consisting of (in
each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of the Companion Loan
Holders therein): (i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Trust Loan due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received
in respect of any REO Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security
interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii)
amounts on deposit in the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution
Accounts, the Interest Reserve Account or the REO Account, including any reinvestment income, as applicable; (viii) a security
interest in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a security interest in all insurance
policies with respect to the Trust Loan and the Mortgaged Property; (x) the rights and remedies under the Trust Loan Purchase
Agreements relating to document delivery requirements with respect to the Trust Loan and the representations and warranties of
the Trust Loan Sellers regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing
(other than any interest earned on deposits in the Lock-Box Accounts,

 

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Cash
Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower).

 

“Trust
Ledger”: Amounts deposited in the Collection Account attributable to the Whole Loan, which are maintained pursuant to
Section 3.06(a) of this Agreement and held on behalf of the Trustee on behalf of the Certificateholders and the Companion
Loan Holders.

 

“Trust
Loan”: The portion of the Whole Loan evidenced by Note A-1-S, Note A-2-S, Note B-1 and Note B-2, which is transferred
and assigned to the Trustee pursuant to Section 2.01 of this Agreement and held in the Trust Fund. The Trust Loan originally
so transferred, assigned and held is identified on the Mortgage Loan Schedule as of the Closing Date. The term “Trust Loan”
also includes an REO Loan, unless the context clearly indicates otherwise.

 

“Trust
Loan Purchase Agreements”: Each of the GACC Trust Loan Purchase Agreement and the GSMC Trust Loan Purchase Agreement.

 

“Trust
Loan Rate”: With respect to the Trust Loan and any Whole Loan Interest Accrual Period, the weighted average (based on
the outstanding principal balances of the Trust Notes) of the annual rates at which interest accrues on the Trust Notes during
such period (in the absence of a default), as set forth in the related Trust Notes from time to time.

 

“Trust
Loan Seller Percentage Interest”: As to GACC, an approximately 70.8333333333% interest in the Trust Loan, and as to
GSMC, an approximately 29.1666666667% interest in the Trust Loan.

 

“Trust
Loan Seller Transferred Interests”: (a) In the case of GACC, the portion of the Trust Loan evidenced by Note A-1-S and
Note B-1, and (b) in the case of GSMC, the portion of the Trust Loan evidenced by Note A-2-S and Note B-2.

 

“Trust
Loan Sellers”: GACC and GSMC.

 

“Trust
Notes”: Collectively, as of any date of determination, the notes or other evidence of indebtedness and/or agreements
evidencing the indebtedness of the Borrower under the Trust Loan including any amendments or modifications, or any renewal or
substitution note, as of such date. As of the Cut-off Date, Note A-1-S, Note A-2-S, Note B-1 and Note B-2 constitute the Trust
Notes.

 

“Trust
REMICs”: The Lower-Tier REMIC and the Upper-Tier REMIC.

 

“Trustee”:
Wilmington Trust, National Association, a national banking association, in its capacity as Trustee, or its successor in interest,
or any successor Trustee appointed as herein provided.

 

“Trustee/Certificate
Administrator Fee”: With respect to the Trust Loan and for any Distribution Date, an amount per Certificate Interest
Accrual Period equal to interest at the Trustee/Certificate Administrator Fee Rate accrued on the Stated Principal Balance of
the Trust Loan as of the Due Date in the related Collection Period (without giving effect to payments of principal on the Trust
Loan on such Due Date). The Trustee/Certificate Administrator Fee shall

 

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be
calculated in accordance with the provisions of Section 1.02(a) of this Agreement. A monthly fee shall be paid by the Certificate
Administrator to the Trustee as the Trustee’s fee, which amount shall be paid from the Trustee/Certificate Administrator
Fee.

 

“Trustee/Certificate
Administrator Fee Rate”: A rate equal to 0.00370% per annum.

 

“Underwriter
Exemption”: Each of Department of Labor Final Authorization Number 97-03E and Prohibited Transaction Exemption 89-88,
each as most recently amended by Prohibited Transaction Exemption 2013-08 and as further amended by the Department of Labor from
time to time.

 

“Unscheduled
Payments”: With respect to the Whole Loan and a Collection Period, all Net Liquidation Proceeds, all Net Condemnation
Proceeds and Net Insurance Proceeds payable under the Trust Loan or the Whole Loan, as applicable, the Repurchase Price or purchase
price if the Trust Loan is repurchased or purchased pursuant to Section 2.03(e), Section 3.16 or Section 9.01
of this Agreement or by a mezzanine lender, any indemnification payment made by the Trust Loan Sellers as a result of a Material
Breach or Material Document Defect pursuant to Section 2.03(e) of this Agreement and any other payments under or with respect
to the Trust Loan or the Whole Loan, as applicable, not scheduled to be made, including Principal Prepayments received by the
Master Servicer (but excluding Prepayment Charges, if any) during such Collection Period.

 

“Updated
Appraisal”: An Appraisal of the Mortgaged Property or REO Property, as the case may be, conducted subsequent to any
appraisal performed on or prior to the Cut-off Date and in accordance with Appraisal Institute standards, the costs of which shall
be paid as a Property Advance by the Master Servicer. Updated Appraisals shall be conducted by an Independent MAI appraiser selected
by the Special Servicer.

 

“Upper-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(c) of this Agreement, which shall be entitled “Wells Fargo Bank,
National Association, as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, in
trust for the benefit of the Holders of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates, Upper-Tier
Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Upper-Tier Distribution
Account shall be an asset of the Upper-Tier REMIC.

 

“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests, the Upper-Tier
Distribution Account and amounts held therein from time to time.

 

“U.S.
Person”: A citizen or resident of the United States, a corporation, partnership (except to the extent provided in applicable
Treasury Regulations), or other entity created or organized in or under the laws of the United States, any state thereof or the
District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes, an estate
whose income is subject to United States federal income tax regardless of its source, or a trust if a court within the United
States is able to exercise primary supervision over

 

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the
administration of such trust, and one or more such U.S. Persons have the authority to control all substantial decisions of such
trust (or, to the extent provided in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have
elected to be treated as U.S. Persons).

 

“Voting
Rights”: The portion of the voting rights of all of the Certificates that is allocated to any Certificateholder or Class
of Certificateholders. At all times during the term of this Agreement, the percentage of Voting Rights assigned to each Class
shall be: (a) 98% to be allocated among the Certificateholders of the respective Classes of Principal Balance Certificates in
proportion to the Certificate Balances of their Certificates, (b) 2% to be allocated among the Certificateholders of the Class
X-A Certificates for as long as any of the Class X-A Certificates are outstanding, and (c) except as otherwise set forth in this
Agreement with respect to any particular matter, 0%, in the case of the Class R and Class LR Certificates. Voting Rights allocated
to a Class of Certificateholders shall be allocated among such Certificateholders in proportion to the Percentage Interests in
such Class evidenced by their respective Certificates.

 

“Whole
Loan”: Collectively, the Trust Loan and the Companion Loans. References herein to the Whole Loan shall be construed
to refer to the aggregate indebtedness under Note A-1-S, Note A-2-S, Note A-1-C1, Note A-1-C2, Note A-1-C3, Note A-1-C4, Note
A-1-C5, Note A-1-C6, Note A-2-C1, Note A-2-C2, Note A-2-C3, Note A-1-S, Note A-2-S, Note B-1 and Note B-2.

 

“Whole
Loan Interest Accrual Period”: With respect to the Whole Loan, the
period commencing on the 6th day of each calendar month during the term of the Whole Loan and ending on and including the 5th
day of the next occurring calendar month.

 

“Whole
Loan Rate”: With respect to the Whole Loan and any Whole Loan Interest Accrual Period, the weighted average (based on
the outstanding principal balances of the Notes) of the annual rates at which interest accrues on the Notes during such period
(in the absence of a default), as set forth in the Notes from time to time.

 

“Withheld
Amount”: With respect to the Trust Loan and with respect to each Distribution Date occurring in January of each calendar
year that is not a leap year and February of each calendar year, unless in either case such Distribution Date is the final Distribution
Date, an amount equal to one day’s interest at the Trust Loan Rate (net of any Servicing Fee, Trustee/Certificate Administrator
Fee and the CREFC® License Fee payable therefrom) on the Stated Principal Balance as of the Due Date in the month
preceding the month in which such Distribution Date occurs, to the extent that a Monthly Payment or a P&I Advance is made
in respect thereof.

 

“Workout
Fee”: An amount equal to 0.50% of each collection of interest and principal (including scheduled payments, prepayments
(provided that a repurchase by the Trust Loan Sellers of their respective Trust Loan Seller Transferred Interest in the
Trust Loan due to a Material Document Defect or a Material Breach shall not be considered a prepayment for purposes of this definition
if the Trust Loan Seller repurchases the Trust Loan within the resolution time period set forth in Section 2.03(e) of this
Agreement (and giving effect to any applicable extension period beyond the end of the Initial Resolution Period set forth in Section
2.03(e) of this Agreement)), Balloon Payments and payments at maturity, but excluding late

 

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payment
charges and Default Interest) received if the Whole Loan is a Specially Serviced Loan that becomes a Corrected Mortgage Loan for
so long as it remains a Corrected Mortgage Loan, pursuant to Section 3.12(c) of this Agreement; provided, further,
that no Workout Fee shall be payable by the Trust with respect to any Corrected Mortgage Loan if and to the extent that the Corrected
Mortgage Loan became a Specially Serviced Loan under clause (c) of the definition of “Specially Serviced Loan”
and no event of default actually occurs, unless the Whole Loan is modified by the Special Servicer in accordance with the terms
of this Agreement or the Whole Loan subsequently qualifies as a Specially Serviced Loan for a reason other than under clause
(c) of the definition thereof; provided, further that if the Whole Loan becomes a Specially Serviced Loan only
because of an event described in clause (a) of the definition of “Specially Serviced Loan” and the related
collection of principal and interest is received within three months following the related maturity date as a result of
the Whole Loan being refinanced or otherwise repaid in full, the Special Servicer shall not be entitled to collect a Workout Fee
out of the proceeds received in connection with such workout if such fee would reduce the amount available for distributions to
Certificateholders, but the Special Servicer may collect from the Borrower and retain (x) a workout fee, (y) such other fees as
are provided for in the Loan Documents and (z) other appropriate fees in connection with such workout. The total amount of Workout
Fees payable by the Trust with respect to the Corrected Mortgage Loan and with respect to any particular workout (assuming, for
the purposes of this calculation, that the Corrected Mortgage Loan continues to perform throughout its term in accordance with
the terms of the related workout) shall be reduced by the amount of any and all Offsetting Modification Fees received by the Special
Servicer as additional servicing compensation relating to the Corrected Mortgage Loan; provided that the Special Servicer
shall be entitled to collect such Workout Fees from the Trust until such time it has been fully paid such reduced amount. For
the avoidance of doubt, the Trust Loan Sellers shall pay a Workout Fee in connection with a repurchase to the extent the Special
Servicer was entitled to such a fee and such fee was unpaid immediately prior to such repurchase or was previously paid by the
Trust and was not reimbursed by the Borrower immediately prior to such repurchase. In furtherance of the foregoing, upon the Specially
Serviced Loan becoming a Corrected Mortgage Loan, the Special Servicer shall provide the Master Servicer with a calculation of
the total amount of Workout Fees expected to be payable by the Trust with respect to the Corrected Mortgage Loan throughout its
term (which calculation shall be reasonably acceptable to the Master Servicer) and the total amount of Offsetting Modification
Fees received by the Special Servicer.

 

Section
1.02Certain Calculations. Unless otherwise specified herein, the following provisions shall apply:

 

(a)            All
calculations of interest with respect to the Whole Loan (and of Advances in respect thereof) provided for herein shall be made
on Actual/360 Basis. The Servicing Fee, the Trustee/Certificate Administrator Fees and the CREFC® License Fee for
the Trust Loan shall accrue on the same basis as interest accrues on the Whole Loan. The Certificates will accrue interest on
a 30/360 basis.

 

(b)            Any
Whole Loan payment is deemed to be received on the date such payment is actually received by the Master Servicer or the Certificate
Administrator; provided, however, that for purposes of calculating distributions on the Certificates and Prepayment
Interest Excess, Principal Prepayments with respect to the Whole Loan are deemed to be

 

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received
on the date they are applied in accordance with Section 3.01(b) of this Agreement to reduce the Stated Principal Balance
of the Whole Loan on which interest accrues.

 

(c)            Except
as otherwise provided in the Loan Documents or the Co-Lender Agreement, any amounts received in respect of the Whole Loan as to
which a default has occurred and is continuing in excess of Monthly Payments shall be applied to Default Interest and other amounts
due on the Whole Loan prior to the application to late fees.

 

(d)            Allocations
of payments between the Trust Loan and the related Companion Loans shall be made in accordance with the Co-Lender Agreement.

 

(e)            All
amounts collected by or on behalf of the Trust in respect of the Whole Loan in the form of payments from the Borrower, Liquidation
Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive of any amounts payable to the Companion Loan Holders pursuant
to the Co-Lender Agreement) shall be allocated to amounts due and owing under the Loan Documents (including for principal and
accrued and unpaid interest) in accordance with the express provisions of the Loan Documents and the Co-Lender Agreement; provided,
however, that absent such express provisions, all such amounts collected (exclusive of any amounts payable to the Companion
Loan Holders pursuant to the Co-Lender Agreement) shall be deemed to be allocated for purposes of collecting amounts due under
the Whole Loan in the following order of priority:

 

(i)             as
a recovery of any unreimbursed Advances with respect to the Trust Loan or Whole Loan with respect to Property Advances or Nonrecoverable
Advances and unpaid interest at the Advance Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust
Fund Expenses with respect to the Whole Loan;

 

(ii)           as
a recovery of Nonrecoverable Advances and any interest at the Advance Rate thereon to the extent previously allocated to principal
collections with respect to the Trust Loan or Whole Loan, as applicable;

 

(iii)           to
the extent not previously allocated pursuant to clause (i) and clause (ii) above, as a recovery of accrued and unpaid
interest on the Trust Loan (exclusive of Default Interest) to the extent of the excess of (A) accrued and unpaid interest on the
Trust Loan at the Trust Loan Rate to, but not including, the date of receipt by or on behalf of the Trust (or, in the case of
a full Monthly Payment from the Borrowers, through the related Due Date), over (B) the sum of (a) the cumulative amount of the
reductions (if any) in the amount of related P&I Advances for the Trust Loan that have theretofore occurred under Section
4.07(e) of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated
as a recovery of accrued and unpaid interest pursuant to clause (v) below on earlier dates) and (b) Accrued AB Loan Interest
allocable to the Trust Loan;

 

(iv)          to
the extent not previously allocated pursuant to clause (i) and clause (ii) above, as a recovery of principal of
the Trust Loan then due and owing, including by reason of acceleration of the Trust Loan following a default thereunder (or, if
the Trust

 

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Loan
has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)            as
a recovery of (a) accrued and unpaid interest on the Trust Loan to the extent of the cumulative amount of the reductions (if any)
in the amount of P&I Advances for the Trust Loan that have theretofore occurred under Section 4.07(e) of this Agreement
in connection with related Appraisal Reduction Amounts and (b) Accrued AB Loan Interest (in each of clause (a) and (b),
to the extent that collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause (v)
on earlier dates);

 

(vi)          as
a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments
and insurance premiums and similar items relating to the Whole Loan (and allocable to the Trust Loan);

 

(vii)         as
a recovery of any other reserves to the extent then required to be held in escrow with respect to the Whole Loan (and allocable
to the Trust Loan);

 

(viii)        as
a recovery of any Prepayment Charge then due and owing under the Trust Loan;

 

(ix)           as
a recovery of any late payment charges and Default Interest then due and owing under the Whole Loan (and allocable to the Trust
Loan);

 

(x)            as
a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the Whole Loan (and
allocable to the Trust Loan);

 

(xi)          as
a recovery of any other amounts then due and owing under the Trust Loan other than remaining unpaid principal; and

 

(xii)         as
a recovery of any remaining principal of the Trust Loan to the extent of its entire remaining unpaid principal balance;

 

provided
that, to the extent required under the REMIC Provisions, payments or proceeds received with respect to any partial release
of the Mortgaged Property (including following a condemnation) at a time when the loan-to-value ratio of the Whole Loan exceeds
125% (based solely on the value of real property and excluding personal property and going concern value) must be allocated to
reduce the principal balance of the Whole Loan in the manner permitted by such REMIC Provisions.

 

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(f)             Collections
by or on behalf of the Trust in respect of the REO Property (exclusive of amounts to be allocated to the payment of the costs
of operating, managing, leasing, maintaining and disposing of the REO Property and exclusive of any amounts payable to the Companion
Loan Holders pursuant to the Co-Lender Agreement) shall be deemed to be allocated for purposes of collecting amounts due under
the Whole Loan in the following order of priority:

 

(i)             as
a recovery of any unreimbursed Advances with respect to the Trust Loan or Whole Loan with respect to Property Advances or Nonrecoverable
Advances and unpaid interest at the Advance Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust
Fund Expenses with respect to the Whole Loan;

 

(ii)            as
a recovery of Nonrecoverable Advances and any interest at the Advance Rate thereon to the extent previously allocated to principal
collections with respect to the Trust Loan or Whole Loan, as applicable;

 

(iii)           to
the extent not previously allocated pursuant to clause (i) and clause (ii) above, as a recovery of accrued and unpaid
interest on the Trust Loan (exclusive of Default Interest) to the extent of the excess of (A) accrued and unpaid interest on the
Trust Loan at the Trust Loan Rate to, but not including, the Due Date in the Collection Period in which such collections were
received, over (B) the sum of (x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for
the Trust Loan that have theretofore occurred under Section 4.07(e) of this Agreement in connection with related Appraisal
Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant
to clause (v) below or Section 1.02(e)(v) on earlier dates) and (y) Accrued AB Loan Interest allocable to the Trust
Loan;

 

(iv)          to
the extent not previously allocated pursuant to clause (i) and clause (ii) above, as a recovery of principal of
the Trust Loan to the extent of its entire unpaid principal balance;

 

(v)            as
a recovery of (a) accrued and unpaid interest on the Trust Loan to the extent of the cumulative amount of the reductions (if any)
in the amount of related P&I Advances for the Trust Loan that have theretofore occurred under Section 4.07(e) of this
Agreement in connection with related Appraisal Reduction Amounts (b) Accrued AB Loan Interest (in each of clause (a) and
(b), to the extent that collections have not theretofore been allocated as a recovery of accrued and unpaid interest pursuant
to this clause (v) or Section 1.02(e)(v) on earlier dates);

 

(vi)          as
a recovery of any Prepayment Charge then due and owing under the Trust Loan;

 

(vii)         as
a recovery of any late payment charges and Default Interest then due and owing under the Whole Loan (and allocable to the Trust
Loan);

 

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(viii)         as
a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the Whole Loan;
and

 

(ix)           as
a recovery of any other amounts then due and owing under the Trust Loan other than remaining unpaid principal.

 

(g)            The
applications of amounts received in respect of the Trust Loan pursuant to paragraph (e) of this Section 1.02 shall be determined
by the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect of the Trust
Loan or any REO Property pursuant to paragraph (f) of this Section 1.02 shall be determined by the Special Servicer in
accordance with the Servicing Standard.

 

(h)            All
net present value calculations and determinations made hereunder with respect to the Trust Loan or the Mortgaged Property or REO
Property (including for purposes of the definition of “Servicing Standard”) shall be made in accordance with the Loan
Documents or, in the event the related Loan Documents are silent, using the Calculation Rate.

 

Section
1.03     Certain Constructions. For purposes of this Agreement, references to the most
or next most subordinate Class of Certificates outstanding at any time shall mean the most or next most subordinate Class of Certificates
then outstanding as among the Class A, Class X-A, Class B, Class C, Class D and Class E Certificates. For purposes of this Agreement,
each Class of Certificates (other than the Class LR and Class R Certificates) shall be deemed to be outstanding only to the extent
its respective Certificate Balance or Notional Balance, as applicable, has not been reduced to zero. For purposes of this Agreement,
the Class R and Class LR Certificates shall be outstanding so long as the Trust Fund has not been terminated pursuant to Section
9.01 of this Agreement or any other Class of Certificates remains outstanding.

 

ARTICLE
II

CONVEYANCE OF the MORTGAGE LOAN;

ORIGINAL ISSUANCE OF CERTIFICATES

 

Section
2.01     Conveyance of the Trust Loan; Assignment of Trust Loan Purchase Agreements. (a)
The Depositor, concurrently with the execution and delivery hereof on the Closing Date, does hereby establish a trust designated
as “Hudson Yards 2016-10HY Mortgage Trust”, appoint the Trustee as trustee of the Trust Fund and sell, transfer, assign,
set over and otherwise convey to the Trustee without recourse (except to the extent herein provided) all the right, title and
interest of the Depositor in and to the Trust Loan, including all rights to payment in respect thereof, except as set forth below,
and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the
Depositor, and a security interest in all Reserve Accounts, Lock-Box Accounts, Cash Collateral Accounts and all other assets to
the extent included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment
includes all interest and principal due on or with respect to the Trust Loan after the Cut-off Date. The Depositor, concurrently
with the execution and delivery hereof, does also hereby transfer, assign, set over and otherwise convey to the Trustee without
recourse (except to the extent provided herein), for the benefit of the

 

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Certificateholders
and the Companion Loan Holders, all the right, title and interest of the Depositor in, to and under the Trust Loan Purchase Agreements
as provided therein (excluding Sections 6(f)-(h) and 9 of the Trust Loan Purchase Agreements, and excluding the Depositor’s
rights and remedies under the GACC Indemnification Agreement and the GSMC Indemnification Agreement) to the extent related to
the Trust Loan. The Depositor shall cause the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts relating to the
Whole Loan to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the Trust
Loan Sellers.

 

In
connection with such transfer and assignment, the Depositor does hereby deliver to, and deposit with, the Custodian, with copies
to the Master Servicer and the Special Servicer, the following documents or instruments with respect to the Whole Loan so assigned
(provided, however, that the original of documents specified in items (xix) and (xx) shall be delivered to the Master
Servicer):

 

(i)             each
original Trust Note, evidencing each Trust Loan Seller’s Trust Loan Seller Transferred Interest in the Trust Loan, bearing,
or accompanied by, all prior or intervening endorsements, endorsed by the most recent endorsee prior to the Trustee or, if none,
by the applicable Originator, without recourse, either in blank or to the order of the Trustee in the following form: “Pay
to the order of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of Hudson Yards 2016-10HY Mortgage
Trust Commercial Mortgage Pass-Through Certificates, without recourse”;

 

(ii)            the
original (or a copy thereof certified from the applicable recording office) of the Mortgage and, if applicable, the originals
(or copies thereof certified from the applicable recording office) of any intervening assignments thereof showing a complete chain
of assignment from the Originators of the Whole Loan to the most recent assignee of record thereof prior to the Trustee, if any,
in each case with evidence of recording indicated thereon;

 

(iii)           an
original Assignment of Mortgage, in recordable form, executed by the most recent assignee of record thereof prior to the Trustee
or, if none, by the Originators, either in blank or in favor of the Trustee in the following form: “Wilmington Trust, National
Association, as Trustee, for the benefit of the Holders of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through
Certificates (and the Companion Loan Holders)”;

 

(iv)          (A)
an original or copy of any related security agreement (if such item is a document separate from the Mortgage) and, if applicable,
the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the Originators of
the Whole Loan to the most recent assignee thereof prior to the Trustee, if any; and (B) an original assignment of any related
security agreement (if such item is a document separate from the Mortgage) executed by the most recent assignee thereof prior
to the Trustee or, if none, by the Originators, either in blank or in favor of the Trustee in the following form: “Wilmington
Trust, National Association, as Trustee, for the benefit of the Holders of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage
Pass-Through Certificates (and the Companion Loan Holders)”, which assignment may

 

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be
included as part of the corresponding Assignment of Mortgage referred to in clause (iii) above;

 

(v)           (A)
stamped or certified copies of any UCC financing statements and continuation statements which were filed in order to perfect (and
maintain the perfection of) any security interest held by the Originators of the Whole Loan (and each assignee of record prior
to the Trustee) in and to the personalty of the Borrower at the Mortgaged Property (in each case with evidence of filing or recording
thereon) and which were in the possession of the Trust Loan Sellers (or their agents) at the time the Mortgage Files were delivered
to the Custodian, together with original UCC-2 or UCC-3 assignment of financing statements showing a complete chain of assignment
from the secured party named in such UCC-1 financing statement to the most recent assignee of record thereof prior to the Trustee,
if any, and (B) if any such security interest is perfected and the earlier UCC financing statements and continuation statements
were in the possession of the Trust Loan Sellers, an assignment of UCC financing statement by the most recent assignee of record
prior to the Trustee or, if none, by the Originators, evidencing the transfer of such security interest, either in blank or in
favor of the Trustee in the following form: “Wilmington Trust, National Association, as Trustee, for the benefit of the
Holders of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates (and the Companion Loan Holders)”;
provided that other evidence of filing or recording reasonably acceptable to the Trustee may be delivered in lieu of delivering
such UCC financing statements including, without limitation, evidence of such filed or recorded UCC financing statement as shown
on a written UCC search report from a reputable search firm, such as CSC/LexisNexis Document Solutions, Corporation Service Company,
CT Corporation System and the like or printouts of on-line confirmations from such UCC filing or recording offices or authorized
agents thereof;

 

(vi)           the
original or a copy of the Loan Agreement relating to the Whole Loan;

 

(vii)         the
original or a copy of the lender’s title insurance policy issued in connection with the origination of the Whole Loan, together
with all endorsements or riders (or copies thereof) that were issued with or subsequent to the issuance of such policy, insuring
the priority of the Whole as a first lien on the Mortgaged Property, or, subject to Section 2(d) of the Trust Loan Purchase Agreements,
a “marked up” commitment to insure marked as binding and countersigned by the related insurer or its authorized agent
(which may be a pro forma or specimen title insurance policy which has been accepted or approved as binding in writing
by the related title insurance company), or, subject to Section 2(d) of the Trust Loan Purchase Agreements, an agreement to provide
the same pursuant to binding escrow instructions executed by an authorized representative of the title company;

 

(viii)         (A)
the original or a copy of the related Assignment of Leases and Rents (if such item is a document separate from the Mortgage) and,
if applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the
Originators of the Whole Loan to the most recent assignee of record thereof prior to the Trustee, if any, in each case with evidence
of recording thereon; and (B) an original or copy of an assignment of any related Assignment of Leases and Rents (a “Reassignment
of Assignment of Leases and Rents”) (if such item is a document separate

 

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from
the Mortgage), in recordable form (except for missing recording information and, if delivered in blank, except for the name of
the assignee), executed by the most recent assignee of record thereof prior to the Trustee or, if none, by the Originator, either
in blank or in favor of the Trustee in the following form: “Wilmington Trust, National Association, as Trustee, for the
benefit of the Holders of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates (and the Companion
Loan Holders)”, which assignment may be included as part of the corresponding Assignment of Mortgage referred to in clause
(iii) above;

 

(ix)           the
original or a copy of any environmental indemnity agreements and copies of any environmental insurance policies pertaining to
the Mortgaged Property required in connection with origination of the Whole Loan, if any;

 

(x)            an
original or a copy of the Assignment of Management Agreement and originals or copies of the currently effective Management Agreement,
if any, for the Mortgaged Property;

 

(xi)           the
original or copy of the Company Lease, the Agency Lease, the SNDA and the ground lease, if applicable, and any related lessor
estoppel or similar agreement or a copy thereof, if any;

 

(xii)          an
original Assignment of Agreements, Licenses, Permits and Contracts, executed by the most recent assignee of record thereof prior
to the Trustee or, if none, by the Originators, either in blank or in favor of the Trustee in the following form: “Wilmington
Trust, National Association, as Trustee, for the benefit of the Holders of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage
Pass-Through Certificates (and the Companion Loan Holders)”;

 

(xiii)         if
the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts
or a copy thereof and the assignment thereof to the Trustee (in such capacity, for the benefit of the Certificateholders and the
Companion Loan Holders);

 

(xiv)         if
any related Lock-Box Agreement or Cash Collateral Account Agreement is separate from the Mortgage or Loan Agreement, a copy thereof;
with respect to the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements,
if any, submitted for filing with respect to the related mortgagee’s security interest in the Reserve Accounts, Cash Collateral
Accounts and Lock-Box Accounts and all funds contained therein (and UCC-3 assignments of financing statements assigning such UCC-1
financing statements to the Trustee (in such capacity, for the benefit of the Certificateholders and the Companion Loan Holders));

 

(xv)          originals
or copies of all assumption, modification, written assurance and substitution agreements, with evidence of recording thereon if
appropriate, in those instances where the terms or provisions of the Mortgage, Trust Notes or any related security document have
been modified or the Whole Loan has been assumed;

 

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(xvi)         the
original or a copy of any guaranty of the obligations of the Borrower under the Whole Loan together with, as applicable, (A) the
original or copies of any intervening assignments of such guaranty showing a complete chain of assignment from the Originators
of the Whole Loan to the most recent assignee thereof prior to the Trustee, if any, and (B) an original assignment of such guaranty
executed by the most recent assignee thereof prior to the Trustee or, if none, by the Originators;;

 

(xvii)        the
original or a copy of the power of attorney (with evidence of recording thereon, if appropriate) granted by the Borrower if the
Mortgage, Trust Notes or other document or instrument referred to above was signed on behalf of the Borrower pursuant to such
power of attorney;

 

(xviii)       a
copy of the Subordination Agreement, the Co-Lender Agreement and any mezzanine loan intercreditor agreement;

 

(xix)          the
original (or copy, if the original is held by the Master Servicer pursuant to Section 2.01(c)) of any letter of credit
held by the lender as beneficiary or assigned as security for the Whole Loan;

 

(xx)   
      the appropriate assignment or amendment documentation related to the assignment to the Trust of
any letter of credit securing the Whole Loan (or copy thereof, if the original is held by the Master Servicer pursuant to Section
2.01(c)) which entitles the Master Servicer on behalf of the Trust and, with respect to the Whole Loan, the Companion
Loan Holders, to draw thereon; and

 

(xxi)         an
original or a copy of the Cash Management Agreement;

 

provided
that whenever the term “Mortgage File” is used to refer to documents actually received by the Depositor or the
Custodian, such term shall not be deemed to include such documents and instruments required to be included therein unless they
are actually so received. The original assignments referred to in clauses (iii), (iv)(B) and (xvi)(B) above,
may be in the form of one or more instruments in recordable form in any applicable filing or recording offices.

 

On
or prior to the Closing Date, the Trust Loan Sellers shall retain a third party vendor (which may be the Trustee or the Custodian)
to complete the assignment and recordation or filing of the Loan Documents in the name of the Trustee on behalf of the Certificateholders
and the Companion Loan Holders. On or promptly following the Closing Date, the Trust Loan Sellers shall (A) promptly deliver or
cause to be delivered to such third party vendor recorded copies of the Mortgage and the documents described in Section 2.01(a)(iii),
(v), (viii) and (xiv) and (B) cause such third party vendor, at the expense of the Trust Loan Sellers (in proportion
to its Trust Loan Seller Percentage Interest in the Trust Loan), (1) to promptly prepare and record (in favor of the Trustee,
for the benefit of the Holders of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates) in the
appropriate public recording office in no event later than 30 Business Days following the receipt thereof, each Assignment of
Mortgage referred to in Section 2.01(a)(iii) which has not yet been submitted for recording; and (2) to prepare and file
in the appropriate public filing office each UCC assignment of financing statement referred to in Section 2.01(a)(v)(B)
and (xiv) which has not yet been submitted for

 

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filing
or recording in no event later than 60 days following the receipt thereof. Each such document shall reflect that the recorded
original should be returned by the public recording office to the Custodian or its designee following recording, and each such
document shall reflect that the file copy thereof should be returned to the Custodian or its designee following filing; provided
that in those instances where the public recording office retains the original Assignment of Mortgage or Assignment of Leases
and Rents, if applicable, the Custodian shall use commercially reasonable efforts to obtain therefrom a certified copy of the
recorded original, at the expense of the Depositor. In the event that any such document or instrument in respect of the Whole
Loan is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the Trust Loan Sellers shall
promptly prepare or cause the preparation of a substitute thereof or cure or cause the curing of such defect, as the case may
be, and shall thereafter deliver the substitute or corrected document to or at the direction of the Custodian for recording or
filing, as appropriate, at the expense of the Trust Loan Sellers (as set forth in the Trust Loan Purchase Agreements). The Trust
Loan Sellers shall, promptly upon receipt of the original recorded or filed copy (and in no event later than five Business Days
following such receipt) deliver such original to the Custodian, with evidence of filing or recording thereon. Notwithstanding
anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the
original Mortgage, Assignment of Mortgage or Assignment of Leases and Rents, if applicable, after any has been recorded, the obligations
of the Trust Loan Sellers under the Trust Loan Purchase Agreements shall be deemed to have been satisfied upon delivery to the
Custodian of a certified copy of the recorded original of such Mortgage, Assignment of Mortgage or Assignment of Leases and Rents,
if applicable.

 

If
the Trust Loan Sellers cannot deliver, or cause to be delivered, as to the Whole Loan, the original or a copy of the related lender’s
title insurance policy referred to in Section 2.01(a)(vii) solely because such policy has not yet been issued, the delivery
requirements of this Section 2.01 will be deemed to be satisfied as to such missing item, and such missing item will be
deemed to have been included in the Mortgage File by delivery to the Custodian of a binder marked as binding and countersigned
by the title insurer or its authorized agent (which may be a pro forma or specimen title insurance policy which has been
accepted or approved as binding in writing by the related title insurance company) or an acknowledged closing instruction or escrow
letter, and the Trust Loan Sellers shall be required to deliver to the Custodian, promptly following the receipt thereof, the
original related lender’s title insurance policy (or a copy thereof). Copies of recorded or filed Assignments of Mortgage
and UCC assignments of financing statements shall be held by the Custodian.

 

Subject
to the third preceding paragraph, all original documents relating to the Whole Loan which are not delivered to the Custodian are
and shall be held by the Depositor or the Master Servicer (or a Sub-Servicer on its behalf), as the case may be, in trust for
the benefit of the Certificateholders and the Companion Loan Holders. In the event that any such original document is required
pursuant to the terms of this Section to be a part of the Mortgage File in order to effectuate the purposes of this Agreement,
such document shall be delivered promptly to the Custodian.

 

(b)           In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby
represents and warrants that it has directed, the Trust Loan Sellers pursuant to the Trust Loan Purchase Agreements to deliver
to and deposit

 

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with
or cause to be delivered to and deposited with, (i) the Custodian, on or before the Closing Date, for the Trust Loan so assigned,
among other things, the original Trust Notes, the original or a copy of the Mortgage and any intervening assignments thereof,
the original or a copy of the title policy for the Whole Loan, a copy of any ground lease, if applicable, for the Whole Loan and
an original (or copy, if the original is held by the Master Servicer pursuant to Section 2.01(c)) of any letters of credit held
by the lender as beneficiary or assigned as security for the Whole Loan, and, within 30 days following the Closing Date, the remaining
applicable documents referred to in Section 2.01(a) for the Whole Loan, in each case with copies to the Master Servicer
and (ii) the Master Servicer, on or before the Closing Date, all documents and records that are part of each applicable Servicing
File. If the Trust Loan Sellers cannot deliver, or cause to be delivered, as to the Trust Loan, the original Trust Note, the Trust
Loan Sellers shall deliver a copy or duplicate original of the Trust Note, together with an affidavit certifying that the original
thereof has been lost or destroyed and an indemnification in favor of the Certificate Administrator, the Trustee and the Custodian.

 

If
the Trust Loan Sellers or the Depositor cannot deliver, or cause to be delivered, as to the Whole Loan, the original or a copy
of any of the documents and/or instruments referred to in Section 2.01(a)(ii), Section 2.01(a)(v)(A), Section
2.01(a)(viii), Section 2.01(a)(xv) and Section 2.01(a)(xvii) and the UCC financing statements and UCC assignments
of financing statements referred to in Section 2.01(a)(xiv), with evidence of recording or filing thereon, solely because
of a delay caused by the public recording or filing office where such document or instrument has been delivered for recordation
or filing, or because such original recorded or filed document has been lost or returned from the recording or filing office and
subsequently lost, as the case may be, the delivery requirements of Section 2.01 shall be deemed to have been satisfied
as to such missing item, and such missing item shall be deemed to have been included in the Mortgage File, provided that
a copy of such document or instrument (without evidence of recording or filing thereon, but certified (which certificate may relate
to multiple documents and/or instruments) by the applicable public recording or filing office, the applicable title insurance
company or the Trust Loan Sellers to be a true and complete copy of the original thereof submitted for recording or filing, as
the case may be) has been delivered to the Custodian within 30 days after the Closing Date, and either the original of such missing
document or instrument, or a copy thereof, with evidence of recording or filing, as the case may be, thereon, is delivered to
the Custodian within 180 days after the Closing Date (or within such longer period after the Closing Date so long as the Trust
Loan Sellers have provided the Custodian with evidence of such recording or filing, as the case may be, or has certified to the
Custodian as to the occurrence of such recording or filing, as the case may be, and is, as certified to the Custodian and the
Trustee no less often than quarterly, in good faith attempting to obtain from the appropriate county recorder’s or filing
office such original or copy, provided such extensions do not exceed 24 months in the aggregate).

 

(c)            Notwithstanding
anything herein to the contrary, with respect to the documents referred to in Section 2.01(a)(xix) and Section 2.01(a)(xx)
of this Agreement, the Master Servicer shall hold the original of each such document in trust on behalf of the Trust in order
to draw on such letter of credit on behalf of the Trust and the Trust Loan Sellers shall be deemed to have satisfied the delivery
requirements of their respective Trust Loan Purchase Agreement and this Section 2.01 of this Agreement by delivering the
original of each such document to the Master Servicer, which shall forward a copy of the applicable document to the

 

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Custodian.
The Trust Loan Sellers shall pay any costs of assignment or amendment of such letter of credit (which amendment shall change the
beneficiary of the letter of credit to the Trust in care of the Master Servicer) required in order for the Master Servicer to
draw on such letter of credit on behalf of the Trust. In the event that the documents specified in clause (a)(xx) of Section
2.01(a) of this Agreement are missing because the related assignment or amendment documents have not been completed, the Trust
Loan Sellers shall take all necessary steps to enable the Master Servicer to draw on the related letter of credit on behalf of
the Trust including, if necessary, drawing on the letter of credit in its own name pursuant to written instructions from the Master
Servicer and immediately remitting such funds (or causing such funds to be remitted) to the Master Servicer.

 

Section
2.02     Acceptance by Custodian and the Trustee. By its execution and delivery of this
Agreement, the Trustee acknowledges the assignment to it of the Trust Loan in good faith without notice of adverse claims and
declares that the Custodian holds and will hold such documents and all others delivered to it constituting the Mortgage File (to
the extent the documents constituting the Mortgage File are actually delivered to the Custodian) for the Trust Loan assigned to
the Trustee hereunder in trust, upon the conditions herein set forth, for the use and benefit of all present and future Certificateholders
and Companion Loan Holders.

 

The
Custodian hereby certifies to each of the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special
Servicer and the Trust Loan Sellers that except as identified in the Custodian’s closing date certification, which shall
be delivered no later than two Business Days after the Closing Date, and which is attached as Exhibit N-1 to this Agreement,
each Trust Note is in its possession and has been reviewed by the Custodian and (A) appears regular on its face (handwritten additions,
changes or corrections shall not constitute irregularities if initialed by the Borrower), (B) appears to have been executed (where
appropriate) and (C) purports to relate to the Whole Loan and each of the documents specified in Section 2.01(a)(ii), Section
2.01(a)(vii) and, to the extent delivered, Section 2.01(a)(xix) of this Agreement have been received, have been executed, appear
to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn or mutilated or otherwise
defaced, and that such documents relate to the Whole Loan identified in the Mortgage Loan Schedule. If the Custodian does not
send a certification on the Closing Date, it shall send an email confirmation to the Trustee and the Master Servicer on the Closing
Date that it has received the Trust Note (or a copy or a lost note affidavit, as permitted), subject to any exceptions noted therein.

 

On
or about the 60th day following the Closing Date (and, if any exceptions are noted, again on or about the 90th
day following the Closing Date and monthly thereafter until the earliest of (i) the second anniversary of the Closing Date,
(ii) the day on which all material exceptions have been removed and (iii) the day on which the Trust Loan Sellers have repurchased
for the Trust Loan), the Custodian shall review each Mortgage File and shall certify to each of the Depositor, the Certificate
Administrator, the Trustee, the Master Servicer, the Special Servicer and the Trust Loan Sellers in the form attached as Exhibit
N-2 to this Agreement that all documents (other than documents referred to in clauses Section 2.01(a)(xix) and Section
2.01(a)(xx) of this Agreement, which shall be delivered to the Master Servicer and the documents referred to in clauses
(iii), (v)(B) and (viii) of Section 2.01(a) of this Agreement and the assignments of financing statements
referred to in clause (xiv) of Section 2.01(a) of this

 

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Agreement,
which shall be delivered for filing or recording by the Trust Loan Sellers as provided herein) referred to in Section 2.01(a)
above (in the case of the documents referred to in Section 2.01(a)(iv), (v), (vi), (vii) (in the
case of any endorsement thereto), (viii) and (ix) through (xxi) of this Agreement, as identified to it in
writing as a document required to be delivered by the Trust Loan Sellers) and any original recorded documents included in the
delivery of the Mortgage File has been received, has been executed, appear to be what they purport to be, purport to be recorded
or filed (as applicable) and has not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such
documents relate to the Whole Loan. In so doing, the Custodian may rely on the purported due execution and genuineness of any
such document and on the purported genuineness of any signature thereon.

 

If
at the conclusion of such review any document or documents constituting a part of the Mortgage File has not been executed or received,
has not been recorded or filed (if required), is unrelated to the Whole Loan, appear not to be what they purport to be or has
been torn in any materially adverse manner or mutilated or otherwise defaced, the Custodian shall promptly so notify (in the form
attached as Exhibit M to this Agreement) the Trustee, the Depositor, the Certificate Administrator, the Master Servicer,
the Special Servicer and the Trust Loan Sellers by providing a written report, setting forth for the affected Whole Loan, with
particularity, the nature of the defective or missing document. The Depositor shall or shall cause the Trust Loan Sellers to deliver
to the Custodian an executed, recorded or undamaged document, as applicable, or, if the failure to deliver such document in such
form constitutes a Material Document Defect, the Depositor shall cause the Trust Loan Sellers to cure, repurchase or make an indemnification
payment with respect to the Whole Loan in the manner provided in Section 2.03(e) of this Agreement. None of the Master
Servicer, the Special Servicer, the Certificate Administrator, the Custodian or the Trustee shall be responsible for any loss,
cost, damage or expense to the Trust Fund resulting from any failure to receive any document constituting a portion of the Mortgage
File noted on such a report or for any failure by the Depositor to use its best efforts to deliver any such document.

 

Contemporaneously
with its execution of this Agreement, the Depositor shall cause each Trust Loan Seller to deliver, a power of attorney substantially
in the form of Exhibit C to the Trust Loan Purchase Agreements to the Master Servicer and Special Servicer, to take such
other action as is necessary to effect the delivery, assignment and/or recordation of any documents and/or instruments relating
to the Whole Loan which has not been delivered, assigned or recorded at the time required for enforcement by the Trust Fund. Pursuant
to each Trust Loan Purchase Agreement, the related Trust Loan Seller shall be required to effect (at the expense of the related
Trust Loan Seller) the assignment and recordation of its the Loan Documents until the assignment and recordation of all Loan Documents
has been completed.

 

In
reviewing any Mortgage File pursuant to the third preceding paragraph of Section 2.01 of this Agreement, the Master Servicer
shall have no responsibility to cause the Custodian or Trustee to, and the Custodian or Trustee will have no responsibility to,
examine any opinions or determine whether any document is legal, valid, binding, sufficient, duly authorized or enforceable, whether
the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine if the Trustee
is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any applicable jurisdiction,
whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person

 

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executing
any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.

 

Section
2.03     Representations, Warranties and Covenants of the Depositor; Repurchase of Trust Loan.
(a) The Depositor hereby represents and warrants that:

 

(i)             The
Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware;

 

(ii)            The
Depositor has taken all necessary action to authorize the execution, delivery and performance of this Agreement by it, and has
the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby, including,
but not limited to, the power and authority to sell, assign and transfer the Trust Loan in accordance with this Agreement;

 

(iii)           This
Agreement has been duly and validly executed and delivered by the Depositor and assuming the due authorization, execution and
delivery of this Agreement by each other party hereto, this Agreement and all of the obligations of the Depositor hereunder are
the legal, valid and binding obligations of the Depositor, enforceable in accordance with the terms of this Agreement, except
as such enforcement may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other laws
relating to or affecting creditors’ rights generally, or by general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law);

 

(iv)           The
execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with
any provision of its certificate of incorporation or bylaws, or any law or regulation to which the Depositor is subject, or conflict
with, result in a breach of or constitute a default under (or an event which with notice or lapse of time or both would constitute
a default under) any of the terms, conditions or provisions of any agreement or instrument to which the Depositor is a party or
by which it is bound, or any law, order or decree applicable to the Depositor, or result in the creation or imposition of any
lien on any of the Depositor’s assets or property, which would materially and adversely affect the ability of the Depositor
to carry out the transactions contemplated by this Agreement;

 

(v)            The
certificate of incorporation of the Depositor provides that the Depositor is permitted to engage in only the following activities:

 

 (A)          to
acquire, own, hold, sell, transfer, assign, pledge and otherwise deal with the following: (I) “fully-modified pass-through”
certificates (“GNMA Certificates”) issued and guaranteed as to timely payment of principal and interest by
the Government National Mortgage Association (“GNMA”), a wholly-owned corporate instrumentality of the United
States within the Department of Housing and Urban Development organized and existing under Title III of the National Housing Act
of 1934; (II) Guaranteed Mortgage Pass-Through Certificates (“FNMA Certificates”) issued and guaranteed as
to timely payment of principal and interest by FNMA; (III) Mortgage Participation Certificates (“FHLMC

 

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Certificates”)
issued and guaranteed as to timely payment of interest and ultimate or full payment of principal by FHLMC; (IV) any other participation
certificates, pass-through certificates or other obligations or interests backed directly or indirectly by mortgage loans and
issued or guaranteed by GNMA, FNMA or FHLMC (collectively with the GNMA Certificates, FNMA Certificates and FHLMC Certificates,
the “Agency Securities”); (V) mortgage-backed securities, which securities need not be issued or guaranteed,
in whole or in part, by any governmental entity, issued by one or more private entities (hereinafter referred to as “Private
Securities”); (VI) mortgage loans secured by first, second or more junior liens on one-to-four family residential properties,
multifamily properties that are either rental apartment buildings or projects containing five or more residential units or commercial
properties, regardless of whether insured or guaranteed in whole or in part by any governmental entity, or participation interests
or stripped interests in such mortgage loans (“Mortgage Assets”); (VII) conditional sales contracts and installment
sales or loan agreements or participation interests therein secured by manufactured housing (“Contract”); and
(VIII) receivables of third-parties or other financial assets of third-parties, either fixed or revolving, that by their terms
convert into cash within a finite time period (“Other Assets”);

 

(B)          to
loan its funds to any person under loan agreements and other arrangements which are secured by Agency Securities, Private Securities,
Mortgage Assets, Contracts and/or Other Assets;

 

(C)          to
authorize, issue, sell and deliver bonds or other evidences of indebtedness that are secured by Agency Securities, Private Securities,
Mortgage Assets, Contracts and/or Other Assets;

 

(D)          to
authorize, issue, sell and deliver certificates evidencing beneficial ownership interests in pools of Agency Securities, Private
Securities, Mortgage Assets, Contracts and/or Other Assets; and

 

(E)          to
engage in any activity and to exercise any powers permitted to corporations under the laws of the State of Delaware that are incident
to the foregoing and necessary or convenient to accomplish the foregoing.

 

Capitalized
terms defined in this clause (v) shall apply only to such clause;

 

(vi)          There
is no action, suit, proceeding or investigation pending or threatened against the Depositor in any court or by or before any other
governmental agency or instrumentality which would materially and adversely affect the ability of the Depositor to carry out its
obligations under this Agreement;

 

(vii)         No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Depositor of or compliance by the Depositor with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date; and

 

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(viii)        The
Trustee, if not the owner of the Trust Loan, will have a valid and perfected security interest of first priority in the Trust
Loan and any proceeds thereof.

 

(b)           The
Depositor hereby represents and warrants with respect to the Trust Loan that:

 

(i)             Immediately
prior to the transfer and assignment to the Trustee, the Trust Note and the Mortgage were not subject to an assignment or pledge,
and the Depositor had good title to, and was the sole owner of, the Trust Loan and had full right to transfer and sell the Trust
Loan to the Trustee free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest;

 

(ii)            The
Depositor is transferring the Trust Loan free and clear of any and all liens, pledges, charges or security interests of any nature
encumbering the Trust Loan;

 

(iii)           The
related Assignment of Mortgage constitutes the legal, valid and binding assignment of the Mortgage from the Depositor to the Trustee;
and

 

(iv)          No
claims have been made by the Depositor under the lender’s title insurance policy, and the Depositor has not done anything
which would impair the coverage of such lender’s title insurance policy.

 

(c)            It
is understood and agreed that the representations and warranties set forth in this Section 2.03 shall survive delivery
of the Mortgage File to the Custodian until the termination of this Agreement, and shall inure to the benefit of the Certificateholders,
the Companion Loan Holders, the Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer.

 

(d)            If
the Master Servicer or the Special Servicer (i) receives a Repurchase Communication of a request or demand for repurchase or replacement
of the Trust Loan because of a Breach or a Defect (each as defined below) (any such request or demand, a “Repurchase
Request”, and the Master Servicer or the Special Servicer, as applicable, to the extent it receives a Repurchase Request,
the “Repurchase Request Recipient” with respect to such Repurchase Request), (ii) receives a Repurchase Communication
of a withdrawal of a Repurchase Request by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”),
(iii) receives a Repurchase Communication that the Trust Loan Seller Transferred Interest of the Trust Loan that was subject to
a Repurchase Request has been repurchased or replaced (a “Repurchase”), or (iv) receives a Repurchase Communication
of the rejection of a Repurchase Request (a “Repurchase Request Rejection”), then such Person shall deliver
written notice of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection (each such
notice, a “Rule 15Ga-1 Notice”) to the Depositor and the related Trust Loan Seller, in each case within ten
Business Days from such party’s receipt of a Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal,
Repurchase or Repurchase Request Rejection, as applicable; provided, however, that if the Master Servicer receives
notice of a Repurchase Request Withdrawal or Repurchase Request Rejection from the Special Servicer, the Master Servicer shall
have no obligation to deliver such notice to any other party.

 

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Each
Rule 15Ga-1 Notice shall include (i) the identity of the Trust Loan, (ii) the date the Repurchase Communication of the Repurchase
Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable, was received and (iii) in the
case of a Repurchase Request, (A) the identity of the Person making such Repurchase Request, (B) if known, the basis for the Repurchase
Request (as asserted in the Repurchase Request) and (C) a statement from the Repurchase Request Recipient as to whether it currently
plans to pursue such Repurchase Request.

 

No
Person that is required to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(d) (a “Rule 15Ga-1 Notice
Provider”) shall be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege
or attorney work product doctrines. Each Trust Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant
to this Section 2.03(d) is so provided only to assist the related Trust Loan Seller, the Depositor and its Affiliates to
comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation
and (ii) (A) no action taken by, or inaction of, a Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this
Section 2.03(d) by a Rule 15Ga-1 Notice Provider, shall be deemed to constitute a waiver or defense to the exercise of
any legal right the Rule 15Ga-1 Notice Provider may have with respect to the related Trust Loan Purchase Agreement, including
with respect to any Repurchase Request that is the subject of a Rule 15Ga-1 Notice.

 

In
the event that the Depositor, the Trustee, the Certificate Administrator or the Custodian receives a Repurchase Communication
of a Repurchase Request or a Repurchase Request Withdrawal, then such party shall promptly forward such Repurchase Communication
of such Repurchase Request or Repurchase Request Withdrawal to the Master Servicer, if relating to a Performing Loan, or to the
Special Servicer, if relating to a Specially Serviced Loan or REO Property, and include the following statement in the related
correspondence: “This is a “[Repurchase Request][Repurchase Request Withdrawal]” under Section 2.03(d) of the
Trust and Servicing Agreement relating to the Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates
requiring action by you as the recipient of such Repurchase Request or Repurchase Request Withdrawal thereunder”. Upon receipt
of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal by the Master Servicer or the Special
Servicer, as applicable, such party shall be deemed to be the Repurchase Request Recipient of such Repurchase Communication of
such Repurchase Request or Repurchase Request Withdrawal, and such party shall comply with the procedures set forth in this Section
2.03(d) with respect to such Repurchase Request or Repurchase Request Withdrawal. In no event shall the Custodian, by virtue
of this provision, be required to provide any notice other than as set forth in Section 2.02 of this Agreement in connection
with its review of the Mortgage File.

 

(e)            A
“Defect” shall exist with respect to the Trust Loan if any document constituting a part of the Mortgage File
has not been delivered within the time periods provided for in each Trust Loan Purchase Agreement, has not been properly executed,
is missing, does not appear to be regular on its face or contains information that does not conform in any material respect with
the corresponding information set forth in the Mortgage Loan Schedule. A “Breach” shall mean a breach of any
representation or warranty of a Trust Loan Seller made pursuant to the related Trust Loan Purchase Agreement with respect to the
Trust Loan. If any

 

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party
hereto discovers or receives notice of a Defect or a Breach, and if such Defect is a Material Document Defect or such Breach is
a Material Breach, as applicable, then such party, on behalf of the Trust Fund, shall upon its actual knowledge thereof notify
the Trust Loan Sellers, the other parties hereto and the 17g-5 Information Provider (who shall promptly post such notice to the
17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and the Companion Loan Holders.
If any such Defect or Breach materially and adversely affects the value of the Trust Loan, the value of the Mortgaged Property
or the interests of the Trust in the Trust Loan hereunder or causes the Trust Loan to be other than a Qualified Mortgage, then
such Defect shall constitute a “Material Document Defect” or such Breach shall constitute a “Material
Breach,” as the case may be; provided, however, that if any of the documents specified in clauses
(i), (ii), (vii) and (xix) of Section 2.01(a) of this Agreement are not delivered as required
in each Trust Loan Purchase Agreement and certified as missing pursuant to Section 2.02 of this Agreement, it shall be
deemed a Material Document Defect; provided, further, that no Defect (except as provided in the immediately preceding
proviso and Defects that cause the Trust Loan to be other than a Qualified Mortgage) shall be considered to be a Material Document
Defect unless the document with respect to which the Defect exists is required in connection with an imminent enforcement of the
lender’s rights or remedies under the Trust Loan, defending any claim asserted by the Borrower or a third party with respect
to the Trust Loan, establishing the validity or priority of any lien on any collateral securing the Trust Loan or for any immediate
significant servicing obligation. The Custodian, the Certificate Administrator and the Trustee shall not be required to make any
such determination absent written notice or direction from Certificateholders in accordance with Section 8.02(a)(iii).
Promptly upon receiving written notice of any such Material Document Defect or Material Breach with respect to the Trust Loan,
accompanied by a written demand to take the actions contemplated by this sentence from the Depositor, the Master Servicer, the
Special Servicer, the Trustee, the Certificate Administrator or the Custodian, on behalf of the Trust Fund, each Trust Loan Seller
shall, not later than 90 days from such Trust Loan Seller’s receipt of such notice of, and such written demand to take action
with respect to, such Material Document Defect or Material Breach, as the case may be (any such 90-day period, the “Initial
Resolution Period”), (i) cure the same in all material respects, (ii) repurchase its Trust Loan Seller Transferred Interest
in the Trust Loan at an amount equal to its Trust Loan Seller Percentage Interest of the Repurchase Price in conformity with the
applicable Trust Loan Purchase Agreement or (iii) indemnify the Trust for its Trust Loan Seller Percentage Interest of the losses
directly related to such Material Breach or Material Document Defect, subject to receipt of a No Downgrade Confirmation from each
Rating Agency with respect to such action (or if each Rating Agency waives review or fails to respond to a request for a No Downgrade
Confirmation, subject to (y) approval of the Directing Holder so long as a Subordinate Control Period is in effect and (z) consultation
with the Directing Holder or the Initial Consulting Holder so long as a Subordinate Consultation Period is in effect (or if the
Directing Holder is an Affiliate of the Trust Loan Seller, subject to the approval of the Special Servicer)); provided
that if (i) such Material Document Defect or Material Breach is capable of being cured but not within the Initial Resolution Period,
(ii) such Material Document Defect or Material Breach is not related to the Trust Loan not being a Qualified Mortgage and (iii)
a Trust Loan Seller has commenced and is diligently proceeding with the cure of such Material Document Defect or Material Breach
within the Initial Resolution Period, then such Trust Loan Seller shall have an additional period equal to the applicable Resolution
Extension Period to complete such cure or, failing such cure, to repurchase its Trust Loan Seller Transferred Interest or indemnify
the Trust in respect of its Trust Loan Seller Percentage Interest. Notwithstanding

 

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the
preceding sentence, if such Material Breach or Material Document Defect would cause the Trust Loan to be other than a Qualified
Mortgage, then, within 90 days of the date of discovery of such Material Breach or Material Document Defect, the applicable Trust
Loan Seller shall (i) cure the same in all material respects or (ii) repurchase its Trust Loan Seller Percentage Interest in the
Trust Loan at an amount equal to its Trust Loan Seller Percentage Interest of the Repurchase Price. Any Breach or Defect that
causes the Trust Loan not to be a Qualified Mortgage shall be deemed a Material Breach or Material Document Defect,
as applicable. Notwithstanding the foregoing, the failure to deliver to the Trustee and the Custodian copies of the UCC financing
statements with respect to the Trust Loan shall not be a Material Document Defect.

 

(f)            In
connection with any repurchase of the Trust Loan contemplated by this Section 2.03, (A) the Custodian, the Master Servicer
(with respect to a Performing Loan) and the Special Servicer (with respect to a Specially Serviced Loan) shall each tender to
the Trust Loan Sellers or their designees all portions of the Mortgage File (in the case of the Custodian) and the Servicing File
(in the case of the Master Servicer and the Special Servicer, as applicable) (including the original Trust Notes related to each
Trust Loan Seller’s Trust Loan Seller Transferred Interest in the Trust Loan) and other documents pertaining to the Trust
Loan possessed by it, upon delivery (i) to each of the Master Servicer or the Special Servicer, as applicable, of a trust receipt
and (ii) to the Custodian by the Master Servicer or the Special Servicer, as applicable, of a Request for Release and an acknowledgement
by the Master Servicer or Special Servicer, as applicable, of its receipt of each Trust Loan Seller Percentage Interest of the
Repurchase Price from the Trust Loan Sellers, (B) each document that constitutes a part of the Mortgage File that was endorsed
or assigned to the Trustee shall be endorsed or assigned without recourse in the form of endorsement or assignment provided to
the Custodian by the Trust Loan Sellers, as the case may be, to the Trust Loan Sellers as shall be necessary to vest in the Trust
Loan Sellers the legal and beneficial ownership of each Trust Loan Seller’s respective repurchased Trust Loan Seller Transferred
Interest in the Trust Loan to the extent such ownership was transferred to the Trustee (provided, however, that
the Master Servicer or Special Servicer, as applicable, shall use reasonable efforts to cooperate in furnishing necessary information
to the extent in its possession to the Trust Loan Sellers in connection with the preparation by the Trust Loan Sellers of such
endorsement or assignment) and (C) the Certificate Administrator, the Master Servicer and the Special Servicer shall release,
or cause the release of, any escrow payments and reserve funds held by or on behalf of the Certificate Administrator, the Master
Servicer and the Special Servicer, as applicable, or on the Certificate Administrator’s, the Master Servicer’s and
the Special Servicer’s, as applicable, behalf, in respect of the Trust Loan to the Trust Loan Sellers in accordance with
their respective repurchased Trust Loan Seller Transferred Interest in the Trust Loan.

 

(g)           The
Master Servicer (with respect to a Performing Loan) and the Special Servicer (with respect to a Specially Serviced Loan) shall,
for the benefit of the Certificateholders and the Trustee, use reasonable efforts to enforce the obligations of the related Trust
Loan Sellers under Section 6 of the related Trust Loan Purchase Agreement. Such enforcement, including, without limitation, the
legal prosecution of claims, shall be carried out in accordance with the Servicing Standard. The Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer, as the case may be, shall be reimbursed for the reasonable costs of such enforcement:
first, pursuant to Section 3.06 of this Agreement (with respect to the

 

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Trust
Loan), out of the related Repurchase Price or indemnification amounts to the extent that such expenses are a specific component
thereof; and second, if at the conclusion of such enforcement action it is determined that the amounts described in clause
first are insufficient, then pursuant to Section 3.06 of this Agreement, out of general collections on the Trust
Loan on deposit in the Collection Account in each case with interest thereon at the Advance Rate from the time such expense was
incurred to, but excluding, the date such expense was reimbursed. To the extent the Trust Loan Sellers prevail in such proceeding,
the Trust Loan Sellers shall be entitled to reimbursement from the Trust for all necessary and reasonable costs and expenses incurred
in connection with such proceeding.

 

So
long as document exceptions are outstanding, on each anniversary of the Closing Date, the Custodian shall prepare and forward
to the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Trust Loan Sellers,
a document exception report setting forth the then current status of any Defects related to the Mortgage Files in a format mutually
agreed upon between the Custodian and the Trustee.

 

It
is understood and agreed that Section 6 of each Trust Loan Purchase Agreement provides the sole remedy available to the Certificateholders
and the Trustee on behalf of the Certificateholders respecting any Breach (including a Breach with respect to the Trust Loan failing
to constitute a Qualified Mortgage) or any Defect.

 

(h)           In
the event that any litigation is commenced which alleges facts which, in the judgment of the Depositor, could constitute a breach
of any of the Depositor’s representations and warranties relating to the Trust Loan, the Depositor hereby reserves the right
to conduct the defense of such litigation at its expense and shall not be required to obtain any consent from the Master Servicer
or the Special Servicer, unless such defense results in any liability of the Master Servicer or the Special Servicer, as applicable.

 

(i)             If
for any reason any Trust Loan Seller fails to fulfill its obligations under a Trust Loan Purchase Agreement with respect to the
Trust Loan, the Master Servicer (with respect to a Performing Loan) and the Special Servicer (with respect to a Specially Serviced
Loan) shall use reasonable efforts in enforcing any obligation of the Trust Loan Sellers to cure or repurchase or make an indemnity
payment with respect to the Trust Loan under the terms of the related Trust Loan Purchase Agreement all at the expense of the
related Trust Loan Seller.

 

(j)             To
the extent that not all of the Trust Loan Sellers repurchase their Trust Loan Seller Percentage Interest pursuant to the terms
of the related Trust Loan Purchase Agreement, the portion of the Trust Loan so repurchased shall be a Companion Loan subject in
all respects to the Co-Lender Agreement. In addition, (i) the Trust Loan shall continue to be serviced by the Master Servicer
and, as applicable, the Special Servicer, in accordance with the terms of this Agreement on behalf of such repurchasing Trust
Loan Seller and the Certificateholders as a collective whole, and the Master Servicer or the Special Servicer, as applicable,
shall be the sole representative of the lender in connection with any enforcement, bankruptcy or other proceeding, (ii) the Trustee,
on behalf of the Trust, shall remain the mortgagee of record with respect to the Mortgage, (iii) the Trustee/Certificate Administrator
Fee, CREFC® License Fee, Servicing Fee and/or Special Servicing Fee shall continue to be calculated based on the
entire Stated Principal Balance of the Trust Loan or Whole Loan, as applicable, (iv) the Custodian shall retain all portions of
the Mortgage File other than the related Trust Notes

 

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corresponding
to the repurchased Trust Loan Seller’s Trust Loan Seller Transferred Interest, (v) the repurchasing Trust Loan Seller shall
be entitled to remittances on or prior to the Distribution Date of its pro rata share, based upon its Trust Loan Seller Percentage
Interest, of all amounts that would otherwise be available for distribution on such Distribution Date pursuant to Article IV hereof
to Certificateholders (other than any amounts in respect of any P&I Advance) with respect to the Trust Loan less (A) fees
and expenses with respect to servicing of such Trust Loan Seller’s Trust Loan Seller Interest and (B) all costs and expenses
incurred in connection with the Trust Loan Seller’s repurchase obligations and such amounts shall be wired in accordance
with the directions provided to the Trustee, the Certificate Administrator and the Master Servicer by the Trust Loan Seller to
the extent such direction is received at least 10 Business Days prior to the related Distribution Date, (vi) each repurchasing
Trust Loan Seller, provided that it is not a Borrower Related Party, shall be entitled to receive any and all reports and
have access to any and all information as a Privileged Person under the terms of this Agreement, (vii) no amendment may be made
to this Agreement that would materially and adversely affect the rights of such repurchasing Trust Loan Seller in respect of the
repurchasing Trust Loan Seller’s Trust Loan Seller Transferred Interest without the consent of such repurchasing Trust Loan
Seller, (viii) to the extent the Trustee, on behalf of the Trust, holds record or legal title to any Mortgage File document that
relates to any Trust Loan Seller’s Trust Loan Seller Transferred Interest in the Trust Loan repurchased pursuant to this
Section 2.03(j), the Trustee shall hold such title in trust for the use and benefit of the Trust and the related Trust
Loan Seller collectively, and (ix) to the extent this Agreement refers to the “Mortgage File,” such “Mortgage
File” shall be construed to mean the Mortgage File for the entire Trust Loan (except that references to any Trust Note in
favor of the repurchasing Trust Loan Seller shall be construed to instead refer to a photocopy of such Trust Note). Neither the
Master Servicer nor the Trustee shall make any P&I Advance or Administrative Advance with respect to any Trust Loan Seller’s
Trust Loan Seller Transferred Interest of the Trust Loan which has been repurchased as described herein.

 

Section
2.04     Representations, Warranties and Covenants of the Master Servicer, the Special Servicer, the
Certificate Administrator and the Trustee. (a) Wells Fargo Bank, National Association, as the Master Servicer, hereby
represents and warrants with respect to itself to the Trustee, for its own benefit and the benefit of the Certificateholders and
the Companion Loan Holders, to the Depositor, to the Certificate Administrator and to the Special Servicer, as of the Closing
Date, that:

 

(i)             It
is a national banking association, duly organized, validly existing, and is in good standing, under the laws of the United States
of America and it is in compliance with the laws of each state (within the United States of America) in which the Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)            Its
execution and delivery of this Agreement, and its performance and compliance with the terms of this Agreement, do not (A) violate
its organizational documents or (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute
a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party or which
is applicable to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which it or its
property is subject, which, in the case of either (B) or (C), is likely to materially and

 

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adversely
affect either its ability to perform its obligations under this Agreement or its financial condition;

 

(iii)           It
has the full corporate power and authority to enter into and consummate all transactions to be performed by it contemplated by
this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)          This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Paying Agent, the Certificate Administrator,
the Special Servicer and the Depositor, constitutes a valid, legal and binding obligation of it, enforceable against it in accordance
with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
the enforcement of creditors’ rights generally, and general principles of equity, regardless of whether such enforcement
is considered in a proceeding in equity or at law;

 

(v)            It
is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand of any federal,
state, municipal or governmental agency, which default in its reasonable judgment is likely to materially and adversely affect
the financial condition or its operations or its properties taken as a whole or its ability to perform its duties and obligations
hereunder;

 

(vi)           No
litigation is pending or, to the best of its knowledge, threatened against it which would prohibit it from entering into this
Agreement or, in its good faith and reasonable judgment is likely to materially and adversely affect either its ability to perform
its obligations under this Agreement or its financial condition;

 

(vii)          No
consent, approval, authorization or order of any court or governmental agency or body is required for its execution, delivery
and performance of, or compliance by it, with, this Agreement or the consummation of the transactions contemplated by this Agreement,
except for any consent, approval, authorization or order which has been obtained, or which, if not obtained would not have a materially
adverse effect on the ability of it to perform its obligations hereunder; and

 

(viii)         Each
of its officers and employees that has responsibilities concerning the servicing and administration of the Trust Loan is covered
by errors and omissions insurance and the fidelity bond in the amounts and with the coverage required by this Agreement.

 

(b)            It
is understood and agreed that the representations and warranties set forth in this Section shall survive delivery of the Mortgage
File to the Trustee or the Custodian on behalf of the Trustee until the termination of this Agreement, and shall inure to the
benefit of the Trustee, the Certificate Administrator, the Depositor, the Companion Loan Holders and the Master Servicer or Special
Servicer, as the case may be. Upon discovery by the Depositor, the Master Servicer, the Special Servicer or a Responsible Officer
of the Trustee or the Certificate Administrator (or upon written notice thereof from any Certificateholder) of a breach of any
of the representations and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders,
the Certificate Administrator, the Master Servicer, Special

 

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Servicer,
the Companion Loans Holders or the Trustee in the Trust Loan, the party discovering such breach shall give prompt written notice
to the other parties hereto and the Trust Loan Sellers.

 

(c)            The
Trustee hereby represents and warrants to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Certificateholders and the Companion Loan Holder as of the Closing Date, that:

 

(i)             The
Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United
States of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement;

 

(ii)            This
Agreement has been duly authorized, executed and delivered by the Trustee and, assuming due authorization, execution and delivery
by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Trustee in accordance with
its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting
the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement
is considered in a proceeding in equity or at law);

 

(iii)           Neither
the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions herein contemplated
to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with or result in a breach
of, or constitute a default under, any of the provisions of any applicable law (subject to the appointment in accordance with
such applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental rule, regulation,
judgment, decree or order binding on the Trustee or its properties or the organizational documents of the Trustee or the terms
of any material agreement, instrument or indenture to which the Trustee is a party or by which it is bound which, in the Trustee’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations
under this Agreement;

 

(iv)           The
Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance
with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court binding on
the Trustee or any law, order or regulation of any federal, state, municipal or governmental agency having jurisdiction, or result
in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have consequences that would
materially and adversely affect the condition (financial or otherwise) or operation of the Trustee or its properties or impair
the ability of the Trust Fund to realize on the Trust Loan;

 

(v)            No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Trustee of or compliance by the Trustee with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date

 

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or
which, if not obtained, would have a materially adverse effect on the Trustee’s ability to perform its obligations hereunder;

 

(vi)           To
the best of the Trustee’s knowledge, no litigation is pending or threatened against the Trustee which would prohibit its
entering into or materially and adversely affect its ability to perform its obligations under this Agreement or the Indemnification
Agreement, dated the Pricing Date, between the Trustee, the Depositor and the Initial Purchasers.

 

(d)            The
Certificate Administrator hereby represents and warrants to the Depositor, the Trustee, the Master Servicer, the Special Servicer,
the Certificateholders and the Companion Loan Holders as of the Closing Date, that:

 

(i)             The
Certificate Administrator is a national banking association, duly organized, validly existing, and is in good standing, under
the laws of the United States of America and has full power, authority and legal right to own its property and conduct its business
as presently conducted and to execute, deliver and perform the terms of this Agreement.

 

(ii)            This
Agreement has been duly authorized, executed and delivered by the Certificate Administrator and, assuming due authorization, execution
and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Certificate
Administrator in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless
of whether such enforcement is considered in a proceeding in equity or at law).

 

(iii)           Neither
the execution and delivery of this Agreement by the Certificate Administrator nor the consummation by the Certificate Administrator
of the transactions herein contemplated to be performed by the Certificate Administrator, nor compliance by the Certificate Administrator
with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions
of any applicable law, governmental rule, regulation, judgment, decree or order binding on the Certificate Administrator or its
properties or the organizational documents of the Certificate Administrator or the terms of any material agreement, instrument
or indenture to which the Certificate Administrator is a party or by which it is bound which, in the Certificate Administrator’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Certificate Administrator
to perform its obligations under this Agreement.

 

(iv)           The
Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator
and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order
or decree of any court binding on the Certificate Administrator or any law, order or regulation of any federal, state, municipal
or governmental agency having jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which,
in any such event, would have consequences that would materially and adversely

 

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affect
the ability of the Certificate Administrator to perform its obligations under this Agreement;

 

(v)            No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Certificate Administrator of or compliance by the Certificate
Administrator with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not
obtained, would have a materially adverse effect on the Certificate Administrator’s ability to perform its obligations hereunder;
and

 

(vi)           To
the best of the Certificate Administrator’s knowledge, no litigation is pending or threatened against the Certificate Administrator
which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement
or the Indemnification Agreement, dated the Pricing Date, among the Certificate Administrator, the Depositor and the Initial Purchasers.

 

(e)
AEGON USA Realty Advisors, LLC, as the Special Servicer, hereby represents and warrants with respect to itself to the Trustee,
for its own benefit and the benefit of the Certificateholders and the Companion Loan Holders, to the Depositor, to the Certificate
Administrator and to the Master Servicer, as of the Closing Date, that:

 

(i)             It
is an Iowa limited liability company, duly organized, validly existing, and is in good standing, under the laws of the State of
Iowa and it is in compliance with the laws of each state (within the United States of America) in which the Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)            Its
execution and delivery of this Agreement, and its performance and compliance with the terms of this Agreement, do not (A) violate
its organizational documents or (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute
a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party or which
is applicable to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which it or its
property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either its ability
to perform its obligations under this Agreement or its financial condition;

 

(iii)           It
has the full corporate power and authority to enter into and consummate all transactions to be performed by it contemplated by
this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv)           This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Paying Agent, the Certificate Administrator,
the Master Servicer and the Depositor, constitutes a valid, legal and binding obligation of it, enforceable against it in accordance
with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
the enforcement of

 

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creditors’
rights generally, and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity
or at law;

 

(v)           It
is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand of any federal,
state, municipal or governmental agency, which default in its reasonable judgment is likely to materially and adversely affect
the financial condition or its operations or its properties taken as a whole or its ability to perform its duties and obligations
hereunder;

 

(vi)          No
litigation is pending or, to the best of its knowledge, threatened against it which would prohibit it from entering into this
Agreement or, in its good faith and reasonable judgment is likely to materially and adversely affect either its ability to perform
its obligations under this Agreement or its financial condition;

 

(vii)         No
consent, approval, authorization or order of any court or governmental agency or body is required for its execution, delivery
and performance of, or compliance by it, with, this Agreement or the consummation of the transactions contemplated by this Agreement,
except for any consent, approval, authorization or order which has been obtained, or which, if not obtained would not have a materially
adverse effect on the ability of it to perform its obligations hereunder; and

 

(viii)        Each
of its officers and employees that has responsibilities concerning the servicing and administration of the Trust Loan is covered
by errors and omissions insurance and the fidelity bond in the amounts and with the coverage required by this Agreement.

 

Section
2.05     Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests .
The Trustee acknowledges the assignment to it of the Trust Loan and the delivery of the Mortgage File to the Custodian (to the
extent the documents constituting the Mortgage File is actually delivered to the Custodian), subject to the provisions of Section
2.01 and Section 2.02 of this Agreement and, concurrently with such delivery, (i) acknowledges and hereby declares that it holds
the Trust Loan and the other assets included in the Lower-Tier REMIC on behalf of the Lower-Tier REMIC and the Holders of the
Certificates; (ii) acknowledges the issuance of the Lower-Tier Regular Interests to the Depositor in exchange for the Trust Loan
and other assets included in the Lower-Tier REMIC, (iii) acknowledges the contribution by the Depositor of the Lower-Tier Regular
Interests to the Upper-Tier REMIC and hereby declares that it holds the Lower-Tier Regular Interests on behalf of the Upper-Tier
REMIC and the Holders of the Certificates (other than the Class LR Certificates); and (iv) acknowledges the issuance of the Class
LR Certificates and, in exchange for the Lower-Tier Regular Interests, acknowledges the issuance of the Regular Certificates and
Class R Certificates, in authorized Denominations, in each case registered in the names set forth in such order or as so directed
in this Agreement and duly authenticated by the Authenticating Agent, which Certificates, evidence ownership of the entire Trust
Fund.

 

Section
2.06     Miscellaneous REMIC Provisions. (a) The Lower-Tier Regular Interests issued hereunder
are hereby designated as the “regular interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1)
of the Code, and the Class LR Certificates are

 

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hereby
designated as the sole class of “residual interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(2)
of the Code.

 

The
Regular Certificates are hereby designated as “regular interests” in the Upper-Tier REMIC within the meaning of Section
860G(a)(1) of the Code, and the Class R Certificates are hereby designated as the sole Class of “residual interests”
in the Upper-Tier REMIC within the meaning of Section 860G(a)(2) of the Code.

 

The
Closing Date is hereby designated as the “Startup Day” of the Lower-Tier REMIC and the Upper-Tier REMIC within the
meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date” for purposes of Section 860G(a)(l)
of the Code for the Lower-Tier Regular Interests and the Regular Certificates is the Rated Final Distribution Date.

 

(b)           None
of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall enter into any
arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically contemplated
herein.

 

ARTICLE
III

ADMINISTRATION AND SERVICING

OF THE TRUST FUND

 

Section
3.01The Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Whole
Loan.  (a) The Master Servicer (with respect to the Whole Loan if it is a Performing Loan) and the Special Servicer (with
respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan), each as an independent contractor servicer, shall
service and administer the Whole Loan on behalf of the Trust Fund and the Trustee (as Trustee for the Certificateholders) and
the Companion Loan Holders (as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single
lender), in accordance with the Servicing Standard.

 

The
Master Servicer’s or Special Servicer’s liability for actions and omissions in its capacity as Master Servicer or
Special Servicer, as the case may be, hereunder is limited as provided herein (including, without limitation, pursuant to Section
6.03 hereof). To the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement,
the Master Servicer and Special Servicer shall seek to maximize the timely and complete recovery of principal and interest on
the Note; provided, however, that nothing herein contained shall be construed as an express or implied guarantee
by the Master Servicer or Special Servicer of the collectability of the Whole Loan. Subject only to the Servicing Standard, the
Master Servicer and Special Servicer shall have full power and authority, acting alone or through one or more Sub-Servicers (subject
to paragraph (c) of this Section 3.01, to the related Sub-Servicing Agreement with each Sub-Servicer and to Section
3.02 of this Agreement), to do or cause to be done any and all things in connection with such servicing and administration
that it may deem consistent with the Servicing Standard and, in its reasonable judgment, in the best interests of the Certificateholders
and the Companion Loan Holders (as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single
lender), including, without

 

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limitation,
with respect to the Whole Loan to prepare, execute and deliver, on behalf of the Certificateholders and Companion Loan Holders
and the Trustee or any of them: (i) any and all financing statements, continuation statements and other documents or instruments
necessary to maintain the lien on the Mortgaged Property and related collateral; (ii) any modifications, waivers, consents or
amendments to or with respect to any documents contained in the Mortgage File; and (iii) any and all instruments of satisfaction
or cancellation, or of partial or release or discharge, and all other comparable instruments, with respect to the Whole Loan and
the Mortgaged Property. Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer shall modify, amend,
waive or otherwise consent to any change of the terms of the Whole Loan except under the circumstances described in Section
3.03, Section 3.09, Section 3.10, Section 3.24, Section 3.25 and Section 3.26 hereof. The
Master Servicer (with respect to the Whole Loan if it is a Performing Loan) and the Special Servicer (with respect to the Whole
Loan if it is a Specially Serviced Loan or an REO Loan) shall provide to the Borrower reports required to be provided to it pursuant
to the Loan Documents. Subject to Section 3.11 of this Agreement, the Trustee shall, upon the receipt of a written request
of a Servicing Officer, execute and deliver to the Master Servicer and Special Servicer, as applicable, any powers of attorney
(substantially in the form attached hereto as Exhibit Q or such other form as mutually agreed to by the Trustee and the
Master Servicer or the Special Servicer, as applicable) and other documents (including, but not limited to, other powers of attorney)
prepared by the Master Servicer and Special Servicer, as applicable, and necessary or appropriate (as certified in such written
request) to enable the Master Servicer and Special Servicer, as applicable, to carry out their servicing and administrative duties
hereunder. The Trustee shall not be held liable for any misuse of any such power of attorney by the Master Servicer and Special
Servicer, as applicable. Notwithstanding anything contained herein to the contrary, none of the Master Servicer or the Special
Servicer shall, without the Trustee’s written consent: (i) initiate any action, suit or proceeding solely under the Trustee’s
name without indicating the Master Servicer’s or Special Servicer’s, as applicable, representative capacity; provided,
however, that in those jurisdictions in which the foregoing requirement would not be legally or procedurally permissible,
the Master Servicer or the Special Servicer, as applicable, shall provide five (5) Business Days’ prior written notice to
the Trustee of the initiation of such action, suit or proceeding (or provide such prior written notice as the Master Servicer
or the Special Servicer, as applicable, shall determine in its reasonable judgment exercised in accordance with the Servicing
Standard, to be reasonably practicable prior to filing such action, suit or proceeding) (and shall not be required to obtain the
Trustee’s written consent or indicate the Master Servicer’s or the Special Servicer’s, as applicable, representative
capacity) or (ii) take any action with the intent to cause, and that actually causes, the Trustee to be registered to do business
in any state.

 

(b)            Unless
otherwise provided in the Note, Loan Agreement or Co-Lender Agreement, the Master Servicer shall apply any partial Principal Prepayment
received on the Whole Loan on a date other than a Due Date to the Stated Principal Balance of the Whole Loan as of the Due Date
immediately following the date of receipt of such partial Principal Prepayment; provided that the Master Servicer shall
use its best efforts to apply any total or partial Principal Prepayment received on the Whole
Loan on a date following a Due Date but prior to the close of business on the Business Day prior to the related Servicer Remittance
Date to the Stated Principal Balance of the Whole Loan as of the Due Date immediately preceding the date of receipt of such total
or partial Principal Prepayment. Unless otherwise provided in the Note, if the Whole Loan is defeased, the Master Servicer shall
apply any amounts received on

 

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U.S.
Treasury obligations pursuant to the terms of the Loan Documents to the Stated Principal Balance of and interest on the Whole
Loan as of the Due Date immediately following the receipt of such amounts.

 

(c)            The
Master Servicer and the Special Servicer, may enter into Sub-Servicing Agreements with third parties with respect to any of its
respective obligations hereunder, provided that (i) any such agreement requires the Sub-Servicer to comply in all material
respects with all of the applicable terms and conditions of this Agreement and shall be consistent with the provisions of this
Agreement, the terms of the Loan Documents and the Co-Lender Agreement, (ii) if such Sub-Servicer is a Servicing Function Participant,
any such agreement provides that (x) the failure of such Sub-Servicer to comply with any of the requirements under Sections
3.27, 3.28 or 3.29 of this Agreement applicable to such Sub-Servicer, including the failure to deliver any reports
or certificates at the time such report or certification is required under Sections 3.27, 3.28 or 3.29 of
this Agreement and (y) the failure of such Sub-Servicer to comply with any requirements to deliver any items required by Items
1122 and 1123 of Regulation AB under any other trust and servicing agreement relating to any other series of certificates offered
by the Depositor shall constitute a termination event by such Sub-Servicer upon the occurrence of which the Master Servicer shall
(and the Depositor may) immediately terminate the related Sub-Servicer under the related Sub-Servicing Agreement, which termination
shall be deemed for cause, (iii) no Sub-Servicer retained by the Master Servicer or the Special Servicer, as applicable, shall
grant any modification, waiver or amendment to the Whole Loan or foreclose on the Mortgage without the approval of the Master
Servicer or the Special Servicer, as applicable, which approval shall be given or withheld in accordance with the procedures set
forth in Section 3.09, Section 3.10, Section 3.24, Section 3.25 and Section 3.26 (as applicable),
(iv) such agreement shall be consistent with the Servicing Standard and (v) with respect to any Sub-Servicing Agreement entered
into after the Closing Date, if such Sub-Servicer is a Servicing Function Participant, such Sub-Servicer, at the time the related
Sub-Servicing Agreement is entered into, is not a Prohibited Party. Any such Sub-Servicing Agreement may permit the Sub-Servicer
to delegate its duties to agents or Subcontractors so long as the related agreements or arrangements with such agents or Subcontractors
are consistent with the provisions of this Section 3.01(c) (including, for the avoidance of doubt, that no such agent or
Subcontractor is a Prohibited Party, if such agent or Subcontractor would be a Servicing Function Participant, at the time the
related Sub-Servicing Agreement is entered into). Any monies received by a Sub-Servicer pursuant to a Sub-Servicing Agreement
(other than sub-servicing fees) shall be deemed to be received by the Master Servicer on the date received by such Sub-Servicer.

 

Any
Sub-Servicing Agreement entered into by the Master Servicer or the Special Servicer, as applicable, shall provide that it may
be assumed by the Trustee (in its sole discretion) if the Trustee has assumed the duties of the Master Servicer or the Special
Servicer, respectively, or any successor Master Servicer or Special Servicer, as applicable, without cost or obligation to the
assuming party or the Trust Fund, upon the assumption by such party of the obligations, except to the extent they arose prior
to the date of assumption, of the Master Servicer or the Special Servicer, as applicable, pursuant to Section 7.02 (it
being understood that any such obligations shall be the obligations of the terminated Master Servicer or Special Servicer, as
applicable, only).

 

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Any Sub-Servicing Agreement,
and any other transactions or services relating to the Whole Loan involving a Sub-Servicer, shall be deemed to be between the Master
Servicer or the Special Servicer, as applicable, and such Sub-Servicer alone, and the Trustee, the Certificate Administrator, the
Trust Fund, Certificateholders and the Companion Loan Holders shall not be deemed parties thereto and shall have no claims, rights
(except as specified below), obligations, duties or liabilities with respect to the Sub-Servicer, except as set forth in Section
3.01(c)(ii) and Section 3.01(d).

 

Notwithstanding the provisions
of any Sub-Servicing Agreement and this Section 3.01, in no event shall the Trust Fund, the Trustee, the Certificate Administrator,
the Depositor or the Companion Loan Holders bear any termination fee required to be paid to any Sub-Servicer as a result of the
termination of any Sub-Servicing Agreement.

 

(d)          If
the Trustee or any successor Master Servicer assumes the obligations of the Master Servicer, or if the Trustee or any successor
Special Servicer assumes the obligations of the Special Servicer, in each case in accordance with Section 7.02, the Trustee,
the successor Master Servicer or such successor Special Servicer, as applicable, to the extent necessary to permit the Trustee,
the successor Master Servicer or such successor Special Servicer, as applicable, to carry out the provisions of Section 7.02,
shall, without act or deed on the part of the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable,
succeed to all of the rights and obligations of the Master Servicer or the Special Servicer, as applicable, under any Sub-Servicing
Agreement entered into by the Master Servicer or the Special Servicer, as applicable, pursuant to Section 3.01(c). In such
event, such successor shall be deemed to have assumed all of the Master Servicer’s or the Special Servicer’s interest,
as applicable, therein (but not any liabilities or obligations in respect of acts or omissions of the Master Servicer or the Special
Servicer, as applicable, prior to such deemed assumption) and to have replaced the Master Servicer or the Special Servicer, as
applicable, as a party to such Sub-Servicing Agreement to the same extent as if such Sub-Servicing Agreement had been assigned
to such successor, except that the Master Servicer or the Special Servicer, as applicable, shall not thereby be relieved of any
liability or obligations under such Sub-Servicing Agreement that accrued prior to the succession of such successor.

 

If the Trustee or any
successor Master Servicer or successor Special Servicer, as applicable, assumes the servicing obligations of the Master Servicer
or the Special Servicer, as applicable, then upon request of such successor, the Master Servicer or Special Servicer, as applicable,
shall at its own expense (except in the event that the Special Servicer is terminated pursuant to Section 3.22, at the expense
of the Certificateholders effecting such termination, as applicable) deliver to such successor all documents and records relating
to any Sub-Servicing Agreement and the Trust Loan and/or the Companion Loan then being serviced thereunder and an accounting of
amounts collected and held by it, if any, and shall otherwise use commercially reasonable efforts to effect the orderly and efficient
transfer of any Sub-Servicing Agreement to such successor. The Master Servicer shall not be required to assume the obligations
of the Special Servicer and nothing in this paragraph shall imply otherwise.

 

(e)          In
order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (for purposed of this clause (e), “Applicable
Law”), the Master Servicer and the Special Servicer, as the case may be, are required to obtain, verify

 

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and record certain
information relating to individuals and entities that maintain a business relationship with the Master Servicer or the Special
Servicer. Accordingly, each of the parties hereto agrees to provide to the Master Servicer and the Special Servicer, upon its respective
request from time to time, such identifying information and documentation as may be available for such party in order to enable
the Master Servicer and the Special Servicer to comply with Applicable Law.

 

(f)          The
parties hereto acknowledge that the Whole Loan is subject to the terms and conditions of the Co-Lender Agreement. The parties hereto
further recognize the rights and obligations of the Companion Loan Holders under the Co-Lender Agreement, including, without limitation
with respect to (A) the allocation of collections (and all other amounts received in connection with the Whole Loan) on or in respect
of the Whole Loan and (B) the allocation of Default Interest on or in respect of the Whole Loan. In the event of any inconsistency
or discrepancy between the provisions, terms or conditions of the Co-Lender Agreement and the provisions, terms or conditions of
this Agreement, the Co-Lender Agreement shall govern, and as to any matter on which the Co-Lender Agreement is silent or makes
reference to this Agreement, this Agreement shall govern.

 

Section 3.02  Liability
of the Master Servicer and the Special Servicer When Sub-Servicing. Notwithstanding any Sub-Servicing Agreement, any
of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer or Special Servicer, as
applicable, and any Person acting as Sub-Servicer (or its agents or Subcontractors) or any reference to actions taken through
any Person acting as Sub-Servicer or otherwise, the Master Servicer or the Special Servicer, as applicable, shall remain obligated
and primarily liable to the Trustee (on behalf of the Certificateholders and the Companion Loan Holders) and the Certificateholders
for the servicing and administering of the Whole Loan in accordance with the provisions of this Agreement without diminution of
such obligation or liability by virtue of such Sub-Servicing Agreements or arrangements or by virtue of indemnification from the
Depositor or any other Person acting as Sub-Servicer (or its agents or Subcontractors) to the same extent and under the same terms
and conditions as if the Master Servicer or the Special Servicer, as applicable, alone was servicing and administering the Whole
Loan. Each of the Master Servicer and the Special Servicer shall be entitled to enter into an agreement with any Sub-Servicer
providing for indemnification of the Master Servicer or the Special Servicer, as applicable, by such Sub-Servicer, and nothing
contained in this Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification
shall be deemed to limit or modify this Agreement.

 

Section
3.03  Collection of Whole Loan Payments. (a) The Master Servicer (with respect to the Whole Loan if it is a
Performing Loan) and the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan) shall use
reasonable efforts to collect all payments called for under the terms and provisions of the Whole Loan, and shall follow the
Servicing Standard with respect to such collection procedures; provided, however, that nothing herein contained
shall be construed as an express or implied guarantee by the Master Servicer or the Special Servicer of the collectibility of
the Whole Loan. With respect to the Performing Loan, the Master Servicer shall use its reasonable efforts, consistent with
the Servicing Standard, to collect income statements and rent rolls from the Borrower as required by the Loan Documents and
the terms hereof. The Master Servicer shall provide at least 90 days’ notice

 

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(with a copy to the Special Servicer) to
the Borrower of Balloon Payments coming due. Consistent with the foregoing, the Master Servicer (with respect to the Whole
Loan if it is a Performing Loan) or the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan)
may in their discretion waive any late payment charge or Default Interest in connection with any delinquent Monthly Payment
or Balloon Payment with respect to the Whole Loan. In addition, the Special Servicer shall be entitled to take such actions
with respect to the collection of payments on the Whole Loan as is permitted or required under this Agreement.

 

Section 3.04  Collection
of Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Master Servicer shall maintain accurate records with respect
to the Mortgaged Property reflecting the status of taxes, assessments and other similar items that is or may become a lien thereon
and the status of insurance premiums payable with respect thereto. If the Whole Loan is a Specially Serviced Loan, the Special
Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls
from the Borrower as required by the Loan Documents. The Special Servicer, in the case of an REO Loan, and the Master Servicer,
in the case of the Whole Loan, shall use reasonable efforts consistent with the Servicing Standard to, from time to time, (i)
obtain all bills for the payment of such items (including renewal premiums), and (ii) effect, or, if the Special Servicer, to
use reasonable efforts to cause the Master Servicer to effect, payment of all such bills with respect to the Mortgaged Property
prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under
the terms of the Loan Documents. If the Borrower fails to make any such payment on a timely basis or collections from the Borrower
are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the
amount of any shortfall as a Property Advance unless the Master Servicer determines in accordance with the Servicing Standard
that such Advance would be a Nonrecoverable Advance (provided that with respect to advancing insurance premiums or delinquent
tax assessments the Master Servicer shall comply with the provisions of Section 3.21(d) of this Agreement). The Master
Servicer shall be entitled to reimbursement of Property Advances, with interest thereon at the Advance Rate, that it makes pursuant
to this Section 3.04 of this Agreement from amounts received on or in respect of the Whole Loan respecting which such Advance
was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted by Section 3.06 of this Agreement.
No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Property shall, for
the purpose of calculating distributions to Certificateholders, be added to the amount owing under the Whole Loan, notwithstanding
that the terms of the Whole Loan so permit.

 

(b)          The
Master Servicer shall segregate and hold all funds collected and received constituting Escrow Payments separate and apart from
any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow
Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified
funds and maintained in accordance with the requirements of the Whole Loan and in accordance with the Servicing Standard. The Master
Servicer shall also deposit into each Escrow Account any amounts representing losses on Permitted Investments to the extent required
pursuant to Section 3.07(b) of this Agreement and any Insurance Proceeds or Liquidation Proceeds which are required to be
applied to the restoration or repair of the Mortgaged Property pursuant to the Whole Loan. Escrow Accounts

 

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shall be Eligible Accounts
(except to the extent the Loan Documents require it to be held in an account that is not an Eligible Account); provided,
however, that in the event the ratings of the financial institution holding such account are downgraded to a ratings level
below that of an Eligible Account (except to the extent the Loan Documents require it to be held in an account that is not an Eligible
Account), the Master Servicer shall have 30 Business Days (or such longer time as confirmed by a No Downgrade Confirmation, obtained
at the expense of the Master Servicer relating to the Certificates) to transfer such account to an Eligible Account. Escrow Accounts
shall be entitled, “Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association,
as Trustee, in trust for the benefit of the Holders of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates
and the Borrower and the Companion Loan Holders”. Withdrawals from an Escrow Account may be made by the Master Servicer only:

 

(i)         to
effect timely payments of items constituting Escrow Payments for the Mortgage;

 

(ii)        to
transfer funds to the Collection Account (or any sub-account thereof) to reimburse the Master Servicer or the Trustee for any Property
Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to
the Whole Loan which represent late collections of Escrow Payments thereunder;

 

(iii)       for
application to the restoration or repair of the Mortgaged Property in accordance with the Whole Loan and the Servicing Standard;

 

(iv)       to
clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the Whole Loan;

 

(v)        to
pay from time to time to the Borrower any interest or investment income earned on funds deposited in the Escrow Account if such
income is required to be paid to the Borrower under law or by the terms of the Loan Documents, or otherwise to the Master Servicer;
or

 

(vi)       to
remove any funds deposited in an Escrow Account that were not required to be deposited therein or to refund amounts to the Borrower
determined to be overages.

 

(c)         The
Master Servicer shall, as to the Whole Loan (i) maintain accurate records with respect to the Mortgaged Property reflecting the
status of real estate taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance
premiums and any ground rents payable in respect thereof and (ii) use reasonable efforts to obtain, from time to time, all bills
for (or otherwise confirm) the payment of such items (including renewal premiums) and, if the Whole Loan requires the Borrower
to escrow for such items, shall effect payment thereof prior to the applicable penalty or termination date. For purposes of effecting
any such payment for which it is responsible, the Master Servicer shall apply Escrow Payments as allowed under the terms of the
Loan Documents (or, if the Whole Loan does not require the Borrower to escrow for the payment of real estate taxes, assessments,
insurance premiums, ground rents (if applicable) and similar items, the Master Servicer shall use

 

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reasonable efforts consistent
with the Servicing Standard to cause the Borrower to comply with the requirement of the Mortgage that the Borrower makes payments
in respect of such items at the time they first become due and, in any event, prior to the institution of foreclosure or similar
proceedings with respect to the Mortgaged Property for nonpayment of such items). Subject to Section 3.21 of this Agreement,
the Master Servicer shall timely make a Property Advance to cover any such item which is not so paid, including any penalties or
other charges arising from the Borrower’s failure to timely pay such items.

 

Section 3.05  Collection
Account; Distribution Accounts and Interest Reserve Account. (a) The Master Servicer shall establish and maintain a Collection
Account, for the benefit of the Certificateholders, the Companion Loan Holders and the Trustee as the Holder of the Lower-Tier
Regular Interests. The Collection Account shall be established and maintained as an Eligible Account.

 

The Master Servicer shall
deposit or cause to be deposited in the Collection Account within two Business Days following receipt of properly identified funds
of the following payments and collections received or made by or on behalf of it on or with respect to the Whole Loan subsequent
to the Cut-off Date:

 

(i)         all
payments on account of principal on the Whole Loan, including the principal component of all Unscheduled Payments;

 

(ii)        all
payments on account of interest on the Whole Loan (net of the related Servicing Fee Rate), including Default Interest, Prepayment
Charges and the interest component of all Unscheduled Payments;

 

(iii)       any
amounts required to be deposited pursuant to Section 3.07(b) of this Agreement, in connection with net losses realized on
Permitted Investments with respect to funds held in the Collection Account;

 

(iv)       all
Net REO Proceeds withdrawn from the related REO Account pursuant to Section 3.15(b) of this Agreement;

 

(v)        any
amounts received from the Borrower which represent recoveries of Property Protection Expenses or items for which Administrative
Advances were made and are allocable to the Whole Loan, to the extent not permitted to be retained by the Master Servicer as provided
herein;

 

(vi)       all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of the Whole Loan or REO Property, other
than Liquidation Proceeds that are received in connection with a purchase of the Whole Loan or REO Property that are to be deposited
in the Lower Tier Distribution Account pursuant to Section 9.01 of this Agreement, together with any amounts representing
recoveries of Nonrecoverable Advances in respect of the Whole Loan;

 

(vii)      Penalty
Charges on the Whole Loan to the extent required to offset interest on Advances and Additional Trust Fund Expenses pursuant Section
3.12(d) of this Agreement;

 

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(viii)     any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) of this Agreement
in connection with losses resulting from a deductible clause in a blanket or master force-placed policy in respect of the Mortgaged
Property;

 

(ix)        any
other amounts required by the provisions of this Agreement (including without limitation, with respect to the Companion Loans or
any mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement
obligations set forth in the Co-Lender Agreement, the related mezzanine intercreditor agreement) to be deposited into the Collection
Account by the Master Servicer or Special Servicer;

 

(x)         any
Master Servicer Prepayment Interest Shortfall Amounts in respect of the Trust Loan pursuant to Section 3.17(c) of this Agreement;
and

 

(xi)        any
indemnity payment received from a Trust Loan Seller in connection with its indemnification of the Trust for losses directly related
to a Material Breach or Material Document Defect pursuant to Section 2.03(e) of this Agreement.

 

The foregoing requirements
for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments in the nature of late payment charges (subject to Section 3.12 and the Co-Lender Agreement),
Assumption Fees, Modification Fees, consent fees, extension fees, demand fees, defeasance fees, beneficiary statement charges and
similar fees need not be deposited in the Collection Account by the Master Servicer or the Special Servicer, as applicable, and,
to the extent permitted by applicable law, the Master Servicer or the Special Servicer, as applicable, in accordance with Section
3.12 hereof, shall be entitled to retain any such charges and fees received with respect to the Trust Loan as additional compensation.

 

In the event that the
Master Servicer deposits in the Collection Account any amount not required to be deposited therein, it may at any time withdraw
such amount from the Collection Account, any provision herein to the contrary notwithstanding.

 

Upon receipt of any of
the amounts described in clauses (i), (ii), (v), (vi), (vii) and (ix) above of this Section
3.05(a) with respect to the Whole Loan if it is a Specially Serviced Loan but is not an REO Loan, the Special Servicer shall
remit such amounts within one Business Day after receipt thereof (except, if such amounts are not properly identified, the Special
Servicer shall promptly identify such amounts and shall remit such amounts within one Business Day after such identification) to
the Master Servicer for deposit into the Collection Account in accordance with the second paragraph of this Section 3.05
of this Agreement, unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item should
not be deposited because of a restrictive endorsement or other appropriate reason. Any such amounts received by the Special Servicer
with respect to the REO Property shall be deposited by the Special Servicer into the REO Account and remitted to the Master Servicer
for deposit into the Collection Account pursuant to Section 3.15(b) of this Agreement. With respect to any such amounts
paid by check to the order of the Special Servicer, the Special Servicer shall endorse without recourse or warranty such check
to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier.

 

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(b)          The
Certificate Administrator shall establish and maintain the Lower-Tier Distribution Account in its own name for the benefit of the
Trustee, in trust for the benefit of the Certificateholders, the Companion Loan Holders and the Trustee as the Holder of the Lower-Tier
Regular Interests. The Lower-Tier Distribution Account shall be established and maintained as an Eligible Account or as a sub-account
of an Eligible Account.

 

(c)          With
respect to each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator on or before the Servicer
Remittance Date Available Funds then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant
to Section 3.06(a) of this Agreement. Upon receipt from the Master Servicer of such amounts held in the Collection Account,
the Certificate Administrator shall deposit in the Lower-Tier Distribution Account (A) the amount of Available Funds to be distributed
pursuant to Section 4.01 of this Agreement hereof, (B) Prepayment Charges to be distributed pursuant to Section 4.01(d)
of this Agreement and (C) in the Interest Reserve Account as part of the Lower-Tier REMIC, the amount of any Withheld Amounts to
be deposited pursuant to Section 3.05(e) of this Agreement.

 

(d)          The
Certificate Administrator shall establish and maintain the Upper-Tier Distribution Account in its own name for the benefit of the
Trustee, in trust for the benefit of the Certificateholders. The Upper-Tier Distribution Account shall be established and maintained
as an Eligible Account or a sub-account of an Eligible Account. Promptly on each Distribution Date, the Certificate Administrator
shall withdraw or be deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Upper-Tier
Distribution Account on or before such date the Lower-Tier Distribution Amount for such Distribution Date to be distributed in
respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a) of this Agreement on such date.

 

(e)          The
Certificate Administrator shall establish and maintain the Interest Reserve Account in its own name on behalf of the Trustee, in
trust for the benefit of the Certificateholders and the Trustee as the holder of the Lower-Tier Regular Interests. The Interest
Reserve Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

(f)          On
each Servicer Remittance Date occurring in (i) January of each calendar year that is not a leap year and (ii) February of each
calendar year, unless in either case such Servicer Remittance Date is the final Servicer Remittance Date, the Certificate Administrator
shall calculate the Withheld Amounts. On each such Servicer Remittance Date, the Certificate Administrator shall withdraw or be
deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Interest Reserve Account
an amount equal to the aggregate of the Withheld Amounts calculated in accordance with the previous sentence. If the Certificate
Administrator shall deposit in the Interest Reserve Account any amount not required to be deposited therein, it may at any time
withdraw such amount from the Interest Reserve Account any provision herein to the contrary notwithstanding. On or prior to the
Servicer Remittance Date in March of each calendar year (or in February if the final Distribution Date will occur in such month),
the Certificate Administrator shall transfer to the Lower-Tier Distribution Account the aggregate of all Withheld Amounts on deposit
in the Interest Reserve Account.

 

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(g)          Funds
in the Collection Account and the REO Account may be invested in Permitted Investments in accordance with the provisions of Section
3.07 of this Agreement. Funds in the Distribution Account and the Interest Reserve Account shall remain uninvested.

 

The Master Servicer shall
give written notice to the Depositor, the Trustee, the Certificate Administrator and the Special Servicer of the location and account
number of the Collection Account as of the Closing Date and shall notify the Depositor, the Special Servicer, the Certificate Administrator
and the Trustee, as applicable, in writing prior to any subsequent change thereof. The Certificate Administrator shall give written
notice to the Depositor, the Trustee, the Special Servicer and the Master Servicer of the location and account number of each of
the Distribution Accounts and the Interest Reserve Account as of the Closing Date and shall notify the Depositor, the Trustee,
the Special Servicer and the Master Servicer, as applicable, in writing prior to any subsequent change thereof.

 

(h)          Notwithstanding
anything to the contrary contained herein, with respect to each Due Date prior to contribution of a Companion Loan into a securitization,
on the Master Servicer Remittance Date and following the contribution of a Companion Loan into a securitization, on the earlier
of (a) the Master Servicer Remittance Date or (b) the first Business Day after the “determination date” as such term
or similar term is defined in the Other Pooling and Servicing Agreement (provided, however, that in no event shall
such “determination date” occur prior to (and any such otherwise earlier “determination date” shall be
deemed to occur on) the sixth day of each month or, if such sixth day is not a Business Day, the next succeeding Business Day),
the Master Servicer shall remit, from amounts on deposit in the Collection Account, to each Companion Loan Holder by wire transfer
in immediately available funds to the account of such Companion Loan Holder or an agent therefor appearing on the Companion Loan
Holder Register on the related date such amounts as are required to be remitted (or, if no such account so appears or information
relating thereto is not provided at least five (5) Business Days prior to the date such amounts are required to be remitted, by
check sent by first class mail to the address of such Companion Loan Holder or its agent appearing on the Companion Loan Holder
Register) the applicable Remittance Amount allocable to such Companion Loan Holder.

 

Section 3.06  Permitted
Withdrawals from the Collection Account and the Distribution Accounts; Trust Ledger. (a) The Master Servicer shall maintain
a separate Trust Ledger with respect to the Whole Loan on which it shall make ledger entries as to amounts deposited (or credited)
or withdrawn (or debited) with respect thereto. On each Servicer Remittance Date (or such other date as specified below or on
which funds are available for such purpose as specified below), with respect to the Whole Loan, the Master Servicer shall make
withdrawals from amounts allocated thereto in the Collection Account (and may debit the Trust Ledger and any related sub-ledger))
for the purposes listed below in accordance with the allocation priorities in the Co-Lender Agreement (the order set forth below
not constituting an order of priority for such withdrawals):

 

(i)          on
or before 3:00 p.m. (New York City time) on each Servicer Remittance Date, to remit to the Certificate Administrator the amounts
to be deposited into the Lower-Tier Distribution Account (including without limitation the aggregate of the Available Funds and
Prepayment Charges) which the Certificate Administrator shall then deposit into the Upper-Tier Distribution Account and the Interest
Reserve Account, pursuant to Section 3.05(d) and Section 3.05(c) of this Agreement, respectively;

 

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(ii)        to
pay (A) itself, unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees to
the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement); and the Special Servicer,
unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of the Whole Loan, Specially Serviced Loan or REO Loan,
as applicable, the Master Servicer’s or Special Servicer’s, as applicable, rights to payment of Servicing Fees and
Special Servicing Fees, Liquidation Fees and Workout Fees pursuant to this clause (ii)(A) with respect to the Whole Loan,
Specially Serviced Loan or REO Loan, as applicable, being limited to amounts received on or in respect of the Whole Loan, Specially
Serviced Loan or REO Loan, as applicable (whether in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation
Proceeds), that are allocable as recovery of interest thereon and (B) the Special Servicer, any unpaid Special Servicing Fees,
Liquidation Fees and Workout Fees in respect of a Specially Serviced Loan or an REO Loan, as applicable, remaining unpaid out of
general collections on the Whole Loan, Specially Serviced Loan and REO Property;

 

(iii)       to
reimburse itself or the Trustee, as applicable (in reverse of such order with respect to the Trust Loan), for unreimbursed P&I
Advances with respect to the Trust Loan (other than Nonrecoverable Advances, which are reimbursable pursuant to clause (v)
below) and to reimburse each related Companion Loan Service Provider for unreimbursed Companion Loan Advances with respect to a
related Companion Loan (other than such advance which have been determined to be nonrecoverable, which are reimbursable pursuant
to clause (v) below), the Master Servicer’s, the Trustee’s and the applicable Serviced Companion Loan Service
Provider’s right to reimbursement pursuant to this clause (iii) being limited to amounts received which represent
Late Collections for the Trust Loan or the related Companion Loan, as applicable (as allocated thereto pursuant to the Co-Lender
Agreement), during the applicable period;

 

(iv)        to
reimburse itself or the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO Property), for unreimbursed
Property Advances and Administrative Advances, the Master Servicer’s or the Trustee’s respective rights to receive
payment pursuant to this clause (iv) with respect to the Whole Loan or REO Property being limited to, as applicable, payments
received from the Borrower which represent reimbursements of such Property Advances or Administrative Advances, as applicable,
Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds with respect to the Whole Loan or REO Property;

 

(v)         (A)
first, to reimburse itself and the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO
Property), with respect to Nonrecoverable Property Advances, second, to reimburse or itself and the Trustee, as applicable,
and each related Companion Loan Service Provider (in reverse of such order with respect to the Whole Loan or REO Property) with
respect to Nonrecoverable P&I Advances and nonrecoverable Companion Loan Advances with respect to the Senior Notes, on a pro
rata and pari passu basis (based on the total outstanding principal balance of the Senior Notes), third to reimburse
itself and the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO Property) with respect to
Nonrecoverable P&I Advances with respect to the Junior Note, based on the outstanding

 

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principal balance of the Junior Note,
and fourth, to reimburse itself and the Trustee, as applicable (in reverse of such order with respect to the Whole Loan
or REO Property), with respect to Nonrecoverable Administrative Advances with respect to the Trust Notes, on a pro rata
and pari passu basis (based on the total outstanding principal balance of the Trust Notes), first, out of Liquidation
Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds received on the Whole Loan and REO Property, second,
out of the principal portion of general collections on the Whole Loan and REO Property, and then, to the extent the principal
portion of general collections is insufficient and with respect to such deficiency only, subject to any election at its sole discretion
(or at the Trustee’s sole discretion for the reimbursement of the Trustee) to defer reimbursement thereof pursuant to this
Section 3.06(a) of this Agreement, out of other collections on the Whole Loan and REO Property; provided that, in
the case of Nonrecoverable Property Advances, only to the extent that amounts on deposit in the Collection Account are insufficient
for reimbursement therefor, the Master Servicer shall use commercially reasonable efforts to exercise on behalf of the Trust the
rights of the Trust under the Co-Lender Agreement to obtain reimbursement for a pro rata portion of such amount allocable
to each Companion Loan from the related Companion Loan Holder and (B) to pay itself or the Special Servicer out of general collections
on the Whole Loan and REO Property, with respect to the Whole Loan or REO Property any related earned Servicing Fee, Special Servicing
Fee, Liquidation Fee or Workout Fee, as applicable, that remained unpaid in accordance with clause (ii) above following
a Final Recovery Determination made with respect to the Whole Loan or REO Property and the deposit into the Collection Account
of all amounts received in connection therewith;

 

(vi)        at
such time as it reimburses itself and the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO
Property), for (A) any unreimbursed P&I Advance made with respect to the Trust Loan or any unreimbursed Companion Loan Advances
made with respect to the Companion Loans pursuant to clause (iii) above, to pay itself the Trustee or the applicable Companion
Loan Service Provider, as applicable, any Advance Interest Amounts accrued and payable thereon, (B) any unreimbursed Property Advances
made with respect to the Whole Loan or REO Property or Administrative Advances made with respect to the Trust Loan or REO Property
pursuant to clause (iv) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and
payable thereon or (C) any Nonrecoverable Advances (or nonrecoverable Companion Loan Advances) made with respect to the Trust Loan
or Whole Loan, as applicable, or REO Property pursuant to clause (v) above, to pay itself, the Trustee or the applicable
Companion Loan Service Provider, as the case may be, any Advance Interest Amounts (or interest on Companion Loan Advances) accrued
and payable thereon, in each case first from Penalty Charges as provided in Section 3.12(d) and then from general collections;
provided that, in the case of (A) above, such party’s right to reimbursement pursuant to this clause (vii)
shall be limited to amounts on deposit in the Collection Account allocable to the Trust Loan or the related Companion Loan for
which the advance was made;

 

(vii)       to
reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, for any
unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect giving rise to a

 

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repurchase obligation
of the Trust Loan Sellers under Section 6 of each Trust Loan Purchase Agreements, including, without limitation, any expenses arising
out of the enforcement of the repurchase obligation, together with interest thereon at the Advance Rate, each such Person’s
right to reimbursement pursuant to this clause (vii) with respect to the Trust Loan subject to the following: (a) if the
Repurchase Price is paid for the Trust Loan, then such Person’s right to reimbursement shall be limited to that portion of
the Repurchase Price that represents such expense in accordance with clause (e) of the definition of Repurchase Price, or
(b) if no Repurchase Price or an indemnity payment pursuant to Section 2.03(e) is paid and proceedings are instituted to
enforce the Trust Loan Sellers’ payment or performance pursuant to each Trust Loan Purchase Agreement, then such Person shall
be entitled to reimbursement from the Trust following the adjudication of such proceedings in favor of the Trust Loan Sellers or
settlement of the Breach or Defect claim with respect to collections relating to the Trust Loan;

 

(viii)      to
pay itself all Prepayment Interest Excesses on the Whole Loan (if and to the extent any such Prepayment Interest Excess exceeds
the amount of any Master Servicer Prepayment Interest Shortfalls calculated pursuant to Section 3.17(c) of this Agreement);

 

(ix)        (A)
to pay itself, as additional Servicing Compensation in accordance with Section 3.12(a) of this Agreement, (1) interest and
investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account as provided in Section
3.12(b) of this Agreement (but only to the extent of the net investment earnings with respect to such Collection Account for
any period from any Distribution Date to the immediately succeeding Servicer Remittance Date) and (2) Penalty Charges on the Whole
Loan so long as it is not a Specially Serviced Loan or REO Loan, but only to the extent collected from the Borrower and only to
the extent that all amounts then due and payable with respect to the Whole Loan have been paid and are not needed to pay interest
on Advances or Companion Loan Advances in accordance with Section 3.12 and/or pay or reimburse the Trust for Additional
Trust Fund Expenses incurred with respect to the Whole Loan during or prior to the related Collection Period (including Special
Servicing Fees, Workout Fees or Liquidation Fees); and (B) to pay the Special Servicer, as additional servicing compensation in
accordance with Section 3.12(c) of this Agreement, Penalty Charges on the Whole Loan so long as it is a Specially Serviced
Loan or REO Loan, but only to the extent collected from the Borrower and only to the extent that all amounts then due and payable
with respect to the Specially Serviced Loan have been paid and are not needed to pay interest on Advances or Additional Trust Fund
Expenses (including Special Servicing Fees, Workout Fees or Liquidation Fees), all in accordance with Section 3.12;

 

(x)          to
pay itself, the Special Servicer, the Depositor or any of their respective directors, officers, members, managers, employees and
agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) of this Agreement;

 

(xi)        to
pay for the cost of the Opinions of Counsel contemplated by Sections 3.10(d), 3.10(e), 3.15(a), 3.15(b)
and 10.08 of this Agreement;

 

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(xii)       to
pay out of general collections on the Whole Loan and REO Property any and all federal, state and local taxes imposed on the Upper-Tier
REMIC, the Lower-Tier REMIC or any of their assets or transactions, together with all incidental costs and expenses, to the extent
that none of the Master Servicer, the Special Servicer or the Trustee is liable therefor pursuant to this Agreement;

 

(xiii)      to
reimburse the Trustee, the Custodian or the Certificate Administrator out of general collections on the Whole Loan and REO Property
for expenses incurred by and reimbursable to it by the Trust Fund;

 

(xiv)      to
pay any Person permitted to purchase the Trust Loan under Section 3.16 of this Agreement with respect to the Trust Loan,
if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of
purchase relating to periods after the date of purchase;

 

(xv)       to
pay to itself, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian or the Depositor, as the case may
be, any amount specifically required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement
to which reference is not made in any other clause of this Section 3.06(a) of this Agreement, it being acknowledged that
this clause (xv) shall not be construed to modify any limitation or requirement otherwise set forth in this Agreement as
to the time at which any Person is entitled to payment or reimbursement of any amount or as to the funds from which any such payment
or reimbursement is permitted to be made;

 

(xvi)      to
withdraw from the Collection Account any sums deposited therein in error and pay such sums to the Persons entitled thereto;

 

(xvii)     to
pay from time to time to itself in accordance with Section 3.07(b) of this Agreement any interest or investment income earned
on funds deposited in the Collection Account;

 

(xviii)    [Reserved];

 

(xix)       to
pay itself, the Special Servicer or the Trust Loan Sellers, as the case may be, with respect to the Trust Loan, if any, previously
purchased by such Person pursuant to or as contemplated by this Agreement, all amounts received on the Trust Loan subsequent to
the date of purchase;

 

(xx)        to
pay to the Certificate Administrator, the Trustee, the Custodian or any of their directors, officers, employees, representatives
and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(d) of this
Agreement;

 

(xxi)       pursuant
to the CREFC® License Agreement, to pay the CREFC® License Fee to CREFC® on a monthly
basis;

 

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(xxii)      to
clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01 of this Agreement
; and

 

(xxiii)     to
make remittances each month in an aggregate amount of immediately available funds equal to the Remittance Amount to the Companion
Loan Holders in accordance with Section 3.05(h) and in accordance with the Co-Lender Agreement, including amounts to be
remitted to the Companion Loan Holders or the Companion Loan Servicer Providers under clauses (iii), (v) and (vi);
provided that Liquidation Proceeds relating to the repurchase of a Companion Loan by the related seller thereof shall be
remitted solely to the holder of such Companion Loan, as the case may be, and Liquidation Proceeds relating to the repurchase of
a Trust Loan related to the Whole Loan by the related Trust Loan Seller shall be remitted solely to the Collection Account.

 

For the avoidance of
doubt, and notwithstanding the foregoing provisions of this Section 3.06(a), any such amounts payable from the Collection
Account to the Special Servicer, the Certificate Administrator, the Trustee or to itself for which the Master Servicer (or the
Trustee) is required to advance as an Administrative Advance shall be paid from Administrative Advances therefor deposited into
the Collection Account (or deemed deposited into the Collection Account if such payment is advanced by the Master Servicer (or
the Trustee) directly to the party entitled to such payment).

 

Upon written request,
the Master Servicer shall provide to the Certificate Administrator such records and any other information in the possession of
the Master Servicer to enable the Certificate Administrator to determine the amounts attributable to the Lower-Tier REMIC.

 

The Master Servicer shall
pay to the Trustee, the Certificate Administrator or the Special Servicer from the Collection Account amounts permitted to be paid
to the Trustee, the Certificate Administrator or the Special Servicer therefrom, promptly upon receipt of a certificate of a Responsible
Officer of the Trustee, a Responsible Officer of the Certificate Administrator or a Servicing Officer of the Special Servicer,
as applicable, describing the item and amount to which such Person is entitled (unless such payment to the Trustee, the Certificate
Administrator or the Special Servicer, as the case may be, is specifically required pursuant to this Agreement and the timing and
the amount of payment is specified in, or calculable pursuant to, this Agreement, in which case a certificate is not required).
The Master Servicer may rely conclusively on any such certificate and shall have no duty to recalculate the amounts stated therein.

 

The Trustee, the Certificate
Administrator, the Custodian, the Special Servicer, the Master Servicer and CREFC® shall in all cases have a right
prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment
of the Servicing Compensation (including investment income), Trustee/Certificate Administrator Fees, Special Servicing Compensation
(including investment income), the CREFC® License Fee, Advances, Advance Interest Amounts (for the Master Servicer
or the Trustee), their respective indemnification payments (if any) pursuant to Section 6.03, Section 8.05 or Section
10.02 of this Agreement (for each of such Persons other than CREFC®), their respective expenses hereunder to
the extent such fees and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this
Agreement. For the

 

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avoidance of doubt, any fees or expenses (including legal fees) for which a party is to be indemnified pursuant
to Section 6.03 herein may be submitted directly to the Trust Fund to be paid from amounts on deposit in the Collection
Account. In addition, the Certificate Administrator, the Trustee, the Special Servicer and the Master Servicer shall in all cases
have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement
or payment of any federal, state or local taxes imposed on either Trust REMIC.

 

Upon the determination
that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would exceed the full
amount of the principal portion of general collections on the Whole Loan deposited in the Collection Account and available for
distribution on the next Distribution Date, the Master Servicer or the Trustee, each at its own option and in its sole discretion,
as applicable, instead of obtaining reimbursement for the remaining amount of such Nonrecoverable Advance pursuant to Section
3.06(a) or Section 3.06(b) of this Agreement immediately, may elect to refrain from obtaining such reimbursement for
such portion of the Nonrecoverable Advance during the Collection Period ending on the then-current Determination Date for successive
one-month periods for a total period not to exceed 12 months. If the Master Servicer or the Trustee makes such an election at its
sole option and in its sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together
with interest thereon), then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to
be fully reimbursable in the subsequent Collection Period (subject, again, to the same sole discretion to elect to defer; it is
acknowledged that, in such a subsequent period, such Nonrecoverable Advance shall again be payable first from Principal
Collections as described above prior to payment from other collections). In connection with a potential election by the Master
Servicer or the Trustee to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the
one-month Collection Period ending on the related Determination Date for any Distribution Date, the Master Servicer or the Trustee
shall further be authorized (in its sole discretion) to wait for Principal Collections on the Trust Loan and the Companion Loans
to be received before making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance
(or portion thereof) until the end of such Collection Period; provided, however, the Master Servicer or the Trustee
shall give notice of its election to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement), at least 15 days prior to any reimbursement to
it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the Whole Loan unless (1) the Master
Servicer or the Trustee determines in its sole discretion that waiting 15 days after such a notice could jeopardize its ability
to recover Nonrecoverable Advances, (2) changed circumstances or new or different information becomes known to the Master Servicer
or the Trustee that could affect or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer
reimbursement of a Nonrecoverable Advance or the determination in clause (1) above, or (3) the Master Servicer or the Trustee has
not timely received from the Certificate Administrator information requested by the Master Servicer or the Trustee to consider
in determining whether to defer reimbursement of a Nonrecoverable Advance; provided that, if clause (1), (2) or (3) apply,
the Master Servicer or the Trustee shall give notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts
in the Collection Account allocable to interest on the Whole Loan as soon as reasonably practicable in such circumstances to the
17g-5 Information Provider (who shall

 

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promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement). Neither the Master Servicer nor the Trustee shall have any liability for any loss, liability or
expense resulting from any notice provided to each Rating Agency contemplated by the immediately preceding sentence.

 

The foregoing shall not,
however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply
with the conditions to making such an election under this Section 3.06(a) or to comply with the terms of this Section
3.06(a) and the other provisions of this Agreement that apply once such an election, if any, has been made. If the Master Servicer
or the Trustee, as applicable, determines, in its sole discretion, that it should recover the Nonrecoverable Advances without deferral
as described above, then the Master Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable
Advances with interest thereon at the Advance Rate from all amounts in the Collection Account for such Distribution Date. Any such
election by any such party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable Advance or portion
thereof with respect to any one or more Collection Periods shall not limit the accrual of interest at the Advance Rate on such
Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. The Master Servicer’s
or the Trustee’s, as applicable, election to defer reimbursement of such Nonrecoverable Advances as set forth above is an
accommodation to the Certificateholders and the Companion Loan Holders and shall not be construed as an obligation on the part
of the Master Servicer or the Trustee, as applicable, or a right of the Certificateholders or the Companion Loan Holders. Nothing
herein shall be deemed to create in the Certificateholders or the Companion Loan Holders a right to prior payment of distributions
over the Master Servicer’s or the Trustee’s, as applicable, right to reimbursement for Advances (deferred or otherwise).
In all events, the decision to defer reimbursement or to seek immediate reimbursement of Nonrecoverable Advances shall be deemed
to be (a) in accordance with the Servicing Standard with respect to the Master Servicer and (b) in accordance with good faith business
judgment, with respect to the Trustee, and in each case, neither the Master Servicer, the Trustee nor the other parties to this
Agreement shall have any liability to one another or to any of the Certificateholders or the Companion Loan Holders for any such
election that such party makes as contemplated by this Section 3.06(a) or for any losses, damages or other adverse economic
or other effects that may arise from such an election.

 

None of the Master Servicer,
the Special Servicer or the Trustee shall be permitted to reverse any other Person’s determination that an Advance is a Nonrecoverable
Advance.

 

If the Master Servicer
or the Trustee, as applicable, is reimbursed out of general collections for any unreimbursed Advances that are determined to be
Nonrecoverable Advances (together with any interest accrued and payable thereon at the Advance Rate), then (for purposes of calculating
distributions on the Certificates) such reimbursement and payment of interest shall be deemed to have been made: first,
out of the Principal Distribution Amount, which, but for its application to reimburse a Nonrecoverable Advance and/or to pay interest
thereon at the Advance Rate, would be included in Available Funds for any subsequent Distribution Date and, second, out
of other amounts which, but for their application to reimburse a Nonrecoverable Advance and/or to pay interest thereon, would be
included in Available Funds for any subsequent Distribution Date.

 

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(b)          Notwithstanding
anything to the contrary contained herein, with respect to each Companion Loan, the Master Servicer shall withdraw from the related
Collection Account and remit to the related Companion Loan Holders, within one (1) Business Day of receipt of properly identified
funds, any amounts that represent Late Collections or Principal Prepayments on such Companion Loan or any successor REO Loan with
respect thereto (exclusive of any portion of such amount payable or reimbursable to any third party in accordance with the Co-Lender
Agreement or this Agreement), unless such amount would otherwise be included in the monthly remittance to the holder of such Companion
Loan for such month; provided, however, that to the extent any such amounts are received after 3:00 p.m. Eastern
time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such Late Collections or
Principal Prepayments to the applicable Other Servicer within one (1) Business Day of receipt of properly identified funds but,
in any event, the Master Servicer shall remit such amounts within two (2) Business Days of receipt of properly identified funds.

 

If the Master Servicer
fails, as of 5:00 p.m. (New York City time) on any Servicer Remittance Date or any other date a remittance is required to be made,
to remit to the Certificate Administrator (in respect of the Trust Loan) or the Companion Loan Holders (in respect of the Companion
Loans) any amounts required to be so remitted hereunder by such date (including any P&I Advance pursuant to Section 4.07
and any Excess Liquidation Proceeds allocable to the Companion Loans pursuant to Section 4.01(e)), the Master Servicer shall
pay to the Certificate Administrator (in respect of the Trust Loan) or the Companion Loan Holders (in respect of the Companion
Loans), for the account of the Certificate Administrator (in respect of the Trust Loan) or related Companion Loan Holder (in respect
of each Companion Loan), interest, calculated at the Prime Rate, on such amount(s) not timely remitted, from the time such payment
was required to be made (without regard to any grace period) until (but not including) the date such late payment is received by
the Certificate Administrator or the related Companion Loan Holder, as applicable.

 

(c)          On
each Servicer Remittance Date, all net income and gain realized from investment of funds to which the Master Servicer or the Special
Servicer is entitled pursuant to Section 3.07(b) of this Agreement shall be subject to withdrawal by the Master Servicer
or the Special Servicer, as applicable.

 

(d)          If
amounts required to pay the expenses allocable to the Companion Loans exceed amounts on deposit in the Collection Account and the
Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, shall have sought reimbursement
from the Trust Fund with respect to such expenses allocable to the Companion Loans, the Master Servicer or Special Servicer, as
applicable, shall seek (on behalf of the Trust Fund, subject to the Co-Lender Agreement) payment or reimbursement for the pro
rata portion of such expenses allocable to each Companion Loan from the related Companion Loan Holder or, if such Companion
Loan has been deposited into a securitization, out of general collections in the collection account established pursuant to the
related Other Pooling and Servicing Agreement.

 

(e)          [Reserved].

 

(f)          The
Certificate Administrator, may, from time to time, make withdrawals from the Lower-Tier Distribution Account for any of the following
purposes (the order set forth

 

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below shall not indicate any order of priority), in each case to the extent not previously paid from
the Collection Account:

 

(i)         to
make deposits of the Lower-Tier Distribution Amount and the amount of any Prepayment Charges distributable pursuant to Section
4.01(a) of this Agreement in the Upper-Tier Distribution Account, and to make distributions on the Class LR Certificates pursuant
to Section 4.01(a) of this Agreement;

 

(ii)        to
pay itself, the Trustee and the Custodian respective portions of any accrued but unpaid Trustee/Certificate Administrator Fees;

 

(iii)       to
pay itself an amount equal to all net income and gain realized from investment of funds in the Lower-Tier Distribution Account
pursuant to Section 3.07(b) of this Agreement;

 

(iv)       to
pay to itself, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents, as the case
may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(c) and Section 8.05(d) of
this Agreement;

 

(v)        to
recoup any amounts deposited in the Lower-Tier Distribution Account in error; and

 

(vi)       to
clear and terminate the Lower-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of
this Agreement.

 

(g)        The
Certificate Administrator, may make withdrawals from the Upper-Tier Distribution Account for any of the following purposes:

 

(i)          to
make distributions to Certificateholders (other than Holders of the Class LR Certificates) on each Distribution Date pursuant to
Section 4.01 or 9.01 of this Agreement, as applicable;

 

(ii)        to
recoup any amounts deposited in the Upper-Tier Distribution Account in error; and

 

(iii)       to
clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of
this Agreement.

 

Section 3.07  Investment
of Funds in the Collection Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and the Reserve Accounts.
(a) The Master Servicer (with respect to the Collection Account and the Borrower Accounts (as defined below and subject to the
second succeeding sentence)) and the Special Servicer (with respect to any REO Account) may direct any depository institution
maintaining the Collection Account, the Borrower Accounts and the REO Account (each such account, for purposes of this Section
3.07, an “Investment Account”), to invest the funds in such Investment Account maintained by it in one
or more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable on demand, no later
than the Business Day preceding the date on which such

 

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funds are required to be withdrawn from such Investment Account pursuant
to this Agreement. Any investment of funds on deposit in an Investment Account by the Master Servicer or the Special Servicer
shall be documented in writing and shall provide evidence that such investment is a Permitted Investment which matures at or prior
to the time required hereby or is payable on demand. In the case of any Escrow Account, Lock-Box Account, Cash Collateral Account
or Reserve Account (the “Borrower Accounts”), the Master Servicer shall act upon the written request of the
Borrower or Manager to the extent that the Master Servicer is required to do so under the terms of the Loan Documents, provided that in the absence of appropriate written instructions from the Borrower or Manager meeting the requirements of this Section
3.07, the Master Servicer shall have no obligation to, but will be entitled to, direct the investment of funds in such accounts
in Permitted Investments. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of
funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such) or in the name of a nominee
of the Trustee. Neither the Certificate Administrator nor the Trustee shall have any responsibility or liability with respect
to the investment directions of the Master Servicer, the Special Servicer, the Borrower or Manager or any losses resulting therefrom,
whether from Permitted Investments or otherwise. The Master Servicer shall have no responsibility or liability with respect to
the investment directions of the Special Servicer, the Certificate Administrator, the Trustee, the Borrower or Manager or any
losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall have no responsibility
or liability with respect to the investment directions of the Master Servicer, the Certificate Administrator, the Trustee, the
Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on
deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master Servicer (or
the Special Servicer) shall:

 

(x)          consistent
with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment
may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount required
to be withdrawn on such date; and

 

(y)         demand
payment of all amounts due thereunder promptly upon determination by the Master Servicer (or the Special Servicer) that such Permitted
Investment would not constitute a Permitted Investment in respect of funds thereafter on deposit in the related Investment Account.

 

(b)         All
income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the Master Servicer
(except with respect to the investment of funds deposited in (i) the Borrower Accounts, which shall be for the benefit of the Borrower
to the extent required under the Loan Documents or applicable law or (ii) the REO Account, which shall be for the benefit of the
Special Servicer) and, if held in the Collection Account or REO Account shall be subject to withdrawal by the Master Servicer or
the Special Servicer, as applicable, in accordance with Section 3.06 or Section 3.15(b) of this Agreement, as applicable.
The Master Servicer, or with respect to the REO Account, the Special Servicer, shall deposit from its own funds into the Collection
Account or any REO Account, as applicable, the amount of any loss incurred in respect of any such Permitted Investment immediately
upon realization of such loss; provided, however, that the Master Servicer or the Special Servicer, as applicable,
may reduce the amount of such payment to the extent it forgoes any investment

 

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income in such Investment Account otherwise payable
to it. The Master Servicer shall also deposit from its own funds in the Borrower Account immediately upon realization of such loss
the amount of any loss incurred in respect of Permitted Investments, except to the extent that amounts are invested at the direction
of or for the benefit of the Borrower under the terms of the Loan Documents or applicable law; provided that neither the
Master Servicer nor the Special Servicer shall be required to deposit any loss on an investment of funds in an Investment Account
if such loss is incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust
company that holds such Investment Account, so long as such depository institution or trust company has satisfied the qualifications
set forth in the definition of Eligible Account both (x) at the time the investment was made and (y) 30 days prior to such insolvency.

 

(c)          Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, in either case as a result of an action
or inaction of the Master Servicer or the Special Servicer, as applicable, the Trustee may, and upon the request of Holders of
Certificates entitled to a majority of the Voting Rights allocated to any Class shall, take such action as may be appropriate to
enforce such payment or performance, including the institution and prosecution of appropriate proceedings. In the event the Trustee
takes any such action, (i) the Master Servicer, if such Permitted Investment was for the benefit of the Master Servicer or (ii)
the Special Servicer, if such Permitted Investment was for the benefit of the Special Servicer, shall pay or reimburse the Trustee
for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in connection therewith.

 

For the avoidance of
doubt, the Collection Account, each REO Account, the Interest Reserve Account and the Lower-Tier Distribution Account (including
interest, if any, earned on the investment of funds in such accounts) will be owned by the Lower-Tier REMIC, and the Upper-Tier
Distribution Account shall be owned by the Upper-Tier REMIC, each for federal income tax purposes.

 

Section 3.08  Maintenance
of Insurance Policies and Errors and Omissions and Fidelity Coverage. (a) Unless the Whole Loan is an REO Loan, the Master
Servicer shall use efforts consistent with the Servicing Standard to cause the Borrower to maintain the following insurance coverage
(including identifying the extent to which the Borrower is maintaining insurance coverage and, if the Borrower does not maintain
such coverage, the Master Servicer will itself cause such coverage to be maintained with Qualified Insurers) for the Mortgaged
Property: (x) except where the Loan Documents permit the Borrower to rely on self-insurance provided by a tenant, a fire and casualty
extended coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that is at least equal
to the lesser of (i) the full replacement cost of improvements securing the Whole Loan or (ii) the Stated Principal Balance of
the Whole Loan, but, in any event, in an amount sufficient to avoid the application of any co-insurance clause and (y) all other
insurance coverage (including, but not limited to, coverage for acts of terrorism) that is required, subject to applicable law,
under the Loan Documents; provided that:

 

(i)         the
Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on the Mortgaged Property unless
the Trustee has an

 

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insurable interest and such insurance policy (x) was in effect at the time of the origination of the Whole Loan
or (y) was required by the Loan Documents and is available at commercially reasonable rates, provided that the Master Servicer
shall require the Borrower to maintain such insurance in the amount, in the case of clause (x), maintained at origination,
and in the case of clause (y), required by the Whole Loan to the extent such amounts are available at commercially reasonable
rates and to the extent the Trustee has an insurable interest;

 

(ii)        if
and to the extent that the Loan Document grants the lender thereunder any discretion (by way of consent, approval or otherwise)
as to the insurance provider from whom the Borrower is to obtain the requisite insurance coverage, the Master Servicer shall (to
the extent consistent with the Servicing Standard) require the Borrower to obtain the requisite insurance coverage from Qualified
Insurers;

 

(iii)       the
Master Servicer shall have no obligation beyond using its efforts consistent with the Servicing Standard to cause the Borrower
to maintain the insurance required to be maintained under the Loan Documents; provided, however, that this clause
shall not limit the Master Servicer’s obligation to obtain and maintain a force-placed insurance policy, as provided herein;

 

(iv)       except
as provided below (including under clause (vi) below), in no event shall the Master Servicer be required to cause the Borrower
to maintain, or itself obtain, insurance coverage to the extent that the failure of the Borrower to maintain insurance coverage
is an Acceptable Insurance Default (as determined by the Special Servicer);

 

(v)        to
the extent that the Master Servicer itself is required to maintain insurance that the Borrower does not maintain, the Master Servicer
will not be required to maintain insurance other than what is available to the Master Servicer on a force-placed basis at commercially
reasonable rates, and only to the extent the Trustee as lender has an insurable interest thereon; and

 

(vi)       any
explicit terrorism insurance requirements contained in the Loan Documents shall be enforced by the Master Servicer in accordance
with the Servicing Standard, unless the Special Servicer has consented to a waiver (including a waiver to permit the Master Servicer
to accept insurance that does not comply with specific requirements contained in the Loan Documents) in writing of that provision
in accordance with the Servicing Standard; provided that the Special Servicer shall promptly notify the Master Servicer
in writing of such waiver.

 

The Master Servicer shall
notify the Special Servicer, the Certificate Administrator and the Trustee if the Master Servicer determines in accordance with
the Servicing Standard that the Borrower has failed to maintain insurance required under the Loan Documents and such failure materially
and adversely affects the interests of the Certificateholders or if the Borrower has notified the Master Servicer in writing that
the Borrower does not intend to maintain such insurance and that the Master Servicer has determined in accordance with the Servicing
Standard that such failure materially and adversely affects the interests of the Certificateholders.

 

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Subject to Section
3.15(b) of this Agreement, if the Mortgaged Property is an REO Property, the Special Servicer shall use efforts, consistent
with the Servicing Standard, to maintain (subject to the right of the Special Servicer to direct the Master Servicer to make a
Property Advance for the costs associated with coverage that the Special Servicer determines to maintain, in which case the Master
Servicer shall make such Property Advance) with Qualified Insurers to the extent reasonably available at commercially reasonable
rates and to the extent the Trustee has an insurable interest, (a) a fire and casualty extended coverage insurance policy, which
does not provide for reduction due to depreciation, in an amount that is at least equal to the lesser of the full replacement value
of the Mortgaged Property or the Stated Principal Balance of the Whole Loan or the REO Loan (taking into account the value of the
Companion Loans), as applicable (or such greater amount of coverage required by the Loan Documents (unless such amount is not available)),
but, in any event, in an amount sufficient to avoid the application of any co-insurance clause, (b) a comprehensive general liability
insurance policy with coverage comparable to that which would be required under prudent lending requirements and in an amount not
less than $1.0 million per occurrence, and (c) to the extent consistent with the Servicing Standard, a business interruption or
rental loss insurance covering revenues or rents for a period of at least 18 months; provided, however, that the
Special Servicer shall not be required in any event to maintain or obtain insurance coverage described in this paragraph beyond
what is reasonably available at a commercially reasonable rate and consistent with the Servicing Standard.

 

All such insurance policies
maintained as described above shall contain (if they insure against loss to property) a “standard” mortgagee clause,
with loss payable to the Master Servicer (on behalf of the Trustee on behalf of Certificateholders and the Companion Loan Holders),
or shall name the Trustee as the insured, with loss payable to the Special Servicer on behalf of the Trustee (on behalf of Certificateholders
and the Companion Loan Holders) (in the case of insurance maintained if the Mortgaged Property is an REO Property). Any amounts
collected by the Master Servicer or Special Servicer, as applicable, under any such policies (other than amounts to be applied
to the restoration or repair of the Mortgaged Property or REO Property or amounts to be released to the Borrower, in each case
in accordance with the Servicing Standard) shall be deposited in the Collection Account, subject to withdrawal pursuant to Section
3.06 of this Agreement, in the case of amounts received in respect of the Whole Loan, or in the REO Account of the Special
Servicer, subject to withdrawal pursuant to Section 3.15 of this Agreement, in the case of amounts received in respect of
the REO Property. Any cost incurred by the Master Servicer or the Special Servicer in maintaining any such insurance shall not,
for purposes hereof, including calculating monthly distributions to Certificateholders or Companion Loan Holders, be added to the
Stated Principal Balance of the Whole Loan, notwithstanding that the terms of the Loan Agreement may so permit; provided,
however, that this sentence shall not limit the rights of the Master Servicer or Special Servicer on behalf of the Trust
Fund to enforce any obligations of the Borrower under the Whole Loan. Any costs incurred by the Master Servicer in maintaining
insurance policies in respect of the Whole Loan or a Specially Serviced Loan (other than the REO Property) (i) if the Borrower
defaults on its obligation to do so, shall be advanced by the Master Servicer as a Property Advance and will be charged to the
Borrower and (ii) shall not, for purposes of calculating monthly distributions to Certificateholders, be added to the Stated Principal
Balance of the Whole Loan, notwithstanding that the terms of the Whole Loan may so permit. Any cost incurred by the Special Servicer
in maintaining any such insurance policies with respect to the REO Property shall be an expense of

 

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the Trust Fund (allocated
in accordance with the allocation provisions of the Co-Lender Agreement) payable out of the REO Account or, if the amount on deposit
therein is insufficient therefor, advanced by the Master Servicer as a Property Advance (or paid from the Collection Account if
the Master Servicer determines such Advance would be a Nonrecoverable Advance, subject to Section 3.21(d) of this Agreement).

 

(b)          If
either:

 

(x) the Master
Servicer or Special Servicer obtains and maintains, or causes to be obtained and maintained, a blanket policy or master force-placed
policy insuring against hazard losses on all of the Mortgaged Property or REO Property, as applicable, then, to the extent such
policy

 

(i) is obtained
from a Qualified Insurer, and

 

(ii) provides
protection equivalent to the individual policies otherwise required, or

 

(y)
the Master Servicer or Special Servicer has long-term unsecured debt obligations or deposit accounts that are rated not lower
than “A3” by Moody’s, and the Master Servicer or Special Servicer self-insures for its obligation to
maintain the individual policies otherwise required, then the Master Servicer or the Special Servicer, as the case may be,
shall conclusively be deemed to have satisfied its obligation to cause hazard insurance to be maintained on the Mortgaged
Property or REO Property, as applicable.

 

Such a blanket or master
force-placed policy may contain a deductible clause (not in excess of a customary amount), in which case the Master Servicer or
Special Servicer, as the case may be, that maintains such policy shall, if there shall not have been maintained on the Mortgaged
Property or REO Property thereunder a hazard insurance policy complying with the requirements of Section 3.08(a) of this
Agreement, and there shall have been one or more losses that would have been covered by such an individual policy, promptly deposit
into the Collection Account, from its own funds, the amount not otherwise payable under the blanket or master force-placed policy
in connection with such loss or losses because of such deductible clause to the extent that any such deductible exceeds the deductible
limitation that pertained to the Whole Loan (or, in the absence of any such deductible limitation, the deductible limitation for
an individual policy which is consistent with the Servicing Standard). The Master Servicer and Special Servicer, as the case may
be, shall prepare and present, on behalf of itself, the Trustee and Certificateholders and the Companion Loan Holders claims under
any such blanket or master force-placed policy maintained by it in a timely fashion in accordance with the terms of such policy.
If the Master Servicer or Special Servicer, as applicable, causes the Mortgaged Property or REO Property to be covered by such
“force-placed” insurance policy, the incremental costs of such insurance applicable to the Mortgaged Property or REO
Property (i.e., other than any minimum or standby premium payable for such policy whether or not the Mortgaged Property
or REO Property is covered thereby) shall be paid as a Property Advance.

 

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(c)          If
the Whole Loan is subject to an Environmental Insurance Policy, and the Master Servicer has actual knowledge of any event giving
rise to a claim under an Environmental Insurance Policy, the Master Servicer shall notify the Special Servicer to such effect and
the Master Servicer shall take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions
of such Environmental Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust is
entitled thereunder. If the Whole Loan becomes a Specially Serviced Loan or an REO Loan and is subject to an Environmental Insurance
Policy, if the Special Servicer has actual knowledge of any event giving rise to a claim under an Environmental Insurance Policy,
such Special Servicer shall take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions
of such Environmental Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust, on
behalf of the Certificateholders and the Companion Loan Holders, is entitled thereunder. Any legal fees or other out-of-pocket
costs incurred in accordance with the Servicing Standard in connection with any claim under an Environmental Insurance Policy described
above (whether by the Master Servicer or Special Servicer) shall be paid by, and reimbursable to, the Master Servicer as a Property
Advance.

 

(d)          The
Master Servicer and Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special
Servicer, at all times during the term of this Agreement during which the Whole Loan is a Specially Serviced Loan or an REO
Loan) keep in force with a Qualified Insurer, a fidelity bond in such form and amount as are consistent with the Servicing
Standard. The Master Servicer or Special Servicer, as applicable, shall be deemed to have complied with the foregoing
provision if an Affiliate thereof has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage
afforded thereunder extends to the Master Servicer or Special Servicer, as the case may be. Such fidelity bond shall provide
that it may not be canceled without ten days’ prior written notice to the Trustee. So long as the long-term unsecured
debt obligations or deposit accounts of the Master Servicer (or its corporate parent if such insurance is guaranteed by its
parent) or the Special Servicer (or its corporate parent if such insurance is guaranteed by its parent), as applicable, are
rated not lower than “A-” by S&P, the Master Servicer or the Special Servicer, as applicable, may self-insure
with respect to the fidelity bond coverage required as described above, in which case it shall not be required to maintain an
insurance policy with respect to such coverage.

 

The Master Servicer and
Special Servicer, as applicable, shall at all times during the term of this Agreement (or, in the case of the Special Servicer,
at all times during the term of this Agreement during which the Whole Loan is a Specially Serviced Loan or an REO Loan) also keep
in force with a Qualified Insurer a policy or policies of insurance covering loss occasioned by the errors and omissions of its
officers and employees in connection with their servicing obligations hereunder, which policy or policies shall be in such form
and amount as are consistent with the Servicing Standard. The Master Servicer or the Special Servicer, as applicable, shall be
deemed to have complied with the foregoing provisions if an Affiliate thereof has such insurance and, by the terms of such policy
or policies, the coverage afforded thereunder extends to the Master Servicer or Special Servicer, as the case may be. Any such
errors and omissions policy shall provide that it may not be canceled without ten days’ prior written notice to the Trustee.
So long as the long-term unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate parent if such
insurance is guaranteed by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated not lower than

 

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“A”
by S&P, the Master Servicer or the Special Servicer, as applicable, may self-insure with respect to the errors and omissions
coverage required as described above, in which case it shall not be required to maintain an insurance policy with respect to such
coverage.

 

Section 3.09  Enforcement
of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions. (a) If the Whole Loan contains a provision in the
nature of a “due-on-sale” clause (including, without limitation, sales or transfers of the Mortgaged Property (in
full or part) or the sale, transfer, pledge or hypothecation of direct or indirect interests in the Borrower or its owners), which
by its terms:

 

(i)         provides
that the Whole Loan will (or may at the mortgagee’s option) become due and payable upon the sale or other transfer of an
interest in the Mortgaged Property (including, without limitation, the sale, transfer, pledge or hypothecation of direct or indirect
interests in the Borrower or its owners),

 

(ii)        provides
that the Whole Loan may not be assumed without the consent of the related mortgagee in connection with any such sale or other transfer,
or

 

(iii)       provides
that the Whole Loan may be assumed or transferred without the consent of the mortgagee, provided certain conditions set
forth in the Loan Documents are satisfied,

 

then, for so long as the Trust Loan
is included in the Trust Fund, neither the Master Servicer (with respect to the Whole Loan if it is a Performing Loan) (with the
consent of the Special Servicer) nor the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan),
as applicable, on behalf of the Trust Fund, shall be required to enforce any such due-on-sale clauses and in connection therewith
neither shall be required to (x) accelerate payments thereon or (y) withhold its consent to such an assumption if (1) such provision
is not enforceable under applicable law or if the Master Servicer (with respect to the Whole Loan if it is a Performing Loan, and
with the consent of the Special Servicer) or the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced
Loan or an REO Loan), as applicable, determines, that the enforcement of such provision is reasonably likely to result in meritorious
legal action by the Borrower or (2) the Master Servicer (with the consent of the Special Servicer) or the Special Servicer, as
applicable, determines, in accordance with the Servicing Standard, that granting such consent would be likely to result in a greater
recovery, on a present value basis (discounting at the related Calculation Rate), than would enforcement of such clause. If the
Master Servicer (with respect to the Whole Loan if it is a Performing Loan and with the consent of the Special Servicer) or the
Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan), as applicable, determines
that (A) granting such consent would be likely to result in a greater recovery, (B) such provision is not legally enforceable,
or (C) that the conditions described in clause (a)(iii) above relating to the assumption or transfer of the Whole Loan have
been satisfied, the Master Servicer (with respect to the Whole Loan if it is a Performing Loan) (with the consent of the Special
Servicer) or the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or REO Loan) is authorized
to take or enter into an assumption agreement from or with the Person to whom the Mortgaged Property has been or is about to be
conveyed, and to release the original Borrower from liability upon the Whole Loan and substitute the new borrower as obligor thereon,
provided that (a) the credit status of the prospective new borrower is in compliance with the Master 

 

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Servicer’s or the Special Servicer’s
servicing standards and criteria and the terms of the Mortgage and (b) the Master Servicer (with respect to the Whole Loan if
it is a Performing Loan) or the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or REO Loan),
as applicable, has received a No Downgrade Confirmation from each the Rating Agencies (or has been deemed to satisfy such requirement).
In addition, with respect to each Companion Loan, neither the Master Servicer nor the Special Servicer shall waive any rights
under a due on sale clause unless it first obtains a No Downgrade Confirmation with respect to the Companion Loan Securities to
the extent required under the related Other Securitization Trust. The Master Servicer and the Special Servicer shall be entitled
to rely on the master servicer and/or the special servicer of the related Other Securitization Trust to determine whether a No
Downgrade Confirmation is required with respect to any related Companion Loan under such Other Securitization Trust. In connection
with each such assumption or substitution entered into by the Special Servicer, the Special Servicer shall give prior notice thereof
to the Master Servicer. The Master Servicer (with respect to the Whole Loan if it is a Performing Loan) or the Special Servicer
(with respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan) shall notify the Trustee and the Certificate
Administrator that any such assumption or substitution agreement has been completed by forwarding to the Custodian (with a copy
to the Master Servicer, the Certificate Administrator and the Trustee, as applicable) the original copy of such agreement, which
copies shall be added to the Mortgage File and shall, for all purposes, be considered a part of the Mortgage File to the same
extent as all other documents and instruments constituting a part thereof. To the extent not otherwise precluded by the Loan Documents,
neither the Master Servicer (with respect to the Whole Loan if it is a Performing Loan) (with the consent of the Special Servicer)
nor the Special Servicer (with respect to a Specially Serviced Loan or an REO Loan) shall approve an assumption or substitution
without requiring the Borrower to pay any fees owed to the Rating Agencies associated with the approval of such assumption or
substitution. However, in the event that the Borrower is required but fails to pay such fees, such fees shall be an expense of
the Trust Fund; provided that, with respect to the Companion Loans, the Master Servicer (if the Whole Loan is a Performing
Loan) or the Special Servicer (if the Whole Loan is a Specially Serviced Mortgage Loan), shall be required, after receiving payment
from amounts on deposit in the Collection Account, if any, to (i) promptly notify the Companion Loan Holders and (ii) use efforts
consistent with the Servicing Standard to exercise on behalf of the Trust Fund the rights of the Trust Fund under the Co-Lender
Agreement to obtain reimbursement for a pro rata portion of such amount allocable to each Companion Loan from the related
Companion Loan Holder.

 

(b)         If
the Whole Loan contains a provision in the nature of a “due-on-encumbrance” clause, which by its terms:

 

(i)          provides
that the Whole Loan shall (or may at the mortgagee’s option) become due and payable upon the creation of any lien or other
encumbrance on the Mortgaged Property or any direct or indirect ownership interest in the Borrower (including, unless specifically
permitted, any additional mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity
in the Borrower or its owners),

 

(ii)        requires
the consent of the mortgagee to the creation of any such lien or other encumbrance on the Mortgaged Property (including, without
limitation, any

 

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additional mezzanine financing of the
Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its owners), or

 

(iii)       provides
that the Mortgaged Property may be further encumbered without the consent of the mortgagee (including, without limitation, any
additional mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower
or its owners), provided that certain conditions set forth in the Loan Documents are satisfied,

 

then, neither the Master Servicer
(with respect to the Whole Loan if it is a Performing Loan) (with the consent of the Special Servicer) nor the Special Servicer
(with respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan), on behalf of the Trust Fund, shall be required
to enforce such due-on-encumbrance clauses and in connection therewith, will not be required to (i) accelerate the payments on
the Whole Loan or (ii) withhold its consent to such lien or encumbrance, if the Master Servicer (with the consent of the Special
Servicer) or the Special Servicer, as applicable, (x) determines, in accordance with the Servicing Standard that such enforcement
would not be in the best interests of the Trust Fund and Companion Loans Holders, or that in the case of the circumstances described
in clause (b)(iii) above, that the conditions to further encumbrance have been satisfied and (y) receives a No Downgrade
Confirmation from the Rating Agencies (or has been deemed to satisfy such requirement). In addition, with respect to the Companion
Loans, neither the Master Servicer nor the Special Servicer shall waive any rights under a due on encumbrance clause unless it
first obtains a No Downgrade Confirmation with respect to the related Companion Loan Securities to the extent required under each
related Other Securitization Trust. The Master Servicer and the Special Servicer shall be entitled to rely on the master servicer
and/or the special servicer of the Other Securitization Trusts to determine whether a No Downgrade Confirmation is required with
respect to the Companion Loan under the related Other Securitization Trust. To the extent not otherwise precluded by the Loan
Documents, neither the Master Servicer (with respect to the Whole Loan if it is a Performing Loan and with the consent of the
Special Servicer) nor the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or REO Loan) shall
approve such lien or encumbrance without requiring the Borrower to pay any fees owed to the Rating Agencies associated with the
approval of such lien or encumbrance. However, in the event that the Borrower is required but fails to pay such fees, such fees
shall be an expense of the Trust Fund; provided that the Master Servicer (if the Whole Loan is a Performing Loan) or the
Special Servicer (if the Whole Loan is a Specially Serviced Mortgage Loan), shall be required, after receiving payment from amounts
on deposit in the Collection Account, if any, to (i) promptly notify the Companion Loan Holders and (ii) use efforts consistent
with the Servicing Standard to exercise on behalf of the Trust Fund the rights of the Trust Fund under the Co-Lender Agreement
to obtain reimbursement for a pro rata portion of such amount allocable to each Companion Loan from the related Companion
Loan Holder.

 

(c)          [Reserved].

 

(d)          The
Master Servicer and the Special Servicer, as applicable, shall each provide copies of any waivers it effects pursuant to Section
3.09(a) or (b) of this Agreement to the other party and the 17g-5 Information Provider (which shall promptly post such
waivers to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) with respect to
the Trust Loan.

 

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(e)          Nothing
in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice
of any assumption of the Trust Loan, any sale or other transfer of the Mortgaged Property or the creation of any lien or other
encumbrance with respect to the Mortgaged Property.

 

(f)          In
connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, the Special Servicer shall
not agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a)
of this Agreement shall contain any terms that are different from, any term of the Whole Loan or the Note, other than pursuant
to Section 3.26 hereof, as applicable.

 

(g)         When
the Special Servicer’s consent is requested under this Section 3.09, such consent shall be deemed given 15 Business
Days after receipt (unless earlier objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s
written analysis and recommendation with respect to such proposed action together with such other information reasonably required
by the Special Servicer.

 

(h)         If
the Whole Loan permits release of the Mortgaged Property through defeasance:

 

(i)          subject
to the consent rights and process set forth in Section 6.09 with respect to Major Decisions, the Master Servicer shall process
all defeasances of the 

Whole Loan in accordance with the terms of the related Loan Documents, and shall be entitled to any defeasance
fees paid relating thereto;

 

(ii)        if
the Whole Loan requires that the lender purchase the required government securities, then the Master Servicer shall purchase, or
shall cause the purchase of, such obligations on behalf of the Trust, at the Borrower’s expense, in accordance with the terms
of the Whole Loan; provided that the Master Servicer shall not accept the amounts paid by the Borrower to effect defeasance
until acceptable government securities have been identified;

 

(iii)       to
the extent not inconsistent with the Whole Loan, the Master Servicer shall require the Borrower to provide an Opinion of Counsel
(which shall be an expense of the Borrower) to the effect that the Trustee has a first priority perfected security interest in
the defeasance collateral (including the government securities) and the assignment of the defeasance collateral is valid and enforceable;

 

(iv)       to
the extent not inconsistent with the Whole Loan, the Master Servicer shall require a certificate at the Borrower’s expense
from an Independent certified public accountant certifying to the effect that the government securities will provide cash flows
sufficient to meet all payments of interest and principal (including payments at maturity) on the Whole Loan in compliance with
the requirements of the terms of the related Loan Documents;

 

(v)        prior
to permitting release of the Mortgaged Property through defeasance, the Master Servicer shall require an Opinion of Counsel to
the effect that such release will not cause either Trust REMIC to fail to qualify as a REMIC at any time that any 

 

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Certificates are outstanding
or cause a tax to be imposed on the Trust Fund under the REMIC Provisions; provided that to the extent not inconsistent
with the Whole Loan, the Borrower shall pay the cost related to the Opinion of Counsel (and shall otherwise be a Property Advance);

 

(vi)       no
defeasance shall occur on or prior to the second anniversary of the Startup Day of the Trust REMICs or if a Companion Loan is held
by a REMIC, on or prior to the second anniversary of the startup day of such REMIC;

 

(vii)      the
Master Servicer shall, at the expense of the Borrower (to the extent not inconsistent with the related Loan Documents), cause the
U.S. government securities to be held for the benefit of the Certificateholders and the Companion Loan Holders, and apply payments
of principal and interest received on the government obligations in respect of the defeased Whole Loan in accordance with the terms
of the Loan Documents;

 

(viii)     the
Master Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Whole Loan requiring the Borrower to
pay all reasonable expenses associated with a defeasance;

 

(ix)        to
the extent not inconsistent with the Whole Loan, or to the extent the Loan Documents provide the lender with discretion, the Master
Servicer shall require a 

single purpose entity, formed solely for the purpose of owning and pledging the government securities
related to the Whole Loan, to act as a successor borrower;

 

(x)         to
the extent not inconsistent with the Whole Loan, each Rating Agency and, to the extent required by the Other Securitization Trust,
each rating agency relating to any Companion Loan Securities must provide a No Downgrade Confirmation; and

 

(xi)        to
the extent not required or permitted to be placed in a separate account, the Master Servicer shall deposit all payments received
by it from defeasance collateral substituted for the Mortgaged Property into the Collection Account and treat any such payments
as payments made on the Whole Loan in advance of its Due Date in accordance with clause (a) of the definition of Principal Distribution
Amount, and not as a prepayment of the Whole Loan. Notwithstanding anything herein to the contrary, in no event shall the Master
Servicer permit such amounts to be maintained in the Collection Account for a period in excess of 365 days.

 

Section 3.10  Appraisals;
Realization upon Defaulted Whole Loan. (a) Contemporaneously with the earliest of (i) the effective date of any (A) modification of the Maturity Date or extended Maturity
Date, the Whole Loan Rate, principal balance or amortization terms of the Whole Loan, (B) extension of the Maturity Date or extended
Maturity Date of the Whole Loan as described below in Section 3.26 of this Agreement, or (C) consent to the release of
the Mortgaged Property from the lien of the Mortgage other than pursuant to the terms of the Whole Loan, (ii) the occurrence of
an Appraisal Reduction Event and (iii) a default in the payment of a Balloon Payment for which an extension is not granted, the
Special Servicer shall use commercially reasonable efforts to obtain an Updated Appraisal (or a letter update for an existing
appraisal which is less than two years old) within 60 days of such event, the cost of 

 

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which shall constitute a Property Advance;
provided, however, that the Special Servicer shall not be required to obtain an Updated Appraisal pursuant to clauses
(i) through (iii) above with respect to the Mortgaged Property for which there exists an Appraisal or Updated Appraisal
which is less than nine months old unless the Special Servicer has actual knowledge of a material adverse change in circumstances
that, consistent with the Servicing Standard, would call into question the validity of such Appraisal or Updated Appraisal. For
so long as the Whole Loan is a Specially Serviced Loan, the Special Servicer shall obtain letter updates to an Updated Appraisal
every nine months. The Master Servicer shall use all Updated Appraisals obtained by the Special Servicer to calculate any Appraisal
Reduction Amount. Prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting
a one year extension with respect to the Whole Loan, the Special Servicer shall recalculate any Appraisal Reduction Amount based
on an Updated Appraisal. The Special Servicer shall obtain letter updates, every nine months, to an Updated Appraisal for so long
as an Appraisal Reduction Event exists with respect to the Whole Loan and the Special Servicer shall recalculate the Appraisal
Reduction Amount based on such Updated Appraisal. In addition, upon receipt of each Updated Appraisal, the Special Servicer shall
re-compute the Appraisal Reduction Amount, which shall be adjusted accordingly, and if required in accordance with any such adjustment,
each Class of Certificates that has been notionally reduced as a result of Appraisal Reduction Amounts shall have its related
Certificate Balance notionally restored to the extent required by such adjustment of the Appraisal Reduction Amount, and the Special
Servicer shall redetermine whether a Subordinate Control Period or a Subordinate Consultation Period is then in effect and, for
the avoidance of doubt, which Class of Certificates is the then-Controlling Class. The Special Servicer shall send all such letter
updates and Updated Appraisals to the Master Servicer, the Trustee, the Certificate Administrator and the Directing Holder (or,
if no Directing Holder has been appointed, each Initial Consulting Holder) (during any Subordinate Control Period and any Subordinate
Consultation Period) and the 17g-5 Information Provider (which shall promptly post such materials to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement). During any Subordinate Control Period and any Subordinate Consultation
Period, within 15 days after the occurrence of an Appraisal Reduction Event, the Special Servicer will be required to notify the
Directing Holder (or, if no Directing Holder has been appointed, each Initial Consulting Holder) of the occurrence of such Appraisal
Reduction Event. The Special Servicer shall send all such letter updates and Updated Appraisals to the Master Servicer, the Trustee,
the Certificate Administrator and the 17g-5 Information Provider (which shall promptly post such materials to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The Special Servicer
shall monitor the Whole Loan so long as it is a Specially Serviced Loan, evaluate whether the causes of the default can be corrected
over a reasonable period without significant impairment of the value of the Mortgaged Property, initiate corrective action (with
notification to and the consent of the Directing Holder during any Subordinate Control Period and upon consultation with the Directing
Holder (or, if no Directing Holder has been appointed, each Initial Consulting Holder) during any Subordinate Consultation Period)
in cooperation with the Borrower if, in the Special Servicer’s judgment a cure is likely, and take such other actions (including
without limitation, negotiating and accepting a discounted payoff of the Whole Loan) as are consistent with the Servicing Standard.
If, in the Special Servicer’s judgment, such corrective action has been unsuccessful, no satisfactory arrangement can be
made for collection of delinquent payments, and the Specially Serviced Loan has not been released 

 

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from
the Trust Fund pursuant to any provision hereof, and except as otherwise specifically provided in Section 3.09(a) and 3.09(b)
of this Agreement, the Special Servicer may, to the extent consistent with the Asset Status Report and with the Servicing
Standard, accelerate the Specially Serviced Loan and commence a foreclosure or other acquisition with respect to the Mortgaged
Property; provided that the Special Servicer determines that such acceleration and foreclosure are more likely to produce
a greater recovery to Certificateholders and the Companion Loan Holders (as a collective whole as if such Certificateholders and
Companion Loan Holders constituted a single lender) on a present value basis (discounting at the related Calculation Rate) than
would a waiver of such default or an extension or modification in accordance with the provisions of Section 3.26 hereof.
The Master Servicer shall pay the costs and expenses in any such proceedings as a Property Advance unless the Master Servicer
or the Special Servicer, as applicable, determines, in its good faith judgment, that such Property Advance would constitute a
Nonrecoverable Advance; provided, however, that if such Property Advance would constitute a Nonrecoverable Advance
but the Special Servicer determines (with the Master Servicer permitted to conclusively rely upon any such determination) that
such payment would be in the best interests of the Certificateholders and the Companion Loan Holders (as a collective whole as
if such Certificateholders and Companion Loan Holders constituted a single lender) the Special Servicer shall direct the Master
Servicer to make such payment from the Collection Account, which payment shall be an Additional Trust Fund Expense. The Trustee
shall be entitled to conclusively rely upon any determination of the Master Servicer or Special Servicer that a Property Advance,
if made, would constitute a Nonrecoverable Advance. If the Master Servicer does not make such Property Advance in violation of
the second preceding sentence, the Trustee shall make such Property Advance, unless the Trustee determines that such Property
Advance would be a Nonrecoverable Advance. The Master Servicer and the Trustee, as applicable, shall be entitled to reimbursement
of Property Advances (with interest at the Advance Rate) made pursuant to this paragraph to the extent permitted by Section
3.06 of this Agreement.

 

The Special Servicer
shall deliver by electronic mail (or via other means of electronic delivery reasonably acceptable to the Master Servicer and the
Special Servicer) to the Master Servicer any information in the Special Servicer’s possession that is reasonably required
to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount or updated Appraisal Reduction Amount pursuant
to the definition thereof, using reasonable best efforts to deliver such information, within four (4) Business Days following the
Master Servicer’s written request therefor (which request shall be made promptly, but in no event later than ten (10) Business
Days after the Special Servicer’s receipt of the applicable Appraisal); provided, however, that the Master
Servicer’s failure to timely make such request shall not relieve the Special Servicer of its obligation to provide such information
to the Master Servicer in the manner and timing set forth in this sentence; provided, further, that it shall not
be a Master Servicer Termination Event if the Master Servicer fails to satisfy its obligation to determine, calculate, redetermine
or recalculate an Appraisal Reduction Amount within the time periods set forth in this Agreement to the extent such failure is
due to or caused by the Special Servicer’s failure to deliver the information reasonably required to make such determination,
calculation, redetermination or recalculation within the time periods set forth in this Agreement. The Special Servicer shall not
calculate Appraisal Reduction Amounts.

 

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(b)          If
the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where the Mortgaged
Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against the Borrower or any other
liable party if (i) the laws of the state do not permit such a deficiency judgment after a non-judicial foreclosure or (ii) if
the Special Servicer determines, in its best judgment, that the likely recovery if a deficiency judgment is obtained will not be
sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment and such determination is evidenced
by an Officer’s Certificate delivered to the Trustee and the Certificate Administrator.

 

(c)          In
the event that title to the Mortgaged Property is acquired in foreclosure or by deed-in-lieu of foreclosure, the deed or certificate
of sale shall be issued to the Trustee, or to its nominee (which shall not include the Special Servicer) or a separate Trustee
or co-Trustee on behalf of the Trustee as Holder of the Lower-Tier Regular Interests and the Certificateholders and the Companion
Loan Holders. Notwithstanding any such acquisition of title and cancellation or partial cancellation of the Whole Loan, the Whole
Loan shall (except for purposes of Section 9.01 of this Agreement) be considered to be an REO Loan until such time as the
REO Property shall be sold by the Trust Fund and shall be reduced only by collections net of expenses. Consistent with the foregoing,
for purposes of all calculations hereunder, so long as the Whole Loan shall be considered to be an outstanding Whole Loan, as applicable:

 

(i)           it
shall be assumed that, notwithstanding that the indebtedness evidenced by the Note shall have been discharged or partially discharged,
the Note and, for purposes of determining the Stated Principal Balance thereof, the related amortization schedule, if any, in
effect at the time of any such acquisition of title shall remain in effect; and

 

(ii)        subject
to Section 1.02(f) of this Agreement, Net REO Proceeds received in any month shall be applied to amounts that would have
been payable under the Note in accordance with the terms of the Note and the Co-Lender Agreement. In the absence of such terms,
Net REO Proceeds shall, subject to Section 1.02(f) of this Agreement, be deemed to have been received first, in payment
of the accrued interest that remained unpaid on the date that the REO Property was acquired by the Trust Fund; second, in
respect of the delinquent principal installments that remained unpaid on such date; and thereafter, Net REO Proceeds received
in any month shall be applied to the payment of installments of principal, if any, and accrued interest on the Whole Loan deemed
to be due and payable in accordance with the terms of the Note and such amortization schedule, if any, until such principal has
been paid in full and then to other amounts due under the Whole Loan. If such Net REO Proceeds exceed the Monthly Payment then
payable, the excess shall be treated as a Principal Prepayment received in respect of the Whole Loan.

 

(d)         Notwithstanding
any provision herein to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund and the Companion
Loan Holders any personal property pursuant to this Section 3.10 unless either:

 

(i)          such
personal property is incident to real property (within the meaning of Section 856(e)(l) of the Code) so acquired by the Special
Servicer for the benefit of the Trust Fund and the Companion Loan Holders; or

 

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(ii)        the
Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Lower-Tier REMIC)
to the effect that the holding of such personal property by the Lower-Tier REMIC will not cause an Adverse REMIC Event at any time
that any Certificate is outstanding.

 

(e)         Notwithstanding
any provision to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund, obtain title to any
direct or indirect partnership interest or other equity interest in the Borrower pledged pursuant to any pledge agreement unless
the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund
and in accordance with the allocation provisions of the Co-Lender Agreement) to the effect that the holding of such partnership
interest or other equity interest by the Trust Fund will not cause Adverse REMIC Event at any time that any Certificate is outstanding.

 

(f)          Notwithstanding
any provision to the contrary contained in this Agreement, the Special Servicer shall not cause the Trustee, on behalf of the
Trust Fund, to obtain title to the Mortgaged Property as a result of or in lieu of foreclosure or otherwise, to obtain title to
any direct or indirect partnership interest in the Borrower pledged pursuant to a pledge agreement and thereby be the beneficial
owner of the Mortgaged Property, to have a receiver of rents appointed with respect to the Mortgaged Property, and shall not otherwise
cause the Trustee to acquire possession of, or take any other action with respect to, the Mortgaged Property if, as a result of
any such action, the Trustee, for the benefit of the Trust Fund or the Certificateholders or Companion Loan Holders would be considered
to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator”
of the Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended from time to time, or any comparable law, unless the Special Servicer has previously determined in accordance with
the Servicing Standard, based on an updated environmental assessment prepared by an Independent Person who regularly conducts
environmental audits (which report shall be an expense of the Trust), that:

 

(i)          the
Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant,
that it would be in the best economic interest of the Certificateholders and the Companion Loan Holders, as a collective whole
as if such Certificateholders and Companion Loan Holders constituted a single lender, to take such actions as are necessary to
bring the Mortgaged Property in compliance therewith, and

 

(ii)        there
are no circumstances present at the Mortgaged Property relating to the use, management or disposal of any Hazardous Materials for
which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders
and the Companion Loan Holders, as a collective whole as if such Certificateholder and Companion Loan Holders constituted a single
lender, to take such actions with respect to the Mortgaged Property.

 

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In the event that the
environmental assessment first obtained by the Special Servicer with respect to the Mortgaged Property indicates that the Mortgaged
Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present but does not definitively
establish such fact, the Special Servicer shall cause such further environmental tests to be conducted by an Independent Person
who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests of Certificateholders and
the Companion Loan Holders. Any such tests shall be deemed part of the environmental assessment obtained by the Special Servicer
for purposes of this Section 3.10.

 

(g)          The
environmental assessment contemplated by Section 3.10(f) of this Agreement shall be prepared within three months (or as
soon thereafter as practicable) of the determination that such assessment is required by any Independent Person who regularly
conducts environmental audits for purchasers of commercial property where the Mortgaged Property is located, as determined by
the Special Servicer in a manner consistent with the Servicing Standard. Upon the written direction of the Special Servicer and
delivery by the Special Servicer to the Master Servicer of pertinent back-up information the Master Servicer shall advance the
cost of preparation of such environmental assessments as a Property Advance unless the Master Servicer determines, in its good
faith judgment, that such Property Advance would be a Nonrecoverable Advance. The Master Servicer shall be entitled to reimbursement
of Property Advances (with interest at the Advance Rate) made pursuant to the preceding sentence to the extent permitted by Section
3.06. The Special Servicer shall provide written reports and a copy of any environmental assessments in electronic format
to the Master Servicer, the Companion Loan Holders and the 17g-5 Information Provider (which shall promptly post such materials
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), monthly regarding any
actions taken by the Special Servicer with respect to the Mortgaged Property securing a Defaulted Mortgage Loan as to which the
environmental testing contemplated by Section 3.10(f) of this Agreement has revealed that either of the conditions set
forth in clause (i) and (ii) of the first sentence thereof has not been satisfied, in each case until the earlier
to occur of (i) satisfaction of both such conditions, (ii) repurchase of the Trust Loan by the Trust Loan Sellers or (iii) release
of the lien of the Mortgage on the Mortgaged Property.

 

(h)          If
the Special Servicer determines pursuant to Section 3.10(f)(i) of this Agreement that the Mortgaged Property is not in compliance
with applicable environmental laws but that it is in the best economic interest of the Trust Fund and the Companion Loan Holders,
as a collective whole as if the Certificateholders and the Companion Loan Holders constituted a single lender, to take such actions
as are necessary to bring the Mortgaged Property in compliance therewith, or if the Special Servicer determines pursuant to Section
3.10(f)(ii) of this Agreement that the circumstances referred to therein relating to Hazardous Materials are present but that
it is in the best economic interest of the Trust Fund and the Companion Loan Holders, as a collective whole as if the Certificateholders
and Companion Loan Holders constituted a single lender, to take such action with respect to the containment, clean-up or remediation
of Hazardous Materials affecting the Mortgaged Property as is required by law or regulation, the Special Servicer shall take such
action (subject to the rights of the Directing Holder to consent to and/or consult (or, if no Directing Holder has been appointed,
each Initial Consulting Holder’s rights to consult) in respect of such action) as it deems to be in the best economic interest
of the Trust Fund and Companion Loan Holders, as a collective whole as if such Certificateholders and Companion Loan Holders constituted
a single lender, but only if the Certificate Administrator 

 

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has
mailed notice to the Holders of the Regular Certificates and Companion Loan Holders of such proposed action, which notice shall
be prepared by the Special Servicer, and only if the Certificate Administrator does not receive, within 30 days of such notification,
instructions from the Holders of Regular Certificates entitled to a majority of the Voting Rights and the Companion Loan Holders
directing the Special Servicer not to take such action. Notwithstanding the foregoing, if the Special Servicer reasonably determines
that it is likely that within such 30-day period irreparable environmental harm to the Mortgaged Property would result from the
presence of such Hazardous Materials and provides a prior written statement to the Trustee and the Certificate Administrator setting
forth the basis for such determination, then the Special Servicer may take or cause to be taken such action to remedy such condition
as may be consistent with the Servicing Standard. None of the Trustee, the Certificate Administrator, the Master Servicer or the
Special Servicer shall be obligated to take any action or not take any action pursuant to this Section 3.10(h) at the direction
of the Certificateholders and the Companion Loan Holders unless the Certificateholders and the Companion Loan Holders agree to
indemnify the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer with respect to such action
or inaction. The Master Servicer shall advance the cost of any such compliance, containment, clean-up or remediation as a Property
Advance unless the Master Servicer determines, in its good faith judgment, that such Advance would constitute a Nonrecoverable
Advance.

 

(i)          The
Special Servicer shall notify the Master Servicer if the Mortgaged Property is abandoned or foreclosed and requires reporting
to the IRS and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and required to be
reported with respect to the Whole Loan if it is abandoned or foreclosed and the Master Servicer shall report to the IRS and the
Borrower, in the manner required by applicable law, such information and the Master Servicer shall report, via Form 1099C or 1099A,
all forgiveness of indebtedness, abandonment or foreclosure to the extent such information has been provided to the Master Servicer
by the Special Servicer. The Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.

 

(j)          The
costs of any Updated Appraisal obtained pursuant to this Section 3.10 shall be paid by the Master Servicer as a Property
Advance and shall be reimbursable from the Collection Account.

 

Section 3.11  Custodian
to Cooperate; Release of Mortgage File. Upon the payment in full of the Whole Loan, or the receipt by the Master Servicer
of a notification that payment in full has been escrowed in a manner customary for such purposes, the Master Servicer shall immediately
notify the Custodian by a certification (which certification shall include a statement to the effect that all amounts received
or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section
3.05 of this Agreement have been or will be so deposited) of a Servicing Officer and shall request delivery to it of the Mortgage
File. Any expense incurred in connection with any instrument of satisfaction or deed of reconveyance that is not paid by the Borrower
shall be chargeable to the Trust Fund. The Master Servicer agrees to use reasonable efforts in accordance with the Servicing Standard
to enforce any provisions in the Loan Documents that require the Borrower to pay such amounts. No expenses incurred in connection
with any instrument of satisfaction or 

 

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deed
of reconveyance shall be an expense of the Trustee or the Custodian or chargeable to the Collection Account.

 

From time to time upon
request of the Master Servicer or the Special Servicer and delivery to the Custodian of a Request for Release, the Custodian shall
promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the Master Servicer or the
Special Servicer, as applicable. Upon return of the foregoing to the Custodian, or in the event of a liquidation or conversion
of the Whole Loan into an REO Loan, or receipt by the Custodian of a certificate of a Servicing Officer stating that the Mortgaged
Property was liquidated and that all amounts received or to be received in connection with such liquidation which are required
to be deposited into the Collection Account have been so deposited, or that the Whole Loan has become an REO Loan, the Custodian
shall deliver a copy of the Request for Release to the Master Servicer or the Special Servicer, as applicable.

 

Upon written certification
of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer (with respect to the Whole Loan if it is
a Performing Loan) and the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan)
any court pleadings, requests for a trustee’s sale or other documents prepared by the Special Servicer, its agents or attorneys,
necessary to the foreclosure or trustee’s sale in respect of the Mortgaged Property or to any legal action brought to obtain
judgment against the Borrower on the Notes or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or
rights provided by the Note or Mortgage or otherwise available at law or in equity. Each such certification shall include a request
that such pleadings or documents be executed by the Trustee and a statement as to the reason such documents or pleadings are required,
that the proposed action is consistent with the Servicing Standard and that the execution and delivery thereof by the Trustee
will not invalidate or otherwise affect the lien of the related Mortgage, except for the termination of such a lien upon completion
of the foreclosure or trustee’s sale.

 

Section 3.12  Servicing
Fees, Trustee/Certificate Administrator Fees and Special Servicing Compensation. (a) As compensation for its activities hereunder,
the Master Servicer shall be entitled to the Servicing Fee. The Master Servicer’s rights to the Servicing Fee may not be
transferred in whole or in part except in connection with the transfer of all of the Master Servicer’s responsibilities
and obligations under this Agreement or as provided in the following paragraph with respect to the Excess Servicing Fee. In addition,
the Master Servicer shall be entitled to receive, as additional Servicing Compensation, to the extent permitted by applicable
law and the Loan Documents and the Co-Lender Agreement, (i) all investment income earned on amounts on deposit in the Collection
Account and certain Reserve Accounts (to the extent consistent with the Loan Documents), (ii) any Net Default Interest and any
other Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection Period accrued on the Whole
Loan if it is a Performing Loan, in each case, remaining after application thereof during such Collection Period to pay the Advance
Interest Amount relating to such Performing Loan and to pay or reimburse the Trust for any unreimbursed Additional Trust Fund
Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) relating to such Performing Loan incurred during
or prior to such Collection Period, and as further described in (d), (iii) any amounts collected for checks returned for insufficient
funds (with respect to the Whole Loan if it is Performing Loan or a Specially Serviced Loan), demand fees (with respect to the
Whole Loan if it is a Performing Loan) or similar items (with respect to the 

 

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Whole
Loan if it is a Performing Loan) (but not including Prepayment Charges) and (iv) to the extent permitted by applicable law and
the Loan Documents, 100% of any Modification Fees and consent fees with respect to (and other similar fees relating to) the Whole
Loan if it is a Performing Loan where the consent of the Special Servicer is not required (50% of such fees where the consent
of the Special Servicer is required), 100% of any defeasance fees, 100% of Assumption Fees and consent fees (or similar fees)
relating to the transactions referred to in Section 3.09(b) of this Agreement with respect to the Whole Loan if it is a
Performing Loan where the consent of the Special Servicer is not required (50% of such fees where the consent of the Special Servicer
is required), 100% of beneficiary statement charges, demand fees or similar items (but not including Prepayment Charges) with
respect to the Whole Loan if it is a Performing Loan and 100% of assumption application fees with respect to the Whole Loan if
it is a Performing Loan, in each case to the extent received and not required to be deposited or retained in the Collection Account
pursuant to Section 3.05 of this Agreement. For the avoidance of doubt, with respect to any fee split between the Master
Servicer and the Special Servicer pursuant to the terms of Section 3.12(a) or (b) hereof, the Master Servicer and
the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge its respective percentage
interest in any such fee; provided, however (x) neither the Master Servicer nor the Special Servicer shall have the right to reduce
or elect not to charge the percentage interest of any fee due to the other and (y) to the extent either of the Master Servicer
or the Special Servicer exercises its right to reduce or elect not to charge its respective percentage interest in any fee, the
party that reduced or elected not to charge such fee shall not have any right to share in any portion of the other party’s
fee. For the avoidance of doubt, if the Master Servicer decides not to charge any fee, the Special Servicer shall still be entitled
to charge the portion of the related fee the Special Servicer would have been entitled to if the Master Servicer had charged a
fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer. The Master Servicer shall
also be entitled pursuant to, and to the extent provided in, Section 3.06(a)(viii) or 3.07(b) of this Agreement,
as applicable, to withdraw from the Collection Account and to receive from any Borrower Accounts (to the extent not payable to
the Borrower under the Whole Loan or applicable law), Prepayment Interest Excess (if any and to the extent any such Prepayment
Interest Excess exceeds the amount of any Prepayment Interest Shortfalls) and any interest or other income earned on deposits
therein.

 

Wells Fargo Bank, National
Association and any successor holder of the Excess Servicing Fee Rights that relate to the Whole Loan (and a successor REO Loan)
shall be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign such Excess Servicing Fee Rights
in whole (but not in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited Investor (other than
a Plan); provided that no such transfer, sale, pledge or other assignment shall be made unless (i) that transfer, sale,
pledge or other assignment is exempt from the registration and/or qualification requirements of the Act and any applicable state
securities laws and is otherwise made in accordance with the Act and such state securities laws, (ii) the prospective transferor
shall have delivered to the Depositor a certificate substantially in the form attached as Exhibit P-1 hereto, and (iii)
the prospective transferee shall have delivered to the Master Servicer and the Depositor a certificate substantially in the form
attached as Exhibit P-2 hereto. None of the Depositor, the Trustee, the Certificate Administrator or the Certificate Registrar
is obligated to register or qualify an Excess Servicing Fee Right under the Act or any other securities law or to take any action
not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right

 

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without
registration or qualification. Wells Fargo Bank, National Association and each holder of an Excess Servicing Fee Right desiring
to effect a transfer, sale, pledge or other assignment of such Excess Servicing Fee Right shall, and the Master Servicer hereby
agrees, and each such holder of an Excess Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall be deemed
to have agreed, in connection with any transfer of such Excess Servicing Fee Right effected by such Person, to indemnify the Certificateholders,
the Trust, the Depositor, the Initial Purchasers, the Certificate Administrator, the Trustee, the Master Servicer, the Certificate
Registrar and the Special Servicer against any liability that may result if such transfer is not exempt from registration and/or
qualification under the Act or other applicable federal and state securities laws or is not made in accordance with such federal
and state laws or in accordance with the foregoing provisions of this paragraph. By its acceptance of an Excess Servicing Fee
Right, the holder thereof shall be deemed to have agreed not to use or disclose such information in any manner that could result
in a violation of any provision of the Act or other applicable securities laws or that would require registration of such Excess
Servicing Fee Right or any Certificate pursuant to the Act. From time to time following any transfer, sale, pledge or assignment
of an Excess Servicing Fee Right, the Master Servicer with respect to the Whole Loan or successor REO Loan with respect thereto
to which the Excess Servicing Fee Right relates, shall pay, out of each amount paid to the Master Servicer as Servicing Fee with
respect to the Whole Loan or REO Loan, as the case may be, the related Excess Servicing Fees to the holder of such Excess Servicing
Fee Right within one Business Day following the payment of such Servicing Fee to the Master Servicer, in each case in accordance
with payment instructions provided by such holder in writing to the Master Servicer. The holder of an Excess Servicing Fee Right
shall not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate
Administrator, the Certificate Registrar, the Depositor, the Special Servicer or the Trustee shall have any obligation whatsoever
regarding payment of the Excess Servicing Fee or the assignment or transfer of the Excess Servicing Fee Right.

 

As compensation for its
activities hereunder on each Distribution Date, the Certificate Administrator shall be entitled with respect to the Trust Loan
to its portion of the Trustee/Certificate Administrator Fees, which shall be payable from amounts on deposit in the Lower-Tier
Distribution Account. The Certificate Administrator shall pay the Trustee the Trustee’s portion of the Trustee/Certificate
Administrator Fee and the routine fees of the Certificate Registrar, the Paying Agent and the Authenticating Agent. The Certificate
Administrator’s and the Trustee’s rights to the Trustee/Certificate Administrator Fee may not be transferred in whole
or in part except in connection with the transfer of all of its respective responsibilities and obligations under this Agreement.

 

Except as otherwise provided
herein, the Master Servicer shall pay all of its overhead expenses incurred by it in connection with its servicing activities hereunder,
including all fees of any Sub-Servicers retained by it. Except as otherwise provided herein, the Trustee and the Certificate Administrator
shall each pay all expenses incurred by it in connection with its activities hereunder.

 

(b)          As
compensation for its activities hereunder, the Special Servicer shall be entitled with respect to a Specially Serviced Loan or
an REO Loan to the Special Servicing Compensation, which shall be payable from amounts on deposit in the Collection Account as
set 

 

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forth
in Section 3.06 of this Agreement. The Special Servicer’s rights to the Special Servicing Fee may not be transferred
in whole or in part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations
under this Agreement. In addition, the Special Servicer shall be entitled to receive, as Special Servicing Compensation, to the
extent permitted by applicable law and the Loan Documents, (i) any late payment charges and any Net Default Interest and any other
default charges and Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection Period accrued
on a Specially Serviced Loan remaining after application thereof during such Collection Period (subject to the terms of the Co-Lender
Agreement) to pay the Advance Interest Amount relating to such Specially Serviced Loan and any unreimbursed Additional Trust Fund
Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior to such Collection Period
on a Specially Serviced Loan (but not NSF check fees and the like, which shall be paid to the Master Servicer) as further described
below in subsection (c), (ii) 50% of any Assumption Fees, consent fees (or similar fees) relating to the transactions referred
to in Section 3.09(b) of this Agreement, Modification Fees (and other similar fees) with respect to the Whole Loan if it
is a Performing Loan, when the approval from the Special Servicer is required (and excluding any Prepayment Charges), (iii) any
interest or other income earned on deposits in the REO Accounts and (iv) 100% of any Assumption Fees, assumption application fees,
consent fees (or similar fees) relating to the transactions referred to in Section 3.09(b) of this Agreement, Modification
Fees (and other similar fees), beneficiary statement charges, demand fees or similar items relating to a Specially Serviced Loan
or REO Loan. For the avoidance of doubt, with respect to any fee split between the Master Servicer and the Special Servicer pursuant
to the terms of Section 3.12(a) or (b) hereof, the Master Servicer and the Special Servicer shall each have the
right, but not any obligation, to reduce or elect not to charge its respective percentage interest in any such fee; provided,
however (x) neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the percentage
interest of any fee due to the other and (y) to the extent either of the Master Servicer or the Special Servicer exercises its
right to reduce or elect not to charge its respective percentage interest in any fee, the party that reduced or elected not to
charge such fee shall not have any right to share in any portion of the other party’s fee. For the avoidance of doubt, if
the Master Servicer decides not to charge any fee, the Special Servicer shall still be entitled to charge the portion of the related
fee the Special Servicer would have been entitled to if the Master Servicer had charged a fee and the Master Servicer shall not
be entitled to any of such fee charged by the Special Servicer.

 

Except as otherwise provided
herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder, including
all fees of any Sub-Servicers retained by it.

 

(c)          In
addition, a Workout Fee will be payable to the Special Servicer with respect to the Whole Loan if it ceases to be a Specially Serviced
Loan pursuant to the definition thereof. The Workout Fee will be payable out of each collection of interest and principal (including
scheduled payments, prepayments, Balloon Payments and payments at maturity) received on the Whole Loan for so long as it remains
a Corrected Mortgage Loan. The Workout Fee will cease to be payable if the Whole Loan again becomes a Specially Serviced Loan or
if the Mortgaged Property becomes an REO Property; provided that a new Workout Fee will become payable if and when the Whole
Loan again ceases to be a Specially Serviced Loan. If the Special Servicer is terminated (other than for cause) or resigns with
respect to any or all of 

 

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its
servicing duties, it shall retain the right to receive any and all Workout Fees payable with respect to the Whole Loan if the
Whole Loan ceases to be a Specially Serviced Loan during the period that it had responsibility for servicing the Specially Serviced
Loan or had ceased being a Specially Serviced Loan (or the Specially Serviced Loan had not yet become a Corrected Mortgage Loan
because as of the time that the Special Servicer is terminated, the Borrower has not made three consecutive monthly debt service
payments and subsequently, the Specially Serviced Loan becomes a Corrected Mortgage Loan) at the time of such termination or resignation
(and the successor Special Servicer shall not be entitled to any portion of such Workout Fees), in each case until the Workout
Fee for any such loan ceases to be payable in accordance with the preceding sentence.

 

A Liquidation Fee
will be payable to the Special Servicer with respect to (i) the Trust Loan if repurchased by the Trust Loan Sellers after the
applicable time period (including any applicable extension thereof) in Section 2.03(e) of this Agreement, (ii) a
Specially Serviced Loan as to which the Special Servicer obtains a full, partial or discounted payoff from the Borrower and
(iii) except as otherwise described below, with respect to a Specially Serviced Loan or REO Property as to which the Special
Servicer recovered any Liquidation Proceeds. As to the Trust Loan repurchased by the Trust Loan Sellers after the applicable
time period (including any applicable extension thereof) in Section 2.03(e) of this Agreement or a Specially Serviced
Loan or an REO Property, the Liquidation Fee will be payable from the related payment or proceeds. Notwithstanding anything
to the contrary described above, no Liquidation Fee will be payable based on, or out of, Liquidation Proceeds to the extent
set forth in the definition of “Liquidation Fee” herein. With respect to any future mezzanine debt, to the extent
not prohibited by the Loan Documents, the Master Servicer or Special Servicer, as applicable, shall require that the related
mezzanine intercreditor agreement provide that in the event of a purchase
of the Whole Loan by the related mezzanine lender after 90 days following the first time that such holder’s option to purchase
the Whole Loan becomes exercisable (provided, however, that even if the purchase occurs before such expiration the Liquidation
Fee will be payable to the extent paid by, and collected from, the related borrower or the mezzanine lender), such mezzanine lender
shall be required to pay a Liquidation Fee equal to the amount that the Special Servicer would otherwise be entitled to under
this Agreement with respect to a liquidation of the Whole Loan (provided, however, that such Liquidation Fee shall
in all circumstances be payable by the related mezzanine lender and shall not, under any circumstances, be payable out of the
Trust unless the Master Servicer fails to require the related mezzanine intercreditor agreement to require the mezzanine lender
to pay such amounts in breach of its obligation to do so under this paragraph). If, however, Liquidation Proceeds are received
with respect to a Specially Serviced Loan as to which the Special Servicer is properly entitled to a Workout Fee, such Workout
Fee will be payable based on and out of the portion of such Liquidation Proceeds that constitute principal and/or interest. Notwithstanding
anything herein to the contrary, the Special Servicer shall only be entitled to receive a Liquidation Fee or a Workout Fee, but
not both, with respect to Liquidation Proceeds received on the Whole Loan or a Specially Serviced Loan. In the event that (i)
the Special Servicer resigns or has been terminated, and (ii) prior or subsequent to such resignation or termination, either (A)
a Specially Serviced Loan was liquidated or modified pursuant to an action plan submitted by the initial Special Servicer or the
Special Servicer has determined to grant a forbearance, or (B) a Specially Serviced Loan being monitored by the Special Servicer
subsequently became a Corrected 

 

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Mortgage
Loan, then in either such event the Special Servicer (and not the successor special servicer) shall be paid the related Workout
Fee or Liquidation Fee, as applicable.

 

The Special Servicer
shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder
(including, without limitation, payment of any amounts, other than management fees in respect of the REO Property, due and owing
to any of its sub servicers, any amounts due and owing to any of its Affiliates, and the premiums for any blanket insurance policy
obtained by it insuring against hazard losses pursuant to Section 3.08 of this Agreement, except to the extent such premiums
are reimbursable pursuant to Section 3.08 of this Agreement), if and to the extent such expenses are not expressly payable
directly out of the Collection Account or the REO Account or as a Property Advance, and the Special Servicer shall not be entitled
to reimbursement therefor except as expressly provided in this Agreement.

 

The Special Servicer
and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration (including, without
limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any
Person (including, without limitation, the Trust, the Borrower, any Manager, guarantor or indemnitor in respect of the Whole Loan
and any purchaser of the Whole Loan or REO Property) in connection with the disposition, workout or foreclosure of the Whole Loan,
the management or disposition of the REO Property, or the performance of any other special servicing duties under this Agreement,
other than as expressly provided in this Section 3.12; provided that such prohibition shall not apply to Permitted
Special Servicer/Affiliate Fees; and provided, further, that any compensation or other remuneration that the Master
Servicer is permitted to receive or retain pursuant to this Agreement in connection with its duties in such
capacity as the Master Servicer or the Certificate Administrator in connection with its duties in 

such capacity as the Certificate
Administrator under this Agreement will not be Disclosable Special Servicer Fees.

 

(d)          In
determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any
Distribution Date, the aggregate Penalty Charges collected on the Whole Loan during the related Collection Period shall be applied
(as between Default Interest and late payment charges, in the priority set forth in the definition of “Advance Interest Amount”)
to reimburse (i) the Master Servicer or the Trustee for interest on Advances at the Advance Rate with respect to the Trust Loan
or Whole Loan that accrued in the period that such Penalty Charges were collected and advance interest to any each Companion Loan
Service Provider for any debt service advance made by such party with respect to the related Companion Loan that accrued in the
period that such Penalty Charges were collected, (ii) the Trust Fund for all interest on Advances with respect to the Trust Loan
or Whole Loan previously paid to the Master Servicer, the Trustee or to any Companion Loan Service Provider pursuant to Section
3.06(a)(vi) of this Agreement and (iii) the Trust Fund for any Additional Trust Fund Expenses (including Special Servicing
Fees, Workout Fees and Liquidation Fees) with respect to the Trust Loan or the Whole Loan paid during or prior to the Collection
Period that such Penalty Charges were collected and not previously paid out of Penalty Charges, and any Penalty Charges remaining
thereafter shall be distributed pro rata to the Master Servicer and the Special Servicer based upon the amount of Penalty
Charges the 

 

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Master
Servicer or the Special Servicer would otherwise have been entitled to receive during such period with respect to the Whole Loan
without any such application.

 

(e)          The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to reimbursement from the
Collection Account in accordance with Section 3.06 for the costs and expenses incurred by them in the performance of their
respective duties under this Agreement which are “unanticipated expenses incurred by the REMIC” within the meaning
of Treasury Regulations Section 1.860G-1(b)(3)(iii). Such expenses shall include, by way of example and not by way of limitation,
environmental assessments, Updated Appraisals and appraisals in connection with foreclosure, the fees and expenses of any administrative
or judicial proceeding and expenses expressly identified as reimbursable in Section 3.06(a)(xv) of this Agreement. All such
costs and expenses shall be treated as costs and expenses of the Lower-Tier REMIC and the Companion Loans, if applicable.

 

(f)          No
provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee to expend or risk their own funds or otherwise incur any financial liability in the performance of any of their
duties hereunder or thereunder, or in the exercise of any of their rights or powers, if, in the good faith business judgment of
the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, repayment of such
funds would not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Liquidation Proceeds, Net Condemnation
Proceeds and other collections on or in respect of the Trust Loan, or from adequate indemnity from other assets comprising the
Trust Fund against such risk or liability.

 

If the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee receives a request or inquiry from the Borrower, any Certificateholder
or any other Person the response to which would, in the Master Servicer’s, the Special Servicer’s, the Certificate
Administrator’s or the Trustee’s good faith business judgment require the assistance of Independent legal counsel
or other consultant to the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, the cost of which
would not be an expense of the Trust Fund or the Companion Loan Holders hereunder, then the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee, as the case may be, shall not be required to take any action in response to such
request or inquiry unless the Borrower, such Certificateholder, or such other Person, as applicable, makes arrangements for the
payment of the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s or the Trustee’s
expenses associated with such counsel (including, without limitation, posting an advance payment for such expenses) satisfactory
to the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, in its sole discretion.
Unless such arrangements have been made, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
as the case may be, shall have no liability to any Person for the failure to respond to such request or inquiry.

 

Section 3.13  Reports
to the Certificate Administrator; Collection Account Statements. (a) The Master Servicer shall deliver to the Certificate
Administrator no later than 3:00 p.m. (New York City time) one Business Day prior to the Servicer Remittance Date prior to each
Distribution Date, the CREFC® Loan Periodic Update File and the CREFC® Appraisal Reduction Template
(or such other report mutually agreed to between the Master Servicer and the Certificate Administrator), if available, and to
the extent required pursuant to Section 4.08 of this Agreement, with respect to the Trust Loan for the related Distribution
Date (which shall 

 

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include,
without limitation, the amount of Available Funds allocable to all of the Trust Loan) including information therein that states
the anticipated P&I Advances for the related Distribution Date and any CREFC® License Fee Rate. The Master
Servicer’s responsibilities under this Section 3.13(a) with respect to REO Loan shall be subject to the satisfaction
of the Special Servicer’s obligations under Section 3.23 of this Agreement. In the event of the receipt by the Master
Servicer of a Principal Prepayment or other Unscheduled Payment after a Determination Date but prior to the related Servicer Remittance
Date, the Master Servicer shall be permitted to deliver to the Certificate Administrator a revised CREFC® Loan
Periodic Update File by no later than 10:00 a.m. (New York time) on the Servicer Remittance Date. In connection with the delivery
of any revised report, the Master Servicer shall not be required to pay the Certificate Administrator or any other party any “re-state
fee” or any other fee for delivery of such revised report and shall not be required to bear any expenses or penalty charges
in connection with the processing of such Principal Prepayment or Unscheduled Payment. With respect to the Companion Loans, the
Master Servicer shall make available to each Companion Loan Holder on each Distribution Date or, if such Companion Loan is securitized,
the applicable related Other Servicer no later than the time(s) that it is available to the Certificate Administrator, the CREFC®
Investor Reporting Package (excluding any templates) pursuant to the terms of this Agreement on a monthly basis. The Special
Servicer shall provide any templates relating to the Companion Loans included in the CREFC® Investor Reporting
Package and prepared by the Special Servicer pursuant to the terms hereof to the Master Servicer promptly upon reasonable request.
The Master Servicer shall provide any templates relating to the Companion Loans included in the CREFC® Investor
Reporting Package (with respect to templates required to be prepared by the Special Servicer pursuant to the terms hereof, to
the extent received) to a related Other Servicer upon reasonable request.

 

(b)          For
so long as the Master Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account, not later
than 15 days after each Distribution Date, the Master Servicer shall forward to the Certificate Administrator a statement prepared
by the Master Servicer setting forth the status of the Collection Account as of the close of business on the last Business Day
of the Collection Period related to such Distribution Date and showing the aggregate amount of deposits into and withdrawals from
the Collection Account of each category of deposit (or credit) specified in Section 3.05 of this Agreement and each category
of withdrawal (or debit) specified in Section 3.06 of this Agreement for the related Collection Period, in each case for
the Trust Loan. The Trustee and the Certificate Administrator and its agents and attorneys may at any time during normal business
hours, upon reasonable notice, inspect and copy the books, records and accounts of the Master Servicer solely relating to the
Trust Loan and the performance of its duties hereunder.

 

(c)          Beginning
in September 2016, no later than 4:00 p.m. (New York City time) on each Servicer Remittance Date, the Master Servicer shall deliver
or cause to be delivered to the Certificate Administrator (which shall promptly post such report to the Certificate Administrator’s
Website pursuant to Section 4.02(b) of this Agreement), the Companion Loan Holders and the 17g-5 Information Provider (which
shall post such reports to the 17g-5 Information Provider’s website) the following reports (in electronic form) with respect
to the Trust Loan (and, if applicable, the REO Property), providing the required information as of the immediately preceding Determination
Date: (i) to the extent the Master Servicer has received the most recent CREFC® Special Servicer Loan File from
the Special Servicer at the 

 

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time
required, the most recent CREFC® Delinquent Loan Status Report, CREFC® Historical Loan Modification
and Corrected Mortgage Loan Report, the CREFC® Loan Setup File (with respect to the first Distribution Date) and
CREFC® REO Status Report received from such Special Servicer, (ii) the most recent CREFC® Property
File, CREFC® Financial File, CREFC® Comparative Financial Status Report and the CREFC®
Loan Level Reserve/LOC Report (in each case incorporating the data required to be included in the CREFC®
Special Servicer Loan File), (iii) the CREFC® Servicer Watch List with information that is current as of such Determination
Date and (iv) the CREFC® Advance Recovery Report.

 

The information that
pertains to a Specially Serviced Loan or REO Property reflected in such reports shall be based solely upon the reports delivered
by the Special Servicer to the Master Servicer (other than information as to which the Master Servicer has the primary responsibility
to generate) no later than the related Determination Date in the form required by Section 3.13(f) of this Agreement or shall
be provided by means of such reports so delivered by the Special Servicer to the Master Servicer in the form so required. In the
absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, the
information and reports delivered to it by the Special Servicer, and the Certificate Administrator shall be entitled to conclusively
rely upon the Master Servicer’s reports and the Special Servicer’s reports and any information provided by the Certificate
Administrator or the Trustee without any duty or obligation to recompute, verify or recalculate any of the amounts and other information
stated therein.

 

(d)          The
Master Servicer shall deliver or cause to be delivered to the Trustee, the Certificate Administrator, the Companion Loan Holders,
the Initial Purchasers and the 17g-5 Information Provider (which shall promptly post such materials to the 17g-5 Information Provider’s
Website), the following materials, in each case to the extent that such materials or the information on which they are based have
been received by the Master Servicer with respect to the Trust Loan, which shall be made available by the Certificate Administrator
on the Certificate Administrator’s Website:

 

(i)          Within
45 days of receipt by the Master Servicer (or within 60 days of receipt by the Special Servicer with respect to a Specially Serviced
Mortgage Loan or REO Property pursuant to Section 3.13(g)(i)) of any annual year-end operating statements beginning in 2017,
with respect to the Mortgaged Property or REO Property (to the extent prepared by and received from the Special Servicer in the
case of a Specially Serviced Loan or REO Property), a CREFC® Operating Statement Analysis Report, together with
copies of the related operating statements and rent rolls (but only to the extent the Borrower is required by the Mortgage to deliver,
or otherwise agrees to provide such information and, with respect to operating statements and rent rolls for such Specially Serviced
Loan or REO Property, only to the extent received by the Special Servicer) for the current trailing 12 months, if available, or
year-to-date. The Master Servicer (or the Special Servicer in the case of a Specially Serviced Loan or REO Property) shall use
efforts consistent with the Servicing Standard to obtain said annual and other periodic operating statements and related rent rolls,
which efforts shall include a letter sent to the Borrower (followed up with telephone calls), requesting such annual and other
periodic operating statements and related rent rolls until they are received to the extent such action is consistent with applicable
law and the terms of the Whole Loan.

 

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Upon
receipt of such annual and other periodic operating statements (including year-to-date statements) and related rent rolls the
Master Servicer shall promptly update the Operating Statement Analysis Report, provided, however, that any analysis or update
with respect to year end or the first calendar quarter of each year will not be required to the extent such analysis or update
is not required under the then current CREFC® guidelines.

 

(ii)        Within
45 days after receipt by the Master Servicer (or within 60 days of receipt by the Special Servicer in the case of a Specially Serviced
Loan or REO Property pursuant to Section 3.13(g)(ii)) of any annual year-end operating statements beginning in 2017, with
respect to the Mortgaged Property or REO Property (to the extent prepared by and received from the Special Servicer in the case
of a Specially Serviced Loan or REO Property), a CREFC® NOI Adjustment Worksheet for the Mortgaged Property (with
the annual year-end operating statements attached thereto as an exhibit). The Master Servicer will use the “Normalized”
column from the CREFC® NOI Adjustment Worksheet to update the full year-end data on any CREFC® Operating
Statement Analysis Report and will use any operating statements received with respect to the Mortgaged Property (other than an
REO Property or the Mortgaged Property for so long as the Whole Loan is a Specially Serviced Loan) to update the CREFC®
Operating Statement Analysis Report for the Mortgaged Property, provided, however, that any analysis or update with respect to
year end or the first calendar quarter of each year will not be required to the extent such analysis or update is not required
under the then current CREFC® guidelines.

 

Additionally, the Master
Servicer shall deliver the CREFC® Operating Statement Analysis Report and CREFC® NOI Adjustment
Worksheet on a monthly basis to the Certificate Administrator; provided, however, the Master Servicer shall have
no obligation to update such reports except as set forth in the immediately preceding paragraphs, and no analysis or update shall
be required to the extent such analysis or update is not required to be provided under the then-current applicable CREFC®
guidelines.

 

The Master Servicer shall
maintain one CREFC® Operating Statement Analysis Report for the Mortgaged Property or REO Property (to the extent
prepared by and received from the Special Servicer in the case of an REO Property or the Mortgaged Property for so long as the
Whole Loan is a Specially Serviced Loan) relating to the Whole Loan. The CREFC® Operating Statement Analysis Report
for the Mortgaged Property (other than an REO Property or the Mortgaged Property while the Whole Loan is a Specially Serviced Loan)
is to be updated with trailing 12-month information, as available (commencing with the quarter ending in March 2017), or year-to-date
information until 12-month trailing information is available by the Master Servicer and such updated report shall be delivered
to the Trustee, the Certificate Administrator and the Companion Loan Holders in the calendar month following receipt by the Master
Servicer of such updated trailing or year-to-date operating statements and related rent rolls for the Mortgaged Property.

 

The Special Servicer
shall pursuant to Section 3.13(d) of this Agreement deliver to the Master Servicer the information required of it pursuant
to this Section 3.13(d) with respect to a Specially Serviced Loan or REO Loan.

 

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(e)          In
connection with their servicing of the Whole Loan, the Master Servicer and the Special Servicer, as applicable, shall provide to
each other and to the Trustee and the Certificate Administrator, written notice of any event that comes to their knowledge with
respect to the Whole Loan or REO Property that the Master Servicer or the Special Servicer, respectively, determines, in accordance
with the Servicing Standard, would have a material adverse effect on the Whole Loan or REO Property, which notice shall include
an explanation as to the reason for such material adverse effect.

 

(f)          On
each Determination Date, the Special Servicer shall deliver, or cause to be delivered, to the Master Servicer and the Certificate
Administrator, and upon the request of any of the Trustee and the Depositor, to such requesting party, the CREFC®
Specially Serviced Loan File with respect to a Specially Serviced Loan (and, if applicable, the REO Property), providing the required
information as of the Business Day prior to such Determination Date (or, upon the reasonable request of any Master Servicer, data
files in a form acceptable to the Master Servicer), which CREFC® Specially Serviced Loan File shall include data,
to enable the Master Servicer to produce the CREFC® Supplemental Servicer Reports. In addition, at least two Business
Days prior to each Servicer Remittance Date, the Special Servicer shall deliver the CREFC® Specially Serviced Loan
File to the 17g-5 Information Provider (which shall promptly post such item to the 17g-5 Information Provider’s Website).
Such reports or data shall be presented in writing and in an electronic format acceptable to the Master Servicer.

 

(g)          The
Special Servicer shall deliver or cause to be delivered to the Master Servicer and, upon the request of any of the Trustee, the
Certificate Administrator, the Depositor or any Rating Agency, to such requesting party, without charge, the following materials
for a Specially Serviced Loan, in each case to the extent that such materials or the information on which they are based have been
received by the Special Servicer:

 

(i)          Beginning
in 2017, within 60 days of receipt by the Special Servicer of any annual operating statements with respect to a Specially Serviced
Loan, a CREFC® Operating Statement Analysis Report for the Mortgaged Property or REO Property as of the end of the
preceding calendar year, together with copies of the operating statements and rent rolls for the Mortgaged Property or REO Property
as of the end of the preceding calendar year (but only to the extent the Borrower is required by the Mortgage to deliver, or otherwise
agrees to provide, such information) and for the current trailing 12 months, if available, or year-to-date. The Special Servicer
shall use commercially reasonable efforts to obtain said annual and other periodic operating statements and related rent rolls
with respect to the Mortgaged Property for so long as the Whole Loan is a Specially Serviced Loan or REO Property, which efforts
shall include a letter sent to the Borrower or other appropriate party each quarter (followed up with telephone calls) requesting
such annual and other periodic operating statements until they are received, provided, however, that any analysis or update with
respect to year end or the first calendar quarter of each year will not be required to the extent such analysis or update is not
required under the then current CREFC® guidelines.

 

(ii)        Beginning
in 2017, within 60 days of receipt by the Special Servicer of any annual operating statements with respect to the Mortgaged Property
for so long as the Whole Loan is a Specially Serviced Loan, a CREFC® NOI Adjustment Worksheet for the Mortgaged
Property or REO Property (with the annual operating statements attached

 

 

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thereto
as an exhibit); provided, however, that, with the consent of the Master Servicer, the Special Servicer may instead
provide data files in a form acceptable to the Master Servicer. The Special Servicer will use the “Normalized” column
from the CREFC® NOI Adjustment Worksheet to update the full year-end data on any CREFC® Operating
Statement Analysis Report and will use any operating statements received with respect to the Mortgaged Property for so long as
the Whole Loan is a Specially Serviced Loan or an REO Property to update the CREFC® Operating Statement Analysis
Report for the Mortgaged Property, provided, however, that any analysis or update with respect to year end or the first calendar
quarter of each year will not be required to the extent such analysis or update is not required under the then current CREFC®
guidelines.

 

Upon request for receipt
of any such items from any Rating Agency, the Special Servicer shall forward such items to the 17g-5 Information Provider (who
shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The Special Servicer
shall maintain one CREFC® Operating Statement Analysis Report for the Mortgaged Property for so long as the Whole
Loan is a Specially Serviced Loan or the Mortgaged Property is an REO Property. The CREFC® Operating Statement Analysis
Report for the Mortgaged Property or REO Property is to be updated by the Special Servicer and such updated report delivered to
the Master Servicer within 45 days after receipt by the Special Servicer of updated operating statements and related rent rolls
for the Mortgaged Property when the Whole Loan is a Specially Serviced Loan or the Mortgaged Property is an REO Property; provided,
that the Special Servicer may instead provide data files in an electronic form acceptable to the Special Servicer. The Special
Servicer shall provide each such report to the Master Servicer in the then applicable CREFC® format.

 

(h)          If
the Master Servicer or the Special Servicer, as applicable, is required to deliver any statement, report or information under any
provision of this Agreement (including Section 3.14), the Master Servicer or the Special Servicer, as the case may be, may
satisfy such obligation by (x) delivering such statement, report or information in a commonly used electronic format or (y) making
such statement, report or information available on the Master Servicer’s Website, unless this Agreement expressly specifies
a particular method of delivery; provided that all reports required to be delivered to the Certificate Administrator shall
be delivered in accordance with clause (x) or (y).

 

(i)          The
Master Servicer may, but is not required to, make any of the reports or files it delivers pursuant to this Section 3.13
available each month on the Master Servicer’s Website only with the use of a password, in which case the Master Servicer
shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed
to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder
who requests such password, provided that any such Certificateholder or prospective Certificateholder, as the case may be,
and has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection
with providing access to the Master Servicer’s Website, the Master Servicer may require registration and the acceptance of
a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the
extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement 

 

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governing the availability,
use and disclosure of such information, and which may provide indemnification to the Master Servicer for any liability or damage
that may arise therefrom.

 

(j)          With
respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer, without
charge and on the related Determination Date, an electronic report which may include html, word or excel compatible format, clean
and searchable pdf format or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer
that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any
of its Affiliates during the related Collection Period (and the Master Servicer, if it has received such information, shall forward
such information to the Certificate Administrator no later than the Servicer Remittance Date). Such report to the Certificate Administrator
may omit any information that has previously been delivered to the Certificate Administrator by the Master Servicer or the Special
Servicer; provided that the Certificate Administrator shall include all such related information in the Distribution Date Statement
regardless of how such information was conveyed to it.

 

Section 3.14  Access
to Certain Documentation. (a) The Master Servicer and Special Servicer, as applicable, shall provide to any Certificateholders
and the Companion Loan Holders that are federally insured financial institutions, the Federal Reserve Board, the FDIC and the
OTS and the supervisory agents and examiners of such boards and such corporations, and any other federal or state banking or insurance
regulatory authority that may exercise authority over any Certificateholder or Companion Loan Holders is subject, access to the
documentation regarding the Trust Loan required by applicable regulations of the Federal Reserve Board, FDIC, OTS or any such
federal or state banking or regulatory authority, such access being afforded without charge but only upon reasonable written request
and during normal business hours at the offices of the Master Servicer or Special Servicer, as applicable. In addition, upon reasonable
prior written notice to the Master Servicer or the Special Servicer, as the case may be, the Trustee, the Certificate Administrator,
the Depositor or their accountants or other representatives shall have reasonable access to review the documents, correspondence
and records in the possession of the Master Servicer or the Special Servicer, as the case may be, as they relate to the Mortgaged
Property and any REO Property during normal business hours at the offices of the Master Servicer or the Special Servicer, as the
case may be. Nothing in this Section 3.14 shall detract from the obligation of the Master Servicer and Special Servicer
to observe any applicable law prohibiting disclosure of information with respect to the Borrower, and the failure of the Master
Servicer and Special Servicer to provide access as provided in this Section 3.14 as a result of such obligation shall not
constitute a breach of this Section 3.14.

 

(b)          In
connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, Companion
Loan Holder or any regulatory authority that may exercise authority over a Certificateholder or Companion Loan Holder, the Master
Servicer and the Special Servicer may each require payment from such Certificateholder or Companion Loan Holder of a sum sufficient
to cover the reasonable costs and expenses of providing such information or access, including copy charges and reasonable fees
for employee time and for space; provided that no charge may be made if such information or access was required to be given
or made available under applicable law. In connection with providing Certificateholders or Companion Loan Holders access to the
information described in the preceding paragraph the Master Servicer and the Special Servicer, as applicable, may require

 

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(prior
to affording such access) a written confirmation executed by the requesting Person substantially in such form as may be reasonably
acceptable to the Master Servicer or the Special Servicer, as the case may be, generally to the effect that such Person is a Holder
of Certificates or a beneficial holder of Book-Entry Certificates or Companion Loan Holder or a regulator or governmental body
and will keep such information confidential.

 

(c)          Upon
the reasonable request of any Certificateholder or Companion Loan Holder identified to the Master Servicer to the Master Servicer’s
reasonable satisfaction, the Master Servicer may provide (or forward electronically) (at the expense of such Certificateholder
or Companion Loan Holder) copies of any appraisals, operating statements, rent rolls and financial statements obtained by the Master
Servicer or the Special Servicer; provided that, in connection therewith, the Master Servicer may require a written confirmation
executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or Special
Servicer, generally to the effect that such Person is a Holder of Certificates or Companion Loan Securities or a beneficial holder
of Book-Entry Certificates or a regulator or a governmental body and will keep such information confidential.

 

(d)          The
17g-5 Information Provider shall make available solely to the Depositor and to any NRSRO that delivers an NRSRO Certification
to the 17g-5 Information Provider the following items to the extent such items are delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com
(or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto) in an electronic
format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically
with a subject reference of “Hudson Yards 2016-10HY” and an identification of the type of information being provided
in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties hereto or
any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial (provided,
however, if such information is not in electronic format readable and uploadable (that is not locked or corrupted), then
the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon such party shall promptly
deliver the subject information in such format):

 

(i)         any
waivers delivered to the 17g-5 Information Provider pursuant to Section 3.09 of this Agreement;

 

(ii)        any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance
delivered to the 17g-5 Information Provider pursuant to Section 3.21(d) or Section 4.07(d) of this Agreement and
notice of determination not to refrain from reimbursement of all Nonrecoverable Advances;

 

(iii)       any
Asset Status Report delivered by the Special Servicer pursuant to Section 3.23(e) of this Agreement;

 

(iv)       any
environmental assessments delivered by the Special Servicer pursuant to Section 3.10(g) of this Agreement;

 

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(v)        any
annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 11.07 and Section
11.08 of this Agreement;

 

(vi)       any
annual independent public accountants’ attestation reports delivered pursuant to Section 11.09 of this Agreement;

 

(vii)     any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.10 of this Agreement;

 

(viii)     any
notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving a No Downgrade
Confirmation from any Rating Agency as set forth in the definition of “No Downgrade Confirmation” pursuant to Section
3.30of this Agreement;

 

(ix)        copies
of any questions or requests submitted by the Rating Agencies directed toward the Master Servicer, Special Servicer, Certificate
Administrator or Trustee;

 

(x)         any
requests for a No Downgrade Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.30 of this
Agreement;

 

(xi)        any
notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor
Trustee or successor Certificate Administrator pursuant to Section 8.07 or Section 8.08, as applicable, of this Agreement;

 

(xii)      any
notice of resignation or assignment of the rights of the Master Servicer or the Special Servicer pursuant to Section 6.04
of this Agreement;

 

(xiii)     any
notice of Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section
7.03 of this Agreement;

 

(xiv)     any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09 of this Agreement;

 

(xv)      any
notice of the merger or consolidation of the Master Servicer or the Special Servicer pursuant to Section 6.02 of this Agreement;

 

(xvi)     any
notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to Section 10.08
of this Agreement;

 

(xvii)    any
notice or other information provided by the Master Servicer pursuant to Section 10.07 of this Agreement;

 

(xviii)   any
summary of oral communication with the Rating Agencies delivered to the 17g-5 Information Provider pursuant to Section 3.14(f)
of this Agreement; provided that the summary of such oral communication shall not attribute which Rating Agency the communication
was with;

 

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(xix)      the
Rating Agency Q&A Forum and Document Request Tool; and

 

(xx)       such
information as is delivered to the 17g-5 Information Provider by the Depositor in mutually agreeable electronic format within fifteen
(15) days of the Closing Date.

 

The foregoing
information shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website (a
link to which shall be provided on the Depositor’s website at www.intralinks.com or such other website as the Depositor
may notify the parties hereto in writing). Information will be posted on the same Business Day of receipt provided that such
information is received by 2:00 p.m. (eastern time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m.
(eastern time). The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine
whether the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not
anything other than what it purports to be or whether such information (other than (solely with respect to the 17g-5
Information Provider’s obligation to post such information) the information set forth in clauses (i)
through (xix) above) is required to be posted on the 17g-5 Information Provider’s Website pursuant to this
Agreement or Rule 17g-5. In the event that any information is delivered or posted in error, the 17g-5 Information Provider
may remove it from the 17g-5 Information Provider’s Website. The Certificate Administrator and the 17g-5 Information
Provider have not obtained and shall not be deemed to have obtained actual knowledge of any information only by receipt and
posting to the 17g-5 Information Provider’s Website. Access will be provided by the 17g-5 Information Provider to the
Rating Agencies, and to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit O hereto (which
certification may be submitted electronically via the 17g-5 Information Provider’s Website) on the same Business Day as
the request if such certification is submitted by 2:00 p.m., and if such certification is submitted after 2:00 p.m., on
the following Business Day. Questions regarding delivery of information to the 17g-5 Information Provider may be directed to 

17g5informationprovider@wellsfargo.com
(or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto).

 

Upon delivery by the
Depositor to the 17g-5 Information Provider of information designated by the Depositor as pre-closing information from the Depositor’s
17g-5 Website (the “Pre-close Information”), the 17g-5 Information Provider shall make such information available
only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant to this Section 3.13(d).
Such information shall be provided to the 17g-5 Information Provider via electronic media and delivered to the 17g-5 Information
Provider as mutually agreed. The Depositor shall not be entitled to direct the 17g-5 Information Provider to provide access to
the Pre-close Information or any other information on the 17g-5 Information Provider’s Website to any designee or third party.
The Master Servicer or the Special Servicer, as applicable, may, but shall not be obligated to, provide information to the 17g-5
Information Provider that is neither specifically required hereunder, nor required by any Rating Agency, and the 17g-5 Information
Provider shall post such information pursuant to the terms hereof.

 

The 17g-5 Information
Provider shall notify (i) any party that delivers information to the 17g-5 Information Provider under this Agreement that such
information was received and (ii) any party that delivers information to the 17g-5 Information Provider under this Agreement and
each Person that has signed up for access to the 17g-5 Information Provider’s Website in 

 

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respect
of the transaction governed by this Agreement each time an additional document is posted to the 17g-5 Information Provider’s
Website and such notice shall specifically identify such document. The 17g-5 Information Provider will send such notice to such
Persons to the email address that has been provided by and is used by such Person for the purpose of accessing the 17g-5 Information
Provider’s Website, including a general email address if such general email address has been provided to the 17g-5 Information
Provider in connection with a completed NRSRO Certification in the form of Exhibit O hereto.

 

The 17g-5
Information Provider shall make available, only to the Rating Agencies and NRSROs, the Rating Agency Q&A Forum and
Document Request Tool. The “Rating Agency Q&A Forum and Document Request Tool” shall be a service
available on the 17g-5 Information Provider’s Website, where Rating Agencies and NRSROs may (i) submit Inquiries to the
Certificate Administrator relating to the Distribution Date Statement, or submit Inquiries to the Master Servicer or the
Special Servicer, as applicable, relating to the reports being made available pursuant to this Section 3.14(d), the
Whole Loan or the Mortgaged Property, (ii) view Inquiries that have been previously submitted and answered, together with the
answers thereto and (iii) submit requests for loan-level reports and information. Upon receipt of an Inquiry for the
Certificate Administrator, the Master Servicer or the Special Servicer, the 17g-5 Information Provider shall forward the
Inquiry to the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, in each case within a
commercially reasonable period following receipt thereof. Following receipt of an Inquiry or request relating to the subject
matters described in clauses (i) or (iii) above, the Certificate Administrator, the Master Servicer or the
Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the
Inquiry, which reply of the Certificate Administrator, Master Servicer or Special Servicer shall be by email to the 17g-5
Information Provider. The 17g-5 Information Provider shall post (within a commercially reasonable period
following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer (or reports, as
applicable) to
the 17g-5 Information Provider’s Website. Any report posted by the 17g-5 Information Provider in response to a request may
be posted on a page accessible by a link on the 17g-5 Information Provider’s Website. If the Certificate Administrator,
the Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) the Inquiry is beyond the
scope outlined above, (ii) answering any Inquiry would be in violation of applicable law, the Servicing Standard, this Agreement
or the applicable Loan Documents, (iii) answering any Inquiry would or is reasonably expected to result in a waiver of an attorney-client
privilege or the disclosure of attorney work product or is not otherwise advisable to answer or (iv)(A) answering any Inquiry
would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Master Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator, the Master Servicer or the
Special Servicer, as applicable, determines in accordance with the Servicing Standard (or in good faith, in the case of the Certificate
Administrator) that the performance of such duties or the payment of such costs and expenses is beyond the scope of its duties
in its capacity as Certificate Administrator, Master Servicer or Special Servicer, as applicable, under this Agreement, it shall
not be required to answer such Inquiry and, in the case of the Certificate Administrator, Master Servicer or the Special Servicer,
shall promptly notify the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such Inquiry on the Rating
Agency Q&A Forum and Document Request Tool together with a statement that such Inquiry was not answered. Answers posted on
the Rating Agency Q&A Forum and Document Request Tool will be attributable only to the

 

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 respondent, and shall not be deemed
to be answers from any of the Depositor, the Initial Purchasers, the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee or any of their respective Affiliates and no such party shall have any responsibility or liability for the content
of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5 Information Provider’s
Website any Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole discretion, is administrative
or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool will not reflect questions, answers and other
communications between the 17g-5 Information Provider and any Person which are not submitted via the 17g-5 Information Provider’s
Website.

 

In connection with providing
access to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, the Certificate Administrator
and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The Certificate Administrator
and the 17g-5 Information Provider, as the case may be, shall not be liable for the dissemination of information in accordance
with the terms of this Agreement, make no representations or warranties as to the accuracy or completeness of such information
being made available, and assume no responsibility for such information; provided that it is acknowledged and agreed that
the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information solely by virtue
of its compliance with its obligations to post such information to the 17g-5 Information Provider’s Website. The 17g-5 Information
Provider shall not be liable for its failure to make any information available to the NRSROs unless such information was delivered
to the 17g-5 Information Provider at the email address set forth herein (or other form of electronic delivery reasonably acceptable
to the 17g-5 Information Provider and Master Servicer or Special Servicer, as applicable) in an electronic format readable and
uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, with a subject heading of “Hudson
Yards 2016-10HY” and sufficient detail to indicate that such information is required to be posted on the 17g-5 Information
Provider’s Website; provided, however, that if such information is not in electronic format readable and uploadable
(that is not locked or corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party
thereof, whereupon such party shall promptly deliver the subject information in such format.

 

The 17g-5 Information
Provider shall not be responsible or have any liability for any act, omission or delay attributable to the failure of any other
party to this Agreement to timely deliver information to be posted on the 17g-5 Information Provider’s Website or for any
errors or defects in the information supplied by any such party. Neither the Certificate Administrator nor the 17g-5 Information
Provider has obtained and neither shall be deemed to have obtained actual knowledge of any information solely by receipt or posting
to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website, as applicable.

 

The 17g-5 Information
Provider’s obligations in respect of Rule 17g-5 or any other law or regulation related thereto shall be limited to the specific
obligations contained in this Agreement and the 17g-5 Information Provider makes no representations or warranties as to the compliance
of the Depositor with Rule 17g-5 or any other law or regulation related thereto.

 

(e)          Each
of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also
deliver, produce or otherwise make available through its website or otherwise, any additional information identified in Section

 

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3.14(d)
of this Agreement relating to the Whole Loan, the Mortgaged Property or the Borrower, for review by the Depositor, the Initial
Purchasers and any other Persons who deliver an Investor Certification in accordance with this Section 3.14, the Companion
Loan Holders and the Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional
information is simultaneously or previously delivered to the 17g-5 Information Provider in accordance with the provisions of Section
3.14(d) of this Agreement, which shall post such additional information on the 17g-5 Information Provider’s Website
in accordance with the provisions of Section 3.14(d) of this Agreement), in each case, except to the extent doing so is
prohibited by this Agreement, applicable law or by the Loan Documents. Each of the Master Servicer and the Special Servicer shall
be entitled to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion
and/or (ii) require that the recipient of such information (A) except for the Depositor, enter into an Investor Certification
or other confidentiality agreement acceptable to the Master Servicer or the Special Servicer, as the case may be, and (B) acknowledge
that the Master Servicer or the Special Servicer may contemporaneously provide such information to any other Disclosure Party.
In addition, to the extent access to such information is provided via the Master Servicer’s or the Special Servicer’s
website, the Master Servicer and the Special Servicer may require registration and the acceptance of a reasonable and customary
disclaimer and/or an additional or alternative agreement as to the confidential nature of such information. In connection with
providing access to or copies of the information described in this Section 3.14(e) to current or prospective Certificateholders
the form of confidentiality agreement used by the Master Servicer or the Special Servicer, as applicable, shall be: (i) in the
case of a Certificateholder (or a licensed or registered investment advisor acting on behalf of such Certificateholder), an Investor
Certification executed by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information
confidential (except that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators
and (y) to any other Person that holds or is contemplating the purchase of any Certificate or interest therein (provided
that such other Person confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information
confidential)); and (ii) in the case of a prospective purchaser of Certificates or interests therein (or a licensed or registered
investment advisor acting on behalf of such prospective purchaser), an Investor Certification indicating that such Person is a
prospective purchaser of a Certificate or an interest therein and is requesting the information for use in evaluating a possible
investment in Certificates and will otherwise keep such information confidential with no further dissemination (except that such
Certificateholder may provide such information to its auditors, legal counsel and regulators). In the case of a licensed or registered
investment advisor acting on behalf of a current or prospective Certificateholder, the Investor Certification shall be executed
and delivered by both the investment advisor and such current or prospective Certificateholder.

 

Neither the Master Servicer
nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in
violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible or have any
liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this
Section 3.14 unless (i) the Master Servicer or Special Servicer, as applicable, is the original source for such information
and (ii) such failure to deliver complete and accurate information is by reason of such party’s willful misconduct, bad faith,
fraud and/or negligence.

 

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(f)          The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted (but shall not be required)
to orally communicate with the Rating Agencies regarding the Trust Loan, the Whole Loan, any Class of Certificates, the Companion
Loan Holders, the Mortgaged Property or any REO Property; provided that such party summarizes the information provided to
the Rating Agencies in such communication in writing and provides the 17g-5 Information Provider with such written summary in accordance
with the procedures set forth in Section 3.14(d) of this Agreement the same day such communication takes place; provided
that the summary of such oral communications shall not attribute which Rating Agency the communication was with. The 17g-5 Information
Provider shall post such written summary on the 17g-5 Information Provider’s Website in accordance with the procedures set
forth in Section 3.14(d) of this Agreement.

 

(g)          None
of the foregoing restrictions in this Section 3.14 or otherwise in this Agreement shall prohibit or restrict oral or written
communications, or providing information, between the Master Servicer, or the Special Servicer, on the one hand, and any Rating
Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s or NRSRO’s review of the ratings it assigns
to the Master Servicer, or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the
Master Servicer, or the Special Servicer, as applicable, as a commercial mortgage master, special or primary servicer or (iii)
such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s, or the Special Servicer’s, as applicable,
servicing operations in general; provided that the Master Servicer, or the Special Servicer, as applicable, shall not provide
any information relating to the Certificates or the Trust Loan to any Rating Agency or NRSRO in connection with such review and
evaluation by such Rating Agency or NRSRO unless (x) Borrower, property and other deal specific identifiers are redacted; (y)
such information has already been provided to the 17g-5 Information Provider pursuant to the terms hereof; or (z) the Rating Agency
confirms in writing that it does not intend to use such information in undertaking credit rating surveillance with respect to
the Certificates; provided, however, that the Rating Agencies may use information delivered in reliance on the certification
provided in this clause (z) for any purpose to the extent it is publicly available (unless the availability results from
a breach of this Agreement or any other confidentiality agreement to which such Rating Agency is subject) or comprises information
collected by the applicable Rating Agency from the 17g-5 Information Provider’s Website (or another 17g-5 information provider’s
website that such Rating Agency has access to) (in each case, subject to any agreement governing the use of such information,
including any engagement letter with the Depositor or any other applicable depositor).

 

(h)          The
costs and expenses of compliance with this Section 3.14 by the Depositor, the Master Servicer, the Special Servicer, the
Trustee and any other party hereto shall not be Additional Trust Fund Expenses.

 

(i)          If
any of the parties to this Agreement receives a Form ABS Due Diligence-15E from any party in connection with any third-party due
diligence services such party may have provided with respect to the Trust Loan (“Due Diligence Service Provider”),
such receiving party shall promptly forward such Form ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the
17g-5 Information Provider’s Website. The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s
Website any Form ABS

 

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Due
Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to this Agreement, promptly upon
receipt thereof.

 

Section 3.15  Title
and Management of REO Property and REO Accounts. (a) In the event that title to the Mortgaged Property is acquired for
the benefit of Certificateholders and the Companion Loan Holders in foreclosure, by deed-in-lieu of foreclosure or upon abandonment
or reclamation from bankruptcy, the deed or certificate of sale shall be taken in the name of the Trustee, or its nominee (which
shall not include the Master Servicer), or a separate Trustee or co-Trustee, in each case on behalf of the Trust Fund and the
Companion Loan Holders. The Special Servicer, on behalf of the Trust Fund and the Companion Loan Holders, shall dispose of any
REO Property prior to the close of the third calendar year following the year in which the Trust Fund acquires ownership of the
REO Property for purposes of Section 860G(a)(8) of the Code, unless (i) the Special Servicer on behalf of the Lower-Tier REMIC
has applied for an extension of such period pursuant to Sections 856(e)(3) and 860G(a)(8)(A) of the Code, in which case the Special
Servicer shall sell the REO Property within the applicable extension period or if the Special Servicer has applied for extension
as provided in this clause (i) but such request has not yet been granted or denied, the additional time specified
in such request, or (ii) the Special Servicer seeks and subsequently receives an Opinion of Counsel (which opinion shall be an
expense of the Trust Fund and allocated in accordance with the allocation provisions set forth in the Co-Lender Agreement), addressed
to the Special Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by the Trust Fund of the
REO Property for an additional specified period will not cause the REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section
860D(a) of the Code) at any time that any Certificate is outstanding, in which event such period shall be extended by such additional
specified period subject to any conditions set forth in such Opinion of Counsel. The Special Servicer, on behalf of the Trust
Fund and the Companion Loan Holders, shall dispose of any REO Property held by the Trust Fund prior to the last day of such period
(taking into account extensions) by which the REO Property is required to be disposed of pursuant to the provisions of the immediately
preceding sentence in a manner provided under Section 3.16 hereof. The Special Servicer shall manage, conserve, protect
and operate the REO Property for the Certificateholders and the Companion Loan Holders solely for the purpose of its prompt disposition
and sale in a manner which does not cause the REO Property to fail to qualify as “foreclosure property” within the
meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a)
of the Code) and such that income from the operation or sale of such property does not result in receipt by the Trust Fund of
any income from non-permitted assets as described in Section 860F(a)(2)(B) of the Code with respect to such property.

 

(b)          The
Special Servicer shall have full power and authority, subject only to the Servicing Standard and the specific requirements and
prohibitions of this Agreement, to do any and all things in connection with any REO Property as are consistent with the manner
in which the Special Servicer manages and operates similar property owned or managed by the Special Servicer or any of its Affiliates,
all on such terms and for such period as the Special Servicer deems to be in the best interests of Certificateholders and the Companion
Loan Holders, in connection therewith, the Special Servicer shall agree to the payment of management fees that are consistent with
general market standards. Consistent with the foregoing, the Special Servicer 

 

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shall
cause or permit to be earned with respect to the REO Property any “net income from foreclosure property”, within the
meaning of Section 860G(c) of the Code, which is subject to tax under the REMIC Provisions, only if it has determined, and has
so advised the Trustee and the Certificate Administrator in writing, that the earning of such income on a net after-tax basis
could reasonably be expected to result in a greater recovery on behalf of Certificateholders and the Companion Loan Holders than
an alternative method of operation or rental of the REO Property that would not be subject to such a tax.

 

The Special Servicer
shall segregate and hold all revenues received by it with respect to any REO Property separate and apart from its own funds and
general assets and shall establish and maintain with respect to any REO Property a segregated custodial account (each, an “REO
Account”), each of which shall either (A) be an Eligible Account and shall be entitled “AEGON USA Realty Advisors,
LLC, on behalf of Wilmington Trust, National Association, as Trustee, in trust for the benefit of the Holders of Hudson Yards
2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates, REO Account” and the Companion Loan Holders or (B)
be entitled in the name of the limited liability company formed to hold title to the REO Property for the benefit of the Trustee.
Title of any REO Property may be taken in the name of a limited liability company wholly owned by the Lower-Tier Trust REMIC that
is managed by the Special Servicer (the costs of which shall be advanced by the Master Servicer; provided that such Advance
would not be a Nonrecoverable Advance); provided, further, that such limited liability company (a) shall not elect
to be classified as anything other than an entity that is disregarded as separate from the Lower-Tier Trust REMIC for federal
income tax purposes and (b) shall only hold assets permitted under the REMIC Provisions to be held by a REMIC. The Special Servicer
shall be entitled to withdraw for its account any interest or investment income earned on funds deposited in the REO Account to
the extent provided in Section 3.07(b) of this Agreement. The Special Servicer shall deposit or cause to be deposited REO
Proceeds in the REO Account within two Business Days after receipt of the REO Proceeds, and shall withdraw therefrom funds necessary
for the proper operation, management and maintenance of the REO Property and for other Property Protection Expenses with respect
to the REO Property, including:

 

(i)         all
insurance premiums due and payable in respect of any REO Property;

 

(ii)        all
real estate taxes and assessments in respect of any REO Property that may result in the imposition of a lien thereon;

 

(iii)       all
costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any REO Property; and

 

(iv)       any
taxes imposed on the Lower-Tier REMIC in respect of net income from foreclosure property in accordance with Section 4.05.

 

To the extent that such
REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iii) above, the Master Servicer
shall make such Advance unless the Master Servicer determines, in accordance with the Servicing Standard, that such Property Advance
would constitute a Nonrecoverable Advance (provided that with respect to advancing insurance premiums or delinquent tax
assessments the Master Servicer shall comply with the provisions of the second to last paragraph in Section 3.21(d) of this
Agreement) and if the Master Servicer

 

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does
not make any such Advance, the Trustee, to the extent the Trustee has actual knowledge of the Master Servicer’s failure
to make such Advance, shall make such Advance, unless in each case, the Master Servicer or the Trustee, as applicable, determines
that such Advance would be a Nonrecoverable Advance. The Trustee shall be entitled to rely, conclusively, on any determination
by the Special Servicer or the Master Servicer, as applicable, that an Advance, if made, would be a Nonrecoverable Advance. The
Trustee, when making an independent determination whether or not a proposed Advance would be a Nonrecoverable Advance, shall make
such determination in accordance with Section 3.21(d) based on its reasonable judgment. The Master Servicer or the Trustee,
as applicable, shall be entitled to reimbursement of such Advances (with interest at the Advance Rate) made pursuant to the preceding
sentence, to the extent permitted by Section 3.06 of this Agreement. The Special Servicer shall withdraw from the REO Account
and remit to the Master Servicer for deposit into the Collection Account on a monthly basis prior to or on the related Due Date
the Net REO Proceeds received or collected from each REO Property, except that in determining the amount of such Net REO Proceeds,
the Special Servicer may retain in each REO Account reasonable reserves for repairs, replacements and necessary capital improvements
and other related expenses.

 

Notwithstanding the foregoing,
the Special Servicer shall not:

 

(i)          permit
any New Lease to be entered into, renewed or extended, if the New Lease by its terms will give rise to any income that does not
constitute Rents from Real Property;

 

(ii)        permit
any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;

 

(iii)       authorize
or permit any construction on any REO Property, other than the repair or maintenance thereof or the completion of a building or
other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement was
completed before default on the Trust Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

(iv)       Directly
Operate or allow any Person to Directly Operate any REO Property on any date more than 90 days after its date of acquisition by
the Trust Fund, unless such Person is an Independent Contractor;

 

unless, in any such case, the Special Servicer
has requested and received an Opinion of Counsel addressed to the Special Servicer, the Certificate Administrator and the Trustee
(which opinion shall be an expense of the Trust Fund and allocated in accordance with the allocation provisions of the Co-Lender
Agreement) to the effect that such action will not cause the REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section
860D(a) of the Code) at any time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as
are specified in such Opinion of Counsel.

 

The Special Servicer
shall be required to contract with an Independent Contractor, the fees and expenses of which shall be an expense of the Trust Fund
and allocated in accordance with the allocation provisions of the Co-Lender Agreement and payable out of REO Proceeds,

 

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for the
operation and management of any REO Property, within 90 days of the Trust Fund’s acquisition thereof (unless the Special
Servicer shall have provided the Trustee and the Certificate Administrator with an Opinion of Counsel that the operation and management
of any REO Property other than through an Independent Contractor shall not cause the REO Property to fail to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code) (which opinion shall be an expense of the Trust Fund and
allocated in accordance with the allocation provisions of the Co-Lender Agreement; provided that:

 

(i)         the
terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be
inconsistent herewith;

 

(ii)        any
such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred
in connection with the operation and management of the REO Property, including those listed above, and remit all related revenues
(net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than 30 days following the
receipt thereof by such Independent Contractor;

 

(iii)       none
of the provisions of this Section 3.15(b) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund, the Trustee
on behalf of the Certificateholders and the Companion Loan Holders, with respect to the operation and management of any the REO
Property; and

 

(iv)        the
Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations
in connection with the operation and management of the REO Property.

 

The Special Servicer
shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties
and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement
shall be deemed to limit or modify such indemnification.

 

(c)          Promptly
following any acquisition by the Special Servicer of an REO Property on behalf of the Trust Fund, the Special Servicer shall notify
the Master Servicer thereof, and, the Special Servicer shall obtain an Updated Appraisal thereof, but only in the event that any
Updated Appraisal with respect thereto is more than 9 months old and the Special Servicer has no actual knowledge of any material
adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity of such Updated
Appraisal, in order to determine the fair market value of the REO Property and shall notify the Depositor and the Master Servicer
and the Companion Loan Holders of the results of such Appraisal. Any such Appraisal shall be conducted in accordance with Appraisal
Institute standards and the cost thereof shall be advanced as a Property Advance. The Special Servicer shall obtain a new Updated
Appraisal or a letter update every 9 months thereafter until the REO Property is sold.

 

(d)          When
and as necessary, the Special Servicer shall send to the Certificate Administrator a statement prepared by the Special Servicer
setting forth the amount of net

 

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income or
net loss, as determined for federal income tax purposes, resulting from the operation and management of a trade or business on,
the furnishing or rendering of a non-customary service to the tenants of, or the receipt of any other amount not constituting
Rents from Real Property in respect of, any REO Property in accordance with Sections 3.15(a) and 3.15(b) of this
Agreement.

 

Section 3.16  Sale
of a Specially Serviced Loan or the REO Property. (a) The parties hereto may sell or purchase, or permit the sale or
purchase of, the Whole Loan only on the terms and subject to the conditions set forth in this Section 3.16 or as otherwise
expressly provided in or contemplated by Section 2.03(e) and Section 9.01 of this Agreement or in the Co-Lender
Agreement.

 

(b)          If
the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders
and the Companion Loan Holders (as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single
lender) to attempt to sell the Whole Loan if it is a Defaulted Mortgage Loan, the Special Servicer shall use efforts consistent
with the Servicing Standard to solicit offers for such Defaulted Mortgage Loan on behalf of the Certificateholders and the Companion
Loan Holders in such manner as will be reasonably likely to realize a fair price if it sells such Defaulted Mortgage Loan. The
Special Servicer shall accept the first (and, if multiple offers are received, the highest cash offer received in the solicitation
process within the time frame set for such process by the Special Servicer) cash offer received from any Person that constitutes
a fair price for such Defaulted Mortgage Loan, subject to any consent or consultation rights of the Directing Holder (or, if no
Directing Holder has been appointed, each Initial Consulting Holder) during any Subordinate Control Period and any Subordinate
Consultation Period.

 

The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer, the Directing Holder (or, if no Directing Holder has
been appointed, each Initial Consulting Holder) (during any Subordinate Control Period and any Subordinate Consultation Period)
and the Companion Loan Holders, not less than ten (10) Business Days’ (or five (5) Business Days’ notice in the case
of the Directing Holder or each Initial Consulting Holder) prior written notice of its intention to sell a Defaulted Mortgage Loan
(and the Certificate Administrator shall promptly forward such notice to the Certificateholders), and notwithstanding anything
to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase
any Defaulted Mortgage Loan pursuant to this Agreement. The notice provided to each Companion Loan Holder pursuant to the previous
sentence shall include notice of the Companion Loan Holder’s opportunity to bid on the Defaulted Mortgage Loan.

 

(c)          Whether
any cash offer constitutes a fair price for such Defaulted Mortgage Loan, as the case may be, shall be determined by the Special
Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an
Interested Person. In determining whether any offer received from an Interested Person represents a fair price for a Defaulted
Mortgage Loan, the Trustee shall be supplied with and shall rely on the most recent Appraisal or Updated Appraisal conducted in
accordance with this Agreement within the preceding 9-month period or in the absence of any such Appraisal, on a narrative appraisal
prepared by an Independent MAI appraiser selected by (i) the Special Servicer if the Special Servicer or an Affiliate of the Special
Servicer is not making an offer with 

 

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respect
to a Defaulted Mortgage Loan, (ii) by the Master Servicer if the Special Servicer is making such an offer unless the Master Servicer
and Special Servicer are Affiliates or (iii) the Trustee if the Master Servicer and Special Servicer are Affiliates and the Special
Servicer is making an offer. The cost of any such Updated Appraisal or narrative appraisal shall be covered by, and shall be reimbursable
as, a Property Advance. No offer from an Interested Person shall constitute a fair price unless (i) if the offer is equal to or
greater than the applicable Repurchase Price, the offer is the highest offer received, or (ii) if the offer is less than the applicable
Repurchase Price, (a) the offer is the highest offer received and (b) at least two other offers are received from independent
third parties. In addition, the Trustee shall be permitted to retain, at the expense of the related Interested Person, an independent
third party expert in real estate or commercial mortgage loan matters with at least five years’ experience in valuing or
investing in loans similar to the Whole Loan that has been selected with reasonable care by the Trustee to determine such fair
price and will be permitted to conclusively rely on the opinion of such third party’s determination. Any costs and fees
of the Trustee in connection with an offer by an Interested Person and the Trustee’s duties therewith shall be paid in advance
of such determination by such Interested Person.

 

In determining whether
any offer from a Person other than an Interested Person constitutes a fair price for a Defaulted Mortgage Loan, the Special Servicer
shall take into account (in addition to the results of any Appraisal, Updated Appraisal or narrative appraisal that it may have
obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person
constitutes a fair price for such Defaulted Mortgage Loan, any appraiser shall be instructed to take into account, as applicable,
among other factors, the period and amount of the Delinquency on such Defaulted Mortgage Loan, the period and amount of the occupancy
level and physical condition of the Mortgaged Property, the state of the local economy in the area where the Mortgaged Property
is located, the expected recovery from such Defaulted Mortgage Loan if the Special Servicer were to pursue a workout strategy,
and the time and expense associated with a purchaser’s foreclosing on the Mortgaged Property. The Repurchase Price for a
Defaulted Mortgage Loan shall in all cases be deemed a fair price.

 

In addition, the Special
Servicer shall refer to all other relevant information obtained by it or otherwise contained in the Mortgage File; provided
that the Special Servicer shall take account of any change in circumstances regarding the Mortgaged Property known to the Special
Servicer that has occurred subsequent to, and that would, in the Special Servicer’s reasonable judgment, materially affect
the value of the Mortgaged Property reflected in the most recent related Appraisal. Furthermore, the Special Servicer may consider
available objective third party information obtained from generally available sources, as well as information obtained from vendors
providing real estate services to the Special Servicer, concerning the market for distressed real estate loans and the real estate
market for the subject property type in the area where the Mortgaged Property is located. The Special Servicer may, to the extent
it is reasonable to do so in accordance with the Servicing Standard, conclusively rely on any opinions or reports of qualified
Independent experts in real estate or commercial mortgage loan matters with at least five years’ experience in valuing or
investing in loans similar to the subject Specially Serviced Loan, selected with reasonable care by the Special Servicer, in making
such determination. All reasonable costs and expenses incurred by the Special Servicer pursuant to this Section 3.16(c)
shall constitute, and be reimbursable as, Property Advances. The other parties to this Agreement shall cooperate with all reasonable
requests for information made by

 

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the
Special Servicer in order to allow the Special Servicer to perform its duties pursuant to this Section 3.16(c).

 

(d)          Subject
to subsection (c) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders
and the Companion Loan Holders) in negotiating and taking any other action necessary or appropriate in connection with the sale
of a Defaulted Mortgage Loan, and the applicable collection of all amounts payable in connection therewith. In connection therewith,
the Special Servicer may charge for its own account prospective offerors, and may retain, fees that approximate the Special Servicer’s
actual costs in the preparation and delivery of information pertaining to such sales or exchanging offers without obligation to
deposit such amounts into the REO Account or the Collection Account. Any sale of a Defaulted Mortgage Loan shall be final and without
recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties
typically given in such transactions, any prorations applied thereto and any customary closing matters), and if such sale is consummated
in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the Certificate
Administrator or the Trustee shall have any liability to any Certificateholder or Companion Loan Holder with respect to the purchase
price therefor accepted by the Special Servicer or the Trustee.

 

(e)          Any
sale of a Defaulted Mortgage Loan shall be for cash only.

 

(f)          [Reserved].

 

(g)          The
parties hereto may sell or purchase, or permit the sale or purchase of, an REO Property only on the terms and subject to the conditions
set forth in this Section 3.16.

 

(h)          The
Special Servicer shall use efforts consistent with the Servicing Standard to solicit offers for an REO Property on behalf of the
Certificateholders and the Companion Loan Holders in such manner as will be reasonably likely to realize a fair price within the
time period provided for by Section 3.15(a) of this 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 the REO
Property. If the Special Servicer determines, in its good faith and reasonable judgment, that it will be unable to realize a fair
price for any REO Property within the time constraints imposed by Section 3.15(a) of this Agreement, then the Special Servicer
shall dispose of the REO Property upon such terms and conditions as the Special Servicer shall deem necessary and desirable to
maximize the recovery thereon under the circumstances and, in connection therewith, shall accept the highest outstanding cash offer,
regardless of from whom received.

 

The Special Servicer
shall give the Trustee, the Certificate Administrator and the Master Servicer, not less than ten Business Days’ prior written
notice of its intention to sell an REO Property, and notwithstanding anything to the contrary herein, neither the Trustee, in its
individual capacity, nor any of its Affiliates may make an offer for or purchase any REO Property pursuant to this Agreement.

 

(i)          Whether
any cash offer constitutes a fair price for an REO Property, as the case may be, shall be determined by the Special Servicer, if
the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person;

 

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provided, however,
that no offer from an Interested Person shall constitute a fair price unless it is the highest offer received. In determining
whether any offer received from an Interested Person represents a fair price for an REO Property, the Trustee shall be supplied
with and shall rely on the most recent appraisal or Updated Appraisal conducted in accordance with this Agreement within the preceding
9-month period or in the absence of any such appraisal, on a narrative appraisal prepared by an Independent MAI Appraiser selected
by the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is not making an offer with respect to
the REO Property (or by the Trustee if the Special Servicer is making such an offer). The cost of any such Updated Appraisal or
narrative appraisal and any related costs and fees of the Trustee shall be covered by, and shall be reimbursable as, a Property
Advance. The Trustee shall be permitted to retain, at the expense of the related Interested Person, an independent third party
to determine such fair price and shall be permitted to conclusively rely on the opinion of such third party’s determination.
In determining whether any offer from a Person other than an Interested Person constitutes a fair price for an REO Property, the
Special Servicer shall take into account (in addition to the results of any appraisal, updated appraisal or narrative appraisal
that it may have obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an
Interested Person constitutes a fair price for the REO Property, any appraiser shall be instructed to take into account, as applicable,
among other factors, the period and amount of the occupancy level and physical condition of the Mortgaged Property or REO Property,
the state of the local economy and the obligation to dispose of the REO Property within the time period specified in Section
3.15(a) of this Agreement. The Repurchase Price for an REO Property shall in all cases be deemed a fair price.

 

(j)          Subject
to subsections (h) and (i) above, the Special Servicer shall act on behalf of the Trustee (for the benefit
of the Certificateholders and the Companion Loan Holders) in negotiating and taking any other action necessary or appropriate in
connection with the sale of an REO Property, and the applicable collection of all amounts payable in connection therewith. In connection
therewith, the Special Servicer may charge for its own account prospective offerors, and may retain, fees that approximate the
Special Servicer’s actual costs in the preparation and delivery of information pertaining to such sales or exchanging offers
without obligation to deposit such amounts into the Collection Account. Any sale of an REO Property shall be final and without
recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties
typically given in such transactions, any prorations applied thereto and any customary closing matters), and if such sale is consummated
in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor or the Trustee
shall have any liability to any Certificateholder or Companion Loan Holder with respect to the purchase price therefor accepted
by the Special Servicer or the Trustee.

 

(k)          Any
sale of an REO Property shall be for cash only.

 

(l)          Notwithstanding
any of the foregoing paragraphs of this Section 3.16, the Special Servicer shall not be required to accept the highest cash
offer if the Special Servicer determines, in its reasonable and good faith judgment, that rejection of such offer would be in the
best interests of the Certificateholders and the Companion Loan Holders, as a collective whole as if such Certificateholders and
Companion Loan Holders constituted a single lender, and the Special Servicer may accept a lower cash offer (from any Person other
than itself or an Affiliate)

 

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if it determines, in
its reasonable and good faith judgment, that acceptance of such offer would be in the best interests of the Certificateholders
and the Companion Loan Holders (for example, if the prospective buyer making the lower offer is more likely to perform its obligations
or the terms offered by the prospective buyer making the lower offer are more favorable), as a collective whole as if such Certificateholders
and Companion Loan Holders constituted a single lender.

 

(m)          The
Special Servicer shall have the obligation to sell the Defaulted Mortgage Loan (including the Companion Loans) pursuant to the
terms of the Co-Lender Agreement as if the Trust Loan and the Companion Loans were one whole loan on behalf of the Certificateholders
and the Companion Loan Holders. The Special Servicer shall provide notice to the applicable Other Special Servicer (if any) and,
to the extent it has received prior written notice, the controlling class representative of the related Other Securitization Trust
as soon as practicable following its decision to attempt to sell, and prior to the commencement of marketing of, the Companion
Loans.

 

Section 3.17  Additional
Obligations of the Master Servicer and the Special Servicer; Inspections. (a) The Master Servicer (at its own expense)
(or, with respect to a Specially Serviced Loan or REO Property, the Special Servicer) shall inspect or cause to be inspected the
Mortgaged Property securing the Whole Loan at such times and in such manner as is consistent with the Servicing Standard, but
in any event shall inspect the Mortgaged Property at least once every 12 months commencing in 2017 (or at such decreased frequency
as each Rating Agency shall have provided a No Downgrade Confirmation relating to the Certificates and Companion Loan Securities);
provided, however, that if the Whole Loan becomes a Specially
Serviced Loan, the Special Servicer is required to inspect or cause to be inspected the Mortgaged Property as soon as practicable
after the Whole Loan becomes a Specially Serviced Loan and annually thereafter for so long as the Whole Loan remains a Specially
Serviced Loan; provided, further, that the Master Servicer will not be required to inspect the Mortgaged Property
that has been inspected in the previous 12 months. The cost of each such inspection performed in accordance with the Servicing
Standard by the Special Servicer shall be paid by the Master Servicer as a Property Advance; provided, however,
that if such Advance would be a Nonrecoverable Advance, then the cost of such inspections shall be an expense of the Trust payable
from the Collection Account, which expense shall first be reimbursed to the Trust as an Additional Trust Fund Expense; provided
that in the case of any deficiency of amounts on deposit in the Collection Account, the Master Servicer shall, after receiving
payment or making payments from amounts on deposit in the Collection Account, if any (i) promptly notify the Companion Loan Holders
and (ii) use efforts consistent with the Servicing Standard to exercise on behalf of the Trust the rights of the Trust under the
Co-Lender Agreement to obtain reimbursement for a pro rata portion of such amount allocable to each Companion Loan from
the related Companion Loan Holder. The Master Servicer or the Special Servicer, as applicable, shall prepare a written report
of the inspection describing, among other things, the condition of and any damage to the Mortgaged Property securing the Whole
Loan and specifying the existence of any material vacancies in the Mortgaged Property, any sale, transfer or abandonment of the
Mortgaged Property of which it has actual knowledge, any material adverse change in the condition of the Mortgaged Property, or
any visible material waste committed on the Mortgaged Property. The Master Servicer or Special Servicer, as applicable, shall
send such reports to the 17g-5 Information Provider (which shall promptly post such reports to the 17g-5

 

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Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement) and, upon request, to the Initial Purchasers within
20 days of completion, each inspection report, unless the Rating Agencies notify the Master Servicer or Special Servicer, as applicable,
that they do not want such reports.

 

(b)          The
Master Servicer (with respect to the Whole Loan if it is a Performing Loan) or the Special Servicer (with respect to the Whole
Loan if it is a Specially Serviced Loan), as applicable, shall exercise the Trustee’s rights, in accordance with the Servicing
Standard, with respect to any Manager under the related Loan Documents and Management Agreement, if any.

 

(c)          If
the Master Servicer has accepted a voluntary Principal Prepayment with respect to the Whole Loan (other than a Specially Serviced
Loan or a previously Specially Serviced Loan with respect to which the Special Servicer has waived or amended the prepayment restrictions)
(except (A) in accordance with the terms of the Loan Documents, (B) in connection with the payment of insurance proceeds or condemnation
proceeds, (C) subsequent to a default under the Loan Documents (provided that the Master Servicer reasonably believes that
acceptance of such prepayment is consistent with the Servicing Standard), (D) pursuant to applicable law or a court order, or
(E) at the request of or with the consent of the Special Servicer) resulting in a Prepayment Interest Shortfall the Master Servicer
shall deliver to the Certificate Administrator on each Servicer Remittance Date for deposit in the Lower-Tier Distribution Account
(or with respect to each Companion Loan, remit to the holder of the related Companion Loan a pro rata portion of the following
amount), without any right of reimbursement therefor, a cash payment (a “Master Servicer Prepayment Interest Shortfall
Amount”), in an amount equal to the lesser of (x) the aggregate amount of Prepayment Interest Shortfalls incurred in
connection with such voluntary Principal Prepayments received in respect of the Whole Loan (if it is a Performing Loan) during
the related Collection Period, and (y) the sum of (A) the aggregate of that portion of its Servicing Fees that is being paid in
such Collection Period (calculated for this purpose at 0.125 basis points (0.00125%) per annum) that is being paid in such
Collection Period with respect to the Whole Loan if it is a Performing Loan and (B) any Prepayment Interest Excess with respect
to the related Collection Period. The Master Servicer’s obligations to pay any Master Servicer Prepayment Interest Shortfall
Amount, and the rights of the Certificateholders to offset of the aggregate Prepayment Interest Shortfalls against those amounts,
shall not be cumulative.

 

(d)          The
Master Servicer shall, if the Whole Loan is secured by the interest of the Borrower under a ground lease, promptly (and in any
event within 60 days) after the Closing Date deliver notice to the related ground lessor of the transfer of the Whole Loan to the
Trust pursuant to this Agreement and inform such ground lessor that any notices of default under the related ground lease should
thereafter be forwarded to the Master Servicer; provided that the Trust Loan Sellers shall cooperate with the Master Servicer
with respect to such notices, including, without limitation, providing the form of notice to be delivered to such ground lessors.

 

(e)          The
Master Servicer shall, to the extent consistent with the Servicing Standard and permitted by the Loan Documents, not apply any
funds with respect to the Whole Loan (whether arising in the form of a holdback, earnout reserve, cash trap or other similar feature)
to the prepayment of the Whole Loan prior to an event of default or reasonably foreseeable event of default with respect to the
Whole Loan. Prior to an event of default or reasonably foreseeable event of default any such amounts described in the immediately

 

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preceding
sentence shall be held by the Master Servicer as additional collateral for the Whole Loan.

 

Section 3.18  Authenticating
Agent. The Certificate Administrator may appoint an Authenticating Agent to execute and to authenticate Certificates.
The Authenticating Agent must be acceptable to the Depositor and must be a corporation organized and doing business under the
laws of the United States of America or any state, having a principal office and place of business in a state and city acceptable
to the Depositor, having a combined capital and surplus of at least $15,000,000, authorized under such laws to do a trust business
and subject to supervision or examination by federal or state authorities. The Certificate Administrator shall serve as the initial
Authenticating Agent.

 

Any corporation into
which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any corporation succeeding to the
corporate agency business of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any
paper or any further act on the part of the Certificate Administrator or the Authenticating Agent.

 

The Authenticating Agent
may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator,
the Trustee, the Depositor and the Master Servicer. The Certificate Administrator may at any time terminate the agency of the
Authenticating Agent by giving written notice of termination to the Authenticating Agent, the Depositor and the Master Servicer.
Upon receiving a notice of resignation or upon such a termination, or in case at any time the Authenticating Agent shall cease
to be eligible in accordance with the provisions of this Section 3.18, the Certificate Administrator may appoint a successor
Authenticating Agent, which shall be acceptable to the Depositor, and shall mail notice of such appointment to all Certificateholders.
Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers,
duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein.
No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 3.18.

 

The Authenticating Agent
shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator.
Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator, as applicable.

 

Section 3.19  Appointment
of Custodians. Wells Fargo Bank, National Association is hereby appointed as the initial Custodian. The Certificate Administrator
may, at its own expense and with the consent of the Master Servicer, appoint one or more additional Custodians to hold all or
a portion of the Mortgage Files on behalf of the Trustee and otherwise perform the duties set forth in Article II, by entering
into a Custodial Agreement with any Custodian who is not the Depositor; provided that if the additional Custodian is an
Affiliate of the Certificate Administrator such consent of the Master Servicer need not be obtained and the Certificate Administrator
shall instead notify the Master Servicer of such appointment. The Certificate Administrator agrees to comply with the terms of
each Custodial Agreement and to enforce the terms and provisions thereof against the Custodian for the benefit of the

 

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Certificateholders
and the Companion Loan Holders. The Certificate Administrator shall not be liable for any act or omission of the Custodian under
the Custodial Agreement, nor will the Certificate Administrator have any obligation to oversee the activities of a non-Affiliate
Custodian. Each Custodian shall be a depository institution subject to supervision by federal or state authority, shall have a
combined capital and surplus (or shall have its performance guaranteed by an Affiliate with a combined capital and surplus) of
at least $10,000,000, shall have a long-term debt rating of at least “BBB” from S&P. Each Custodian shall be subject
to the same obligations and standard of care as would be imposed on the Certificate Administrator hereunder in connection with
the retention of the Mortgage File directly by the Certificate Administrator. The appointment of one or more Custodians shall
not relieve the Certificate Administrator from any of its duties, liabilities or obligations hereunder. If the Custodian is an
entity other than the Certificate Administrator, the Custodian shall maintain a fidelity bond in the form and amount that are
customary for securitizations similar to the securitization evidenced by this Agreement. The Custodian shall be deemed to have
complied with this provision if one of its Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond,
the coverage afforded thereunder extends to the Custodian. In addition, the Custodian shall keep in force during the term of this
Agreement a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees
in connection with its obligations hereunder in the form and amount that are customary for securitizations similar to the securitization
evidenced by this Agreement. All fidelity bonds and policies of errors and omissions insurance obtained under this Section
3.19 shall be issued by a Qualified Insurer. For the avoidance of doubt, the Certificate Administrator shall bear no responsibility
for any acts or omissions on the part of the Custodian.

 

Section 3.20  Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts. The Master Servicer shall administer each Lock-Box
Account, Cash Collateral Account, Escrow Account and Reserve Account in accordance with the Mortgage or Loan Agreement, Cash Collateral
Account Agreement or Lock-Box Agreement, if any relating to the Whole Loan it is servicing.

 

Section 3.21  Property
Advances. (a) The Master Servicer (or, to the extent provided in Section 3.21(c) of this Agreement, the Trustee)
to the extent specifically provided for in this Agreement, shall make any Property Advances as and to the extent otherwise required
pursuant to the terms hereof with respect to the Whole Loan. For purposes of distributions to Certificateholders and compensation
to the Master Servicer, the Special Servicer or the Trustee, Property Advances shall not be considered to increase the Stated
Principal Balance of the Whole Loan, notwithstanding that the terms of the Whole Loan so provide.

 

(b)          Notwithstanding
anything in this Agreement to the contrary, the Special Servicer shall give the Master Servicer not less than five Business Days’
written notice with respect to any Property Advance to be made on a Specially Serviced Loan, before the date on which the Master
Servicer is required to make such Property Advance with respect to a Specially Serviced Loan or an REO Loan; provided, however,
that the Special Servicer shall be required to provide the Master Servicer with only two Business Days’ written notice in
respect of Property Advances required to be made on an urgent or emergency basis (which may include, without limitation, Property
Advances required to make tax or insurance payments). If the Master Servicer, the Special Servicer or the Trustee makes a Property
Advance with respect to the 

 

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Whole Loan, then it
shall provide written notice to the related Other Servicer, Other Special Servicer and Other Trustee of the amount of such Property
Advance with respect to the Whole Loan within two (2) Business Days of making such Property Advance.

 

(c)          The
Master Servicer shall notify the Trustee and the Certificate Administrator in writing promptly upon, and in any event within one
Business Day after, becoming aware that it will be unable to make any Property Advance required to be made pursuant to the terms
hereof, and in connection therewith, shall set forth in such notice the amount of such Property Advance, the Person to whom it
is to be paid, and the circumstances and purpose of such Property Advance, and shall set forth therein information and instructions
for the payment of such Property Advance, and, on the date specified in such notice for the payment of such Property Advance, or,
if the date for payment has passed or if no such date is specified, then within five Business Days following such notice, the Trustee,
subject to the provisions of Section 3.21(d) of this Agreement, shall pay the amount of such Property Advance in accordance
with such information and instructions.

 

(d)          The
Special Servicer shall promptly furnish any party required to make Property Advances hereunder with any information in its possession
regarding a Specially Serviced Loan or an REO Property as such party required to make Property Advances may reasonably request
for purposes of making nonrecoverability determinations. Notwithstanding anything to the contrary in this Agreement, the Special
Servicer shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance,
and in the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions
shall remain with the Master Servicer or the Trustee, as applicable.

 

Notwithstanding anything
herein to the contrary, no Property Advance shall be required hereunder if the Person otherwise required to make such Property
Advance determines that such Property Advance would, if made, constitute a Nonrecoverable Property Advance. In addition, the Master
Servicer shall not make any Property Advance to the extent that it determines or has received written notice that the Special Servicer
has determined that such Property Advance would, if made, constitute a Nonrecoverable Property Advance. In making such recoverability
determination, such Person will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance with respect
to the Whole Loan, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer
or the Trustee, as applicable, in light of the fact that proceeds on the Whole Loan are a source of recovery not only for the Property
Advance, Administrative Advance or P&I Advance under consideration, but also as a potential source of recovery of such Nonrecoverable
Advance which is being or may be deferred or delayed and (ii) consider (among other things) the obligations of the Borrower under
the terms of the Whole Loan as it may have been modified, (iii) consider (among other things) the Mortgaged Property in its “as-is”
or then-current condition and occupancy, as modified by such party’s assumptions (consistent with the Servicing Standard
in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse changes with
respect to the Mortgaged Property, (iv) estimate and consider (consistent with the Servicing Standard in the case of the Master
Servicer or the Special Servicer) (among other things) future expenses and (v) estimate and consider (among other things) the timing
of recoveries.

 

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If an Appraisal of the
Mortgaged Property shall not have been obtained within the prior 9 month period (and the Master Servicer and the Trustee shall
each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such
an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good faith determination
of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master Servicer or the
Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the Master
Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination
that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the
expense of the Trust Fund (and such expense shall be allocated in accordance with the allocation provisions of the Co-Lender Agreement).

 

Any determination by
the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as the case may be, has made a Property
Advance that is a Nonrecoverable Property Advance or any determination by the Master Servicer, the Special Servicer or the Trustee
that any proposed Property Advance, if made, would constitute a Nonrecoverable Property Advance shall be evidenced, in the case
of the Master Servicer or the Special Servicer, by a certificate of a Servicing Officer delivered to the other, to the Trustee,
the Certificate Administrator, the Depositor, the Companion Loan Holders and the Directing Holder (or, if no Directing Holder has
been appointed, each Initial Consulting Holder) (during any Subordinate Control Period and any Subordinate Consultation Period),
and, in the case of the Trustee, by a certificate of a Responsible Officer of the Trustee, delivered to the Depositor, the Certificate
Administrator, the Master Servicer, the Special Servicer, the Companion Loan Holders and the Directing Holder (or, if no Directing
Holder has been appointed, each Initial Consulting
Holder) (during any Subordinate Control Period and any Subordinate Consultation Period), which in each case sets forth such recoverability
determination and the considerations of the Master Servicer, the Special Servicer or the Trustee, as applicable, forming the basis
of such determination (such certificate to be accompanied by, to the extent available, income and expense statements, rent rolls,
occupancy status, property inspections and other information used by the Master Servicer, the Special Servicer or the Trustee,
as applicable, to make such determination, together with any existing Appraisal or any Updated Appraisal); provided, however,
that the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard, that any Property
Advance previously made or proposed to be made is nonrecoverable and shall deliver to the Master Servicer, the Certificate Administrator,
the Trustee, the Directing Holder (or, if no Directing Holder has been appointed, each Initial Consulting Holder) (during any
Subordinate Control Period and any Subordinate Consultation Period), the Companion Loan Holders and the 17g-5 Information Provider
(which shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of
this Agreement), notice of such determination together with a certificate of a Servicing Officer and supporting information described
above, if applicable. Any such determination shall be conclusive and binding on the Master Servicer, the Special Servicer and
the Trustee. Notwithstanding the foregoing, the Special Servicer shall have no obligation to make an affirmative determination
that any Advance is, or would be, a Nonrecoverable Advance, and in the absence of a determination by the Special Servicer that
such an Advance is a Nonrecoverable Advance, then all such decisions shall remain with the Master Servicer.

 

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Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination that a Property
Advance is a Nonrecoverable Advance) and (consistent with the Servicing Standard in the case of the Master Servicer or the Special
Servicer) may obtain, at the expense of the Trust (and such expense shall be allocated in accordance with the allocation provisions
of the Co-Lender Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent
bad faith, any such determination as to the recoverability of any Property Advance shall be conclusive and binding on the Certificateholders
and the Companion Loan Holders.

 

Notwithstanding the above,
the Trustee shall be entitled to rely conclusively on any determination by the Master Servicer and the Master Servicer and the
Trustee shall be bound by any determination of the Special Servicer that a Property Advance, if made, would be a Nonrecoverable
Property Advance. The Trustee, in determining whether or not a Property Advance previously made is, or a proposed Property Advance,
if made, would be, a Nonrecoverable Property Advance shall be subject to the standards applicable to the Master Servicer hereunder.

 

With respect to the
payment of insurance premiums and delinquent tax assessments, in the event that the Master Servicer determines that a Property
Advance of such amounts would constitute a Nonrecoverable Advance, the Master Servicer shall deliver notice of such determination
to the Trustee, the Certificate Administrator and the Special Servicer. Upon receipt of such notice, the Master Servicer (with
respect to the Whole Loan if it is a Performing Loan) and the Special Servicer (with respect to the Whole Loan if it is a Specially
Serviced Loan or an REO Property) shall determine (with the reasonable assistance of the Master Servicer) whether the payment
of such amount (i) is necessary to preserve the Mortgaged Property and (ii) would be in the best interests of the Certificateholders
and the Companion Loan Holders, as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single
lender. If the Master Servicer or the Special Servicer determines that the payment of such amount (i) is necessary to preserve
the Mortgaged Property and (ii) would be in the best interests of the Certificateholders and Companion Loan Holders, as a collective
whole as if such Certificateholders and Companion Loan Holders constituted a single lender, the Special Servicer (in the case
of a determination by the Special Servicer) shall direct the Master Servicer in writing to make such payment and, in either case,
the Master Servicer shall make such payment, to the extent of available funds, from amounts in the Collection Account.

 

Notwithstanding anything
to the contrary contained in this Section 3.21, the Master Servicer may elect (but shall not be required) to make a payment
out of the Collection Account to pay for certain expenses specified in this sentence notwithstanding that the Master Servicer has
determined that a Property Advance with respect to such expenditure would be a Nonrecoverable Property Advance (unless, with respect
to the Whole Loan if it is a Specially Serviced Loan or an REO Loan, the Special Servicer has notified the Master Servicer to not
make such expenditure), where making such expenditure would prevent (i) the Mortgaged Property from being uninsured or being sold
at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any
security for the Whole Loan; provided that in each instance, the Master Servicer determines in accordance with the Servicing
Standard (as evidenced by a certificate of a Servicing Officer delivered to the Trustee and the Certificate Administrator) that
making such expenditure is in the best interests of the 

 

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Certificateholders
and the Companion Loan Holders, all as a collective whole as if such Certificateholders and Companion Loan Holders constituted
a single lender. The Master Servicer may elect to obtain reimbursement of Nonrecoverable Property Advances from the Trust Fund
in accordance with Section 3.06 of this Agreement.

 

(e)          The
Master Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Property Advances made by it to the
extent permitted pursuant to Section 3.06 of this Agreement, if applicable, of this Agreement, together with any related
Advance Interest Amount in respect of such Property Advances, and the Master Servicer, the Special Servicer and the Trustee each
hereby covenants and agrees to promptly seek and effect the reimbursement of such Property Advances from the Borrower to the extent
permitted by applicable law and the related Loan Documents.

 

(f)          If
the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed Property Advance, if made,
or any outstanding Property Advance with respect to any such Whole Loan previously made, would be, or is, as applicable, a Nonrecoverable
Advance or if the Master Servicer, Special Servicer or Trustee, as applicable, subsequently determines that a proposed Property
Advance would be a Nonrecoverable Advance or an outstanding Property Advance is or would be a Nonrecoverable Advance, the Master
Servicer or Trustee, as applicable, shall provide the Other Servicer, Other Special Servicer and the Other Trustee under each related
Other Pooling and Servicing Agreement with written notice of such determination, together with supporting evidence for such determination,
promptly and in any event within two (2) Business Days after such determination or such longer time period permitted by the Co-Lender
Agreement.

 

Section 3.22  Appointment
of Special Servicer. (a) AEGON USA Realty Advisors, LLC, is hereby appointed as the initial Special Servicer. During
any Subordinate Control Period, the Directing Holder (if any) shall have the right to direct the Trustee to terminate the Special
Servicer as provided in Section 7.01(d) hereof.

 

(b)          After
the termination of a Subordinate Control period, upon (a) the written direction of holders of Principal Balance Certificates evidencing
not less than 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts and Collateral Deficiency
Amounts to notionally reduce the Certificate Balances of the Certificates pursuant to Section 4.08 of this Agreement) allocable
to the Principal Balance Certificates requesting a vote to replace the Special Servicer with a new special servicer designated
in such written direction, (b) payment by such holders to the Certificate Administrator of the reasonable fees and expenses (including
any legal fees and any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection with administering
such vote and (c) delivery by such holders to the Certificate Administrator of a No Downgrade Confirmation and each rating agency
relating to the Companion Loan Securities, the Certificate Administrator shall promptly provide written notice to all Certificateholders
of such request by posting such notice on its internet website, and by mail, and conduct the solicitation of votes of all Certificates
in such regard. At any time other than during a Subordinate Control Period, upon the written direction of (i) Holders of Principal
Balance Certificates evidencing at least 75% of a Certificateholder Quorum or (ii) Holders of Non-Reduced Certificates evidencing
more than 50% of the Voting Rights allocable to each Class of Non-Reduced Certificates, to remove the Special Servicer, the Trustee
shall (x) terminate all of the rights and obligations of the Special Servicer under this 

 

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Agreement and appoint
the successor Special Servicer designated by such Certificateholders, provided such termination is subject to the terminated
Special Servicer’s rights to indemnification, payment of outstanding fees and other compensation, reimbursement of advances
and other rights set forth in this Agreement which survive termination and (y) promptly notify such outgoing Special Servicer
of the effective date of such termination; provided that if such written direction is not provided within 180 days of the
notice from the Certificate Administrator of the request for a vote to terminate and replace the Special Servicer, then such written
direction shall have no force and effect. The provisions set forth in the foregoing sentences of this paragraph shall be binding
upon and inure to the benefit of solely the Certificateholders and the Trustee as between each other. The Special Servicer shall
not have any cause of action based upon or arising from any breach or alleged breach of such provisions other than as may arise
as a result of the failure to comply with the above described voting procedures. As between the Special Servicer, on the one hand,
and the Certificateholders, on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination
or not vote for the termination of the Special Servicer. The Holders of the Certificates that initiated the vote to replace the
Special Servicer shall pay the costs and expenses incurred in connection with the removal and replacement of the Special Servicer
pursuant to this paragraph (including the costs associated with administering such vote). The Certificate Administrator shall
include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner may access notices on
the Certificate Administrator’s Website and each Certificateholder and Beneficial Owner may register to receive email notifications
when such notices are posted on the Certificate Administrator’s Website; provided that the Certificate Administrator
shall be entitled to reimbursement from the requesting Certificateholders for the reasonable expenses of posting such notices.

 

(c)          The
Trustee shall, promptly after receiving any removal notice pursuant to Section 3.22(b) of this Agreement or direction to
terminate pursuant to Section 3.22(a) of this Agreement, so notify the Certificate Administrator, the Companion Loan Holders
and the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant
to Section 3.14(d) of this Agreement). The termination of the Special Servicer and appointment of a successor Special Servicer
pursuant to this Section 3.22 shall not be effective until (i) the delivery of a No Downgrade Confirmation from each Rating
Agency to the Trustee and a No Downgrade Confirmation with respect to the applicable Companion Loans, (ii) the successor special
servicer has assumed all of its responsibilities, duties and liabilities of the Special Servicer hereunder pursuant to a writing
reasonably satisfactory to the Trustee, (iii) receipt by the Trustee of an Opinion of Counsel to the effect that (x) the designation
of such replacement to serve as Special Servicer is in compliance with this Agreement, (y) such replacement will be bound by the
terms of this Agreement and (z) this Agreement will be enforceable against such replacement in accordance with its terms and (iv)
the replacement Special Servicer certifies that such replacement special servicer satisfies all related qualifications set forth
in the Co-Lender Agreement. Any successor Special Servicer shall make the representations and warranties provided for in Section
2.04(e) of this Agreement applicable to the Special Servicer mutatis mutandis. Further, such successor shall
be a Person that satisfies all of the eligibility requirements applicable to special servicers contained in this Agreement; provided
that the licensing requirements set forth in Section 2.04(e) may, with respect to any successor Special Servicer, be satisfied
by a sub-servicer appointed by such successor Special Servicer in accordance with the terms of this Agreement.

 

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The existing Special
Servicer shall be deemed to have been removed simultaneously with such designated Person’s becoming the Special Servicer
hereunder; provided, however, that the Special Servicer removed pursuant to this Section shall be entitled to receive,
and shall have received, all amounts accrued or owing to it under this Agreement on or prior to the effective date of such resignation
and it shall continue to be entitled to any rights that accrued prior to the date of such resignation (including the right to receive
all fees, expenses and other amounts accrued or owing to it under this Agreement, plus the right to receive any Workout Fee and/or
Liquidation Fee specified in Section 3.12(c) of this Agreement in the event that the Special Servicer is terminated and
any indemnification rights that the Special Servicer is entitled to pursuant to Section 6.03(a) of this Agreement) notwithstanding
any such removal. Such removed Special Servicer shall cooperate with the Trustee and the replacement Special Servicer in effecting
the termination of the resigning Special Servicer’s responsibilities and rights hereunder, including without limitation the
transfer within two Business Days to the successor Special Servicer for administration by it of all cash amounts that are thereafter
received with respect to the Whole Loan.

 

(d)          The
appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective obligations
to make Advances as set forth herein; provided, however, that neither the Trustee nor the Master Servicer shall be
liable for any actions or any inaction of such successor Special Servicer.

 

(e)          No
penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section
3.22. All costs and expenses of any such termination made without cause shall be paid by the Trust as an Additional Trust Fund
Expense.

 

(f)          Notwithstanding
anything to the contrary contained in this Section 3.22, if the Special Servicer becomes a Borrower Related Party, the Special
Servicer shall resign as Special Servicer. In the event that the Special Servicer is required to resign as Special Servicer because
it has become a Borrower Related Party, during any Subordinate Control Period or Subordinate Consultation Period, (i) if a Directing
Holder has been appointed, the Directing Holder shall appoint a successor special servicer that is not a Borrower Related Party
in accordance with this Agreement unless the Directing Holder is a Borrower Related Party, and (ii) if the Directing Holder is
a Borrower Related Party or no Directing Holder has been appointed, then a Majority of Certificateholders (by Certificate Balance)
that are not Borrower Related Parties shall be entitled to appoint a successor special servicer that is not a Borrower Related
Party or (iii) if (a) the Directing Holder is a Borrower Related Party or no Directing Holder has been appointed and (b) a Majority
of Certificateholders (by Certificate Balance) that are not Borrower Related Parties do not appoint a successor special 

servicer that is not
a Borrower Related Party, then a successor special servicer shall be appointed as described in the next paragraph. None of the
Master Servicer, the Depositor, the Trustee or the Certificate Administrator shall have any obligation to determine if the Special
Servicer is or has become a Borrower Related Party.

 

In the event
that the Special Servicer is required to resign as Special Servicer because it has become a Borrower Related Party and either (i)
a Subordinate Control Period or a Subordinate Consultation Period is in effect and (a) the Directing Holder is a Borrower Related
Party or no Directing Holder has been appointed and (b) a Majority of Certificateholders (by Certificate Balance) that are not
Borrower Related Parties do not appoint a successor special 

 

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servicer that is not a
Borrower Related Party or (ii) neither a Subordinate Control Period nor a Subordinate Consultation Period is in effect, then upon
resignation of the Special Servicer, at the expense of the Trust, the Certificate Administrator shall promptly provide written
notice of such resignation to all Certificateholders by posting such notice on the Certificate Administrator’s Website and
the successor special servicer shall be appointed upon the written direction of more than 50% of the Voting Rights of the Certificates
that exercise their right to vote (provided that holders of at least 20% of the Voting Rights of the Certificates exercise their
right to vote). If such successor special servicer has not been appointed pursuant to the immediately preceding sentence within
30 days after the Special Servicer has provided its written notice of resignation, the Certificate Administrator shall provide
written notice to the resigning Special Servicer that such successor special servicer has not been appointed and such resigning
Special Servicer shall use reasonable efforts to appoint such successor special servicer that is a Qualified Servicer and the
agreement of a proposed successor to accept the same or lower compensation, and at the expense of the Trust, if such successor
special servicer has not been appointed within 30 days after such notice by the Certificate Administrator to the resigning Special
Servicer, the resigning Special Servicer shall petition any court of competent jurisdiction for the appointment of a successor
special servicer.

 

The successor special
servicer shall perform all of the obligations of the Special Servicer and will be entitled to all special servicing compensation
earned during such time as the successor special servicer is acting as special servicer.

 

Section 3.23  Transfer
of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report; Notice of Mezzanine Foreclosure. (a)
Upon the occurrence of any event specified in the definition of Specially Serviced Loan with respect to the Whole Loan of which
the Master Servicer has notice, the Master Servicer shall promptly give notice thereof to the Special Servicer, the Certificate
Administrator, the Trustee, the Companion Loan Holders and the Trust Loan Sellers, and shall use efforts in accordance with the
Servicing Standard to provide the Special Servicer with all information, documents (but excluding the original documents constituting
the Mortgage File) and records (including records stored electronically) relating to the Whole Loan and reasonably requested by
the Special Servicer to enable it to assume its duties hereunder with respect thereto without acting through a Sub-Servicer. The
Master Servicer shall use efforts in accordance with the Servicing Standard to comply with the preceding sentence within five
Business Days of the date it has notice of the occurrence of any event specified in the definition of Specially Serviced Loan
and in any event shall continue to act as Master Servicer and administrator of the Whole Loan until the Special Servicer has commenced
the servicing of the Whole Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and
records referred to in the preceding sentence. With respect to the Whole Loan that becomes a Specially Serviced Loan, the Master
Servicer shall instruct the Borrower to continue to remit all payments in respect of the Whole Loan to the Master Servicer. The
Master Servicer shall forward any notices it would otherwise send to the Borrower of a Specially Serviced Loan to the Special
Servicer, which shall send such notice to the Borrower.

 

Upon determining that
a Specially Serviced Loan has become a Corrected Mortgage Loan, the Special Servicer shall immediately give notice thereof to the
Master Servicer, and upon giving such notice, the Whole Loan shall cease to be a Specially Serviced 

 

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Loan
in accordance with the first proviso of the definition of Specially Serviced Loan, the Special Servicer’s obligation to
service the Whole Loan shall terminate and the obligations of the Master Servicer to service and administer the Whole Loan as
a Whole Loan that is not a Specially Serviced Loan shall resume.

 

(b)          In
servicing a Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within
the definition of “Mortgage File” for inclusion in the Mortgage File (to the extent such documents are in the possession
of the Special Servicer) and copies of any additional Whole Loan information, including correspondence with the Borrower, and the
Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer as well as copies of any analysis
or internal review prepared by or for the benefit of the Special Servicer.

 

(c)          Not
later than two Business Days preceding each date on which the Master Servicer is required to furnish a report under Section
3.13(a) of this Agreement to the Certificate Administrator, the Special Servicer shall deliver to the Certificate Administrator,
with a copy to the Trustee and the Master Servicer, a written statement describing (i) the amount of all payments on account of
interest received on a Specially Serviced Loan, the amount of all payments on account of principal, including Principal Prepayments,
on a Specially Serviced Loan, the amount of Net Insurance Proceeds, Net Liquidation Proceeds and Net Condemnation Proceeds received
with respect to a Specially Serviced Loan, and the amount of net income or net loss, as determined from management of a trade or
business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt of any rental income that
does not constitute Rents from Real Property with respect to the REO Property relating to a Specially 

Serviced
Loan, in each case in accordance with Section 3.15 of this Agreement (it being understood and agreed that to the extent
this information is provided in accordance with Section 3.13(f) of this Agreement, this Section 3.23(c) shall be
deemed to be satisfied) and (ii) such additional information relating to a Specially Serviced Loan as the Master Servicer, the
Certificate Administrator or the Trustee reasonably request, to enable it to perform its duties under this Agreement. Such statement
and information shall be furnished to the Master Servicer in writing and/or in such electronic media as is acceptable to the Master
Servicer.

 

(d)          Notwithstanding
the provisions of the preceding Section 3.23(c), the Master Servicer shall maintain ongoing payment records with respect
to a Specially Serviced Loan relating to the Trust Loan and shall provide the Special Servicer with any information reasonably
required by the Special Servicer to perform its duties under this Agreement. The Special Servicer shall provide the Master Servicer
with any information reasonably required by the Master Servicer to perform its duties under this Agreement.

 

(e)          No
later than 60 days after the Whole Loan becomes a Specially Serviced Loan, the Special Servicer shall deliver to the Master Servicer,
the Directing Holder (or, if no Directing Holder has been appointed, each Initial Consulting Holder) (during any Subordinate Control
Period and any Subordinate Consultation Period), the Companion Loan Holders and the 17g-5 Information Provider (which shall promptly
post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), a report
(the “Asset Status Report”) with respect to the Whole Loan and the Mortgaged Property. Such Asset Status Report
shall set forth the following information to the extent reasonably determinable:

 

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(i)         the
date of transfer of servicing of the Whole Loan to the Special Servicer;

 

(ii)        a
summary of the status of the Specially Serviced Loan and any negotiations with the Borrower;

 

(iii)       a
discussion of the legal and environmental considerations reasonably known to the Special Servicer, consistent with the Servicing
Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties or other
collateral for the Whole Loan and whether outside legal counsel has been retained;

 

(iv)       the
most current rent roll and income or operating statement available for the Mortgaged Property;

 

(v)        (A)
the Special Servicer’s recommendations on how the Specially Serviced Loan might be returned to performing status (including
the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for
regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted Mortgage Loan or REO Property),
(B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered
by the Special Servicer in connection with the proposed or taken actions;

 

(vi)       the
status of any foreclosure actions or other proceedings undertaken with respect thereto, any proposed workouts with respect thereto
and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under
the Whole Loan;

 

(vii)      a
description of any amendment, modification or waiver of a material term of any ground lease;

 

(viii)     the
decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(ix)       an
analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis
than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net
present value calculation (including the applicable Calculation Rate used) and all related assumptions;

 

(x)         the
appraised value of the Mortgaged Property together with the assumptions used in the calculation thereof, and a copy of the last
obtained Appraisal of the Mortgaged Property; and

 

(xi)       such
other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

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The Special Servicer
shall, subject to the rights of the Directing Holder (or, if no Directing Holder has been appointed, each Initial Consulting Holder)
(during any Subordinate Control Period and any Subordinate Consultation Period), take such actions consistent with the Servicing
Standard and the Asset Status Report. The Special Servicer shall not take any action inconsistent with the Asset Status Report,
unless such action would be required in order to act in accordance with the Servicing Standard, this Agreement, applicable law
or the Loan Documents.

 

If, during any Subordinate
Control Period, (i) the Directing Holder affirmatively approves in writing an Asset Status Report, (ii) after ten (10) Business
Days from receipt of an Asset Status Report, together with all information in the possession of the Special Servicer that is reasonably
necessary for the Directing Holder to make a decision regarding the Asset Status Report, the Directing Holder does not object to
such Asset Status Report or (iii) within ten (10) Business Days after receipt of an Asset Status Report, together with all information
in the possession of the Special Servicer that is reasonably necessary for the Directing Holder to make a decision regarding the
Asset Status Report, the Directing Holder objects to such Asset Status Report and the Special Servicer makes a determination in
accordance with the Servicing Standard that such objection is not in the best interest of all the Certificateholders, then the
Special Servicer shall take the recommended actions described in the Asset Status Report. Within ten (10) Business Days after receipt
of an Asset Status Report, together with all information reasonably requested by the Directing Holder in the possession of the
Special Servicer that is reasonably necessary to make a decision regarding the Asset Status Report, the Directing Holder may object
to such Asset Status Report; provided that following the occurrence of an extraordinary event with respect to the Mortgaged
Property, or if a failure to take any such 

action
at such time would be inconsistent with the Servicing Standard, the Special Servicer may take actions with respect to the Mortgaged
Property before the expiration of such ten (10) Business Day period if the Special Servicer reasonably determines in accordance
with the Servicing Standard that failure to take such action before the expiration of such ten (10) Business Day period would
materially and adversely affect the interest of the Certificateholders, and, during any Subordinate Control Period, the Special
Servicer has made a reasonable effort to contact the Directing Holder.

 

During any Subordinate
Control Period, if the Directing Holder objects to an Asset Status Report within the above-referenced ten (10) Business Day period,
then the Special Servicer (absent a determination set forth in clause (iii) of the first sentence of the immediately preceding
paragraph) shall revise such Asset Status Report as soon as practicable thereafter, but in no event later than thirty (30) days
after the objection to the Asset Status Report by the Directing Holder. During any Subordinate Control Period, the Special Servicer
shall revise such Asset Status Report as provided in the prior paragraph until the earlier of (a) the delivery by the Directing
Holder of an affirmative approval in writing of such revised Asset Status Report, (b) the failure of the Directing Holder to disapprove
such revised Asset Status Report in writing within ten (10) Business Days of its receipt thereof and (c) the determination of the
Special Servicer, consistent with the Servicing Standard, that the objection of the Directing Holder is not in the best interests
of all the Certificateholders and the Companion Loan Holders. In any event, during any Subordinate Control Period, if the Directing
Holder does not approve an Asset Status Report within ninety (90) days from the first submission of such Asset Status Report or
the Special Servicer’s determination to take the recommended action as provided in the immediately preceding paragraph, the
Special Servicer shall take such action as set forth in the most recent 

 

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Asset
Status Report; provided that such action does not violate the Servicing Standard. The Special Servicer may, from time to
time, modify any Asset Status Report it has previously delivered and implement the new action in such revised report so long as
such revised report has been prepared, reviewed and either approved or not rejected as provided above. Upon
request, each Initial Purchaser shall be entitled to a copy of any Asset Status Report.

 

During any Subordinate
Consultation Period, the Directing Holder (or, if no Directing Holder has been appointed, each Initial Consulting Holder) shall
be entitled to consult on a non-binding basis with the Special Servicer and propose alternative courses of action in respect of
any Asset Status Report. During any Subordinate Consultation Period, the Special Servicer shall consider such alternative courses
of action and any other feedback provided by the Directing Holder (or, if no Directing Holder has been appointed, each Initial
Consulting Holder), as applicable. The Special Servicer may revise the Asset Status Reports as it deems reasonably necessary in
accordance with the Servicing Standard to take into account any input and/or recommendations of the Directing Holder (or, if no
Directing Holder has been appointed, each Initial Consulting Holder) during any Subordinate Consultation Period.

 

The Asset Status Report
is not intended to replace or satisfy any other specific consent or approval right which the Directing Holder (or, if no Directing
Holder has been appointed, each Initial Consulting Holder) may have.

 

The Special Servicer
may not take any action inconsistent with an Asset Status Report that has been adopted as provided above, unless such action would
be required in order to act in accordance with the Servicing Standard. During any Subordinate Control Period or any 

Subordinate
Consultation Period, if the Special Servicer takes any action inconsistent with an Asset Status Report that has been adopted as
provided above, the Special Servicer shall promptly notify the Directing Holder (or each Initial Consulting Holder, as applicable)
of such inconsistent action and provide a reasonably detailed explanation of the reasons therefor.

 

The Special Servicer
shall deliver to the Master Servicer, the Directing Holder (or, if no Directing Holder has been appointed, each Initial Consulting
Holder) (during any Subordinate Control Period and any Subordinate Consultation Period), the 17g-5 Information Provider (which
shall promptly post the same to the 17g-5 Information Provider’s Website), the Companion Loan Holders and, subject to Section
4.02(c), each Rating Agency a copy of each Final Asset Status Report, in each case with reasonable promptness following the
adoption thereof.

 

Notwithstanding anything
herein to the contrary: (i) the Special Servicer shall have no right or obligation to consult with or to seek and/or obtain consent
or approval from the Directing Holder (or, if no Directing Holder has been appointed, each Initial Consulting Holder) prior to
acting (and provisions of this Agreement requiring such consultation, consent or approval shall be of no effect) during the period
following any resignation or removal of the Directing Holder and before a replacement is selected and/or identified; and (ii) no
advice, direction or objection from or by the Directing Holder (or Initial Consulting Holder, as applicable), as contemplated by
Section 6.09 or pursuant to any other provision of this Agreement, as contemplated by this Agreement or any intercreditor
agreement, may (and the applicable Special Servicer shall ignore and act without regard to any such advice, direction or objection
that such Special Servicer has determined, in its reasonable, good faith judgment, 

 

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would):
(A) require or cause such Special Servicer to violate applicable law, the terms of the Loan Documents, any intercreditor agreement
or any Section of this Agreement, including the Special Servicer’s obligation to act in accordance with the Servicing Standard,
(B) result in the imposition of federal income tax on the Trust, cause any REMIC to fail to qualify as a REMIC, (C) expose the
Trust, any Certificateholder, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
any Companion Loan Holders, any holders of Companion Loan Securities, any Other Depositor, any Other Servicer, any Other Special
Servicer, any Other Operating Advisor or any of their respective Affiliates, members, managers, officers, directors, employees
or agents, to any material claim, suit or liability or (D) materially expand the scope of the Master Servicer’s, Special
Servicer’s, Certificate Administrator’s or Trustee’s responsibilities under this Agreement.

 

(f)           While
the Whole Loan is a Specially Serviced Loan, the Special Servicer shall have the authority to meet with the Borrower.

 

(g)          The
Special Servicer shall (x) deliver to the Certificate Administrator a proposed notice to Certificateholders that will include
a summary of any Final Asset Status Report in an electronic format (which shall be a brief summary of the current status of the
Mortgaged Property and strategy with respect to the resolution and workout of the Trust Loan), and the Certificate Administrator
shall post such summary on the Certificate Administrator’s Website pursuant to Section 4.02(b) and shall deliver
such summary of any Asset Status Reports to the 17g-5 Information Provider (which shall post such summary to the website pursuant
to Section 4.02(b)) and (y) implement the applicable Final Asset Status Report in the form delivered to the 17g-5
Information Provider pursuant to Section 3.23(e). The Special Servicer may, from time to time, modify any Asset Status
Report it has previously delivered and, following the prompt delivery of such modified Asset Status Report to the 17g-5 Information
Provider, which the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website pursuant to Section
4.02(b), implement such report.

 

(h)          If
a Responsible Officer or Servicing Officer, as applicable, of any of the Master Servicer, Special Servicer, Depositor, Trustee
or Certificate Administrator shall receive written notice pursuant to the mezzanine intercreditor agreement that the mezzanine
lender has either accelerated the Mezzanine Loan or commenced foreclosure proceedings against the Mezzanine Collateral or collateral
related to a future mezzanine loan, as applicable, it shall provide such notice in the form of Exhibit R to the other parties
hereto.

 

Section 3.24  Special
Instructions for the Master Servicer and/or Special Servicer. (a) Prior to taking any action with respect to the Whole
Loan secured by the Mortgaged Property located in a “one-action” state, the Master Servicer or Special Servicer, as
applicable, shall consult with legal counsel, the fees and expenses of which shall be an expense of the Trust Fund and shall be
allocated in accordance with the allocation provisions of the Co-Lender Agreement.

 

(b)          The
Master Servicer shall send written notice to the Borrower and the Managers and clearing bank relating to the Whole Loan that, if
applicable, it and/or the Trustee has been appointed as the “Designee” of the “Lender” under any related
Lock-Box Agreement.

 

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(c)          Without
limiting the obligations of the Master Servicer hereunder with respect to the enforcement of the Borrower’s obligations under
the Loan Documents, the Master Servicer agrees that it shall, in accordance with the Servicing Standard, enforce the provisions
of the Loan Documents relating to the Whole Loan with respect to the collection of Prepayment Charges.

 

(d)          In
the event that a Rating Agency shall charge a fee in connection with providing a No Downgrade Confirmation, the Master Servicer
shall require the Borrower to pay such fee to the extent not inconsistent with the applicable Loan Documents. In the event that
such fee remains unpaid, such fee shall be an expense of the Trust Fund (allocated as an Additional Trust Fund Expense in the same
manner as Realized Losses as set forth in Section 4.01(e) of this Agreement).

 

(e)          With
respect to the Whole Loan, to the extent not inconsistent with the Whole Loan, the Master Servicer shall not consent to a change
of franchise affiliation with respect to the Mortgaged Property, if applicable, or any property manager with respect to the Mortgaged
Property unless the Master Servicer obtains a No Downgrade Confirmation relating to the Certificates and Serviced Companion Loan
Securities, if any.

 

Section 3.25  Certain
Rights and Obligations of the Master Servicer and/or the Special Servicer. In addition to its rights and obligations
with respect to a Specially Serviced Loan, the Special Servicer has the right, whether or not the Whole Loan is a Specially Serviced
Loan, to approve (i) Major Decisions to the extent described under Section 3.26 of this Agreement and (ii) certain waivers
of due-on-sale or due-on-encumbrance clauses as described above under Section 3.09 of this Agreement. With respect to a
Performing Loan, the Master Servicer shall promptly notify the Special Servicer of any request for approval (a “Request
for Approval”) received relating to the Special Servicer’s above-referenced approval rights and forward to the
Special Servicer written notice of any Request for Approval accompanied by its written recommendation and analysis and any other
information or documents reasonably requested by the Special Servicer (to the extent such information or documents are in the
Master Servicer’s possession). The Special Servicer shall have 15 Business Days (from the date that the Special Servicer
receives the information it requested from the Master Servicer) to analyze and make a recommendation with respect to a Request
for Approval with respect to a Performing Loan. If the Special Servicer does not respond within such 15 Business-Day period (or
in connection with an Acceptable Insurance Default, 90 days) (unless earlier objected to), the Special Servicer’s consent
shall be deemed given.

 

Section 3.26  Modification,
Waiver, Amendment and Consents. (a) Subject to Sections 3.25 and 3.26(f), and subject to the rights of
the Directing Holder (or, if no Directing Holder has been appointed, each Initial Consulting Holder) to consult with the Special
Servicer during any Subordinate Control Period or Subordinate Consultation Period, (i) the Master Servicer (subject to the Special
Servicer’s consent if required pursuant to Sections 3.25 and 6.09(a)) or (ii) with respect to the Whole Loan if it
is a Specially Serviced Loan, the Special Servicer may modify, waive or amend any term of the Whole Loan if such modification,
waiver or amendment (A) is consistent with the Servicing Standard and (B) would not constitute a “significant modification”
of the Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise (1) cause either Trust REMIC to
fail to qualify as a REMIC or (2) result in the imposition of a tax upon either Trust REMIC or the Trust Fund (including but 

 

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not
limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions
to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from foreclosure property”
under Section 860G(c) of the Code). In order to meet the foregoing requirements in the case of a release of real property collateral
securing the Whole Loan, the Master Servicer or Special Servicer, as applicable, shall observe the REMIC requirements of the Code
with respect to a required payment of principal if the related loan-to-value ratio immediately after the release exceeds 125%
with respect to the related real property.

 

(b)          Neither
the Master Servicer nor the Special Servicer shall extend the Maturity Date of the Whole Loan beyond the date that is the date
occurring later than seven years prior to the Rated Final Distribution Date.

 

(c)          Neither
the Master Servicer nor the Special Servicer shall permit the Borrower to add or substitute any collateral for the Whole Loan,
which collateral constitutes real property, unless the Master Servicer or the Special Servicer, as applicable, shall have obtained
a No Downgrade Confirmation relating to the Certificates and the Companion Loan Securities, if any.

 

(d)          Any
payment of interest that is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall not, for purposes
hereof, including, without limitation, calculating monthly distributions to Certificateholders or Companion Loan Holders, be added
to the unpaid principal balance of the Whole Loan, notwithstanding that the terms of the Whole Loan or such modification, waiver
or amendment so permit.

 

(e)          Except
for waivers of Penalty Charges and waivers of notice periods, all material modifications, waivers and amendments of the Whole Loan
in accordance with this Section 3.26 of this Agreement shall be in writing.

 

(f)          The
Master Servicer or the Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, the Depositor,
the Directing Holder (or, if no Directing Holder has been appointed, each Initial Consulting Holder) (during any Subordinate Control
Period or any Subordinate Consultation Period), the Companion Loan Holders and the 17g-5 Information Provider (which shall promptly
post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), in writing,
of any modification, waiver, material consent or amendment of any term of the Whole Loan and the date thereof, and shall deliver
to the Custodian for deposit in the Mortgage File, an original counterpart of the agreement relating to such modification, waiver,
material consent or amendment, promptly (and in any event within 10 Business Days) following the execution thereof.

 

(g)          The
Master Servicer or the Special Servicer may (subject to the Servicing Standard), as a condition to granting any request by the
Borrower for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion
pursuant to the terms of the instruments evidencing or securing the Whole Loan and is permitted by the terms of this Agreement
and applicable law, require that the Borrower pays to it (i) as additional servicing compensation, a reasonable and customary fee
for the additional services performed in connection with such request (provided that the charging of such fee would not
constitute a “significant modification” of the Whole Loan within the meaning of Treasury 

 

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Regulations Section
1.860G-2(b)), and (ii) any related costs and expenses incurred by it. In no event shall the Master Servicer or the Special Servicer
be entitled to payment for such fees or expenses unless such payment is collected from the Borrower.

 

(h)          Notwithstanding
the foregoing, the Master Servicer shall not permit the substitution of any Mortgaged Property pursuant to the defeasance provisions
of the Whole Loan (or any portion thereof), if any, unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii)
and satisfies the conditions set forth in Section 3.09(h) of this Agreement.

 

(i)          Notwithstanding
anything herein or in the Loan Documents to the contrary, the Master Servicer may permit the substitution of direct, non-callable
“government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other
securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (including U.S. government agency securities if such
securities are eligible defeasance collateral under then current guidelines of the Rating Agencies) for the Mortgaged Property
pursuant to the defeasance provisions of the Whole Loan (or any portion thereof) in lieu of the defeasance collateral specified
in the Loan Documents; provided that, the Master Servicer receives an Opinion of Counsel (at the expense of the Borrower
to the extent permitted under the Loan Documents) to the effect that such use would not be and would not constitute a “significant
modification” of the Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise endanger the
status of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or result in the imposition of a tax upon the Lower-Tier REMIC,
the Upper-Tier REMIC or the Trust Fund (including but not limited to the tax on “prohibited transactions” as defined
in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code, but not including
the tax on “net income from foreclosure property”).

 

(j)          Any
modification, waiver or amendment of or consents or approvals relating to the Whole Loan that is a Specially Serviced Loan or an
REO Loan shall be performed by the Special Servicer and not the Master Servicer.

 

(k)          Any
modification, waiver or amendment of or consents or approvals relating to the Whole Loan if it is a Performing Loan shall, unless
otherwise set forth in this Section 3.26, be subject to the consent of the Special Servicer pursuant to the requirements
set forth in Section 3.25.

 

Section 3.27  [Reserved].

 

Section 3.28  [Reserved].

 

Section 3.29  [Reserved].

 

Section 3.30  No
Downgrade Confirmation. (a) Notwithstanding the terms of any Loan Documents or other provisions of this Agreement, if
any action under the Loan Documents or this Agreement requires No Downgrade Confirmation as a condition precedent to such action,
if the party (the “Requesting Party”) attempting to obtain such No Downgrade Confirmation from each Rating
Agency has made a request to any Rating Agency for such No 

 

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Downgrade
Confirmation and, within ten Business Days of the No Downgrade Confirmation request being posted to the 17g-5 Information Provider’s
Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency
is neither reviewing such request nor waiving the requirement for No Downgrade Confirmation, then (i) such Requesting Party shall
(without providing notice to the 17g-5 Information Provider) confirm that the applicable Rating Agency has received the No Downgrade
Confirmation request, and, if it has not, promptly request the related No Downgrade Confirmation again, and (ii) if there is no
response to either such No Downgrade Confirmation request within five Business Days of such second request, or such Rating Agency
has responded in a manner that indicates it is neither reviewing such request nor waiving the requirement for No Downgrade Confirmation,
(x) with respect to any such condition in any Loan Document requiring such No Downgrade Confirmation or any other matter under
this Agreement relating to the servicing of the Whole Loan (other than as set forth in clause (y) below), the Requesting Party
(or, if the Requesting Party is the Borrower, then the Master Servicer (with respect to the Whole Loan if it is a Performing Loan)
or the Special Servicer (with respect to the Whole Loan if it is Specially Serviced Loan or an REO Loan), as applicable) shall
determine, in accordance with its duties under this Agreement and in accordance with the Servicing Standard, except as provided
in Section 3.30(b), whether or not such action would be in the best interests of the Certificateholders and the Companion
Loan Holders (as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single lender), and
if the Requesting Party (or, if the Requesting Party is the Borrower, then the Master Servicer or the Special Servicer, as applicable)
determines that such action would be in the best interest of the Certificateholders and the Companion Loan Holders, then the requirement
for a No Downgrade Confirmation will be deemed not to apply as to the non-responding Rating Agency, and (y) with respect to a
replacement of the Master Servicer or Special Servicer, such condition shall be deemed
to be satisfied with respect to (i) Moody’s, if the replacement master servicer or special servicer, as applicable, has
been appointed and currently serves as a master servicer or a special servicer, as applicable, on a transaction-level basis on
a transaction currently rated by Moody’s that currently has securities outstanding and for which Moody’s has not cited
servicing concerns of the applicable replacement master servicer or special servicer as the sole or a material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal)
of securities rated by Moody’s in a commercial mortgage-backed securitization transaction serviced by the applicable replacement
master servicer or special servicer prior to the time of determination, if Moody’s is the non-responding Rating Agency;
(ii) Morningstar, if (as certified to in writing by such replacement master servicer or replacement special servicer, as applicable)
such replacement master servicer or special servicer is acting as master servicer or special servicer, as applicable, in a commercial
mortgage loan securitization that was rated by a Rating Agency within the 12-month period prior to the date of determination and
Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of CMBS certificates
citing servicing concerns with the replacement master servicer or replacement special servicer, as applicable, as the sole or
material factor in such rating action (and such qualification, downgrade or withdrawal has not been withdrawn by Morningstar within
60 days of such event), if Morningstar is the non-responding Rating Agency; (iii) S&P, if the replacement master servicer
or special servicer is listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S.
Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding rating agency rating the Companion Loan
Securities; (iv) KBRA, if KBRA has not cited servicing 

 

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concerns
of the applicable replacement master servicer or special servicer as the sole or a material factor in any qualification, downgrade
or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal)
of securities in a CMBS transaction serviced by the applicable replacement master servicer or special servicer prior to the time
of determination if KBRA is the non-responding rating agency rating the Companion Loan Securities; (v) Fitch, if the applicable
replacement master servicer or special servicer is rated at least “CMS3” (in the case of the master servicer) or “CSS3”
(in the case of the special servicer), if Fitch is the non-responding rating agency rating the Companion Loan Securities; and
(vi) DBRS, if DBRS has not cited servicing concerns of the applicable replacement master servicer or special servicer as the sole
or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in
contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction
serviced by the applicable replacement master servicer or special servicer prior to the time of determination, if DBRS is the
non-responding rating agency rating the Companion Loan Securities (clauses (i) through (vi), “Qualified
Servicer”).

 

Any No Downgrade Confirmation
request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement,
shall be made in writing, which writing shall contain a cover page indicating the nature of the No Downgrade Confirmation request,
and shall contain all back-up material necessary for the Rating Agency to process such request. Such written No Downgrade Confirmation
request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post
such request on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

Promptly following the
Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.30(a) following
any requirement to obtain a No Downgrade Confirmation being considered satisfied, the Master Servicer or Special Servicer, as the
case may be, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item
at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance
with Section 3.14(d) of this Agreement.

 

(b)          Notwithstanding
anything to the contrary in this Section 3.29, for purposes of the provisions of any Loan Document relating to defeasance
(including without limitation the type of collateral acceptable for use as defeasance collateral), release or substitution of any
collateral, any No Downgrade Confirmation requirement in the Loan Documents with respect to which the Master Servicer or Special
Servicer would have been required to make the determination described in Section 3.30(a) shall be deemed not to apply regardless
of any such determination by the Requesting Party (or, if the Requesting Party is the Borrower, the Master Servicer (with respect
to the Whole Loan if it is a Performing Loan) or the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced
Loan or an REO Loan), as applicable); provided that the Requesting Party (or the Master Servicer or the Special Servicer,
as applicable) shall in any event review the conditions required under the Loan Documents with respect to such defeasance or release
and confirm to its satisfaction in accordance with the Servicing Standard that such conditions (other than the requirement for
a No Downgrade Confirmation) have been satisfied).

 

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(c)          For
all other matters or actions not specifically discussed in Section 3.30(a) above, the applicable Requesting Party shall
deliver No Downgrade Confirmation from each Rating Agency.

 

Section 3.31  Certain
Co-Lender Matters Relating to the Whole Loan. (a) Except for those duties to be performed by, and notices to be furnished
by, the Trustee under this Agreement, the Master Servicer or the Special Servicer, as applicable, shall perform such duties and
furnish such notices, reports and information on behalf of the Trust Fund as may be the obligation of the Trust, or the obligation
of the master servicer or the special servicer, as applicable, following securitization, under the Co-Lender Agreement.

 

(b)          The
Master Servicer shall maintain a register (the “Companion Loan Noteholder Register”) on which the Master Servicer
shall record the names and addresses of the Companion Loan Holders and wire transfer instructions for the Companion Loan Holders
from time to time, to the extent such information is provided in writing to the Master Servicer by the related Companion Loan Holder.
Each Companion Loan Holder has agreed to inform the Master Servicer of its name, address, taxpayer identification number and wiring
instructions (to the extent the foregoing information is not already contained in the Co-Lender Agreement) and of any transfer
thereof (together with any instruments of transfer). The name and address of the initial Companion Loan Holders as of the Closing
Date is set forth on Schedule III hereto. The Master Servicer shall be entitled to conclusively rely upon the information
delivered by the Companion Loan Holders including the identity of the controlling class representative in any related Other Securitization
Trust until it receives notice of transfer or of any change in information.

 

In no event shall the
Master Servicer be obligated to pay any party the amounts payable to a Companion Loan Holder hereunder other than the Person listed
as the applicable Companion Loan Holder on the Companion Loan Holder Register. In the event that a Companion Loan Holder transfers
a Companion Loan without notice to the Master Servicer, the Master Servicer shall have no liability whatsoever for any misdirected
payment on such Companion Loan and shall have no obligation to recover and redirect such payment.

 

The Master Servicer shall
promptly provide the names and addresses of the Companion Loan Holders, including the identity of the controlling class representative
in any related Other Securitization Trust, to any party hereto, the Companion Holder or any successor thereto upon written request,
and any such party or successor may, without further investigation, conclusively rely upon such information. The Master Servicer
shall have no liability to any Person for the provision of any such names and addresses.

 

(c)          The
Directing Holder (or the Initial Consulting Holders, as applicable) shall not owe any fiduciary duty to the Trustee, any Master
Servicer, any Special Servicer, any Certificateholder (including the Directing Holder or the Initial Consulting Holders, if applicable)
or the Companion Loan Holders, as applicable. The Directing Holder (or the Initial Consulting Holders, as applicable) will not
have any liability to the Certificateholders (including the Directing Holder or the Initial Consulting Holders, if applicable),
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, or the Companion Loan Holders, as applicable,
for any action taken, or for refraining from the taking of any action or the giving of any consent, pursuant to this Agreement,
or for errors in judgment.

 

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(d)          The
Directing Holder shall be entitled to exercise the consent rights, cure rights and purchase rights, as applicable, allocated to
the Directing Holder to the extent set forth in the Co-Lender Agreement, in accordance with the terms of the Co-Lender Agreement
and this Agreement.

 

(e)          The
Special Servicer (with respect to a Companion Loan if such Companion Loan is a Specially Serviced Loan or has become a Serviced
REO Loan) or the Master Servicer (otherwise), as applicable, shall take all actions relating to the servicing and/or administration
of, and (subject to Section 3.13 and Section 3.17 of this Agreement and the following paragraph) the preparation
and delivery of reports and other information with respect to, the Whole Loan or any related REO Property required to be performed
by the holder of the Trust Loan or contemplated to be performed by a servicer, in any case pursuant to and as required by the Co-Lender
Agreement and any Co-Lender Agreement not existing on the Closing Date that is provided to the Master Servicer or Special Servicer,
as applicable. In addition notwithstanding anything herein to the contrary, the following considerations shall apply with respect
to the servicing of the Companion Loans:

 

(i)          none
of the Master Servicer, the Special Servicer or the Trustee shall make any P&I Advance with respect to the Companion Loans;
and

 

(ii)        the
Master Servicer and the Special Servicer shall each consult with and obtain the consent of the Companion Loan Holders to the extent
required by the Co-Lender Agreement.

 

The Master Servicer or
Special Servicer, as applicable, shall timely provide to the Companion Loan Holders any reports or notices required to be delivered
to the Companion Loan Holders pursuant to the Co-Lender Agreement (provided, that to the extent that a Companion Loan has
been included in an Other Securitization Trust, such reports or notices required to be delivered by the Special Servicer to the
Companion Loan Holders shall be delivered to the controlling class representative for such Other Securitization Trust to the extent
that the Special Servicer receives written notice of the identity of the controlling class representative for such Other Securitization
Trust), and the Special Servicer shall reasonably cooperate with the Master Servicer and the Master Servicer shall reasonably cooperate
with the Special Servicer in preparing/delivering any such report or notice with respect to special servicing matters.

 

If a Companion Loan or
any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust”, then neither the
Master Servicer nor the Special Servicer shall knowingly take any action that would result in the equivalent of an Adverse REMIC
Event with respect to such REMIC or adversely affect the tax status of such grantor trust as a grantor trust.

 

The parties hereto acknowledge
that the Companion Loan Holders shall not (1) owe any fiduciary duty to the Trustee, the Certificate Administrator, the Master
Servicer, the Special Servicer or any Certificateholder or (2) have any liability to the Trustee or the Certificateholders for
any action taken, or for refraining from the taking of any action pursuant to the Co-Lender Agreement or the giving of any consent
or for errors in judgment. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have confirmed its understanding
that the Companion Loan Holders (i) may take or refrain from taking actions that

 

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favor its interests
or the interests of its Affiliates over the Certificateholders, (ii) may have special relationships and interests that conflict
with the interests of the Certificateholders and shall be deemed to have agreed to take no action against the Companion Loan Holders
or any of their respective officers, directors, employees, principals or agents as a result of such special relationships or conflicts,
and (iii) shall not be liable by reason of its having acted or refrained from acting solely in its interest or in the interest
of its Affiliates.

 

The parties hereto recognize
and acknowledge the respective rights of the Companion Loan Holder under the Co-Lender Agreement. Each of the rights of the Companion
Loan Holders under or contemplated by this Section 3.31(e) may be exercisable by a designee thereof on its behalf; provided
that the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee are provided with written notice
by the Companion Loan Holders of such designation (upon which such party may conclusively rely) and the contact details of the
designee.

 

Notwithstanding anything
herein or in the Co-Lender Agreement to the contrary, no direction or objection by the Companion Loan Holders may require or cause
the Master Servicer or the Special Servicer, as applicable, to violate any provision of any Loan Agreement, applicable law, this
Agreement, the Co-Lender Agreement or the REMIC Provisions, including without limitation the Master Servicer’s or Special
Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer,
the Depositor, a Trust Loan Seller, the Paying Agent, the Trust Fund, the Certificate Administrator or the Trustee to liability,
or materially expand the scope of the Master Servicer’s or Special Servicer’s responsibilities hereunder.

 

Any reference to servicing
of the Trust Loan or the Whole Loan in accordance with any of the related Loan Documents (including the related Note and Mortgage)
shall also mean, in the case of the Companion Loans, in accordance with the Co-Lender Agreement.

 

To the extent not otherwise
expressly included herein, any provisions required to be included herein pursuant to the Co-Lender Agreement are deemed incorporated
herein by reference, and the parties hereto shall comply with those provisions as if set forth herein in full.

 

For purposes of exercising
any rights that the Directing Holder of the Trust Loan Note for any Trust Loan may have under the Co-Lender Agreement, the Directing
Holder shall be the designee of the Trust, as such noteholder, and the Trustee shall, upon request, take such actions as may be
necessary under the Co-Lender Agreement to effect such designation. Unless already provided through the Distribution Date Statement,
the Certificate Administrator shall provide notice of the identity of the Directing Holder (to the extent the Certificate Administrator
has received notice of a change in the identity of the Directing Holder), to the other parties to the Co-Lender Agreement, to the
extent the identity and contact information of such parties to such Co-Lender Agreement are actually known to the Certificate Administrator.

 

(f)          With
respect to the Trust Loan, the Master Servicer or the Special Servicer, as applicable, shall provide each Companion Loan Holder
within the same time frame and to the same extent it is required to provide such information and materials to the Certificateholders
or the Directing Holder (or, if no Directing Holder has been appointed, each Initial Consulting Holder), as applicable, hereunder
with (1) copies of each financial statement 

 

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received by the Master
Servicer pursuant to the terms of the related Loan Documents, (2) copies of any notice of default sent to the Borrower and (3)
subject to the terms of the Loan Documents, copies of any other documents or information relating to the Trust Loan (including,
without limitation, property inspection reports, loan servicing statements, Borrower requests and asset status reports) that the
Master Servicer delivers to the related Directing Holder (or, if no Directing Holder has been appointed, each Initial Consulting
Holder) and copies of any other notice, information or report that it is required to provide to the Directing Holder (or, if no
Directing Holder has been appointed, each Initial Consulting Holder) pursuant to this Agreement with respect to any Major Decision
or with respect to any “Major Decisions” or “major actions” as set forth in the related Co-Lender Agreement
or the implementation of any recommended actions outlined in an Asset Status Report relating to the Trust Loan. Any copies to
be furnished by the Master Servicer or the Special Servicer may be furnished by hard copy or electronic means, provided,
however, CREFC® reports shall be delivered at the times set forth in Section 3.13 in this Agreement.

 

(g)          With
respect to the Whole Loan, if any Companion Loan becomes the subject of an “asset review” (or such analogous term
defined in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement, the
Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Custodian shall reasonably cooperate
with the Other Asset Representations Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with
such asset review by providing the Other Asset Representations Reviewer or such other requesting party with copies of any documents
reasonably requested by the Other Asset Representations Reviewer or such other requesting party, but only to the extent that (i)
such asset representations reviewer or such other requesting party has not been able to obtain such documents from the related
mortgage loan seller or any party to the related Other Pooling and Servicing Agreement, and (ii) such documents are in the possession
of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian, as the case may be.
For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the
Custodian (i) shall have any further obligations with respect to any asset review nor shall any such party be bound by the results
of any asset review, or (ii) shall be obligated to provide such documents if providing such documents, in its reasonable determination,
would be a violation of this Agreement or any related intercreditor agreement.

 

ARTICLE
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section 4.01  Distributions. (a)
On each Distribution Date, amounts held in the Lower-Tier Distribution Account shall be withdrawn (to the extent of the Available
Funds, including or reduced by, to the extent required by Section 3.05(f) of this Agreement, the Withheld Amounts and Prepayment
Charges) in the case of all Classes of Lower-Tier Regular Interests (such amount, the “Lower-Tier Distribution Amount”).
Each Class of Lower-Tier Regular Interests shall be deemed to have received interest at its related Pass-Through Rate on its Lower-Tier
Principal Balance outstanding immediately prior to the related Distribution Date in accordance with the next sentence and distributions
in respect of principal in an amount equal to the amount of principal actually distributable to its respective Corresponding Certificates
as 

 

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provided
in Section 4.01(b) of this Agreement. On each Distribution Date, distributions of interest made in respect of any Class
of Regular Certificates on each Distribution Date pursuant to Section 4.01(b) or Section 9.01 of this Agreement
shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding
Lower-Tier Regular Interest set forth in the Preliminary Statement to this Agreement; provided that the Class LA Interest
shall be deemed to have received distributions in respect of interest in an amount equal to the Interest Distribution Amount and
Class Interest Shortfalls in respect of the Class X-A Certificates, to the extent actually distributable thereon as provided in
Section 4.01(b) of this Agreement.

 

All distributions of
reimbursements of Realized Losses made in respect of any Class of Principal Balance Certificates on each Distribution Date pursuant
to Section 4.01(b) of this Agreement shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier
REMIC in a manner such that the Lower-Tier Principal Balance of each of the Class LA, Class LB, Class LC, Class LD and Class LE
Interests equals the Certificate Balance of the Corresponding Certificates.

 

The Certificate Administrator
shall be deemed to deposit the Lower-Tier Distribution Amount and Prepayment Charges distributable to the Lower-Tier Regular Interests
pursuant to Section 4.01(b) into the Upper-Tier Distribution Account. Any amount in respect of the Trust Loan that remains
in the Lower-Tier Distribution Account on each Distribution Date after the deemed distribution described in the preceding sentence
shall be distributed to the Holders of the Class LR Certificates (but only to the extent of such amount for such Distribution Date
remaining in the Lower-Tier Distribution Account, if any).

 

(b)          On
each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts deposited
in the Upper-Tier Distribution Account in respect of such Distribution Date pursuant Section 4.01(a) of this Agreement,
and distribute such amount to the Holders of the Regular Certificates in the amounts and in the order of priority set forth below:

 

(i)          First,
to the Class A and Class X-A Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance
with, the respective Interest Distribution Amounts of such Classes;

 

(ii)        Second,
to the Class A and Class X-A Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance
with, the respective Class Interest Shortfalls for such Classes;

 

(iii)       Third,
to the Class A Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

(iv)        Fourth,
to the Class A Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class;

 

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(v)         Fifth,
to the Class B Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(vi)        Sixth,
to the Class B Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;

 

(vii)       Seventh,
to the Class B Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;

 

(viii)      Eighth,
to the Class B Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class;

 

(ix)        Ninth,
to the Class C Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(x)         Tenth,
to the Class C Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;

 

(xi)        Eleventh,
to the Class C Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;

 

(xii)       Twelfth,
to the Class C Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class;

 

(xiii)      Thirteenth,
to the Class D Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xiv)      Fourteenth,
to the Class D Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;

 

(xv)       Fifteenth,
to the Class D Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;

 

(xvi)      Sixteenth,
to the Class D Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class;

 

(xvii)     Seventeenth,
to the Class E Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

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(xviii)    Eighteenth,
to the Class E Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;

 

(xix)      Nineteenth,
to the Class E Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal Distribution Amount
less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance
of such Class is reduced to zero;

 

(xx)       Twentieth,
to the Class E Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal to the aggregate of
such unreimbursed Realized Losses previously allocated to such Class; and

 

(xxi)      Twenty-first,
when the Certificate Balances of all Classes of Principal Balance Certificates have been reduced to zero and after payment in full
of all unpaid expenses of the Trust, to the Class R and Class LR Certificates.

 

All references to
“pro rata” in the preceding clauses with respect to interest and Class Interest Shortfalls shall mean pro
rata based on the amount distributable pursuant to such clauses, with respect to distribution of principal other than for unreimbursed
Realized Losses shall mean pro rata based on Certificate Balance and with respect to distributions with respect to unreimbursed
Realized Losses shall mean pro rata based on the amount of unreimbursed Realized Losses previously allocated to the applicable
Classes. 

 

(c)         [Reserved].

 

(d)         On
each Distribution Date, following the distribution from the Lower-Tier Distribution Account in respect of the Lower-Tier Regular
Interests pursuant to Section 4.01(a) 

of
this Agreement, the Certificate Administrator shall make distributions of any Prepayment Charges received in the related Collection
Period from amounts deposited in the Upper-Tier Distribution Account pursuant to Section 3.05(c) of this Agreement, as
follows:

 

Prepayment Charges received
with respect to the Trust Loan shall be distributed to the Class A, Class B, Class C, Class D and Class E Certificates, in an amount
equal to the product of (a) a fraction, not greater than one, the numerator of which is the amount distributed as principal to
such Class on such Distribution Date, and the denominator of which is the total amount distributed as principal to the Class A,
Class B, Class C, Class D and Class E Certificates on such Distribution Date, (b) the Base Interest Fraction for the related Principal
Prepayment and such Class of Certificates and (c) the aggregate amount of the Prepayment Charges collected on such Principal Prepayment
during the related Collection Period.

 

Any Prepayment Charges
collected during the related Collection Period remaining after such distributions described in the preceding paragraph will be
allocated to the Class X-A Certificates.

 

(e)          On
each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(b), the
Certificate Administrator shall calculate the amount, if any, of Realized Losses. Any allocation of Realized Losses to a Class
of Principal Balance Certificates shall be made by reducing the Certificate Balance thereof by the amount so 

 

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allocated.
Any Realized Losses allocated to a Class of Principal Balance Certificates shall be allocated among the respective Certificates
of such Class in proportion to the Percentage Interests evidenced thereby. The allocation of Realized Losses shall constitute
an allocation of losses and other shortfalls experienced by the Trust Fund. Reimbursement of previously allocated Realized Losses
will not constitute distributions of principal for any purpose and will not result in an additional reduction in the Certificate
Balance of the Class in respect of which any such reimbursement is made.

 

The Certificate Balances
of each Class of Principal Balance Certificates will be reduced without distribution on any Distribution Date as a write-off to
the extent of any Realized Losses allocated to such Class with respect to such date. Any such write-offs shall be applied to the
Classes of Principal Balance Certificates in the following order, in each case until the Certificate Balance of such Class is reduced
to zero: first, to the Class E Certificates; second, to the Class D Certificates; third, to the Class C Certificates;
fourth, to the Class B Certificates; and finally, to the Class A Certificates based upon their respective Certificate
Balances. Any amounts recovered in respect of amounts previously written off as Realized Losses shall be distributed to the Classes
of Principal Balance Certificates described above in reverse order of allocation of Realized Losses thereto in accordance with
Section 4.01(b) of this Agreement. Additional Trust Fund Expenses and shortfalls in Available Funds due to extraordinary
expenses of the Trust Fund (including indemnification expenses), a reduction in the Trust Loan Rate on the Trust Loan by a bankruptcy
court pursuant to a plan of reorganization or pursuant to any of its equitable powers, or otherwise, shall be treated as and allocated
in the same manner as Realized Losses.

 

With respect to any
Distribution Date, any Realized Losses allocated pursuant to Section 3.06 of this Agreement with respect to such Distribution
Date shall reduce the Lower-Tier Principal Balances of the Lower-Tier Regular Interests as a write-off and shall be allocated
among the Lower-Tier Regular Interests in the same priority as the Class of Corresponding Certificates.

 

(f)          All
amounts distributable to a Class of Certificates pursuant to this Section 4.01 on each Distribution Date shall be allocated
pro rata among the outstanding Certificates in each such Class based on their respective Percentage Interests. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

(g)          Except
as otherwise provided in Section 9.01 with respect to an Anticipated Final Termination Date, the Certificate Administrator
shall, as soon as reasonably practicable within the month preceding the month in which the final distribution with respect to 

 

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any
Class of Certificates is expected to be made, mail to each Holder of such Class of Certificates on such date a notice to the effect
that:

 

(A)          the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of such
Certificates at the office of the Certificate Administrator therein specified, and

 

(B)          if
such final distribution is made on such Distribution Date, no interest shall accrue on such Certificates from and after such Distribution
Date;

 

provided, however, that the
Class R and Class LR Certificates shall remain outstanding until there is no other Class of Certificates or Lower-Tier Regular
Interests outstanding.

 

Any funds not distributed
to any Holder or Holders of such Classes of Certificates on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held in trust for the benefit of the appropriate non-tendering
Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(g) shall not have
been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall
mail a second notice to the remaining non-tendering Holders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Holders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of
contacting such Holders shall be paid out of such funds. If within two years after the second notice any such Certificates shall
not have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator hereunder and the transfer of such amounts to a successor Certificate
Administrator and (ii) subject to the applicable law, the termination of the Trust Fund and distribution of such amounts to the
Class R Certificateholders. No interest shall accrue or be payable to any Holder on any amount held in trust hereunder or by the
Certificate Administrator as a result of such Holder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with this Section 4.01(g). Any such amounts transferred to the Certificate Administrator may be invested
in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

(h)          Shortfalls
in Available Funds resulting from Excess Prepayment Interest Shortfalls shall be allocated to, and Master Servicer Prepayment Interest
Shortfall Amounts shall be deemed distributed to, each Class of Regular Certificates and correspondingly to the respective Class
of Corresponding Lower-Tier Regular Interests, pro rata, based upon the Interest Distribution Amount distributable to each
such Class of Certificates prior to reduction by such Excess Prepayment Interest Shortfalls. Master Servicer Prepayment Interest
Shortfall Amounts shall be deposited by the Master Servicer into the Collection Account on or prior to the Servicer Remittance
Date.

 

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Section 4.02  Statements
to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others. (a)
On each Distribution Date, the Certificate Administrator shall make available on the Certificate Administrator’s Website
to any Privileged Person a statement (substantially in the form set forth as Exhibit K to this Agreement and based in part
on the information set forth in (i) the CREFC® Investor Reporting Package (CREFC® IRP) prepared
by the Master Servicer (other than the CREFC® Special Servicer Loan File) and the other reports prepared by the
Master Servicer and Special Servicer relating to such Distribution Date, including the CREFC® Special Servicer
Loan File, upon which information the Certificate Administrator may conclusively rely, in accordance with CREFC®
guidelines and (ii) the CREFC® Reconciliation of Funds Template prepared by the Certificate Administrator) as to
distributions made on such Distribution Date (each, a “Distribution Date Statement”) setting forth (with respect
to each Class of Certificates) the following information:

 

(i)         the
Record Date, Interest Accrual Period, and Determination Date for such Distribution Date;

 

(ii)        the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Regular Certificates;

 

(iii)       the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Regular Certificates
allocable to (A) the Interest Distribution Amount and/or (B) Class Interest Shortfalls;

 

(iv)       the
aggregate amount of Advances made in respect of the Distribution Date and the amount of interest paid on Advances since the prior
Distribution Date 

(including, to the extent material, the general use of funds advanced and general source of funds for reimbursements);

 

(v)         the
aggregate amount of compensation paid to the Trustee and the Certificate Administrator and servicing compensation paid to the Master
Servicer and the Special Servicer for the related Determination Date, CREFC® and any other fees or expenses accrued
and paid from the Trust Fund;

 

(vi)        the
Stated Principal Balance of the Trust Loan or REO Loan outstanding immediately before and immediately after the Distribution Date;

 

(vii)       the
remaining term to maturity and the mortgage rate of the Trust Loan as of the related Determination Date;

 

(viii)      whether
the Trust Loan is (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent 90 days or more or (D) current but is a
Specially Serviced Loan or in foreclosure (but not REO Loan);

 

(ix)        the
Available Funds for such Distribution Date, and any other cash flows received on the Trust Loan and applied to pay fees and expenses
(including the components of the Available Funds, or such other cash flows);

 

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(x)         the
amount of the distribution on the Distribution Date to any Class of Certificates allocable to Prepayment Charges;

 

(xi)        the
accrued Interest Distribution Amount in respect of each Class of Regular Certificates for such Distribution Date;

 

(xii)       the
Pass-Through Rate for each Class of Regular Certificates for the Distribution Date and the next succeeding Distribution Date;

 

(xiii)      (A)
the Principal Distribution Amount for the Distribution Date and (B) the portion of the Principal Distribution Amount distributed
to each Class of Principal Balance Certificates;

 

(xiv)      the
aggregate Certificate Balance or aggregate Notional Balance, as the case may be of each Class of Certificates (other than the Residual
Certificates), before and after giving effect to the distributions made on such Distribution Date, separately identifying any reduction
in the aggregate Certificate Balance (or, if applicable, the aggregate Notional Balance) of each such Class due to Realized Losses
and/or Additional Trust Fund Expensess;

 

(xv)       the
fraction, expressed as a decimal carried to at least eight places, the numerator of which is the then related Certificate Balance,
and the denominator of which is the related initial aggregate Certificate Balance, for each class of Regular Certificates immediately
following the Distribution Date;

 

(xvi)      the
amount of any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated during the related Collection Period and
the total Appraisal Reduction Amounts and Collateral Deficiency Amounts as of the Distribution Date;

 

(xvii)     a
statement as to whether the Trust Loan was modified, extended or waived during the related Collection Period (including a description
of any material modifications, extensions or waivers to Trust Loan terms, fees, penalties or payments during the Collection Period
or that have cumulatively become material over time);

 

(xviii)    the
amount of any remaining unpaid Class Interest Shortfalls for each Class of Regular Certificates as of the Distribution Date;

 

(xix)      a
statement as to whether the Trust Loan was the subject of a Principal Prepayment (other than Liquidation Proceeds and Insurance
Proceeds) during the related Collection Period and the amount of Principal Prepayment occurring, together with the aggregate amount
of Principal Prepayments made during the related Collection Period;

 

(xx)       a
statement as to whether the Trust Loan was defeased during the related Collection Period;

 

(xxi)      the
amount of the distribution to the holders of each Class of Certificates on the Distribution Date attributable to reimbursement
of Realized Losses;

 

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(xxii)     if
a repurchase of any portion of the Trust Loan was made by the Trust Loan Sellers or the Trust Loan was otherwise liquidated or
disposed of during the related Collection Period, the amount of proceeds of any repurchase of the Trust Loan, Liquidation Proceeds
and/or other amounts, if any, received thereon during the related Collection Period and the portion thereof included in the Available
Funds for such Distribution Date;

 

(xxiii)    the
amount on deposit in the Interest Reserve Account before and after giving effect to the distribution made on such Distribution
Date;

 

(xxiv)    the
then-current credit support levels for each Class of Principal Balance Certificates;

 

(xxv)     the
original and then-current ratings of each Class of Certificates;

 

(xxvi)    if
the Mortgaged Property becomes an REO Property during the preceding calendar month, the latest Debt Service Coverage Ratio and
the current Stated Principal Balance;

 

(xxvii)   if
the Mortgaged Property became REO Property during the preceding calendar month, the value of any REO Property included in the Trust
Fund at the close of business on the Determination Date based on the most recent appraisal;

 

(xxviii)  with
respect to an REO Property sold or otherwise disposed of during the related Collection Period and for which a Final Recovery Determination
has been made, (A) the Realized Loss attributable to the Trust Loan, (B) the amount of sale proceeds and other amounts, if any,
received in respect of the REO Property during the related Collection Period and the portion thereof included in the Available
Funds for such Distribution Date and (C) the date of the Final Recovery Determination;

 

(xxix)    the
amount of the distribution on the Distribution Date to the holders of the Residual Certificates;

 

(xxx)     material
breaches of Trust Loan representations and warranties or any covenants of which the Trustee, the Certificate Administrator, the
Master Servicer or the Special Servicer has received written notice;

 

(xxxi)    the
amount of Realized Losses, Additional Trust Fund Expenses and Class Interest Shortfalls, if any, incurred with respect to the Trust
Loan during the related Collection Period and in the aggregate for all prior Collection Periods (except to the extent reimbursed
or paid);

 

(xxxii)   an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the
related Collection Period; and

 

(xxxiii)  identity
of the Controlling Class;

 

(xxxiv)  identity
of the Directing Holder;

 

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(xxxv)   the
amount of any CREFC® License Fee payable on such Distribution Date.

 

In the case of information
furnished pursuant to sub-clauses (ii), (iii), (iv), (vi), (xi), (xiii), (xix) and (xxi) above,
the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per $1,000
of original Certificate Balance or Notional Balance, as the case may be.

 

On each Distribution
Date, the Certificate Administrator shall make available to each Holder of a Class R or Class LR Certificate a copy of the reports
made available to the other Certificateholders on such Distribution Date and a statement setting forth the amounts, if any, actually
distributed with respect to the Class R or Class LR Certificates on such Distribution Date. Such obligation of the Certificate
Administrator shall be deemed to have been satisfied to the extent that it provided substantially comparable information pursuant
to any requirements of the Code as from time to time in force.

 

Within a reasonable
period of time after the end of each calendar year, the Certificate Administrator shall furnish, upon request, to each Person
who at any time during the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate)
the items provided to Certificateholders pursuant to clauses (i) and (ii) above as to the applicable Class, aggregated
for such calendar year or applicable portion thereof during which such person was a Certificateholder, together with such other
information as may be required to enable such Certificateholders to prepare their federal income tax returns. Such information
shall include the amount of original issue discount accrued on each Class of Certificates held by Persons other than Holders exempted
from the reporting requirements and information regarding the expenses of the Trust Fund. Such requirement shall be deemed to
be satisfied to the extent such information is provided pursuant to applicable requirements of the Code from time to time in force.

 

On each Distribution
Date, the Certificate Administrator shall deliver the related Distribution Date Statement to the Depositor in electronic format
at dbinvestor@list.db.com (or to such other address as the Depositor shall specify by written notice to the Certificate Administrator).

 

(b)          The
Certificate Administrator shall make available via the Certificate Administrator’s Website, to any Privileged Person, the
following items, in each case to the extent received by the Certificate Administrator:

 

(i)           the following “deal documents”:

 

(A)          the
Offering Circular;

 

(B)          this
Agreement, each Sub-Servicing Agreement delivered to the Certificate Administrator from and after the Closing Date (if any), the
Trust Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)          the
CREFC® Loan Setup File prepared by the Master Servicer and delivered to the Certificate Administrator;

 

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(ii)          the
following “periodic reports”:

 

(A)          the
Distribution Date Statements; and

 

(B)          the
supplemental reports and the CREFC® data files (other than the CREFC® Loan Setup File) identified
as such in the definition of “CREFC® Investor Reporting Package (CREFC® IRP)”, to the
extent it has received or prepared such report or file;

 

(iii)         the
following “additional documents”:

 

(A)          the
summary of any Asset Status Report delivered to the Certificate Administrator in electronic format;

 

(B)          any
other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format; and

 

(C)          the
CREFC® Appraisal Reduction Template;

 

(iv)         the
following “special notices”:

 

(A)          all
Special Notices;

 

(B)          notice
of any waiver, modification or amendment of any term of the Trust Loan;

 

(C)          notice
of final payment on the Certificates;

 

(D)          all
notices of the occurrence of any Servicer Termination Events received by the Certificate Administrator;

 

(E)          notice
of termination or resignation of the Master Servicer, the Special Servicer or the Trustee (and appointments of successors to the
Master Servicer, the Special Servicer or the Trustee);

 

(F)          any
and all Officer’s Certificates and other evidence delivered to the Certificate Administrator supporting the Master Servicer’s,
the Trustee’s or the Special Servicer’s, as the case may be, determination that any Advance was (or, if made, would
be) a Nonrecoverable Advance;

 

(G)          any
notice of the termination of the Trust;

 

(H)          any
notice of the termination of a Subordinate Control Period;

 

(I)           any
notice of the termination of a Subordinate Consultation Period;

 

(J)          the
annual assessments as to compliance (in the case of the Master Servicer and the Special Servicer) and the Officer’s Certificates
delivered by the

 

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Master Servicer
and the Special Servicer to the Certificate Administrator since the Closing Date pursuant to Section 11.08 of this Agreement;
and

 

(K)         the
annual independent public accountants’ servicing report caused to be delivered by the Master Servicer and the Special Servicer
to the Certificate Administrator since the Closing Date pursuant to Section 3.28 of this Agreement;

 

(v)          the
Investor Q&A Forum; and

 

(vi)         solely
to Certificateholders and Beneficial Owners, the Investor Registry.

 

The Certificate Administrator
may require a receipt of any of the information set forth above to execute a confidentiality agreement (which may be in the form
of a web page “click through”.)

 

Any Person (including
the Directing Holder, any Initial Consulting Holder or any Controlling Class Certificateholder) that is a Borrower Related Party
shall only be entitled to access the Distribution Date Statements, and the following items to the extent that they are made available
to the general public on the Certificate Administrator’s Website: this Agreement, the Trust Loan Purchase Agreements and
any SEC filings.

 

In the case of the Directing
Holder or a Controlling Class Certificateholder that is not a Borrower Related Party, upon delivery of an investor certification
substantially in the form of Exhibit L-1-A hereto, such Directing Holder or Controlling Class Certificateholder shall be
entitled to access all information on the Certificate Administrator’s Website. The Master Servicer, the Special Servicer,
the Certificate Administrator and the Trustee may each conclusively rely on (i) an investor certification in the form of Exhibit
L-1-A hereto from the Directing Holder or a Controlling Class Certificateholder to the effect that such Person is not a Borrower
Related Party and (ii) an investor certification in the form of Exhibit L-1-B hereto from the Directing Holder or a Controlling
Class Certificateholder to the effect that such Person is a Borrower Related Party. In the event the Directing Holder or a Controlling
Class Certificateholder becomes a Borrower Related Party, such party shall promptly notify each of the Master Servicer, the Special
Servicer, the Certificate Administrator and the Trustee in writing substantially in the form of Exhibit L-1-D that such
party is a Borrower Related Party. Notwithstanding anything herein to the contrary, each of the Master Servicer, the Special Servicer
and the Certificate Administrator shall be entitled to conclusively assume that the Directing Holder and all beneficial owners
of the Certificates of the Controlling Class are not Conflicted Controlling Class Holders except to the extent that the Master
Servicer, the Special Servicer or the Certificate Administrator, as applicable, has received such notice from the Directing Holder
or a Controlling Class Certificateholder that it has become a Borrower Related Party. None of the Master Servicer, the Special
Servicer or the Certificate Administrator shall be liable for any communication to the Directing Holder or Controlling Class Certificateholder
or disclosure of Privileged Information if the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable,
did not receive prior written notice that the Directing Holder or a Controlling Class Certificateholder is a Borrower Related
Party.

 

To the extent the Directing
Holder or a Controlling Class Certificateholder receives access pursuant to this Agreement to the Certificate Administrator’s
Website as a

 

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Privileged
Person, such Directing Holder or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not directly
or indirectly provide any information to the Borrowers or to any Conflicted Controlling Class Holder or (A) any employees or personnel
of such Directing Holder or Controlling Class Certificateholder or any Affiliate involved in the management of any investment
in the Borrowers or the Mortgaged Property or (B) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership
interest in the Borrowers, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place
in order to comply with the obligations described in clause (i) above.

 

The Certificate Administrator
makes no representations or warranties as to the accuracy or completeness of such information and assumes no responsibility therefor.
In addition, the Certificate Administrator may disclaim responsibility for any information distributed by the Certificate Administrator
for which it is not the original source. The Certificate Administrator shall not be responsible for the accuracy or completeness
of any information supplied to it by the Master Servicer or Special Servicer that is included in any reports, statements, materials
or information prepared or provided by the Master Servicer or Special Servicer, as applicable, and the Certificate Administrator
shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports without
any duty or obligation to recompute, verify or re-evaluate any of the amounts or other information stated therein. In connection
with providing access to the Certificate Administrator’s Website, the Certificate Administrator may require registration
and the acceptance of a disclaimer. The Certificate Administrator shall not be liable for the dissemination of information in accordance
herewith.

 

The Certificate Administrator
shall have no any liability for access by a Conflicted Controlling Class Holder to the Certificate Administrator’s Website
of any information with respect to which such Conflicted Controlling Class Holder is prohibited from accessing pursuant to this
Agreement if such Conflicted Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower
Related Party.

 

The provisions in this
Section shall not limit the Master Servicer’s ability to make accessible certain information regarding the Trust Loan at
a website maintained by the Master Servicer. In providing access to any information, the Master Servicer shall be entitled to rely
on the certifications delivered to it pursuant to and in accordance with the terms of this Agreement. The Master Servicer shall
not be liable for the dissemination of information in accordance with this Agreement.

 

(c)          The
Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders
and Beneficial Owners may (a) submit questions to the Certificate Administrator relating to the Distribution Date Statement and
(b) submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available
pursuant to this Section 4.02(c), the Trust Loan or the Mortgaged Property (collectively, “Inquiries”),
and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered, together with the answers thereto.
Upon receipt of an Inquiry for the Master Servicer or the Special Servicer, the Certificate Administrator shall forward the Inquiry
to the Master Servicer or the Special Servicer, as applicable, in each case within a commercially reasonable period following receipt
thereof. 

 

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Following
receipt of an Inquiry, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, unless it determines
not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Master Servicer or Special Servicer
shall be sent by email to the Certificate Administrator. The Certificate Administrator shall post (within a commercially reasonable
period following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer to the Investor
Q&A Forum. If the Certificate Administrator, the Master Servicer or the Special Servicer determines, in its respective sole
discretion, that (i) any Inquiry is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests
of the Trust and/or the Certificateholders (as a collective whole as if such Certificateholders constituted a single lender),
(iii) answering any Inquiry would be in violation of applicable law, this Agreement or the Loan Documents, (iv) answering any
Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work
product, (v) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense
to, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, or (vi) answering any Inquiry is
otherwise for any reason not advisable to answer, it shall not be required to answer such Inquiry, in which case the Certificate
Administrator shall not post the related inquiry. In addition, no party shall post or otherwise disclose information known to
such party to be Privileged Information as part of its response to any Inquiry without the prior written consent of the Depositor.
The Certificate Administrator shall notify the Person who submitted such Inquiry in the event that the Inquiry will not be answered.
The Certificate Administrator shall not be required to post to the Investor Q&A Forum any Inquiry or answer thereto that the
Certificate Administrator determines, in its sole discretion, is administrative or ministerial in nature. The Special Servicer
shall not post or otherwise disclose direct communications with the Directing Holder (or, if no Directing Holder has been appointed,
each Initial Consulting Holder) as part of its response to any Inquiries; provided that the Certificate Administrator shall
have no obligation to review any inquiry or answer received by it for posting to the Investor Q&A Forum to determine if such
inquiry or answer contains any such direct communication with the Directing Holder (or, if no Directing Holder has been appointed,
each Initial Consulting Holder), or otherwise to consult with the party from whom such Inquiry or answer is received to confirm
the same, and the Certificate Administrator shall have no liability in connection with its posting to the Investor Q&A Forum
of any Inquiry or answer containing such direct communication. The Investor Q&A Forum will not reflect questions, answers
and other communications between the Certificate Administrator or any other Person which are not submitted via the Investor Q&A
Forum.

 

(d)          The
Certificate Administrator shall make available to any Certificateholder and Beneficial Owner, the Investor Registry. The “Investor
Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders
and Beneficial Owners can register and thereafter obtain contact information with respect to any other Certificateholder or Beneficial
Owner that has so registered. Any person registering to use the Investor Registry will be required to certify that (a) it is a
Certificateholder or a Beneficial Owner and (b) it grants authorization to the Certificate Administrator to make its name and contact
information available on the Investor Registry for at least 45 days from the date of such certification to other registered Certificateholders
and registered Beneficial Owners. Such Person shall then be asked to enter certain mandatory fields such as the individual’s
name, the company name and email address, as well as certain optional fields such as address, phone, and Class(es) of Certificates
owned. If any Certificateholder or

 

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Beneficial
Owner notifies the Certificate Administrator that it wishes to be removed from the Investor Registry (which notice may not be
within 45 days of its registration), the Certificate Administrator shall promptly remove it from the Investor Registry. The Certificate
Administrator will not be responsible for verifying or validating any information submitted on the Investor Registry, or for monitoring
or otherwise maintaining the accuracy of any information thereon. The Certificate Administrator may require acceptance of a waiver
and disclaimer for access to the Investor Registry.

 

(e)          The
Master Servicer may, but is not required to, at its sole cost and expense, make any of the reports or files it delivers pursuant
to this Agreement available on the Master Servicer’s Website only with the use of a password, in which case the Master Servicer
shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed
to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder
who requests such password, provided that any such Certificateholder or prospective Certificateholder, as the case may
be, has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection
with providing access to the Master Servicer’s Website, the Master Servicer may require registration and the acceptance
of a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to
the extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the
availability, use and disclosure of such information, and which may provide indemnification to the Master Servicer for any liability
or damage that may arise therefrom. The Master Servicer shall not be liable for dissemination of this information in accordance
with this Agreement; provided that such information otherwise meets the requirements set forth herein with respect to the
form and substance of such information or reports. The Master Servicer shall be entitled to attach to any report provided pursuant
to this subsection, any reasonable disclaimer with respect to information provided, or any assumptions required to be made by
such report. Notwithstanding anything herein to the contrary, the Master Servicer may, at its sole cost and expense, make available
by electronic media, bulletin board service or Internet website any reports or other information the Master Servicer is required
or permitted to provide to the Borrower with respect to the Borrower’s Whole Loan to the extent such action does not conflict
with the terms of this Agreement, the terms of the Loan Documents or applicable law. If the Master Servicer is required to deliver
any statement, report or other information under any provision of this Agreement, then, the Master Servicer may satisfy such obligation
by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such statement, report or information
in a commonly used electronic format, or (z) making such statement, report or information available on the Master Servicer’s
Website, unless this Agreement expressly specifies a particular method of delivery; provided that all reports required
to be delivered to the Certificate Administrator shall be delivered in accordance with clause (x) or (y) or, upon
request, clause (z).

 

(f)          The
Special Servicer shall from time to time (and, in any event, as may be reasonably required by the Master Servicer) provide the
Master Servicer with such information in its possession regarding a Specially Serviced Loan or an REO Property as may be reasonably
necessary for the Master Servicer to prepare each report and any supplemental information to be provided by the Master Servicer
to the Certificate Administrator. Neither the Certificate Administrator nor the Depositor shall have any obligation to recompute,
verify or recalculate the 

 

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information
provided thereto by the Master Servicer. Unless the Certificate Administrator has actual knowledge that any report or file received
from the Master Servicer contains erroneous information, the Certificate Administrator is authorized to rely thereon in calculating
and making distributions to Certificateholders and allocating Realized Losses to the Certificates in accordance with Section
4.01 of this Agreement and preparing the statements to Certificateholders required by Section 4.02(a) of this Agreement.

 

(g)          As
soon as reasonably practicable, upon the written request of and at the expense of any Certificateholder, the Certificate Administrator
shall provide the requesting Certificateholder with such information that is in the Certificate Administrator’s possession
or can reasonably be obtained by the Certificate Administrator as is requested by such Certificateholder, for purposes of satisfying
applicable reporting requirements under Rule 144A under the Securities Act. Neither the Certificate Registrar nor the Certificate
Administrator shall have any responsibility for the sufficiency under Rule 144A or any other securities laws of any available information
so furnished to any person including any prospective purchaser of a Certificate or any interest therein, nor for the content or
accuracy of any information so furnished which was prepared or delivered to them by another.

 

(h)          The
Certificate Administrator shall make available at its offices, during normal business hours, upon not less than two Business Days
prior notice, for review by any Privileged Person upon resubmission of an Investor Certification, originals or copies of documents
relating to the Trust Loan and any REO Property to the extent in its possession, including, without limitation, the following items
(except to the extent prohibited by applicable law or under any of the Loan Documents):

 

(i)          any
and all notices and reports delivered to the Certificate Administrator with respect to the Mortgaged Property as to which the environmental
testing contemplated by Section 3.10(f) of this Agreement revealed that neither of the conditions set forth in clauses
(i) and (ii) thereof was satisfied;

 

(ii)        the
most recent annual (or more frequent, if available) operating statements, rent rolls (to the extent such rent rolls have been made
available by the Borrower) and/or lease summaries and retail “sales information”, if any, collected by or on behalf
of the Master Servicer or the Special Servicer in respect to the Mortgaged Property;

 

(iii)       the
Mortgage File, including any and all modifications, waivers and amendments of the terms of the Whole Loan entered into by the Master
Servicer and/or the Special Servicer and delivered to the Certificate Administrator; and

 

(iv)        any
other information that may be necessary, as determined by the Depositor, to satisfy the requirements of subsection (d)(4)(i) of
Rule 144A under the Securities Act to the extent in the Certificate Administrator’s possession.

 

Copies of any and all
of the foregoing items will be available from the Certificate Administrator upon request. The Certificate Administrator will be
permitted to require payment by the requesting party (other than a Rating Agency) of a sum sufficient to cover the reasonable costs
and expenses of making such information available and providing any copies thereof. The 

 

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Certificate
Administrator’s obligation under this Section 4.02(h) to make available any document is subject to the Certificate
Administrator’s receipt of such document.

 

The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.

 

(i)          The
Depositor hereby authorizes the Certificate Administrator to make available to any Financial Market Publisher or such other vendor
chosen by the Depositor that submits to the Certificate Administrator a certification substantially in the form of Exhibit L-3
to this Agreement or in the form of an electronic certification contained on the Certificate Administrator’s Website, all
the Distribution Date Statements, CREFC® reports and supplemental notices delivered or made available pursuant to
this Section 4.02 to Privileged Persons.

 

(j)          Upon
request and delivery by CREFC® of a certification substantially in the form of Exhibit L-4 hereto (which
may be a “click-through” confirmation), the Certificate Administrator shall make available to CREFC®,
with respect to any Distribution Date, the related Distribution Date Statement and CREFC® IRP.

 

Section 4.03  Compliance
with Withholding Requirements. Notwithstanding any other provision of this Agreement, the Paying Agent shall comply with
all federal withholding requirements with respect to payments to Certificateholders and payees of interest or original issue discount
that the Paying Agent reasonably believes are applicable under the Code. The consent of Certificateholders or payees shall not
be required for any such withholding. If the Paying Agent or its agent withholds any amount from interest or original issue discount
payments or advances thereof to any Certificateholder or payee pursuant to federal withholding requirements, the Paying Agent
shall indicate the amount withheld to such Certificateholder. Any amount so withheld shall be treated as having been distributed
to such Certificateholder for all purposes of this Agreement.

 

Section
4.04     REMIC Compliance. (a) The parties intend that the Lower-Tier REMIC and the
Upper-Tier REMIC shall constitute, and that the affairs of each of the Lower-Tier REMIC and the Upper-Tier REMIC shall be
conducted so as to qualify as a “real estate mortgage investment conduit” as defined in, and in accordance with,
the REMIC Provisions at all times any Certificates are outstanding, and the provisions hereof shall be interpreted
consistently with this intention. In furtherance of such intention, the Certificate Administrator shall, to the extent
permitted by applicable law, act as agent, and is hereby appointed to act as agent, of each Trust REMIC and shall on behalf
of each Trust REMIC:

 

(i)         make
or cause to be made an election, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, to be treated as a REMIC on
Form 1066 for its first taxable year, in accordance with the REMIC Provisions;

 

(ii)        prepare
and timely file, or cause to be prepared and timely filed, and cause the Trustee to sign (and the Trustee shall sign), all required
Tax Returns for the Lower-Tier REMIC and the Upper-Tier REMIC, using a calendar year as the taxable year for each of such REMIC
as required by the REMIC Provisions and other applicable federal, state or local income tax laws;

 

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(iii)       prepare
and forward, or cause to be prepared and forwarded, to the Certificateholders and the IRS and applicable state and local tax authorities
all information reports as and when required to be provided to them in accordance with the REMIC Provisions;

 

(iv)       if
the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii)
of this Section 4.04(a) is then required by the REMIC Provisions in order to maintain the status of the Lower-Tier REMIC
and the Upper-Tier REMIC as a REMIC or is otherwise required by the Code, prepare and file or distribute, or cause to be prepared
and signed and filed or distributed, such documents with or to such Persons when and as required by the REMIC Provisions or the
Code or comparable provisions of state and local law;

 

(v)        within
30 days of the Closing Date, obtain a taxpayer identification number for each of the Lower-Tier REMIC and the Upper-Tier REMIC
on IRS Form SS-4 and (in the case of the Upper-Tier REMIC only), furnish or cause to be furnished to the IRS, on Form 8811 or as
otherwise may be required by the Code, the name, title and address of the person that the Certificateholders may contact for tax
information relating thereto (and the Certificate Administrator shall act as the representative of the Upper-Tier REMIC for this
purpose), together with such additional information as may be required by such Form, and shall update such information at the time
or times and in the manner required by the Code (and the Depositor agrees within 10 Business Days of the Closing Date to provide
any information reasonably requested by the Master Servicer, the Special Servicer or the Certificate Administrator and necessary
to make such filing); and

 

(vi)        maintain
such records relating to the Lower-Tier REMIC and the Upper-Tier REMIC as may be necessary to prepare the foregoing returns, schedules,
statements or information, such records, for federal income tax purposes, to be maintained on a calendar year and on an accrual
basis.

 

The Holder of the largest
Percentage Interest in the Class R Certificates shall be the tax matters person and the Holder of the largest Percentage Interest
in the Class LR Certificates shall be the tax matters person of the Lower-Tier REMIC pursuant to Treasury Regulations Section
1.860F-4(d). If more than one Holder shall hold an equal Percentage Interest in the Class R or Class LR Certificates larger than
that held by any other Holder, the first such Holder to have acquired such Class R or Class LR Certificates shall be such tax
matters person.. The Certificate Administrator shall act as attorney-in-fact and agent for the tax matters person of the Lower-Tier
REMIC and the Upper-Tier REMIC, and each Holder of a Percentage Interest in the Class R or Class LR Certificates, by acceptance
thereof, is deemed to have consented to the Certificate Administrator’s appointment in such capacities and agrees to execute
any documents required to give effect thereto, and any fees and expenses incurred by the Certificate Administrator in connection
with any audit or administrative or judicial proceeding shall be paid by the Trust Fund.

 

The Certificate Administrator
shall be designated as the “partnership representative” within the meaning of Section 6223 of the Code, of the Upper-Tier
REMIC and the Lower-Tier REMIC to the extent such provision is applicable to the Trust REMICs. Each Holder of a Percentage Interest
in the Class R or Class LR Certificates, by acceptance thereof, is

 

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deemed to
have consented to the Certificate Administrator’s designation in such capacities and agrees to execute any documents required
to give effect thereto, and any fees and expenses incurred by the Certificate Administrator in connection therewith.

 

The Certificate Administrator’s
authority under this Agreement includes the authority to make, and the Certificate Administrator is hereby directed to make, any
elections allowed under the Code (i) to avoid the application of Section 6221 of the Code (or successor provisions) to either Trust
REMIC and (ii) to avoid payment by either Trust REMIC under Section 6225 of the Code (or successor provisions) of any tax, penalty,
interest or other amount imposed under the Code that would otherwise be imposed on any Holder of a Class R Certificate, past or
present. Each Holder of Class R Certificate agrees, by acquiring such Certificate, to any such elections.

 

The Certificate Administrator
shall not intentionally take any action or intentionally omit to take any action if, in taking or omitting to take such action,
the Certificate Administrator has actual knowledge that such action or omission (as the case may be) would cause the termination
of the REMIC status of the Lower-Tier REMIC or the Upper-Tier REMIC or the imposition of tax on the Lower-Tier REMIC or the Upper-Tier
REMIC (other than a tax on income expressly permitted to be received by the terms of this Agreement). Notwithstanding any provision
of this paragraph to the contrary, the Certificate Administrator shall not be required to take any action that the Certificate
Administrator in good faith believes to be inconsistent with any other provision of this Agreement, nor shall the Certificate Administrator
be deemed in violation of this paragraph if it takes any action expressly required or authorized by any other provision of this
Agreement, and the Certificate Administrator shall have no responsibility or liability with respect to any act or omission of the
Depositor, the Trustee, the Master
Servicer or the Special Servicer which does not enable the Certificate Administrator to comply with any of clauses (i)
through (vi) of the first paragraph of this Section 4.04(a) or which results in any action contemplated by clauses
(i) or (ii) of the next succeeding sentence. In this regard the Certificate Administrator shall (i) exercise reasonable
care not to allow the occurrence of any “prohibited transactions” within the meaning of Section 860F(a) of the Code,
unless the party seeking such action shall have delivered to the Certificate Administrator an Opinion of Counsel (at such party’s
expense) that such occurrence would not (A) result in a taxable gain, (B) otherwise subject the Lower-Tier REMIC or the Upper-Tier
REMIC to tax (other than a tax at the highest marginal corporate tax rate on net income from foreclosure property), or (c) cause
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC; and (ii) exercise reasonable care not to allow the
Trust Fund to receive any contributions, or any income from the performance of services or from assets not permitted under the
REMIC Provisions to be held by a REMIC (provided, however, that the receipt of any income expressly permitted or
contemplated by the terms of this Agreement shall not be deemed to violate this clause). None of the Master Servicer, the Special
Servicer, the Trustee or the Depositor shall be (i) permitted to take any action that the Certificate Administrator would not
be permitted to take pursuant to the preceding two sentences or (ii) responsible or liable (except in connection with taking any
act or omission referred to in the two preceding sentences or the following sentence) for any failure by the Certificate Administrator
to comply with the provisions of this Section 4.04. The Depositor, the Trustee, the Master Servicer and the Special Servicer
shall cooperate in a timely manner with the Certificate Administrator in supplying any information within the Depositor’s,
the Trustee’s, the Master Servicer’s or the Special Servicer’s control (other than any 

 

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confidential
information) that is reasonably necessary to enable the Certificate Administrator to perform its duties under this Section
4.04.

 

(b)          The
following assumptions are to be used for purposes of determining the anticipated payments of principal and interest for calculating
the original yield to maturity and original issue discount with respect to the Regular Certificates: (i) the Trust Loan will pay
principal and interest in accordance with its terms and scheduled payments will be timely received on their Due Dates, provided
that the Trust Loan will prepay in accordance with the Prepayment Assumption; (ii) none of the Sole Certificateholder, the Master
Servicer, the Special Servicer or the Certificateholder owning a majority of the Percentage Interest in the Class R and Class LR
Certificates will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust
Fund; and (iii) no Trust Loan is repurchased by the Trust Loan Sellers pursuant to Article II hereof.

 

Section 4.05  Imposition
of Tax on the Trust Fund. In the event that any tax, including interest, penalties or assessments, additional amounts
or additions to tax, is imposed on the Lower-Tier REMIC or the Upper-Tier REMIC, such tax shall be charged against amounts otherwise
distributable to the Holders of the Certificates; provided that any taxes imposed on any net income from foreclosure property
pursuant to Section 860G(d) of the Code or any similar tax imposed by a state or local jurisdiction shall instead be treated as
an expense of the related REO Property in determining Net REO Proceeds with respect to the REO Property (and until such taxes
are paid, the Special Servicer from time to time shall withdraw from amounts in the REO Account allocable to the Trust Loan and
transfer to the Certificate Administrator amounts reasonably determined by the Certificate Administrator to be necessary to pay
such taxes, which the Certificate Administrator shall maintain in a separate, non-interest-bearing account, and the Certificate
Administrator shall send to the Special Servicer for deposit in the REO Account the excess determined by the Certificate Administrator
from time to time of the amount in such account over the amount necessary to pay such taxes) and shall be paid therefrom; provided that any such tax imposed on net income from foreclosure property that exceeds the amount in any such reserve shall be retained
from Available Funds as provided in Section 3.06(a)(xii) of this Agreement, and the next sentence. Except as provided in
the preceding sentence, the Certificate Administrator is hereby authorized to and shall retain or cause to be retained from Available
Funds sufficient funds to pay or provide for the payment of, and to actually pay, such tax as is legally owed by the applicable
Trust REMIC (but such authorization shall not prevent the Trustee from contesting, at the expense of the Trust Fund, on a pro
rata basis between the Trust Loan and each Companion Loan) any such tax in appropriate proceedings, and withholding payment
of such tax, if permitted by law, pending the outcome of such proceedings). The Certificate Administrator is hereby authorized
to and shall segregate or cause to be segregated, into a separate non-interest bearing account, (i) the net income allocable to
the Trust Loan from any “prohibited transaction” under Section 860F(a) of the Code or (ii) the amount of any contribution
to the Lower-Tier REMIC or the Upper-Tier REMIC after the Startup Day that is subject to tax under Section 860G(d) of the Code
and use such income or amount, to the extent necessary, to pay such tax (and return the balance thereof, if any, to the Collection
Account, the Lower-Tier Distribution Account or the Upper-Tier Distribution Account, as the case may be). To the extent that any
such tax is paid to the IRS, the Certificate Administrator shall retain an equal amount from future amounts otherwise distributable
to the Holders of the Class R or the Class LR Certificates, as the case may be, and shall distribute such retained amounts to
the 

 

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Holders
of Regular Certificates, or the Trustee as Holder of the Lower-Tier Regular Interests, until they are fully reimbursed and then
to the Holders of the Class R Certificates or the Class LR Certificates, as applicable. Neither the Master Servicer, the Special
Servicer, the Certificate Administrator, nor the Trustee shall be responsible for any taxes imposed on the Lower-Tier REMIC or
the Upper-Tier REMIC except to the extent such tax is attributable to a breach of a representation or warranty or the negligence
or willful misconduct of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee or an act or
omission of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee in contravention of this Agreement,
provided, further, that such breach, act or omission could result in liability under Section 6.03 of this
Agreement, in the case of the Master Servicer, Section 4.04 of this Agreement, in the case of the Trustee or Section
4.04 of this Agreement, in the case of the Certificate Administrator in accordance with the standard of liability set forth
in those sections. Notwithstanding anything in this Agreement to the contrary, in each such case, the Master Servicer or the Special
Servicer shall not be responsible for the Trustee’s or the Certificate Administrator’s breaches, acts or omissions,
the Trustee shall not be responsible for the breaches, acts or omissions of the Certificate Administrator, the Master Servicer
or the Special Servicer and the Certificate Administrator shall not be responsible for the breaches, acts or omissions of the
Trustee, the Master Servicer or the Special Servicers.

 

The Certificate Administrator
shall be responsible for obtaining a tax identification number for any REMIC specified herein, and shall be responsible for the
preparation of the related IRS Form W-9, if such form is requested. The Trustee shall be entitled to rely on the information contained
therein, and is hereby directed to execute such IRS Form W-9; provided, however, the Certificate Administrator shall also be directed
to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by IRS regulations.

 

Section 4.06  Remittances. On
the Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer shall remit to (a) the Certificate
Administrator for deposit in the Lower-Tier Distribution Account, an amount equal to the Available Funds for such Distribution
Date and (b) remit to CREFC® the CREFC® License Fee.

 

Section 4.07  P&I
Advances and Administrative Advances. (a) On or before 3:00 p.m. (New York City time) on each Servicer Remittance Date, the
Master Servicer shall either (i) remit to the Certificate Administrator for deposit into the Lower-Tier Distribution Account from
its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution
Date, (ii) apply amounts held in the Collection Account for future distribution to Certificateholders in subsequent months in
discharge of any such obligation to make P&I Advances; provided, that such amounts in the Collection Account shall
only be applied up to the Trust Loan’s pro rata share of the amounts held therein on such date (unless such P&I
Advance has been determined to be nonrecoverable, in which case such amounts shall be applied pursuant to the Co-Lender Agreement)
or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances
to be made by the Master Servicer, except that the portion of such P&I Advance equal to the CREFC® License
Fee shall not be remitted to the Certificate Administrator but shall instead be remitted to CREFC®. Any amounts
held in the Collection Account for future distribution and so used to make P&I Advances shall be appropriately reflected in
the Master Servicer’s records and replaced by the Master Servicer by deposit in the Collection Account on or before the
next 

 

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succeeding P&I Advance
Determination Date (to the extent not previously replaced through either (x) the deposit of Late Collections of the delinquent
principal and/or interest in respect of which such P&I Advances were made or (y) the deposit of Monthly Payments collected
prior to the expiration of any applicable grace period that ends after the P&I Advance Determination Date in respect of which
such P&I Advances were made). The Master Servicer shall notify the Trustee and the Certificate Administrator of (i) the aggregate
amount of P&I Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for such Distribution
Date, on or before the P&I Advance Determination Date. If the Master Servicer fails to make a required P&I Advance by
3:00 p.m. (New York City time) on any Servicer Remittance Date, then the Trustee shall make such P&I Advance pursuant to Section
7.06 of this Agreement by 12:00 noon (New York City time) on the related Distribution Date, in each case unless the Master
Servicer shall have cured such failure (and provided written notice of such cure to the Trustee) by 11:00 a.m. (New York
City time) on such Distribution Date or the Trustee determines that such P&I Advance, if made, would be a Nonrecoverable Advance.
If the Master Servicer or the Trustee makes a P&I Advance with respect to the Trust Loan, then it shall provide written notice
to the related Other Servicer, Other Special Servicer and Other Trustee of the amount of such P&I Advance within two (2) Business
Days of making such P&I Advance.

 

(b)          Subject
to Section 4.07(d) and 4.07(e) below, the aggregate amount of P&I Advances to be made by the Master Servicer
with respect to any Distribution Date shall equal the aggregate of: (i) the Monthly Payment (net of related Servicing Fees) other
than the Balloon Payment that was due during the related Collection Period and delinquent (or unpaid, pending the expiration of
any applicable grace period with respect to the Trust Loan having a grace period extending past the P&I Advance Determination
Date) as of the close of business on the P&I Advance Determination Date (or not advanced by the Master Servicer or any Sub-Servicer
on behalf of the Master Servicer) with respect to the Trust Loan and (ii) with respect to the Balloon Payment that was due during
or prior to the related Collection Period and was delinquent (including any applicable grace period) as of the end of the related
Collection Period (including any REO Loan as to which the Balloon Payment would have been past due), an amount equal to the Assumed
Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Master Servicer or the Trustee, as applicable,
to make such P&I Advances with respect to the Trust Loan (or REO Loan) is mandatory, and with respect to the Trust Loan or
REO Loan, shall continue until the Distribution Date on which Liquidation Proceeds or REO Proceeds, if any, are to be distributed.
The Monthly Payment or Assumed Scheduled Payment shall be reduced, for purposes of P&I Advances, by any modifications pursuant
to Section 3.26 of this Agreement or otherwise and by any reductions by a bankruptcy court pursuant to a plan of reorganization
or pursuant to any of its equitable powers.

 

(c)          Subject
to Section 4.07(d) and 4.07(e) below, the Master Servicer shall also make advances (“Administrative Advances”)
with respect to the Trust Loan to pay Special Servicing Fees, Workout Fees, Liquidation Fees, Advance Interest Amounts and other
out-of-pocket costs and expenses incurred by the Trust or by the Master Servicer, the Special Servicer, the Certificate Administrator,
the Custodian or the Trustee in connection with the servicing and administration of the Whole Loan allocable to the Trust Loan
not otherwise covered by a Property Advance, including in connection with any workout of the Whole Loan or enforcement of the terms
of the Loan Documents, in each case, to the extent the Borrower (1) is obligated to reimburse the Trust for such amounts pursuant
to the Loan Documents and (2) does not pay such 

 

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amounts
on or prior to the time when the party is entitled to payment or reimbursement of such amounts from the Collection Account or
the Distribution Account in accordance with terms of this Agreement. The Master Servicer shall deposit Administrative Advances
into the Collection Account within the same time frame required for P&I Advances as provided in Section 4.07(a). The
Master Servicer shall notify the Trustee and the Certificate Administrator of (i) the aggregate amount of Administrative Advances
for a Distribution Date and (ii) the amount of any Nonrecoverable Administrative Advances for such Distribution Date, on or before
the P&I Advance Determination Date. If the Master Servicer fails to make a required Administrative Advance by 3:00 p.m. (New
York City time) on any Servicer Remittance Date, then the Trustee shall make such Administrative Advance pursuant to Section
7.06 of this Agreement by 12:00 noon (New York City time) on the related Distribution Date, in each case unless the Master
Servicer shall have cured such failure (and provided written notice of such cure to the Trustee) by 11:00 a.m. (New York City
time) on such Distribution Date or the Trustee determines that such Administrative Advance, if made, would be a Nonrecoverable
Advance.

 

(d)          Notwithstanding
anything herein to the contrary, no P&I Advance or Administrative Advance shall be required hereunder if the Master Servicer,
the Special Servicer or the Trustee, as applicable, determines that such P&I Advance or Administrative Advance (together with
interest on such P&I Advance or Administrative Advance, as applicable at the Advance Rate) would, if made, constitute a Nonrecoverable
Advance. In addition, the Master Servicer shall not make any P&I Advance or Administrative Advance to the extent that it has
received written notice that the Special Servicer has determined that such P&I Advance or Administrative Advance would, if
made, constitute a Nonrecoverable P&I Advance or Nonrecoverable Administrative Advance. In making such nonrecoverability determination,
the Master Servicer, the Special Servicer and Trustee shall be entitled (i) to give due regard to the existence of any Nonrecoverable
Advance with respect to the Trust Loan, the recovery of which, at the time of such consideration, is being deferred or delayed
by the Master Servicer or the Trustee, as applicable, in light of the fact that proceeds on the Trust Loan are a source of recovery
not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance which
is being or may be deferred or delayed, (ii) to consider (among other things) the obligations of the Borrower under the terms
of the Whole Loan as it may have been modified, (iii) to consider (among other things) the Mortgaged Property in its “as-is”
or then-current conditions and occupancy, as modified by such party’s assumptions (consistent with the Servicing Standard
in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse changes with
respect to the Mortgaged Property, (iv) to estimate and consider (consistent with the Servicing Standard in the case of the Master
Servicer or the Special Servicer) (among other things) future expenses and (v) to estimate and consider (among other things) the
timing of recoveries.

 

If an Appraisal of the
Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer and the Trustee shall
each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such
an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good faith determination
of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master Servicer or the
Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the Master
Servicer, the Special Servicer or the Trustee, as the case may be, 

 

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may,
subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related
Advance, obtain an Appraisal for such purpose at the expense of the Trust Fund.

 

Any such
determination by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as applicable, has
made a Nonrecoverable Advance or that any proposed P&I Advance or Administrative Advance, if made, would constitute a
Nonrecoverable Advance shall be evidenced, in the case of the Master Servicer or the Special Servicer, by a certificate of a
Servicing Officer delivered to the other and to the Trustee, the Certificate Administrator, the Depositor and the Directing
Holder (or, if no Directing Holder has been appointed, each Initial Consulting Holder) (if such determination was made during
a Subordinate Control Period or a Subordinate Consultation Period) and, in the case of the Trustee, by a certificate of a
Responsible Officer of the Trustee, delivered to the Depositor, the Certificate Administrator, the Master Servicer and the
Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master
Servicer, Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate to be
accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections
and other information used by the Master Servicer, Special Servicer or the Trustee, as applicable, to make such
determination, together with any existing Appraisal or any Updated Appraisal); provided, however, that the
Special Servicer may, at its option, make a determination in accordance with the Servicing Standard, that any P&I Advance
or Administrative Advance previously made or proposed to be made is nonrecoverable and shall deliver to the Master
Servicer, Special Servicer, the Certificate Administrator, the Trustee, the 17g-5 Information Provider (which shall promptly
post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement)
notice of such determination, together with a certificate of a Servicing Officer and the supporting information described
above. Any such determination shall be conclusive and binding on the Master Servicer, the Special Servicer and the
Trustee.

 

Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination that a P&I
Advance or Administrative Advance is a Nonrecoverable Advance) and (consistent with the Servicing Standard in the case of the Master
Servicer or the Special Servicer) may obtain, at the expense of the Trust Fund, any analysis, Appraisals or market value estimates
or other information for such purposes. Absent bad faith, any such determination as to the recoverability of any P&I Advance
or Administrative Advance shall be conclusive and binding on the Certificateholders.

 

Notwithstanding the above,
(i) the Trustee shall be entitled to rely conclusively on, and shall be bound by, any determination by the Master Servicer or the
Special Servicer, as applicable, that a P&I Advance or Administrative Advance, if made, would be a Nonrecoverable Advance,
if such determination is received prior to the applicable Advance, and (ii) the Master Servicer will be entitled to rely conclusively
on, and shall be bound by, any determination of the Special Servicer that a P&I Advance or Administrative Advance, if made,
would be a Nonrecoverable Advance, if such determination is received prior to the applicable Advance. The Trustee, in determining
whether or not a P&I Advance or Administrative Advance previously made is, or a proposed P&I Advance or Administrative
Advance, if made, would be, a Nonrecoverable Advance shall be subject to the standards applicable to the Master Servicer 

 

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hereunder.
The Special Servicer shall promptly furnish the Master Servicer and the Trustee with any information in its possession regarding
a Specially Serviced Loan or an REO Property as each such party may reasonably request for purposes of making recoverability determinations.

 

(e)          In
connection with the recovery of any P&I Advance or Administrative Advance out of the Collection Account pursuant to Section
3.06(a) of this Agreement, the Master Servicer shall be entitled to pay itself or the Trustee, as the case may be (in reverse
of such order with respect to the Trust Loan or REO Property) out of any amounts then on deposit in the Collection Account interest
at the Advance Rate in effect from time to time, accrued on the amount of such P&I Advance or Administrative Advance from the
date made with respect to the Trust Loan. The Master Servicer shall reimburse itself or the Trustee, as the case may be, for any
outstanding P&I Advance or Administrative Advance as soon as practicably possible after funds available for such purpose are
deposited in the Collection Account with respect to the Trust Loan.

 

Notwithstanding anything
to the contrary contained in Section 4.06 of this Agreement, (i) neither the Master Servicer nor the Trustee shall make
an advance for Prepayment Charges, Penalty Charges or any cure payments and (ii) the interest portion of any P&I Advance with
respect to the Trust Loan as to which there has been an Appraisal Reduction Amount will be an amount equal to the product of (x)
the amount required to be advanced without giving effect to the Appraisal Reduction Amount and (y) a fraction, the numerator of
which is the Stated Principal Balance of the Trust Loan (as of the immediately preceding Determination Date) less any Appraisal
Reduction Amount applicable to the Trust Loan and the denominator of which is the Stated Principal Balance of the Trust Loan (as
of such immediately preceding Determination Date). All P&I Advances for the Trust Loan that has been modified shall be calculated
on the basis of their terms as modified. For the avoidance of doubt, the Master Servicer shall have no obligation to make a principal
and interest advance or an administrative advance with respect to the Companion Loans.

 

The portion of any Insurance
Proceeds, Net Liquidation Proceeds and Net Condemnation Proceeds in respect of the Trust Loan or any REO Loan allocable to principal
shall equal the total amount of such proceeds minus (i) any portion thereof payable to the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee pursuant to this Agreement and (ii) a portion thereof equal to the interest component
of the Monthly Payment(s), as accrued at the related Net Mortgage Rate from the date as to which interest was last paid by the
Borrower up to but not including the Due Date in the Collection Period in which such proceeds are received; provided, however,
that in the event that the interest portion(s) of one or more P&I Advances with respect of the Trust Loan or REO Loan, as applicable,
were reduced as a result of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds and Net Condemnation Proceeds
to be applied to interest shall be reduced by the aggregate amount of such reductions and the portion of such Net Liquidation Proceeds
and Net Condemnation Proceeds to be applied to principal shall be increased by such amount, and if the amount of the Net Liquidation
Proceeds and Net Condemnation Proceeds to be applied to principal has been applied to pay the principal of the Trust Loan or REO
Loan in full, any remaining Net Liquidation Proceeds and Net Condemnation Proceeds shall then be applied to pay any remaining accrued
and unpaid interest of the Trust Loan or REO Loan.

 

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(f)          The
Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances or Administrative Advances
it makes to the extent permitted pursuant to Section 3.06 of this Agreement together with any related Advance Interest Amount
in respect of such P&I Advances or Administrative Advances to the extent permitted pursuant to Section 3.06 of this
Agreement and the Master Servicer and the Special Servicer each hereby covenants and agrees to promptly seek and effect the reimbursement
of such Advances from the Borrower to the extent permitted by applicable law and the Trust Loan and this Agreement.

 

(g)          The
Master Servicer will be permitted to make its determination that it has made a P&I Advance on the related Trust Loan that
is a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance
with respect to such Trust Loan in accordance with Section 4.07(a) independently of any determination made in respect of
the Companion Loans, by the master servicer under the related Other Pooling and Servicing Agreement. If the Master Servicer or
Trustee, as applicable, determines that a proposed P&I Advance with respect to the Whole Loan, if made, or any outstanding
P&I Advance with respect to any such Trust Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance
or if the Master Servicer or Trustee, as applicable, subsequently determines that a proposed Property Advance would be a Nonrecoverable
Advance or an outstanding Property Advance is or would be a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable,
shall provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing
Agreement with written notice of such determination, promptly and in any event within two (2) Business Days after such determination
or such longer time period permitted by the applicable Co-Lender Agreement. If the Master Servicer receives written notice from
any master servicer under any such Other Pooling and Servicing Agreement that such master servicer has determined, with respect
to the related Companion Loan, that any proposed advance of principal and/or interest with respect to such Companion Loan would
be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and/or interest, such determination
shall not be binding on the Certificateholders, the Master Servicer or the Trustee.

 

If the Master Servicer
or Special Servicer receives notice from a Rating Agency that it is no longer approved as a master servicer or a special servicer,
as applicable, for commercial mortgage securitizations, it shall promptly notify the Trustee, any Other Trustee, any Other Servicer
and any other trustee or master servicer with respect to each commercial mortgage securitization that holds a Companion Loan, if
any.

 

Section 4.08  Appraisal
Reductions; Collateral Deficiency Amounts. (a) For purposes of determining the Controlling Class, determining whether
a Subordinate Control Period or Subordinate Consultation Period is then in effect or determining Voting Rights of the related
Classes for certain purposes, including replacement of the Special Servicer, any Appraisal Reduction Amounts and Collateral Deficiency
Amounts will be allocated to each Class of Principal Balance Certificates in reverse sequential order to notionally reduce the
related Certificate Balances until the Certificate Balance of each such Class is reduced to zero (i.e., first, to
the Class E Certificates, second, to the Class D Certificates, third, to the Class C Certificates, fourth,
to the Class B Certificates, and fifth, to the Class A Certificates). For the avoidance of doubt, Appraisal Reduction Amounts
and Collateral Deficiency Amounts shall not be allocated concurrently to the Principal Balance Certificates.

 

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As of the first Determination
Date following the Whole Loan becoming an AB Modified Loan, the Master Servicer shall calculate whether a Collateral Deficiency
Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal obtained by the Special Servicer
with respect to the Whole Loan, and all other information relevant to a Collateral Deficiency Amount determination. The Special
Servicer, upon reasonable prior written request, shall provide the Master Servicer with information in its possession that is reasonably
required to calculate or recalculate any Collateral Deficiency Amount. None of the Special Servicer, the Trustee or the Certificate
Administrator shall calculate or verify any Collateral Deficiency Amount.

 

For the avoidance of
doubt, for purposes of determining whether the Class E is the Controlling Class or whether a Subordinate Control Period or a Subordinate
Consultation Period is then in effect, the Controlling Class Certificates shall be allocated both applicable Appraisal Reduction
Amounts and applicable Collateral Deficiency Amounts, in accordance with this Section 4.08(a). The appraised value of the
Mortgaged Property shall be determined on an “as is” basis.

 

The Master Servicer
(if the Special Servicer is calculating the Appraisal Reduction Amount, only to the extent the Master Servicer has received all
necessary information from the Special Servicer) shall promptly notify the Certificate Administrator of the amount of any Appraisal
Reduction Amount allocated to the Whole Loan (which notification shall be made by delivery of the CREFC® Loan Periodic
Update File in accordance with Section 3.13 hereof) and the amount of any Collateral Deficiency Amount allocated to the
AB Modified Loan (which notification shall be made by delivery of such information included in the CREFC® Loan
Periodic Update File and the CREFC® Appraisal Reduction Template or such report mutually agreed to between the
Master Servicer and the Certificate Administrator, which shall be delivered simultaneously with the CREFC® Loan
Periodic Update File in accordance with Section 3.13 hereof). Based on information in its possession, the Certificate Administrator
shall determine from time to time whether any of the Class D or Class E is the Controlling Class. Promptly upon its determination
that none of the Class D or Class E is no longer the Controlling Class, the Certificate Administrator shall notify the Master
Servicer and the Special Servicer.

 

ARTICLE
V

THE CERTIFICATES

 

Section 5.01  The
Certificates. (a) The Certificates consist of the Class A Certificates, the Class X-A Certificates, the Class B Certificates,
the Class C Certificates, the Class D Certificates, the Class E Certificates, the Class R Certificates and the Class LR Certificates.

 

The Class A, Class X-A,
Class B, Class C, Class D, Class E, Class R and Class LR Certificates will be substantially in the forms of Exhibits A-1
through A-8 to this Agreement, as set forth in the Table of Exhibits to this Agreement. The Certificates of each Class will
be issuable in registered form only, in minimum denominations of authorized Certificate Balance or Notional Balance, as applicable,
as described in the succeeding table, and multiples of $l in excess thereof (or such lesser amount if the Certificate Balance or
Notional 

 

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Balance,
as applicable, is not a multiple of $1). With respect to any Certificate or any beneficial interest in a Certificate, the “Denomination”
thereof shall be (i) the amount (A) set forth on the face thereof or (B) in the case of any Global Certificate, set forth on a
schedule attached thereto or, in the case of any beneficial interest in a Global Certificate, the amount set forth on the books
and records of the related Depository Participant or indirect participating brokerage firm, as applicable, (ii) expressed in terms
of Certificate Balance or Notional Balance, as applicable, and (iii) be in an authorized denomination, as set forth below.

 

	
        Class
	 	
        Minimum

Denomination
	 	
        Aggregate
Denomination of

all Certificates of Class

	A           	 	            $100,000	 	$346,663,000
	X-A          	 	            $1,000,000	 	$346,663,000
	B           	 	            $100,000	 	$64,237,000
	C           	 	            $100,000	 	$98,000,000
	D           	 	            $100,000	 	$65,800,000
	E           	 	            $100,000	 	$25,300,000

 

Each Certificate will
share ratably in all rights of the related Class. The Class R and Class LR Certificates will each be issuable in one or more registered,
definitive physical certificates in minimum denominations of 5% Percentage Interests and integral multiples of a 1% Percentage
Interest in excess thereof and together aggregating the entire 100% Percentage Interest in each such Class.

 

The Global Certificates
shall be issued as one or more certificates registered in the name of a nominee designated by the Depository, and Beneficial Owners
shall hold interests in the Global Certificates through the book-entry facilities of the Depository in the minimum Denominations
and aggregate Denominations and Classes as set forth above.

 

The Global Certificates
shall in all respects be entitled to the same benefits under this Agreement as Individual Certificates authenticated and delivered
hereunder.

 

(b)          Except
insofar as pertains to any Individual Certificate, the Trust Fund, the Certificate Administrator, the Paying Agent and the Trustee
may for all purposes (including the making of payments due on the Global Certificates and the giving of notice to Holders thereof)
deal with the Depository as the authorized representative of the Beneficial Owners with respect to the Global Certificates for
the purposes of exercising the rights of Certificateholders hereunder; provided, however, that, for purposes of transmitting
communications pursuant to Section 5.05(a) of this Agreement, to the extent that the Depository has provided the Certificate
Administrator with the names of Beneficial Owners (even if such Certificateholders hold their Certificates through the Depository)
the Certificate Administrator shall provide such information to such Beneficial Owners directly. The rights of Beneficial Owners
with respect to Global Certificates shall be limited to those established by law and agreements between such Certificateholders
and the Depository and Depository Participants. Except as set forth in Section 5.01(e) below, Beneficial Owners of Global
Certificates shall not be entitled to physical certificates for the Global Certificates as to which they are the Beneficial Owners.
Requests and directions from, and votes of, the Depository as Holder of the Global Certificates shall not be deemed inconsistent
if they are made with respect to different Beneficial Owners. Subject to the restrictions on transfer set forth in this Section
5.01 of this Agreement and Applicable

 

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Procedures, the holder
of a beneficial interest in a Global Certificate may request that the Certificate Administrator cause the Depository (or any Agent
Member) to notify the Certificate Registrar and the Certificate Custodian in writing of a request for transfer or exchange of
such beneficial interest for an Individual Certificate or Certificates. Upon receipt of such a request and payment by the related
Beneficial Owner of any attendant expenses, the Certificate Administrator shall cause the issuance and delivery of such Individual
Certificates. The Depositor may establish a reasonable record date in connection with solicitations of consents from or voting
by Certificateholders and give notice to the Depository of such record date. Without the written consent of the Certificate Registrar,
no Global Certificate may be transferred by the Depository except to a successor Depository that agrees to hold the Global Certificates
for the account of the Beneficial Owners.

 

(c)          Any
of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted
or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may be required
to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Certificates
are admitted to trading, or to conform to general usage.

 

(d)          The
Global Certificates (i) shall be delivered by the Certificate Registrar to the Depository or, pursuant to the Depository’s
instructions on behalf of the Depository to, and deposited with, the Certificate Custodian, and in either case shall be registered
in the name of Cede & Co. and (ii) shall bear a legend substantially to the following effect:

 

“Unless this certificate is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Certificate
Registrar for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein”.

 

The Global Certificates
may be deposited with such other Depository as the Certificate Registrar may from time to time designate, and shall bear such legend
as may be appropriate.

 

(e)          If
(i) the Depository advises the Certificate Administrator in writing that the Depository is no longer willing, qualified or able
properly to discharge its responsibilities as Depository, and the Depositor is unable to locate a qualified successor or (ii) the
Depositor, at its sole option, elects in writing to the Certificate Administrator and to the Depository to terminate the book-entry
system through the Depository with respect to all or any portion of any Class of Certificates, the Certificate Administrator shall
notify the affected Beneficial Owner or Owners through the Depository of the occurrence of such event and the availability of Individual
Certificates to such Beneficial Owners requesting them. Upon surrender to the Certificate 

 

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Administrator of Global Certificates
by the Depository, accompanied by registration instructions from the Depository for registration of transfer, the Certificate
Administrator shall issue the Individual Certificates. Neither the Trustee, the Certificate Administrator, the Certificate Registrar,
the Master Servicer, the Special Servicer nor the Depositor shall be liable for any actions taken by the Depository or its nominee,
including, without limitation, any delay in delivery of such instructions. Upon the issuance of Individual Certificates, the Trustee,
the Certificate Administrator, the Certificate Registrar, the Master Servicer and the Special Servicer shall recognize the Holders
of Individual Certificates as Certificateholders hereunder.

 

(f)          If
the Trustee, its agents, the Certificate Administrator, its agents or the Master Servicer or Special Servicer have instituted or
have been directed to institute any judicial proceeding in a court to enforce the rights of the Certificateholders under the Certificates,
and the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer have been advised by counsel that in
connection with such proceeding it is necessary or appropriate for the Trustee, the Certificate Administrator, the Master Servicer
or the Special Servicer to obtain possession of the Certificates, the Trustee, the Certificate Administrator, the Master Servicer
or the Special Servicer may in their sole discretion determine that the Certificates represented by the Global Certificates shall
no longer be represented by such Global Certificates. In such event, the Certificate Administrator or the Authenticating Agent
will execute and authenticate and the Certificate Registrar will deliver, in exchange for such Global Certificates, Individual
Certificates (and if the Certificate Administrator or the Certificate Custodian has in its possession Individual Certificates previously
executed, the Authenticating Agent will authenticate and the Certificate Registrar will deliver such Certificates) in a Denomination
equal to the aggregate Denomination of such Global Certificates.

 

(g)          Each
Certificate may be printed or in typewritten or similar form, and each Certificate shall, upon original issue, be executed and
authenticated by the Certificate Administrator or the Authenticating Agent and delivered to, or at the order of, the Depositor.
All Certificates shall be executed by manual or facsimile signature on behalf of the Certificate Administrator or Authenticating
Agent by an authorized officer or signatory. Certificates bearing the signature of an individual who was at any time the proper
officer or signatory of the Certificate Administrator or Authenticating Agent shall bind the Certificate Administrator or Authenticating
Agent, notwithstanding that such individual has ceased to hold such office or position prior to the delivery of such Certificates
or did not hold such office or position at the date of such Certificates. No Certificate shall be entitled to any benefit under
this Agreement, or be valid for any purpose, unless there appears on such Certificate a certificate of authentication in the form
set forth in Exhibits A-1 through A-8 executed by the Authenticating Agent by manual signature, and such certificate
of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication.

 

(h)          If,
in connection with any Distribution Date, the Certificate Administrator shall have reported the amount of an anticipated distribution
to the Depository based on the expected receipt of any monthly payment based on information set forth in any report of the Master
Servicer or the Special Servicer, or any other monthly payment, Balloon Payment or prepayment expected to be paid on the last two
Business Days preceding such Distribution Date, and the Borrower fails to make such payments at such time, the Certificate Administrator
shall 

 

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use
commercially reasonable efforts to cause the Depository to make the revised distribution on a timely basis on such Distribution
Date. Any out-of-pocket costs incurred by the Certificate Administrator as a consequence of the Borrower failing to make such
payments shall be reimbursable to the Certificate Administrator as an expense of the Trust Fund.

 

Section 5.02  Registration,
Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be kept at its offices
books (the “Certificate Register”) for the registration, transfer and exchange of Certificates (the Certificate
Administrator, in such capacity, being the “Certificate Registrar”). The Depositor, the Trustee, the Master
Servicer and the Special Servicer shall have the right to inspect the Certificate Register or to obtain a copy thereof at all
reasonable times, and to rely conclusively upon a certificate of the Certificate Registrar as to the information set forth in
the Certificate Register. The names and addresses of all Certificateholders and the names and addresses of the transferees of
any Certificates shall be registered in the Certificate Register; provided, however, that in no event shall the
Certificate Registrar be required to maintain in the Certificate Register the names of the individual Participants holding beneficial
interests in the Trust Fund through the Depository. The Person in whose name any Certificate is so registered shall be deemed
and treated as the sole owner and Holder thereof for all purposes of this Agreement and the Depositor, Certificate Registrar,
the Master Servicer, Special Servicer, the Trustee, the Certificate Administrator, any Paying Agent and any agent of any of them
shall not be affected by any notice or knowledge to the contrary. An Individual Certificate is transferable or exchangeable only
upon the surrender of such Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements of Section 5.01(g) and Sections 5.02(c),
(d), (e), (f), (g), (h) and (i) of this Agreement. Upon request of the Certificate Administrator,
the Certificate Registrar shall provide the Certificate Administrator with the names, addresses and Percentage Interests of the
Holders.

 

(b)            Upon
surrender for registration of transfer of any Individual Certificate, subject to the requirements of Sections 5.02(c), (d),
(e), (f), (g), (h) and (i) of this Agreement, the Certificate Administrator shall execute and
the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates
in Denominations of a like aggregate Denomination as the Individual Certificate being surrendered. Such Certificates shall be delivered
by the Certificate Registrar in accordance with Section 5.02(e) of this Agreement. Each Certificate surrendered for registration
of transfer shall be canceled and subsequently destroyed by the Certificate Registrar. Each new Certificate issued pursuant to
this Section 5.02 shall be registered in the name of any Person as the transferring Holder may request, subject to the provisions
of Sections 5.01(g) and 5.02(c), (d), (e), (f), (g), (h) and (i) of this
Agreement.

 

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(c)            In
addition to the provisions of Sections 5.01(g) and 5.02(d), (e), (f), (g), (h) and (i)
of this Agreement and the rules of the Depository, the exchange, transfer and registration of transfer of Individual Certificates
or beneficial interests in the Global Certificates shall be subject to the following restrictions:

 

(i)            Transfers
between Holders of Individual Certificates. With respect to the transfer and registration of transfer of an Individual Certificate
to a transferee that takes delivery in the form of an Individual Certificate:

 

 (A)          The
Certificate Registrar shall register the transfer of an Individual Certificate if (1) the requested transfer is being made (x)
in connection with the initial transfer from an Initial Purchaser to an initial investor or (y) by a transferee who has provided
the Certificate Registrar with an Investment Representation Letter substantially in the form of Exhibit D-1 to this Agreement
(an “Investment Representation Letter”), to the effect that the transfer is being made to a Qualified Institutional
Buyer in accordance with Rule 144A or (2) prior to the transfer the related transferee furnishes to the Certificate Registrar (x)
an Investment Representation Letter to the effect that the transfer is being made to an Institutional Accredited Investor (other
than a Qualified Institutional Buyer) or to an Affiliated Person in accordance with an applicable exemption under the Act, and
(y) in the case of a transfer to an Affiliated Person, an opinion of counsel acceptable to the Certificate Registrar that such
transfer is in compliance with the Act; or

 

 (B)          The
Certificate Registrar shall register the transfer of an Individual Certificate pursuant to Regulation S after the expiration of
the Restricted Period if (1) the transferor has provided the Certificate Registrar with a Regulation S Transfer Certificate substantially
in the form of Exhibit G to this Agreement (a “Regulation S Transfer Certificate”), and (2) the transferee
furnishes to the Certificate Registrar an Investment Representation Letter;

 

and, in each case, the Certificate
Registrar shall register the transfer of an Individual Certificate only if prior to the transfer the transferee furnishes to the
Certificate Registrar a written undertaking by the transferor to reimburse the Trust Fund for any costs incurred by it in connection
with the proposed transfer. In addition, the Certificate Registrar may, as a condition of the registration of any such transfer,
require the transferor to furnish such other certificates, legal opinions or other information (at the transferor’s expense)
as the Certificate Registrar may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the Act and other applicable laws.

 

(ii)          Transfers
within the Global Certificates. Notwithstanding any provision to the contrary herein, so long as a Global Certificate remains
outstanding and is held by or on behalf of the Depository, transfers within the Global Certificates shall only be made in accordance
with this Section 5.02(c)(ii).

 

(A)          Rule
144A Global Certificate to Regulation S Global Certificate During the Restricted Period. If, during the Restricted Period,
a Beneficial Owner

 

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of an interest in a Rule 144A
Global Certificate wishes at any time to transfer its beneficial interest in such Rule 144A Global Certificate to a Person who
wishes to take delivery thereof in the form of a beneficial interest in the related Regulation S Global Certificate, such Beneficial
Owner may, in addition to complying with all applicable rules and procedures of the Depository and Clearstream or Euroclear applicable
to transfers by their respective participants (the “Applicable Procedures”), transfer or cause the transfer
of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Certificate only upon compliance
with the provisions of this Section 5.02(c)(ii)(A). Upon receipt by the Certificate Registrar at the Corporate Trust Office
of (1) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate
Registrar to credit or cause to be credited to another specified Agent Member’s account a beneficial interest in the Regulation
S Global Certificate in an amount equal to the Denomination of the beneficial interest in the Rule 144A Global
Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding
the account of the Agent Member and the Euroclear or Clearstream account, as the case may be, to be credited with, and the account
of the Agent Member to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit H to this
Agreement given by the Beneficial Owner of such interest, the Certificate Registrar shall instruct the Depository or the Certificate
Custodian, as applicable, to reduce the Denomination of the Rule 144A Global Certificate by the Denomination of the beneficial
interest in the Rule 144A Global Certificate to be so transferred and, concurrently with such reduction, to increase the Denomination
of the Regulation S Global Certificate by the Denomination of the beneficial interest in the Rule 144A Global Certificate to be
so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (who shall be
an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the ease may be) a beneficial interest in the
Regulation S Global Certificate having a Denomination equal to the amount by which the Denomination of the Rule 144A Global Certificate
was reduced upon such transfer.

 

(B)          Rule
144A Global Certificate to Regulation S Global Certificate After the Restricted Period. If, after the Restricted Period, a
Beneficial Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in such
Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate, such holder may, in addition to complying with all Applicable Procedures, transfer or cause the
transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Certificate only upon compliance
with the provisions of this Section 5.02(c)(ii)(B). Upon receipt by the Certificate Registrar at the Corporate Trust Office
of (1) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate
Registrar to credit or cause to be credited to another specified Agent Member’s account a beneficial interest in the Regulation
S Global Certificate in an amount equal to the Denomination of the beneficial

 

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interest in the Rule 144A Global Certificate to
be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account
of the Agent Member and, in the case of a transfer pursuant to and in accordance with Regulation S, the Euroclear or Clearstream
account, as the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest,
and (3) a certificate in the form of Exhibit I to this Agreement given by the Beneficial Owner of such interest, the Certificate
Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A
Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred
and, concurrently with such reduction, to increase the Denomination of the Regulation S Global Certificate by the aggregate Denomination
of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit or cause to be credited to
the account of the Person specified in such instructions a beneficial interest in the Regulation S Global Certificate having a
Denomination equal to the amount by which the Denomination of the Rule 144A Global Certificate was reduced upon such transfer.

 

(C)          Regulation
S Global Certificate to Rule 144A Global Certificate. If the Beneficial Owner of an interest in a Regulation S Global
Certificate wishes at any time to transfer its beneficial interest in such Regulation S Global Certificate to a Person who
wishes to take delivery thereof in the form of a beneficial interest in the related Rule 144A Global Certificate, such
Beneficial Owner may, in addition to complying with all Applicable Procedures, transfer or cause the transfer of such
beneficial interest for an equivalent beneficial interest in such Rule 144A Global Certificate only upon compliance with the
provisions of this Section 5.02(c)(ii)(C). Upon receipt by the Certificate Registrar at the Corporate Trust Office of
(1) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate
Registrar to credit or cause to be credited to another specified Agent Member’s account a beneficial interest in the
Rule 144A Global Certificate in an amount equal to the Denomination of the beneficial interest in the Regulation S Global
Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures containing information
regarding the account of the Agent Member to be credited with, and the account of
the Agent Member or, if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may
be, to be debited for, such beneficial interest, and (3) with respect to a transfer of a beneficial interest in a Regulation S
Global Certificate for a beneficial interest in the related Rule 144A Global Certificate (i) during the Restricted Period, a certificate
in the form of Exhibit J to this Agreement given by the holder of such beneficial interest or (ii) after the Restricted
Period, an Investment Representation Letter from the transferee to the effect that such transferee is a Qualified Institutional
Buyer, the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination
of the Regulation S Global Certificate by the aggregate Denomination of the beneficial interest in the Regulation S Global Certificate
to 

 

    -218-

     

    

 

be transferred, and, concurrently
with such reduction, to increase the Denomination of the Rule 144A Global Certificate by the aggregate Denomination of the beneficial
interest in the Regulation S Global Certificate to be so transferred, and to credit or cause to be credited to the account of
the Person specified in such instructions a beneficial interest in such Rule 144A Global Certificate having a Denomination equal
to the amount by which the Denomination of the Regulation S Global Certificate was reduced upon such transfer.

 

(iii)         Transfers
from the Global Certificates to Individual Certificates. Any and all transfers from a Global Certificate to a transferee wishing
to take delivery in the form of an Individual Certificate will require the transferee to take delivery subject to the restrictions
on the transfer of such Individual Certificate described in a legend set forth on the face of such Certificate substantially in
the form of Exhibit F to this Agreement (the “Securities Legend”), and such transferee agrees that it
will transfer such Individual Certificate only as provided therein and herein. No such transfer shall be made and the Certificate
Registrar shall not register any such transfer unless such transfer is made in accordance with this Section 5.02(c)(iii).

 

(A)          Transfers
of a beneficial interest in a Global Certificate to an Institutional Accredited Investor (other than a Qualified Institutional
Buyer) will require delivery in the form of an Individual Certificate and the Certificate Registrar shall register such transfer
only upon compliance with the provisions of Section 5.02(c)(i)(A) of this Agreement.

 

(B)          Transfers
of a beneficial interest in a Global Certificate to a Qualified Institutional Buyer or a Regulation S Investor wishing to take
delivery in the form of an Individual Certificate will be registered by the Certificate Registrar only upon compliance with the
provisions of Section 5.02(c)(i)(A) and (B) of this Agreement, respectively.

 

(C)          Notwithstanding
the foregoing, no transfer of a beneficial interest in a Regulation S Global Certificate to an Individual Certificate pursuant
to subparagraph (B) above shall be made prior to the expiration of the Restricted Period.

 

Upon acceptance for exchange
or transfer of a beneficial interest in a Global Certificate for an Individual Certificate, as provided herein, the Certificate
Registrar shall endorse on the schedule affixed to the related Global Certificate (or on a continuation of such schedule affixed
to such Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and
a decrease in the Denomination of such Global Certificate equal to the Denomination of such Individual Certificate issued in exchange
therefor or upon transfer thereof. Unless determined otherwise by the Certificate Registrar and the Depositor in accordance with
applicable law, an Individual Certificate issued upon transfer of or exchange for a beneficial interest in the Global Certificate
shall bear the Securities Legend.

 

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(iv)        Transfers
of Individual Certificates to the Global Certificates. If a Holder of an Individual Certificate wishes at any time to transfer
such Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related Regulation
S Global Certificate or the related Rule 144A Global Certificate, such transfer may be effected only in accordance with the Applicable
Procedures and this Section 5.02(c)(iv). Upon receipt by the Certificate Registrar at the Corporate Trust Office of (l)
the Individual Certificate to be transferred with an assignment and transfer pursuant to Section 5.05(a) of this Agreement,
(2) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar
to credit or cause to be credited to a specified Agent Member’s account a beneficial interest in such Regulation S Global
Certificate or such Rule 144A Global Certificate, as the case may be, in an amount equal to the Denomination of the Individual
Certificate to be so transferred, (3) a written order given in accordance with the Applicable Procedures containing information
regarding the account of the Agent Member and, in the case of any transfer pursuant to Regulation S, the Euroclear or Clearstream
account, as the case may be, to be credited with such beneficial interest, and (4) (x) an Investment Representation Letter from
the transferee and, if delivery is to be taken in the form of a beneficial interest in the Regulation S Global Certificate, a
Regulation S Transfer Certificate from the transferor or (y) an Investment Representation Letter from the transferee to the effect
that such transferee is a Qualified Institutional Buyer if delivery is to be taken in the form of a beneficial interest in the
Rule 144A Global Certificate, the Certificate Registrar shall cancel such Individual Certificate, execute and deliver a new Individual
Certificate for the Denomination of the Individual Certificate not so transferred, registered in the name of the Holder or the
Holder’s transferee (as instructed by the Holder), and the Certificate Registrar shall instruct the Depository or the Certificate
Custodian, as applicable, to increase the Denomination of the Regulation S Global Certificate or the Rule 144A Global Certificate,
as the case may be, by the Denomination of the Individual Certificate to be so transferred, and to credit or cause to be credited
to the account of the Person specified in such instructions who, in the case of any increase in the Regulation S Global Certificate
during the Restricted Period, shall be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the case
may be, a corresponding Denomination of the Rule 144A Global Certificate or the Regulation S Global Certificate, as the case may
be.

 

It is the intent of the foregoing that under no circumstances may an Institutional Accredited Investor that is not a Qualified
Institutional Buyer take delivery in the form of a beneficial interest in a Rule 144A Global Certificate.

 

(v)          All
Transfers. An exchange of a beneficial interest in a Global Certificate for an Individual Certificate or Certificates, an exchange
of an Individual Certificate or Certificates for a beneficial interest in a Global Certificate and an exchange of an Individual
Certificate or Certificates for another Individual Certificate or Certificates (in each case, whether or not such exchange is made
in anticipation of subsequent transfer, and, in the case of the Global Certificates, so long as the Global Certificates remain
outstanding and are held by or on behalf of the Depository), may be made only in accordance with this Section 5.02 and in
accordance with the rules of the Depository and Applicable Procedures.

 

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(d)          If
Certificates are issued upon the transfer, exchange or replacement of Certificates not bearing the Securities Legend, the Certificates
so issued shall not bear the Securities Legend. If Certificates are issued upon the transfer, exchange or replacement of Certificates
bearing the Securities Legend, or if a request is made to remove the Securities Legend on a Certificate, the Certificates so issued
shall bear the Securities Legend, or the Securities Legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an opinion of counsel (at the expense of the party requesting
the removal of such legend) familiar with United States securities laws, as may be reasonably required by the Certificate Registrar,
that neither the Securities Legend nor the restrictions on transfers set forth therein are required to ensure that transfers of
any Certificate comply with the provisions of Rule 144A or Rule 144 under the Act or that such Certificate is not a “restricted
security” within the meaning of Rule 144 under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar
shall execute and deliver a Certificate that does not bear the Securities Legend.

 

(e)          Subject
to the restrictions on transfer and exchange set forth in Section 5.01(i) and in this Section 5.02, the Holder of
any Individual Certificate may transfer or exchange the same in whole or in part (with a denomination equal to any authorized
denomination) by surrendering such Certificate at the office of the Certificate Administrator or at the office of any transfer
agent appointed as provided under this Agreement, together with an instrument of assignment or transfer (executed by the Holder
or its duly authorized attorney), in the case of transfer, and a written request for exchange, in the case of exchange. Following
a proper request for transfer or exchange, the Certificate Registrar shall, within five Business Days of such request if made
at such office of the Certificate Registrar or within ten Business Days if made at the office of a transfer agent (other than
the Certificate Registrar), execute and deliver at the office of the Certificate Registrar or at the office of such transfer agent,
as the case may be, to the transferee (in the case of transfer) or Holder (in the case of exchange) or send by first-class mail
(at the risk of the transferee in the case of transfer or Holder in the case of exchange) to such address as the transferee or
Holder, as applicable, may request, an Individual Certificate or Certificates, as the case may require, for a like aggregate Denomination
and in such Denomination or Denominations as may be requested. The presentation for transfer or exchange of any Individual Certificate
shall not be valid unless made at the office of the Certificate Registrar or at the office of a transfer agent by the registered
Holder in person, or by a duly authorized attorney-in-fact. The Certificate Registrar may decline to accept any request for an
exchange or registration of transfer of any Certificate during the period of 15 days preceding any Distribution Date.

 

(f)          An
Individual Certificate (other than an Individual Certificate issued in exchange for a beneficial interest in a Global Certificate
pursuant to Section 5.01 of this Agreement) or a beneficial interest in a Global Certificate may only be transferred to
Eligible Investors or Regulation S Investors, as described herein. In the event that a Responsible Officer of the Certificate Registrar
has actual knowledge that such an Individual Certificate or beneficial interest in a Global Certificate is being held by or for
the benefit of a Person who is not an Eligible Investor, or that such holding is unlawful under the laws of a relevant jurisdiction,
then the Certificate Registrar shall have the right to void such transfer, if permitted under applicable law, or to require the
investor to sell such Individual Certificate or beneficial interest in a Global Certificate to an Eligible Investor within fourteen
days after notice of such determination and 

 

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each
Certificateholder by its acceptance of a Certificate authorizes the Certificate Registrar to take such action.

 

(g)          Subject
to the provisions of this Section 5.02 regarding transfer and exchange, transfers of the Global Certificates shall be limited
to transfers of such Global Certificates in whole, but not in part, to nominees of the Depository or to a successor of the Depository
or such successor’s nominee.

 

(h)          No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in this Section 5.02 other than for transfers to Institutional Accredited Investors that are not
Qualified Institutional Buyers, as provided herein. In connection with any transfer to an Institutional Accredited Investor, the
transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
herein) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by
each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such
transfer.

 

(i)          Subject
to Section 5.02(e) of this Agreement, transfers of the Class R and Class LR Certificates may be made only in accordance
with this Section 5.02(i). The Certificate Registrar shall register the transfer of a Class R or Class LR Certificate only
if (x) the transferor has advised the Certificate Registrar in writing that such Certificate is being transferred to a Qualified
Institutional Buyer or an Affiliated Person and (y) prior to such transfer the transferee furnishes to the Certificate Registrar
an Investment Representation Letter. In addition, the Certificate Registrar may as a condition of the registration of any such
transfer require the transferor to furnish such other certifications, legal opinions or other information (at the transferor’s
expense) as it may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption from, or in
a transaction not subject to, the registration requirements of the Act and other applicable laws.

 

(j)          No
transfer, sale, pledge or other disposition of any Certificate or interest therein shall be made unless that transfer, sale, pledge
or other disposition is exempt from the registration and/or qualification requirements of the Act and any applicable state securities
laws, or is otherwise made in accordance with the Act and such state securities laws. Neither the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee nor the Certificate Registrar are obligated to register or qualify
the Certificates under the Act or any other securities law or to take any action not otherwise required under this Agreement to
permit the transfer of such Certificates without registration or qualification. Any Certificateholder desiring to affect such
a transfer shall, and does hereby agree to, indemnify the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Initial Purchasers and the Certificate Registrar, against any loss, liability or expense that
may result if the transfer is not so exempt or is not made in accordance with such federal and state laws.

 

(k)          No
transfer of any Class R or Class LR Certificate (each, a “Restricted Certificate”) shall be made to (i) an employee
benefit plan subject to the fiduciary responsibility provisions of ERISA, or Section 4975 of the Code, or a governmental plan,
as defined in 

 

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Section
3(32) of ERISA, or other plan subject to any federal, state or local law (“Similar Law”) which is to a material
extent similar to the foregoing provisions of ERISA or the Code (each, a “Plan”) or (ii) a collective investment
fund in which a Plan is invested, an insurance company that is using the assets of any insurance company separate account or general
account in which the assets of any such Plan are invested (or which are deemed pursuant to ERISA or any Similar Law to include
assets of Plans) to acquire any such Restricted Certificate or any other Person acting on behalf of any Plan or using the assets
of any Plan to acquire any such Restricted Certificate. Each prospective transferee of a Restricted Certificate (other than in
the case of the initial transfer from the Initial Purchasers to an initial investor) shall deliver to the Depositor, the Certificate
Registrar and the Certificate Administrator, a transfer or representation letter, substantially in the form of Exhibit D-2
to this Agreement, stating that the prospective transferee is not and will not become a Person referred to in (i) or (ii)
above. None of the Certificate Administrator or the Certificate Registrar shall register a Class R or Class LR Certificate in
any Person’s name unless such Person has provided the letter referred to in clause (A) of the preceding sentence. Each beneficial
owner of a Certificate (other than a Class R or Class LR Certificate) or any interest therein will be deemed to have represented,
by virtue of its acquisition or holding of such Certificate or interest therein, that (i) it is not a Plan and is not acting on
behalf of or using the assets of a Plan to purchase the Certificates, (ii) in the case of a Certificate that meets the rating
requirements of the Underwriter Exemption at the time of purchase, that (w) it has acquired and is holding such Certificate or
an interest therein in reliance on the Underwriter Exemption, (or, in the case of a Plan subject to Similar Law, its acquisition,
holding and disposition of the Certificate will not result in a non-exempt violation of Similar Law), (x) its acquisition, holding
and disposition of the ERISA Eligible Certificate or interest therein will not constitute or result in a non-exempt violation
of Section 406 of ERISA or Section 4975 of the Code (or, in the case of a Plan subject to Similar Law, will not result in a non-exempt
violation of Similar Law) and (y) it is an “accredited investor” as defined in Rule 501(a)(1) of Regulation D, or
(iii) it is an insurance company general account and all requirements of Sections I and III of PTCE 95-60 will be met with respect
to its acquisition, holding and disposition of the Certificates (or, in the case of a Plan subject to Similar Law, that its acquisition,
holding and disposition of the Certificates will not result in a non-exempt violation of Similar Law). Any transfer of a Certificate
that would violate these restrictions or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code
or Similar Law shall be deemed absolutely null and void ab initio.

 

(l)          Each
Person who has or acquires any Ownership Interest shall be deemed by the acceptance or acquisition of such Ownership Interest to
have agreed to be bound by the following provisions and the rights of each Person acquiring any Ownership Interest are expressly
subject to the following provisions:

 

(i)          Each
Person acquiring or holding any Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such Ownership
Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee.
Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status
of the beneficial owner of such Ownership Interest) as a Permitted Transferee. Any acquisition described in the first sentence
of this Section 5.02(l) by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person
who is not a Permitted Transferee shall be

 

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void and of no effect,
and the immediately preceding owner who was a Permitted Transferee shall be restored to registered and beneficial ownership of
the Ownership Interest as fully as possible.

 

(ii)        No
Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without the express
written consent of the Certificate Registrar (such consent not to be unreasonably withheld), and the Certificate Registrar shall
not recognize the Transfer, and such proposed Transfer shall not be effective, without such consent with respect thereto. In connection
with any proposed Transfer of any Ownership Interest, the Certificate Registrar shall, as a condition to such consent, (x) require
delivery to it in form and substance satisfactory to it, and the proposed transferee shall deliver to the Certificate Registrar
and to the proposed transferor an affidavit in substantially the form attached as Exhibit C-1 (a “Transferee Affidavit”)
of the proposed transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (i) the proposed transferee
historically has paid its debts as they have come due and intends to do so in the future, (ii) the proposed transferee understands
that, as the holder of an Ownership Interest, it may incur liabilities in excess of cash flows generated by the residual interest,
(iii) the proposed transferee intends to pay taxes associated with holding the Ownership Interest as they become due, (iv) the
proposed transferee will not transfer the Ownership Interest to any Person that does not provide a Transferee Affidavit or as to
which the proposed transferee has actual knowledge that such Person is not a Permitted Transferee or is acting as an agent (including
a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, (v) the proposed transferee will not cause
income from the Class R or Class LR Certificate to be attributable to a foreign permanent establishment or fixed base, within the
meaning of an applicable income tax treaty, of the proposed transferee or any other U.S. Person and (vi) the proposed transferee
expressly agrees to be bound by and to abide by the provisions of this Section 5.02(l) and (y) other than in connection
with the initial issuance of the Class R and Class LR Certificates, require a statement from the proposed transferor substantially
in the form attached as Exhibit C-2 (the “Transferor Certificate”), that the proposed transferor has
no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason to know that
the proposed transferee’s statements in the Transferee Affidavit are false.

 

(iii)       Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the
Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed
transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, however,
that the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee
is a Permitted Transferee.

 

Neither the Certificate
Administrator nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance
with any restriction or transfer imposed under Article V of this Agreement or under applicable law with respect to any transfer
of any Certificate (including, without limitation, the Securities Legend), or any interest therein, other than to require delivery
of the certification(s) and/or opinions of counsel described 

 

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in Article
V applicable with respect to changes in registration of record ownership of Certificates in the Certificate Register. The Certificate
Administrator and the Certificate Registrar shall have no liability for transfers, including transfers made through the book-entry
facilities of the Depository or between or among Depository Participants or Beneficial Owners made in violation of applicable
restrictions.

 

Upon written notice to
the Certificate Registrar, or upon the Certificate Registrar having actual knowledge, that there has occurred a Transfer of an
Ownership Interest to any Person that is a Disqualified Organization or an agent thereof (including a broker, nominee, or middleman)
in contravention of the foregoing restrictions, and in any event not later than 60 days after a request for information from the
transferor of such Ownership Interest, or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish
to the IRS and the transferor of such Ownership Interest or such agent such information necessary to the application of Section
860E(e) of the Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess
inclusions with respect to such Class R or Class LR Certificate (or portion thereof) for periods after such Transfer. At the election
of the Certificate Registrar and the Certificate Administrator, the Certificate Registrar and the Certificate Administrator may
charge a reasonable fee for computing and furnishing such information to the transferor or to such agent referred to above; provided,
however, that such Persons shall in no event be excused from furnishing such information.

 

Section 5.03  Mutilated,
Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate Registrar,
or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii)
there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it and the Certificate
Administrator harmless, then, in the absence of actual knowledge by a Responsible Officer of the Certificate Registrar that such
Certificate has been acquired by a bona fide purchaser, the Certificate Administrator or the Authenticating Agent shall execute
and authenticate and the Certificate Registrar shall deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
or stolen Certificate, a new Certificate of the same Class and of like tenor and Percentage Interest. Upon the issuance of any
new Certificate under this Section 5.03, the Certificate Registrar may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section 5.03 shall
constitute complete and indefeasible evidence of ownership of the corresponding interest in the Trust Fund, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.04  Appointment
of Paying Agent. The Certificate Administrator may appoint a paying agent for the purpose of making distributions to
Certificateholders pursuant to Section 4.01 of this Agreement. The Certificate Administrator shall cause such Paying Agent,
if other than the Certificate Administrator, the Trustee or the Master Servicer, to execute and deliver to the Master Servicer
and the Trustee an instrument in which such Paying Agent shall agree with the Master Servicer and the Trustee that such Paying
Agent will hold all sums held by it for the payment to Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums have been paid to the Certificateholders or disposed of as otherwise 

 

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provided
herein. The initial Paying Agent shall be the Certificate Administrator. Except for the Certificate Administrator, as the initial
Paying Agent, the Paying Agent shall at all times be an entity having a long-term unsecured debt rating of at least “A”
by S&P or shall be the subject of a No Downgrade Confirmation from each Rating Agency.

 

Section 5.05  Access
to Certificateholders’ Names and Addresses; Special Notices. (a) If any Certifying Certificateholder (for purposes
of this Section 5.05, an “Applicant”) applies in writing to the Certificate Registrar, and such application
states that the Applicant desires to communicate with other Certificateholders, the Certificate Registrar shall furnish or cause
to be furnished to such Applicant a list of the names and addresses of the Certificateholders as of the most recent Record Date,
at the expense of the Applicant.

 

(b)          Every
Certificateholder, by receiving and holding its Certificate, agrees with the Certificate Administrator and the Certificate Registrar
that the Certificate Administrator and the Certificate Registrar shall not be held accountable in any way by reason of the disclosure
of any information as to the names and addresses of the Certificateholders hereunder, regardless of the source from which such
information was derived.

 

(c)          Upon
the written request of any Certifying Certificateholder that (a) states that such Certificateholder desires the Certificate Administrator
to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted by other Certificateholders,
setting forth the relevant contact information and briefly stating the reason for the requested contact and (b) provides a copy
of the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator shall deliver such Special
Notice to all Certificateholders at their respective addresses appearing on the Certificate Register. The costs and expenses of
the Certificate Administrator associated with delivering with any such Special Notice shall be borne by the party requesting such
Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither the Certificate Administrator
nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special Notice to Certificateholders,
regardless of the information set forth in such Special Notice.

 

Section 5.06  Actions
of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Certificate Administrator
and the Trustee and, when required, to the Master Servicer. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the Certificate Administrator,
the Trustee and the Master Servicer, if made in the manner provided in this Section.

 

(b)          The
fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner
which the Certificate Administrator or the Trustee deems sufficient.

 

(c)          Any
request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every Holder
of every Certificate issued upon the 

 

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registration
of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, or omitted to be done, by the Certificate
Administrator or the Trustee or the Master Servicer in reliance thereon, whether or not notation of such action is made upon such
Certificate.

 

(d)          The
Certificate Administrator, the Trustee or Certificate Registrar may require such additional proof of any matter referred to in
this Section 5.06 as it shall deem necessary.

 

Section 5.07  Rule
144A Information. (a) The Certificate Administrator shall, upon request of any Certifying Certificateholder that is a
Holder of a Certificate or any beneficial owner of a Certificate, furnish to such Holder or beneficial owner, or to a prospective
purchaser that is designated by such Holder or beneficial owner and that is a Qualified Institutional Buyer, the information required
to be delivered under Rule 144A(d)(4) under the Act, to the extent such information has been provided to the Certificate Administrator
and has been identified as Rule 144A information by the Depositor (which shall include all information on the Certificate Administrator’s
Website and all information currently required to be made available to Certificateholders, as well as any other specifically identified
information herein).

 

ARTICLE
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE DIRECTING HOLDER AND THE INITIAL CONSULTING HOLDERS

 

Section 6.01  Liability
of the Depositor, the Master Servicer and the Special Servicer. The Depositor, the Master Servicer and the Special Servicer
each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement.

 

Section 6.02  Merger
or Consolidation of either the Master Servicer, the Special Servicer or the Depositor. Subject to the following paragraph,
each of the Master Servicer and the Special Servicer will keep in full effect its existence, rights and good standing as a national
banking association under the laws of the United States of America and will not jeopardize its ability to do business in the jurisdiction
in which the Mortgaged Property securing the Trust Loan is located or to protect the validity and enforceability of this Agreement,
the Certificates or the Trust Loan and to perform its respective duties under this Agreement.

 

Each of the Master Servicer,
the Special Servicer or the Depositor may be merged or consolidated with or into any Person, or transfer all or substantially all
of its assets to any Person, in which case any Person into which the Master Servicer, the Special Servicer or the Depositor may
be merged or consolidated, or any Person resulting from any merger or consolidation to which the Master Servicer, the Special Servicer
or the Depositor is a party, or any Person succeeding to the business of the Master Servicer, the Special Servicer or the Depositor,
shall be the successor of the Master Servicer, the Special Servicer or the Depositor, as applicable, hereunder, and shall be deemed
to have assumed all of the liabilities of the Master Servicer, the Special Servicer or the Depositor, as applicable, hereunder,
without the consent of any other party to this Agreement if each of the Rating Agencies has provided a No Downgrade 

 

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Confirmation
relating to the Certificates and Companion Loan Securities; provided, however, that no Rating Agency shall be required
to provide a No Downgrade Confirmation if the Master Servicer, the Special Servicer or the Depositor is merged into or consolidated
with a Qualified Affiliate or transfers all or substantially all of its assets to a Qualified Affiliate; provided, further,
that if Master Servicer or the Special Servicer enters into a merger and the Master Servicer or the Special Servicer, as applicable,
is the surviving entity under the applicable law, the Master Servicer or the Special Servicer, as applicable, shall not, as a
result of the merger, be required to provide a No Downgrade Confirmation or obtain the consent of the Depositor. Notwithstanding
the foregoing, no Master Servicer or Special Servicer may remain the Master Servicer or Special Servicer under this Agreement
after (x) being merged or consolidated with or into any Person that is a Prohibited Party, or (y) transferring all or substantially
all of its assets to any Person if such Person is a Prohibited Party, except to the extent (i) the Master Servicer or the Special
Servicer is the surviving entity of such merger, consolidation or transfer and has been and continues to be in compliance with
its Regulation AB reporting obligations hereunder or (ii) the Depositor consents to such merger, consolidation or transfer, which
consent shall not be unreasonably withheld.

 

Section 6.03  Limitation
on Liability of the Depositor, the Master Servicer and Others. (a) None of the Depositor, the Master Servicer, the Special
Servicer or any Affiliates, directors, officers, employees, shareholders, members, managers or agents (including sub-servicers)
of the Depositor, the Master Servicer or the Special Servicer shall be under any liability to the Trust Fund, the Certificateholders,
the Companion Loan Holders or any third party beneficiary for taking any action, or for refraining from the taking of any action,
in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall
not protect the Depositor, the Master Servicer or the Special Servicer, or any member, manager, director, officer, employee, shareholder
or agent (including sub-servicers) of the Depositor, the Master Servicer or the Special Servicer, against any breach of warranties
or representations made herein, or against any liability which would otherwise be imposed by reason of willful misconduct, bad
faith, fraud or negligence (or in the case of the Master Servicer or Special Servicer, by reason of any specific liability imposed
hereunder for a breach of the Servicing Standard) in the performance of duties or by reason of negligent disregard of obligations
or duties hereunder. The Depositor, the Master Servicer, the Special Servicer and any Affiliate, member, manager, shareholder,
director, officer, employee or agent of the Depositor, the Master Servicer or the Special Servicer may rely in good faith on any
document of any kind which, prima facie, is properly executed and submitted by any appropriate Person respecting any matters
arising hereunder. In addition, in no event shall the Depositor be obligated to cause any party to perform or comply with the
obligations to remit the CREFC® License Fee to CREFC®, to report any such CREFC®
License Fee so paid or to make available any Distribution Date Statement to any party (or in particular, CREFC®).

 

The Trust Fund and each
Companion Loan Holder shall be indemnified and held harmless by each of the Master Servicer and the Special Servicer (severally
and not jointly) for any loss, liability or expense (including legal fees and expenses) incurred in connection with any claim,
loss, penalty, fine, foreclosure, judgment or liability relating to this Agreement or the Certificates, incurred by the Trust Fund
or any Companion Loan Holder, as applicable, by reason of willful misconduct, bad faith, fraud or negligence in the performance
of duties hereunder, or 

 

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by
reason of negligent disregard of obligations and duties thereunder, on the part of such indemnifying party.

 

The Depositor, the Master
Servicer, the Special Servicer and any Affiliate, director, officer, employee, shareholder, member, manager or agent of the Depositor,
the Master Servicer and the Special Servicer shall be indemnified and held harmless by the Trust Fund for any loss, liability or
expense (including legal fees and expenses) incurred in connection with any claim, loss, penalty, fine, foreclosure, judgment,
liability or legal action relating to this Agreement or the Certificates, other than any loss, liability or expense (including
legal fees and expenses) (i) incurred by reason of such party’s willful misconduct, bad faith, fraud or negligence in the
performance of duties hereunder or by reason of its negligent disregard of obligations and duties thereunder or (ii) in the case
of the Depositor and any of its directors, officers, members, managers, employees, shareholders and agents, incurred in connection
with any violation by any of them of any state or federal securities law; provided that such indemnified parties shall be
paid out of the Collection Account (in accordance with Section 3.06(a) of this Agreement), provided that the Master
Servicer shall, after receiving payment from amounts on deposit in the Collection Account, promptly notify the Companion Loan Holders
and use efforts consistent with the Servicing Standard to exercise on behalf of the Trust any rights under the Co-Lender Agreement
to obtain reimbursement for a pro rata portion of such amount allocable to each Companion Loan from the related Companion
Loan Holder.

 

(b)          None
of the Depositor, the Master Servicer or the Special Servicer shall be under any obligation to appear in, prosecute or defend
any legal action, unless such action relates to its respective duties under this Agreement and which in its opinion does not expose
it to any expense or liability not recoverable from the Trust Fund; provided, however, that each of the Depositor,
the Master Servicer or the Special Servicer may in its discretion undertake any such action that it may deem necessary or desirable
in respect to this Agreement and the rights and duties of the parties hereto and the interests of the Certificateholders and Companion
Loan Securities hereunder. In such event, the legal expenses and costs of such action and any liability resulting therefrom shall
be expenses, costs and liabilities of the Trust Fund, and the Depositor, the Master Servicer and the Special Servicer shall be
entitled to be reimbursed therefor from the Collection Account (in accordance with Section 3.06(a) of this Agreement) no
later than 60 days after submitting such expenses or costs for reimbursement, provided that a failure to reimburse such
parties within such 60 days will not affect or limit such parties’ rights to receive reimbursement hereunder; provided
that such amounts shall be allocated in accordance with the expense allocation provision of the Co-Lender Agreement.

 

(c)          The
terms of this Section 6.03 shall survive the termination of any party hereto or of this Agreement.

 

Section 6.04  Limitation
on Resignation of the Master Servicer and the Special Servicer; Termination of the Master Servicer and the Special Servicer. (a)
Each of the Master Servicer and the Special Servicer may assign their respective rights and delegate their respective duties and
obligations under this Agreement, provided that: (i) the party accepting such assignment and delegation (A) shall be an
established mortgage finance institution, bank or mortgage servicing institution, organized and doing business under the laws
of the United States of America, any state of the United States of America or the District of Columbia, authorized under such
laws to perform the duties of the Master Servicer or Special Servicer or a Person 

 

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resulting
from a merger, consolidation or succession that is permitted under Section 6.02 of this Agreement, (B) shall be acceptable
to each Rating Agency as confirmed in a No Downgrade Confirmation delivered to the Trustee and the Certificate Administrator relating
to the Certificates and Companion Loan Securities, if any, (C) shall execute and deliver to the Trustee and the Certificate Administrator
an agreement that contains an assumption by such Person of the due and punctual performance and observance of each covenant and
condition to be performed or observed by the Master Servicer or Special Servicer, as applicable under this Agreement from and
after the date of such agreement, (D) shall not be a Prohibited Party and (E) with respect to the Special Servicer (x) during
any Subordinate Control Period, has been appointed by the Directing Holder or (y) during any Subordinate Consultation Period,
is reasonably acceptable to the Directing Holder (or, if no Directing Holder has been appointed, each Initial Consulting Holder)
and the Depositor; (ii) the Master Servicer or the Special Servicer shall not be released from its obligations under this Agreement
that arose prior to the effective date of such assignment and delegation under this Section 6.04; (iii) the rate at which
the Servicing Compensation or Special Servicing Compensation, as applicable (or any component thereof) is calculated shall not
exceed the rate then in effect; and (iv) the resigning Master Servicer or Special Servicer shall be responsible for the reasonable
costs and expenses of each other party hereto and the Rating Agencies in connection with such transfer. Upon acceptance of such
assignment and delegation, the purchaser or transferee shall be the successor Master Servicer or Special Servicer, as applicable,
hereunder.

 

(b)          Except
as provided in Section 6.02 of this Agreement and this Section 6.04, the Master Servicer and the Special Servicer
shall not resign from its respective obligations and duties hereby imposed on it except upon either (i) the determination that
such duties hereunder are no longer permissible under applicable law or (ii) in connection with the assignment of rights and delegation
of duties as set forth in Section 6.04(a). Any such determination described in clause (i) above permitting the resignation
of the Master Servicer or the Special Servicer, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning
Master Servicer’s or Special Servicer’s expense) to such effect delivered to the Trustee, the Certificate Administrator
and during any Subordinate Control Period and any Subordinate Consultation Period, the Directing Holder (or, if no Directing Holder
has been appointed, each Initial Consulting Holder). In connection with any such resignation, the successor special servicer shall
either: (i) during any Subordinate Control Period, be appointed by the Directing Holder in accordance with the first paragraph
of Section 7.01(c); or (ii) after termination of any Subordinate Control Period, be appointed by the Trustee and, during
any Subordinate Consultation Period, be reasonably acceptable to the Directing Holder (or, if no Directing Holder has been appointed,
each Initial Consulting Holder), and otherwise satisfy the requirements for a successor special servicer set forth in Section
6.04; provided that the Trustee shall have obtained a No Downgrade Confirmation from each Rating Agency.

 

(c)          The
Trustee shall be permitted to remove the Master Servicer or the Special Servicer upon a Master Servicer Termination Event or Special
Servicer Termination Event, as applicable. Without limiting the generality of the succeeding paragraph, no such removal shall be
effective unless and until (i) the Master Servicer or the Special Servicer has been paid any unpaid Servicing Compensation or Special
Servicing Compensation, as applicable, unreimbursed Advances (including Advance Interest Amounts thereon to which it is entitled)
and all other amounts to which the Master Servicer or the Special Servicer is entitled hereunder to the 

 

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extent
such amounts accrue prior to such effective date and (ii) with respect to a resignation by the Master Servicer, the successor
Master Servicer has deposited into the Investment Accounts from which amounts were withdrawn to reimburse the terminated Master
Servicer, an amount equal to the amounts so withdrawn, to the extent such amounts would not have been permitted to be withdrawn
except pursuant to this paragraph, in which case the successor Master Servicer shall, immediately upon deposit, have the same
right of reimbursement or payment as the terminated Master Servicer had immediately prior to its termination without regard to
the operation of this paragraph.

 

No resignation or removal
of the Master Servicer or the Special Servicer as contemplated by the preceding paragraphs shall become effective until the Trustee
or a successor Master Servicer or Special Servicer shall have assumed the resigning or terminated Master Servicer’s or the
Special Servicer’s responsibilities, duties, liabilities and obligations hereunder. If no successor Master Servicer or Special
Servicer can be obtained to perform such obligations for the same compensation to which the terminated Master Servicer or Special
Servicer would have been entitled, additional amounts payable to such successor Master Servicer or Special Servicer shall be treated
as Realized Losses.

 

Section 6.05  Rights
of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer. Solely with respect to their
performance of their respective duties under this Agreement, the Master Servicer and the Special Servicer shall afford the Depositor,
the Initial Purchasers, the Certificate Administrator, the Trustee and the Rating Agencies, upon reasonable notice, during normal
business hours access to all records maintained by it in respect of its rights and obligations hereunder and access to its officers
responsible for such obligations. Upon written request, the Master Servicer and/or the Special Servicer, as applicable, shall
furnish to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee its most recent
publicly available financial statements (or, with respect to the Master Servicer, those of its ultimate parent) and such other
non-proprietary information as the Master Servicer or the Special Servicer, as the case may be, shall determine in its sole and
absolute discretion as it possesses, which is relevant to the performance of its duties hereunder and which it is not prohibited
by applicable law or contract from disclosing. The Depositor may, but is not obligated to, enforce the obligations of the Master
Servicer or the Special Servicer hereunder which are in default and may, but is not obligated to, perform, or cause a designee
to perform, any defaulted obligation of such Person hereunder or exercise any rights of such Person hereunder, provided
that the Master Servicer and the Special Servicer shall not be relieved of any of its obligations hereunder by virtue of such
performance by the Depositor or its designee. In the event the Depositor or its designee undertakes any such action, it will be
reimbursed by the Trust Fund from the Collection Account, as provided in Section 3.06 and Section 6.03(a) hereof
to the extent not recoverable from the Master Servicer or Special Servicer, as applicable. None of the Depositor, the Certificate
Administrator, the Trustee, the Master Servicer (solely with respect to any action or failure to act by the Special Servicer)
or the Special Servicer (solely with respect to any action or failure to act by the Master Servicer), shall have any responsibility
or liability for any action or failure to act by the Master Servicer or the Special Servicer and no such party is obligated to
monitor or supervise the performance of the Master Servicer or the Special Servicer under this Agreement or otherwise. Neither
the Master Servicer nor the Special Servicer shall be under any obligation to disclose confidential or proprietary information
pursuant to this Section.

 

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Section 6.06  The
Master Servicer or Special Servicer as Owners of a Certificate. The Master Servicer or an Affiliate of the Master Servicer,
or the Special Servicer or an Affiliate of the Special Servicer, may become the Holder (or with respect to a Global Certificate,
Beneficial Owner) of any Certificate with the same rights it would have if it were not the Master Servicer or the Special Servicer
or an Affiliate thereof. If, at any time during which the Master Servicer or the Special Servicer or an Affiliate of the Master
Servicer or the Special Servicer is the Holder or Beneficial Owner of any Certificate, the Master Servicer or the Special Servicer
proposes to take action (including for this purpose, omitting to take action) that (i) is not expressly prohibited by the terms
hereof and would not, in the Master Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing
Standard, and (ii) if taken, might nonetheless, in the Master Servicer’s or the Special Servicer’s good faith judgment,
be considered by other Persons to violate the Servicing Standard, the Master Servicer or the Special Servicer may, but will not
be required to, seek the approval of the Certificateholders to such action (or inaction) by delivering to the Certificate Administrator
a written notice that (i) states that it is delivered pursuant to this Section 6.06, (ii) identifies the Percentage Interest
in each Class of Certificates beneficially owned by the Master Servicer or the Special Servicer or an Affiliate of the Master
Servicer or the Special Servicer, and (iii) describes in reasonable detail the action (or inaction) that the Master Servicer or
the Special Servicer proposes to take (or refrain from taking). The Certificate Administrator, upon receipt of such notice, shall
forward it to the Certificateholders (other than the Master Servicer and its Affiliates or the Special Servicer and its Affiliates,
as appropriate) together with such instructions for response as the Certificate Administrator shall reasonably determine. If at
any time Certificateholders holding a majority of the Voting Rights of all Certificateholders shall have consented in writing
to the proposal described in the written notice, and if the Master Servicer or the Special Servicer shall act as proposed in the
written notice, such action shall be deemed to comply with the Servicing Standard. The Certificate Administrator shall be entitled
to reimbursement from the Master Servicer or the Special Servicer, as applicable, of the reasonable expenses of the Certificate
Administrator incurred pursuant to this paragraph. It is not the intent of the foregoing provision that the Master Servicer or
the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing matters arising hereunder,
except in the case of unusual circumstances.

 

Section 6.07   
Selection and Removal of the Directing Holder. (a) The Majority Controlling Class Certificateholder, as determined
by the Certificate Registrar from time to time, may serve as, or may appoint as representative to serve as, the Directing Holder;
provided that if no Certificateholder holds Certificates of more than 50% of the Controlling Class (by Certificate Balance),
then the Directing Holder shall be the representative appointed by the Controlling Class Certificateholder that owns, and is identified
(with contact information) to the Master Servicer, the Special Servicer and the Certificate Administrator as owning, the largest
aggregate Certificate Balance of Certificates of the Controlling Class; provided, further, (i) upon receipt by the
Master Servicer, the Special Servicer and the Certificate Administrator of notice from the Majority Controlling Class Certificateholder
that a Directing Holder is no longer so designated, (ii) if no representative is appointed as the Directing Holder or (iii) if
the Directing Holder is required to have resigned due to becoming a Borrower Related Party, there shall be no Directing Holder.
Each Holder of the Certificates of the Controlling Class that is not a Borrower Related Party shall be entitled to vote in each
election of the Directing Holder; provided that, for the avoidance of doubt, the Directing Holder cannot be a Borrower Related
Party.

 

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(b)          
The Directing Holder shall provide a written certification to the Certificate Administrator on the day it becomes the Directing
Holder certifying that (i) it is not a Borrower Related Party, (ii) it is the Holder of more than 50% of the Controlling Class
(by Certificate Balance), (iii) the Master Servicer, Special Servicer, Certificate Administrator and Trustee may conclusively rely
on such certification and the Master Servicer, Special Servicer, Certificate Administrator and Trustee shall have no liability
for such reliance and (iv) in the event the then existing Directing Holder is no longer the Holder of more than 50% of the Controlling
Class (by Certificate Balance), the Directing Holder shall promptly notify the Certificate Administrator and each party to this
Agreement in writing that it is no longer the Holder of more than 50% of the Controlling Class (by Certificate Balance).

 

(c)           
As of the Closing Date, there is no Directing Holder. The Majority Controlling Class Certificateholder, if any, shall give
written notice to the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer of the appointment of
any subsequent Directing Holder (in order to receive notices hereunder).

 

(d)         
  (i) The Directing Holder may be removed at any time, with or without cause, by the written vote of the Majority
Controlling Class Certificateholder, and a copy of the results of such vote shall be delivered to each party to this
Agreement; and (ii) without limiting the right of any subsequent Majority Controlling Class Certificateholder to appoint a
representative to serve as the Directing Holder, if (i) a Directing Holder has been appointed pursuant to Section
6.07(a), and (ii) at any time the Majority Controlling Class Certificateholder is not and is no longer the Holder of
Certificates representing more than 50% of the aggregate Certificate Balance of the Controlling Class, then, such Holder or
its appointed representative shall be deemed to have resigned as Directing Holder hereunder unless such Holder remains the
largest Controlling Class Certificateholder (by aggregate Certificate Balance) and such resignation shall be deemed to have
been effective as of the date that such Holder failed to satisfy the definition of “Majority Controlling Class
Certificateholder”. If a Directing Holder is not appointed, any Initial Consulting Holder that is a Holder of
Certificates of the Controlling Class (and is not a Borrower Related Party) shall have the consultation rights set forth in
this Agreement.

 

(e)           
The Controlling Class Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide
its name and address to the Certificate Administrator and to notify the Certificate Administrator of the transfer of any Certificate
of the Controlling Class, the selection of a Directing Holder or the resignation or removal thereof. Any Certificateholder or its
designee at any time appointed Directing Holder is hereby deemed to have agreed by virtue of its purchase of a Certificate to notify
the Certificate Administrator of its identity and contact information when such Certificateholder or its designee is appointed
Directing Holder and when it is removed or resigns. Upon receipt of such notice, the Certificate Administrator shall notify the
Trustee, the Special Servicer and the Master Servicer of the identity and contact information of the Directing Holder and any resignation
or removal thereof.

 

Any Directing Holder appointed
after the Closing Date shall deliver a certification substantially in the form of Exhibit L-1-C to this Agreement prior
to being recognized as the Directing Holder.

 

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(f)           
Once a Directing Holder has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Certificate
Administrator, the Trustee and each other Certificateholder (or Beneficial Owner, if applicable) shall be entitled to rely on such
selection unless the Majority Controlling Class Certificateholder shall have notified each other party to this Agreement and each
other Certificateholder of the Controlling Class, in writing, of the resignation of such Directing Holder or the selection of a
new Directing Holder (with contact information).

 

(g)          
Until it receives notice to the contrary, each party to this Agreement shall be entitled to rely on the most recent notification
with respect to the identity of the Certificateholders of the Controlling Class and the identity and contact information of the
Directing Holder.

 

(h)          
The Directing Holder shall be responsible for its own expenses.

 

(i)            
The Master Servicer, the Special Servicer or the Trustee may from time to time request that the Certificate Administrator
provide the name of the then-current Directing Holder. Upon such request, the Certificate Administrator shall promptly (but in
no event more than five (5) Business Days following such request) provide the name of the then-current Directing Holder to
the Master Servicer, the Special Servicer or the Trustee, as applicable, but only to the extent the Certificate Administrator has
actual knowledge of the identity of the then-current Directing Holder; provided that if the Certificate Administrator does not
have actual knowledge of the identity of the then-current Directing Holder, then (i) the Certificate Administrator shall determine
which Class is the Controlling Class and (ii) the Certificate Administrator shall promptly (but in no event more than five (5)
Business Days following such request) request from the Depository, with the assistance of the Trustee, the list of DTC participants
for the Controlling Class and make reasonable efforts to obtain a list of Beneficial Owners from such DTC participants, and the
Certificate Administrator shall provide such list of DTC participants and such list of Beneficial Owners (to the extent the Certificate
Administrator obtains such list of Beneficial Owners), to the Master Servicer, the Special Servicer or the Trustee. The Certificate
Administrator shall be entitled to conclusively rely on the list of DTC participants for the Controlling Class provided by the
Depository and the list of Beneficial Owners provided by any DTC participant and shall not have any liability for such reliance.
Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting party; provided that
if (i) such expenses arise in connection with an event as to which the Directing Holder has review, consent or consultation rights
with respect to an action taken by, or report prepared by, the requesting party pursuant to this Agreement and (ii) the requesting
party has not been notified of the identity of the Directing Holder or reasonably believes that the identity of the Directing Holder
has changed, then such expenses shall be at the expense of the Trust. The Master Servicer, the Special Servicer and the Trustee
shall be entitled to conclusively rely on any such information so provided. If the Majority Controlling Class Certificateholder
does not give written notice to the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer of the
appointment of any subsequent Directing Holder pursuant to Section 6.07(c), and if the identity of the Directing Holder
is not provided by the Certificate Administrator, the Master Servicer and Special Servicer shall have no obligation to consult
with, provide notice to or seek approval of such Directing Holder. To the extent the Master Servicer or the Special Servicer has
written notice of any change in the identity of a Directing Holder or 

 

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the list of Holders (or Beneficial
Owners, if applicable) of the Controlling Class, then the Master Servicer or the Special Servicer, as applicable, shall promptly
notify the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer thereof, who may rely conclusively
on such notice from the Master Servicer or the Special Servicer, as applicable.

 

Section 6.08   
Limitation on Liability of Directing Holder; Acknowledgements of the Certificateholders. The Directing Holder will
have no liability to the Trust or Certificateholders for any action taken, or refraining from the taking of any action, in accordance
with or as permitted by this Agreement. Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates,
that: (i) the Directing Holder and/or any Controlling Class Certificateholder may each have relationships and interests that conflict
with those of Holders of one or more other Classes of Certificates and/or Companion Loan Holders; (ii) the Directing Holder and/or
any Controlling Class Certificateholder may act solely in the interests of the Holders of the Controlling Class; (iii) the Directing
Holder and the Holders of the Controlling Class do not have any duties to the Trust or to the Holders of any Class of Certificates
or Companion Loan Holders; (iv) the Directing Holder and/or any Controlling Class Certificateholder may take actions that favor
interests of the Controlling Class over the interests of the Holders of one or more other Classes of Certificates or Companion
Loan Holders; (v) neither the Directing Holder nor the Holders of the Controlling Class shall have any liability whatsoever to
the Trust, the parties to this Agreement, the Certificateholders or Companion Loan Holders or any other Person (including the Borrower)
for having acted in accordance with or as permitted under the terms of this Agreement; and (vi) the Holders of the Certificates
and Companion Loan Holders may not take any action whatsoever against the Directing Holder or any Holder the Controlling Class
or any of the respective affiliates, directors, officers, shareholders, members, partners, agents or principals thereof as a result
of the Directing Holder or the Holders the Controlling Class having acted in accordance with the terms of and as permitted under
this Agreement.

 

Section 6.09   
 Rights and Powers of the Directing Holder. (a) Notwithstanding anything herein to the contrary, except as set forth
in this Section 6.09, (i) the Master Servicer shall not be permitted to take any of the actions constituting a Major Decision
unless it has obtained the consent of the Special Servicer (which consent shall be deemed given if the Special Servicer does not
object within fifteen (15) Business Days (or, in the case of a determination of an Acceptable Insurance Default, ninety (90) days)
of receipt of the Master Servicer’s written analysis and recommendation together with any information in the possession of
the Master Servicer that is reasonably required to make a decision regarding the subject action), and (ii) during any Subordinate
Control Period, the Special Servicer shall not be permitted to consent to the Master Servicer’s taking any of the actions
constituting a Major Decision, nor will the Special Servicer itself be permitted to take any of the actions constituting a Major
Decision, as to which the Directing Holder has objected in writing within ten (10) Business Days (or, in the case of a determination
of an Acceptable Insurance Default, thirty (30) days) after receipt of the written recommendation and analysis from the Special
Servicer, together with any information in the possession of the Special Servicer that is reasonably requested by the Directing
Holder to make a decision regarding the subject action (provided that if such written objection has not been received by
the Special Servicer within such ten (10) Business Days (or, in the case of a determination of an Acceptable Insurance Default,
thirty (30) day) period, then the Directing Holder shall be deemed to have approved such action); provided that if the Special
Servicer or 

 

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Master Servicer (if the Master
Servicer is otherwise authorized by this Agreement to take such action), as applicable, determines that immediate action, with
respect to a Major Decision, or any other matter requiring consent of the Directing Holder during any Subordinate Control Period,
is necessary to protect the interests of the Certificateholders, the Special Servicer or Master Servicer, as applicable, may take
any such action without waiting for the Directing Holder’s (or, if applicable, the Special Servicer’s) response; provided,
further, that the Special Servicer is not required to obtain the consent of the Directing Holder for any of the foregoing
actions during any Subordinate Consultation Period; provided, further, during any Subordinate Consultation Period,
the Special Servicer will be required to consult, solely on a non-binding basis with (and to consider alternative actions recommended
by) the Directing Holder with respect to any of the Major Decisions and any other matter as to which consent of the Directing
Holder would have been required during any Subordinate Control Period.

 

In addition, during any Subordinate
Control Period, the Directing Holder may direct the Special Servicer to take, or to refrain from taking, such other actions with
respect to the Whole Loan as the Directing Holder may deem advisable or as to which provision is otherwise made herein. Notwithstanding
anything herein to the contrary, no such direction, and no direction or objection contemplated by the preceding paragraph or any
other provision of this Agreement, may (a) require or cause the Master Servicer or the Special Servicer to violate any provision
of the Loan Documents, any intercreditor agreement, applicable law or this Agreement, including without limitation the Master
Servicer’s or the Special Servicer’s obligation to act in accordance with the Servicing Standard, (b) expose any Certificateholder,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Trust or their affiliates, officers,
directors or agent to any claim, suit or liability, (c) result in the imposition of a tax upon the Trust or (d) materially expand
the scope of the Master Servicer’s or the Special Servicer’s responsibilities hereunder. Furthermore, in addition
to the Directing Holder’s rights of consent and consultation (as applicable) as set forth in Section 6.09(a) above,
it is understood and agreed that to the extent any other provision of this Agreement requires the provision of notice to, the
obtaining of consent of, and/or consultation with, the Directing Holder, or otherwise provides for any right of the Directing
Holder thereunder, then none of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall
be entitled to take any action (or omit to take any action) in contravention of the applicable rights of the Directing Holder
contained in such provision; provided however, if the Directing Holder has not objected to any request for consent
within ten (10) Business Days, such consent shall be deemed given; provided, further, that this sentence is not
intended to in any way to (i) expand the rights of the Directing Holder, (ii) limit the application of the immediately preceding
sentence, (iii) remove any limitations on the exercise of such rights set forth in such other provisions, or (iv) require the
Trustee, the Certificate Administrator, the Master Servicer and/or the Special Servicer to send a notice to, obtain the consent
of, or consult with a new Directing Holder whose name and contact information have not yet been provided to the Trustee, the Certificate
Administrator, the Master Servicer and/or the Special Servicer; and provided, further, that if such other provisions
are in any way subject to this Section 6.09, then the exercise of such rights shall be subject to the immediately following
paragraph and Section 6.09(b).

 

If the Special Servicer or Master
Servicer, as applicable, determines that a refusal to consent by the Directing Holder or any direction or advice from the Directing
Holder would otherwise cause the Special Servicer or Master Servicer, as applicable, to violate the terms of the 

 

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Loan Documents, any intercreditor
agreement, applicable law, provisions of the Code or this Agreement, including without limitation, the Servicing Standard, the
Special Servicer or Master Servicer, as applicable, shall disregard such refusal to consent, direction or advice and notify the
Directing Holder, the Trustee, the Certificate Administrator and the 17g-5 Information Provider of its determination, including
a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking, any action by the Master Servicer
or Special Servicer in accordance with the direction of or approval of the Directing Holder that does not violate the Loan Documents,
any intercreditor agreement, any applicable law, provisions of the Code or the Servicing Standard or any other provisions of this
Agreement, shall not result in any liability on the part of the Master Servicer or the Special Servicer.

 

(b)          
At any time other than during a Subordinate Control Period or a Subordinate Consultation Period, the Directing Holder shall
have no consultation rights under this Agreement and shall have no right to receive any notices, reports or information (other
than notices, reports or information required to be delivered to all Certificateholders) or any other rights as Directing Holder;
provided that the Directing Holder (if and to the extent that it is a Certificateholder) will maintain the right to exercise
its Voting Rights for the same purposes as any other Certificateholder under this Agreement.

 

Section 6.10   
Directing Holder Contact with Master Servicer and Special Servicer. Upon reasonable request, each of the Master Servicer
and the Special Servicer shall, without charge, make a Servicing Officer available to answer questions from the Directing Holder
(during any Subordinate Control Period and any Subordinate Consultation Period) regarding the performance and servicing of the
Trust Loan (or, in the case of the Special Servicer, the Special Servicer’s operational activities on a platform level basis
related to the servicing of the Specially Serviced Loan and the servicing of any REO Property) for which the Master Servicer or
the Special Servicer, as the case may be, is responsible.

 

Notwithstanding any provision
of this Agreement to the contrary, the failure of the Master Servicer or the Special Servicer to disclose any information otherwise
required to be disclosed by it pursuant to this Agreement shall not constitute a breach of this Agreement if the Master Servicer
or the Special Servicer, as applicable, determines, in its reasonable and good faith judgment and consistent with the Servicing
Standard, that such disclosure would constitute a waiver of the attorney-client privilege on behalf of the Trust or the Trust
Fund or otherwise materially harm the Trust or the Trust Fund.

 

Section 6.11   
Initial Consulting Holder. If at any time no Directing Holder has been appointed, then (i) during any Subordinate
Control Period, each Initial Consulting Holder shall have non-binding consultation rights with the Special Servicer with respect
to any Major Decisions and other matters as to which a Directing Holder would have had consent rights or direction rights if a
Directing Holder had been appointed at such time, to the extent set forth in this Agreement, and (ii) during any Subordinate Consultation
Period, each Initial Consulting Holder shall have the same non-binding consultation rights that a Directing Holder would have had
with the Special Servicer if a Directing Holder had been appointed at such time. If an Initial Consulting Holder is a Borrower
Related Party, then such Initial Consulting Holder shall not have any consultation rights during any Subordinate Control Period
or any Subordinate Consultation Period. Any notices required to be provided to the Directing Holder pursuant to the 

 

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terms of this Agreement shall
be provided to each Initial Consulting Holder if no Directing Holder has been appointed.

 

As of the Closing Date, each
of NYL Investors LLC and Prima Capital Advisors LLC, as agent for its managed account, or an Affiliate thereof, if and for so long
as it is a Holder of the Certificates of the Controlling Class and is not a Borrower Related Party, is an Initial Consulting Holder.
No other Person (other than those Persons specified in this Section 6.11 or an Affiliate thereof) shall be an Initial Consulting
Holder. If an Initial Consulting Holder becomes a Borrower Related Party, it shall promptly notify each of the Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee by providing notices in the form of Exhibit L-1-B and
Exhibit L-1-D hereto.

 

ARTICLE
VII

TERMINATION EVENTS

 

Section 7.01   
Servicer Termination Events. (a)  With respect to the Master Servicer, “Master Servicer Termination
Event”, wherever used herein, means any one of the following events:

 

                             
(i)           
(A) any failure by the Master Servicer to make any deposit required to the Collection Account on the day and by the
time such deposit was first required to be made under the terms of this Agreement, which failure is not remedied within one Business
Day, (B) any failure by the Master Servicer to deposit into, or remit to the Certificate Administrator for deposit into,
any Distribution Account any amount required to be so deposited or remitted (including, without limitation, any required P&I
Advance or Administrative Advance, unless the Master Servicer determines such P&I Advance or Administrative Advance is a Nonrecoverable
Advance), which failure is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date (provided,
however, that to the extent the Master Servicer does not timely make such remittance to the Certificate Administrator,
the Master Servicer shall pay the Certificate Administrator for the account of the Certificate Administrator interest on any amount
not timely remitted at the Prime Rate from and including the applicable required remittance date to, but not including, the date
such remittance is actually made) or (C) to remit to any holder of a Companion Loan, as and when required by this Agreement or
the Co-Lender Agreement, any amount required to be so remitted (which failure continues for one Business Day);

 

                               
(ii)           
any failure on the part of the Master Servicer duly to observe or perform in any material respect any of its other covenants
or obligations contained in this Agreement, which failure continues unremedied for a period of 30 days (15 days in the case of
the Master Servicer’s failure to make a Property Advance or 45 days in the case of failure to pay the premium for any insurance
policy required to be force placed by the Master Servicer pursuant to this Agreement or in any event such reasonable shorter period
of time as is necessary to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real estate taxes
or assessments or a lapse in any required insurance coverage) after the date on which written notice of such failure, requiring
the same to be remedied, shall have been given to the Master Servicer by any other party 

 

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hereto, or to the
Master Servicer, with a copy to each other party to this Agreement, by (A) the Holders of Certificates of any Class evidencing,
as to such Class, Percentage Interests aggregating not less than 25% of such Class or (B) an affected Companion Loan Holder; provided,
however, that if such failure is capable of being cured and the Master Servicer is diligently pursuing such cure, such
15-, 30- or 45-day period, as applicable, will be extended an additional 30 days;

 

                             
(iii)          any breach on the part of the Master Servicer of any representation or warranty contained in Section 2.04(a) of this
Agreement, which materially and adversely affects the interests of any Class of Certificateholders or any Companion Loan Holder
and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be
remedied, shall have been given to the Master Servicer by any party hereto, or to the Master Servicer, the Special Servicer, the
Depositor and the Trustee by the Holders of Certificates of any Class evidencing, as to such Class, Percentage Interests aggregating
not less than 25% of such Class or by an affected Companion Loan Holder; provided, however, that if such breach is
capable of being cured and the Master Servicer is diligently pursuing such cure, such 30-day period will be extended an additional
30 days;

 

                              (iv)          a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer
and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

                           
(v)             the Master Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official
in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating
to the Master Servicer or of or relating to all or substantially all of its property;

 

                           
(vi)           the Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its
creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

                           
(vii)           Moody’s has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or
(B) placed one or more Classes of Certificates on “watch status” in contemplation of rating downgrade or withdrawal
and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the Master Servicer as the sole or material
factor in such rating action (and such qualification, downgrade, withdrawal or “watch status” placement has not been
withdrawn by Moody’s within 60 days of such event);

 

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(viii)           
(A) the Master Servicer has failed to maintain a ranking by Morningstar equal to or higher than “MOR CS3” as
a master servicer and such ranking is not reinstated within 60 days of such event (if the Master Servicer has or had a Morningstar
ranking on or after the Closing Date) or (B) if the Master Servicer has not been ranked by Morningstar on or after the Closing
Date, and Morningstar has qualified, downgraded or withdrawn the then-current rating or ratings of one or more Classes of Certificates,
publicly citing servicing concerns with the Master Servicer as the sole or material factor in such rating action (and such qualification,
downgrade, or withdrawal has not been withdrawn by Morningstar within sixty (60) days of such event);

 

                             
 (ix)           
a Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of
Companion Loan Securities, or (B) placed one or more classes of Companion Loan Securities on “watch status” in contemplation
of rating downgrade or withdrawal and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the
Master Servicer as the sole or material factor in such rating action (and such qualification, downgrade, withdrawal or “watch
status” placement has not been withdrawn by such Companion Loan Rating Agency within 60 days of such event); or

 

                              
(x)           
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Master Servicer
or any primary servicer, Sub-Servicer or Servicing Function Participant (such entity, the “Sub-Servicing Entity”) retained
by the Master Servicer shall fail to deliver the items required to be delivered by this Agreement to enable such Other Securitization
Trust to comply with its reporting obligations under the Exchange Act within the time set forth for such delivery in Article
XI, (any Sub-Servicing Entity that defaults in accordance with this Section 7.01(a)(x) shall be terminated at the direction
of the Depositor).

 

Then, and in each and every such case, so long
as a Master Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of the Holders
of at least 25% of the aggregate Voting Rights of all Certificates (allocated based on Certificate Balances and Notional Balances
as notionally reduced by any Appraisal Reduction Amounts and Collateral Deficiency Amounts), the Trustee shall, terminate all
of the rights and obligations of the Master Servicer (other than the rights to indemnification provided in Section 6.03
of this Agreement and compensation provided in Section 3.12 of this Agreement).

 

In the event that the Master
Servicer is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01, then the Master
Servicer shall also be terminated as Special Servicer.

 

If the Master Servicer receives
notice of termination under this Section 7.01(a) solely due to a Master Servicer Termination Event under Section 7.01(a)(vii),
(viii) or (ix) of this Agreement and if the Master Servicer provides the Trustee with the appropriate “request
for proposal” materials within five (5) Business Days following such termination notice, then the Master Servicer shall continue
to serve as Master Servicer hereunder until a successor Master Servicer is selected in accordance with this Section 7.01(a).
Upon receipt of the “request for proposal” materials, the Trustee shall promptly thereafter (using such “request
for proposal” materials provided by the Master Servicer) solicit good faith bids for the rights to service the 

 

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Whole Loan under this Agreement from at least
three (3) Persons qualified to act as Master Servicer hereunder in accordance with Section 6.02 and 7.02 of this
Agreement (any such Person so qualified, a “Qualified Bidder”) or, if three (3) Qualified Bidders cannot be
located, then from as many persons as the Trustee can determine are Qualified Bidders; provided that, at the Trustee’s
request, the Master Servicer shall supply the Trustee with the names of Persons from whom to solicit such bids; and provided,
further, that the Trustee shall not be responsible if less than three (3) or no Qualified Bidders submit bids for the right
to service the Whole Loan under this Agreement. The bid proposal shall require any Successful Bidder (as defined below), as a
condition of such bid, to enter into this Agreement as successor Master Servicer, and to agree to be bound by the terms hereof,
within 45 days after the notice of termination of the Master Servicer. The materials provided to the Trustee shall provide for
soliciting bids: (i) on the basis of such successor Master Servicer retaining all Sub-Servicers to continue the primary servicing
of the Whole Loan pursuant to the terms of the respective Sub-Servicing Agreements and entering into a Sub-Servicing Agreement
with the terminated Master Servicer to service the Whole Loan at a sub-servicing fee rate per annum equal to 0.00125% (0.125
basis points) (a “Servicing Retained Bid”); and (ii) on the basis of the terminated Master Servicer not
being retained as a Sub-Servicer (each, a “Servicing Released Bid”). The Trustee shall select the Qualified
Bidder with the highest cash Servicing Retained Bid (or, if none, the highest cash Servicing Released Bid) (the “Successful
Bidder”) to act as successor Master Servicer hereunder; provided, however, that if the Trustee does not
receive a No Downgrade Confirmation within 10 days after the selection of such Successful Bidder, then the Trustee shall repeat
the bid process described above (but subject to the above described 45 day time period) until such No Downgrade Confirmation is
obtained. The Trustee shall direct the Successful Bidder to enter into this Agreement as successor Master Servicer pursuant to
the terms hereof no later than 45 days after notice of the termination of the Master Servicer; provided, however,
that the initial Master Servicer may request and obtain an additional 20 days for such sale and assumption to be completed so
long as the initial Master Servicer delivers to the Trustee an Officer’s Certificate stating that the sale and assumption
of the right to service the Whole Loan cannot be completed in the initial 45-day period and specifying the reasons therefor.

 

Upon the assignment and acceptance
of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by the Successful
Bidder, the Trustee shall remit or cause to be remitted (i) if the successful bid was a Servicing Retained Bid, to the Master
Servicer to be terminated pursuant to this Section 7.01(a), the amount of such cash bid received from the Successful Bidder
(net of “out of pocket” expenses incurred in connection with obtaining such bid and transferring servicing) and (ii)
if the successful bid was a Servicing Released Bid, to the Master Servicer and each terminated Sub-Servicer its respective Bid
Allocation.

 

The Master Servicer to be terminated
pursuant to this Section 7.01(a) shall be responsible for all out of pocket expenses incurred in connection with the attempt
to sell its rights to service the Whole Loan, which expenses are not reimbursed to the party that incurred such expenses pursuant
to the preceding paragraph.

 

If the Successful Bidder has
not entered into this Agreement as successor Master Servicer within the above described time period or no Successful Bidder was
identified within the above described time period, the Master Servicer to be terminated pursuant to Section 7.01(a) 

 

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of this Agreement shall reimburse
the Trustee for all reasonable “out of pocket” expenses incurred by the Trustee in connection with such bid process
and the Trustee shall have no further obligations under this Section 7.01(a). The Trustee thereafter may act or may select
a successor to act as Master Servicer hereunder in accordance with Section 7.02 of this Agreement.

 

Notwithstanding anything to the
contrary in this Article VII, if the Master Servicer shall timely deliver the notice and request for proposal materials referred
to in the fourth preceding paragraph, no resignation or termination of the Master Servicer shall be effective in connection with
a Master Servicer Termination Event under Section 7.01(a)(vii) of this Agreement, and the Master Servicer shall continue
to perform as such and to collect the Servicing Fee until the conclusion of the process described in this Section 7.01(a).

 

In no event shall the Trustee
or the Certificate Administrator be deemed to have knowledge of or be aware of any Master Servicer Termination Event until a Responsible
Officer of the Trustee or the Certificate Administrator, as applicable, has received written notice thereof or has actual knowledge
thereof.

 

(b)          
“Special Servicer Termination Event”, wherever used herein, means any one of
the following events:

 

                             (i)     
       any failure by the Special Servicer to deposit into the REO Account at or within
the time specified by this Agreement and such failure continues unremedied for two Business Days, or any failure by the
Special Servicer to remit to Master Servicer for deposit into, the Collection Account any amount required to be so remitted
by the Special Servicer pursuant to, and at the time specified by, the terms of this Agreement; provided, however,
that the failure of the Special Servicer to remit such amount to the Master Servicer shall not be a Special Servicer
Termination Event if such failure is remedied within two Business Days and if the Special Servicer has compensated the Master
Servicer for any loss of income on such amount suffered by the Master Servicer due to and caused by the late remittance of
the Special Servicer and reimbursed the Trust for any resulting Advance Interest Amount due to the Master Servicer;

 

                               
(ii)           
any failure on the part of the Special Servicer duly to observe or perform in any material respect any of its other covenants
or obligations contained in this Agreement, which failure continues unremedied for a period of 30 days (45 days in the case of
failure to pay the premium for any insurance policy required to be force placed by the Special Servicer pursuant to this Agreement
or in any event such reasonable shorter period of time as is necessary to avoid the commencement of foreclosure proceedings for
any lien relating to unpaid real estate taxes or assessments or a lapse in any required insurance coverage) after the date on
which written notice of such failure, requiring the same to be remedied, shall have been given to the Special Servicer by any
other party hereto, or to the Special Servicer, with a copy to each other party to this Agreement, by the (A) Holders of Certificates
of any Class evidencing, as to such Class, Percentage Interests aggregating not less than 25% of such Class or (B) an affected
Companion Loan Holder; provided, however, that if such failure is capable of being cured and the Special Servicer
is diligently pursuing such cure, such 30- or 45-day period, as applicable, will be extended an additional 30 days; 

 

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(iii)           
any breach on the part of the Special Servicer of any representation or warranty contained in Section 2.04(a) of
this Agreement, which materially and adversely affects the interests of any Class of Certificateholders or any Companion Loan Holder
and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be
remedied, shall have been given to the Special Servicer by any party hereto, or to the Master Servicer, the Special Servicer, the
Depositor and the Trustee by the Holders of Certificates of any Class evidencing, as to such Class, Percentage Interests aggregating
not less than 25% of such Class or by an affected Companion Loan Holder; provided, however, that if such breach is
capable of being cured and the Special Servicer is diligently pursuing such cure, such 30-day period will be extended an additional
30 days;

 

                              
(iv)           
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Special Servicer
and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

                                
(v)           
the Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official
in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating
to the Special Servicer or of or relating to all or substantially all of its property;

 

                              
(vi)           
the Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its
creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

                             
(vii)           
Moody’s has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or
(B) placed one or more Classes of Certificates on “watch status” in contemplation of rating downgrade or withdrawal
and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the Special Servicer, as the sole or
material factor in such rating action (and such qualification, downgrade, withdrawal or “watch status” placement has
not been withdrawn by Moody’s within 60 days of such event);

 

                            
(viii)           
(A) the Special Servicer has failed to maintain a ranking by Morningstar equal to or higher than “MOR CS3” as
a special servicer and such ranking is not reinstated within 60 days of such event (if the Special Servicer has or had a Morningstar
ranking on or after the Closing Date) or (B) if the Special Servicer has not been ranked by Morningstar on or after the Closing
Date, and Morningstar has qualified, downgraded or withdrawn the then-current rating or ratings of one or more Classes of Certificates,
publicly citing servicing concerns with the special servicer as the sole or material factor 

 

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in such rating
action (and such qualification, downgrade, or withdrawal has not been withdrawn by Morningstar within sixty (60) days of such
event);

 

                               
(ix)           
a Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of
Companion Loan Securities, or (B) placed one or more classes of Companion Loan Securities on “watch status” in contemplation
of rating downgrade or withdrawal and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the
Special Servicer, as the sole or material factor in such rating action (and such qualification, downgrade, withdrawal or “watch
status” placement has not been withdrawn by such Companion Loan Rating Agency within 60 days of such event); or

 

                                
(x)           
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Special Servicer
or any Sub-Servicing Entity retained by the Special Servicer shall fail to deliver the items required to be delivered by this Agreement
to enable such Other Securitization Trust to comply with its reporting obligations under the Exchange Act within the time set forth
for such delivery in Article XI, including any applicable grace periods (any Sub-Servicing Entity that defaults in accordance
with this Section 7.01(b)(x) shall be terminated at the direction of the Depositor).

 

Then, and in each and every such case, so long
as a Special Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of the Holders
of at least 25% of the aggregate Voting Rights of all Certificates (allocated based on Certificate Balances or Notional Balances
as notionally reduced by any Appraisal Reduction Amounts and Collateral Deficiency Amounts), the Trustee shall, terminate all of
the rights and obligations of the Special Servicer (other than the rights to indemnification provided in Section 6.03(a)
of this Agreement and compensation provided in Section 3.12(c) of this Agreement). During any Subordinate Control Period,
the Directing Holder shall have the right to select the successor special servicer following any Special Servicer Termination Event.

 

In no event shall the Trustee
or the Certificate Administrator be deemed to have knowledge of or be aware of any Special Servicer Termination Event until a
Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has received written notice thereof or has
actual knowledge thereof.

 

Notwithstanding Section 7.01(a)
or Section 7.01(b), (i) if any Master Servicer Termination Event occurs that affects only a Companion Loan or if an NRSRO
engaged to rate a Companion Loan Security qualifies, downgrades or withdraws its rating of such Companion Loan Security, publicly
citing servicing concerns with the Master Servicer as the sole or a material factor in such rating action, then the Trustee, only
at the direction of a related Companion Loan Holder and not at the direction of the Certificateholders, shall direct the Master
Servicer to appoint a sub-servicer (or if the Whole Loan is currently being sub-serviced, then the Trustee shall direct the Master
Servicer to replace such sub-servicer with a new sub-servicer but only if such original sub-servicer is in default (beyond any
applicable cure periods) under the related sub-servicing agreement, and the Master Servicer shall be permitted to terminate the
sub-servicing agreement due to such default) that shall be responsible for servicing the Whole Loan; provided that the Master Servicer
shall be required to obtain a No Downgrade Confirmation from 

 

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each Rating Agency (including
a No Downgrade Confirmation with respect to any Companion Loan Securities) (at the expense of the requesting party) with respect
to the appointment of such sub-servicer and (ii) if any Special Servicer Termination Event occurs that affects only one or more
Companion Loans and the Special Servicer is not otherwise terminated or if an NRSRO engaged to rate a Companion Loan Security
qualifies, downgrades or withdraws its rating of such Companion Loan Security, publicly citing servicing concerns with the Special
Servicer as the sole or a material factor in such rating action, then the Trustee, at the direction of an affected Companion Loan
Holder, shall terminate the Special Servicer. Any successor special servicer appointed to replace the Special Servicer that was
terminated for cause at a Companion Loan Holder’s direction shall not be the Person (or an Affiliate thereof) that was so
terminated without the prior written consent of the Companion Loan Holder.

 

(c)           
During any Subordinate Control Period, the Directing Holder shall have the right to direct the Trustee to terminate the
Special Servicer (subject to such terminated Special Servicer’s rights to indemnification, payment of outstanding fees,
and other rights set forth in this Agreement which survive termination) at any time, with or without cause, and the Directing
Holder shall have the right to, and shall, appoint a successor Special Servicer, which shall execute and deliver to the other
parties hereto an agreement whereby the successor Special Servicer agrees to assume and perform punctually the duties of the Special
Servicer specified in this Agreement; provided that the Trustee shall have been provided a No Downgrade Confirmation from
each Rating Agency prior to the termination of the Special Servicer; provided, further, that any successor Special
Servicer shall be a Qualified Servicer. The Special Servicer shall not be terminated pursuant to this paragraph until a successor
special servicer shall have been appointed. The Directing Holder shall pay any costs and expenses incurred in connection with
the removal and appointment of a Special Servicer without cause pursuant to this paragraph (unless such removal is based on any
of the events or circumstances set forth in Section 7.01(b)). Notwithstanding anything to the contrary in this Agreement,
no successor special servicer appointed by the Directing Holder pursuant to Section 6.04, Section 7.01(b) or this
Section 7.01(c) or otherwise pursuant to this Agreement will be required to meet any net worth requirements. The Trustee
shall deliver to the Master Servicer, the Special Servicer and the Certificate Administrator a written notice, together with each
No Downgrade Confirmation, stating that the Directing Holder has appointed a successor Special Servicer.

 

After the termination
of a Subordinate Control Period, the Special Servicer may be terminated in accordance with the provisions of Section 3.22(b)
hereof.

 

(d)          
If the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee (the “Terminating
Party”) shall, by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the “Terminated
Party”), terminate all of its rights and obligations under this Agreement and in and to the Whole Loan and the proceeds
thereof, other than any rights the Terminated Party may have hereunder as a Certificateholder and any rights or obligations that
accrued prior to the date of such termination (including the right to receive all amounts accrued or owing to it under this Agreement,
plus interest at the Advance Rate on such amounts until received to the extent such amounts bear interest as provided in this Agreement,
with respect to periods prior to the date of such termination and the right to the benefits of Section 6.03 of this Agreement
notwithstanding any such termination), and with respect to the Special Servicer, the right to receive any Workout Fee and/or Liquidation

 

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Fee subsequent to its
termination as Special Servicer, pursuant to Section 3.12(c) of this Agreement. No successor Special Servicer shall be
entitled to such Workout Fee and/or Liquidation Fee received by the terminated Special Servicer. On or after the receipt by
the Terminated Party of such written notice, all of its authority and power under this Agreement, whether with respect to the
Certificates (except that the Terminated Party shall retain its rights as a Certificateholder in the event and to the extent
that it is a Certificateholder), the Whole Loan or otherwise, shall pass to and be vested in the Terminating Party pursuant
to and under this Section (absent the appointment of a successor, and such successor’s assumption of obligations
hereunder, including, without limitation, by the Directing Holder during any Subordinate Control Period) and, without
limitation, the Terminating Party is hereby authorized and empowered to execute and deliver, on behalf of and at the expense
of the Terminated Party, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or
accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement or assignment of the Whole Loan and related documents, or otherwise. The Master
Servicer and the Special Servicer each agree in the event it is terminated pursuant to this Section 7.01 to promptly
(and in any event no later than ten Business Days subsequent to such notice) provide, at its own expense, the Terminating
Party with all documents and records requested by the Terminating Party to enable the Terminating Party to assume its
functions hereunder, and to cooperate with the Terminating Party and the successor to its responsibilities hereunder in
effecting the termination of its responsibilities and rights hereunder, including, without limitation, the transfer to the
successor Master Servicer or Special Servicer or the Terminating Party, as applicable, for administration by it of all cash
amounts which shall at the time be or should have been credited by the Master Servicer or the Special Servicer to the
Collection Account, any REO Account, Lock-Box Account or Cash Collateral Account or which shall thereafter be received with
respect to the Whole Loan, and shall promptly provide the Terminating Party or such successor Master Servicer or successor
Special Servicer (which may include the Trustee) all documents and records reasonably requested by it, such documents and
records to be provided in such form as the Terminating Party or such successor Master Servicer or Special Servicer shall
reasonably request (including electronic form), to enable it to assume the Master Servicer’s or Special
Servicer’s function hereunder. All reasonable costs and expenses of the Terminating Party (including the cost of
obtaining a No Downgrade Confirmation and any applicable indemnification that the Master Servicer or the Special Servicer
would be required to provide under this Agreement) or the successor Master Servicer
or successor Special Servicer incurred in connection with transferring the Whole Files to the successor Master Servicer or Special
Servicer and amending this Agreement to reflect such succession as successor Master Servicer or successor Special Servicer pursuant
to Section 7.01(a) or (b), as applicable, shall be paid by the predecessor Master Servicer or the Special Servicer,
as applicable, upon presentation of reasonable documentation of such costs and expenses. If the predecessor Master Servicer or
Special Servicer (as the case may be) has not reimbursed the Terminating Party or the successor Master Servicer or Special Servicer
for such expenses within 90 days after the presentation of reasonable documentation, such expense shall be reimbursed by the Trust
Fund; provided that the Terminated Party shall not thereby be relieved of its liability for such expenses. If and to the
extent that the Terminated Party has not reimbursed such costs and expenses, the Terminating Party shall have an affirmative obligation
to take all reasonable actions to collect such expenses on behalf of the Trust Fund.

 

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Section 7.02   
Trustee to Act; Appointment of Successor. On and after the time the Master Servicer or the Special Servicer receives
a notice of termination pursuant to Section 7.01 of this Agreement, the Terminating Party (subject to Section 7.01(a))
shall be its successor, until such successor is appointed in accordance with this Section, in all respects in its capacity as the
Master Servicer or the Special Servicer under this Agreement and the transactions set forth or provided for herein and, except
as provided herein, shall be subject to all the responsibilities, duties, limitations on liability and liabilities relating thereto
and arising thereafter placed on the Master Servicer or Special Servicer by the terms and provisions hereof, provided, however,
that (i) the Terminating Party shall have no responsibilities, duties, liabilities or obligations with respect to any act
or omission of the Master Servicer or Special Servicer and (ii) any failure to perform, or delay in performing, such duties
or responsibilities caused by the Terminated Party’s failure to provide, or delay in providing, records, tapes, disks, information
or monies shall not be considered a termination event for such successor hereunder. The Trustee, as successor Master Servicer or
successor Special Servicer, shall be indemnified to the full extent provided to the Master Servicer or Special Servicer, as applicable,
under this Agreement prior to the Master Servicer’s or the Special Servicer’s termination. The appointment of a successor
Master Servicer or successor Special Servicer shall not affect any liability of the predecessor Master Servicer or Special Servicer
which may have arisen prior to its termination as the Master Servicer or the Special Servicer. The Terminating Party shall not
be liable for any of the representations and warranties of the Master Servicer or Special Servicer herein or in any related document
or agreement, for any acts or omissions of the predecessor Master Servicer or predecessor Special Servicer or for any losses incurred
in respect of any Permitted Investment by the Master Servicer pursuant to Section 3.07 hereunder nor shall the Trustee be
required to purchase the Trust Loan or any Companion Loan hereunder. As compensation therefor, the Terminating Party as successor
Master Servicer or successor Special Servicer shall be entitled to the Servicing Compensation or Special Servicing Compensation,
as applicable, and all funds relating to the Trust Loan or Companion Loans that accrue after the date of the Terminating Party’s
succession to which such predecessor Master Servicer or Special Servicer would have been entitled if such predecessor Master Servicer
or Special Servicer, as applicable, had continued to act hereunder. In the event any Advances made by the Master Servicer or the
Trustee shall at any time be outstanding, or any amounts of interest thereon shall be accrued and unpaid, all amounts available
to repay Advances and interest hereunder shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid
interest thereon), until such Advances and interest shall have been repaid in full. Notwithstanding the above, the Trustee may,
if it shall be unwilling to so act, or shall (i) if it is unable to so act, (ii) if the Holders of Certificates entitled
to at least 25% of the aggregate Voting Rights or an affected Companion Loan Holder so requests in writing to the Trustee or (iii) if
the Trustee is not an “approved” servicer by any of the Rating Agencies for mortgage loans similar to the one held
in the Trust, promptly appoint, or petition a court of competent jurisdiction to appoint, any established mortgage loan servicing
institution that to act as the successor to the Master Servicer or Special Servicer, as applicable, hereunder in the assumption
of all or any part of the responsibilities, duties or liabilities of the Master Servicer or Special Servicer hereunder; provided
that the Trustee shall obtain a No Downgrade Confirmation with respect to the Certificates and any Companion Loan Securities. No
appointment of a successor to a Terminated Party hereunder shall be effective until the assumption by such successor of all the
Terminated Party’s responsibilities, duties and liabilities hereunder. Pending appointment of a successor to the Master Servicer
(or the Special Servicer if the Special Servicer is also the Master Servicer) hereunder, unless the Trustee shall be prohibited

 

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by law from so acting, the Trustee
shall act in such capacity as hereinabove provided. Pending the appointment of a successor to the Special Servicer, the Trustee
shall act in such capacity. Any appointment or succession by the Trustee to the rights and obligations of the Special Servicer
hereunder shall be subject to the Directing Holder’s right to replace the Special Servicer during any Subordinate Control
Period. In connection with such appointment and assumption described herein, the Trustee may make such arrangements for the compensation
of such successor out of payments on Whole Loan or otherwise as it and such successor shall agree; provided, however,
that no such compensation shall be in excess of that permitted to the Terminated Party hereunder, provided, further,
that if no successor to the Terminated Party can be obtained to perform the obligations of such Terminated Party hereunder, additional
amounts shall be paid to such successor and such amounts in excess of that permitted the Terminated Party shall be treated as
Realized Losses. The Depositor, the Trustee, the Master Servicer or Special Servicer and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such succession.

 

If the Trustee or an Affiliate
acts pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer, it may reduce the Master
Servicer’s Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation as successor Master Servicer
would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the resigning
or terminated Master Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce the Master
Servicer’s Excess Servicing Fee Rate to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee
to appoint a qualified successor Master Servicer that meets the requirements of this Section 7.02.

 

Section 7.03   
Notification to Certificateholders and Other Persons. (a)  Upon its receipt of written notice of any termination
pursuant to Section 7.01 above or appointment of a successor to the Master Servicer or the Special Servicer, the Certificate
Administrator shall give prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate
Register, the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s Website
pursuant to Section 3.14(d) of this Agreement), the Other Master Servicer and the Other Trustee.

 

(b)          
Within 30 days after the occurrence of any Servicer Termination Event of which a Responsible Officer of the Trustee has
actual knowledge, the Trustee shall transmit by mail to the Depositor, the Certificate Administrator (which shall then notify
all Holders of Certificates), the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement) and the Companion Loan Holders notice of such Servicer Termination
Event unless such Servicer Termination Event shall have been cured or waived.

 

Section 7.04   
Other Remedies of Trustee. During the continuance of any Servicer Termination Event, so long as the Servicer Termination
Event, shall not have been remedied, the Trustee, in addition to the rights specified in Section 7.01 of this Agreement,
shall have the right, in its own name as Trustee of an express trust, to take all actions now or hereafter existing at law, in
equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the
Certificateholders and the Companion Loan Holders (including the institution and prosecution of all judicial, administrative and
other proceedings and the filing of proofs of claim and debt in connection therewith). In such event, the legal fees, expenses
and 

 

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costs of such action and any liability
resulting therefrom shall be expenses, costs and liabilities of the Trust Fund as provided in Section 3.06 of this Agreement
(and such amounts shall be allocated in accordance with the expense allocation provisions of the Co-Lender Agreement). Except
as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy,
and each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right
or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Master Servicer Termination Event or
Special Servicer Termination Event, if applicable.

 

Section 7.05   
Waiver of Past Servicer Termination Events; Termination. The Holders of Certificates evidencing not less than 66-2⁄3%
of the aggregate Voting Rights of the Certificates may, together with each affected Companion Loan Holder, on behalf of all Holders
of Certificates waive any Servicer Termination Event by the Master Servicer or the Special Servicer in the performance of its obligations
hereunder and its consequences, except (i) a termination event with respect to making any required deposits to or payments from
the Collection Account or the Lower-Tier Distribution Account, or in remitting payments as received, in each case in accordance
with this Agreement or the Co-Lender Agreement, and (ii) the Servicer Termination Event under Section 7.01(a)(x) and Section
7.01(b)(x), which may only be waived by the Depositor (and the Other Depositor under an Other Securitization Trust) pursuant
to the terms of this Agreement. Upon any such waiver of a past termination event, such termination event shall cease to exist,
and any Servicer Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement.
No such waiver shall extend to any subsequent or other termination event or impair any right consequent thereon.

 

Section 7.06   
Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to
make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five Business Days
of the Master Servicer Termination Event resulting from such failure by the Master Servicer with respect to Property Advances to
the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Property Advances and
(y) by 12:00 noon (New York City time) on the related Distribution Date with respect to P&I Advances and Administrative
Advances pursuant to the Trustee’s receipt of notice of failure pursuant to Section 4.07(a) or Section 4.07(c)
of this Agreement unless the Trustee has received notice that such failure has been cured by 11:00 a.m. on such Distribution
Date. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s rights
with respect to Advances hereunder, including, without limitation, the Master Servicer’s rights of reimbursement and interest
on each Advance at the Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable Advance (without regard
to any impairment of any such rights of reimbursement caused by the Master Servicer’s failure to perform its obligations
hereunder); provided, however, that if Advances made by the Trustee and the Master Servicer shall at any time be
outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts available to repay such Advances and the interest
thereon hereunder shall be applied entirely to the Advances outstanding to the Trustee, until such Advances shall have been repaid
in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer for such Advances. The Trustee
shall be entitled to conclusively rely on any notice given with respect to a Nonrecoverable Advance or any determination of recoverability
in connection therewith by the Master Servicer hereunder.

 

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ARTICLE
VIII

CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR

 

Section 8.01   
Duties of Trustee and Certificate Administrator. (a)  Each of the Trustee and the Certificate Administrator
undertakes to perform such duties and only such duties as are specifically set forth in this Agreement and no permissive right
of the Trustee shall be construed as a duty. During the continuance of a Servicer Termination Event of which a Responsible Officer
of the Trustee has actual knowledge, the Trustee, subject to the provisions of Section 7.02 and 7.05 of this Agreement,
shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)          
The Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports,
documents, orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, which are
specifically required to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether they
conform on their face to the requirements of this Agreement; provided, however, that, the Trustee or the Certificate
Administrator, as applicable, shall not be responsible for the accuracy or content of any such resolution, certificate, statement,
opinion, report, document, order or other instrument provided to it hereunder. If any such instrument is found not to conform on
its face to the requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator, as applicable,
shall request the provider of such instrument to have the instrument corrected, and if the instrument is not corrected to such
Trustee’s or such Certificate Administrator’s reasonable satisfaction, such Trustee or such Certificate Administrator
will provide notice thereof to the Certificateholders.

 

(c)           
None of the Trustee, the Certificate Administrator or any of their officers, directors, employees, agents or “control”
persons within the meaning of the Act shall have any liability arising out of or in connection with this Agreement, provided
that, subject to Section 8.02 of this Agreement, no provision of this Agreement shall be construed to relieve the Trustee,
the Certificate Administrator or any such person, from liability for its own negligent action, its own negligent failure to act
or its own willful misconduct or its own bad faith; and provided, further, that:

 

                                    
(i)           
The Trustee’s and the Certificate Administrator’s duties and obligations shall be determined solely by the express
provisions of this Agreement, neither the Trustee nor the Certificate Administrator shall be liable except for the performance
of such duties and obligations as are specifically set forth in regard to such party in this Agreement, no implied covenants or
obligations shall be read into this Agreement against the Trustee or the Certificate Administrator and, in the absence of bad faith
on the part of the Trustee or the Certificate Administrator, as the case may be, the Trustee and the Certificate Administrator
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any resolutions,
certificates, statements, reports, opinions, documents, orders or other instruments furnished to the Trustee or the Certificate
Administrator, as the case may be, that conform on their face to 

 

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the requirements of this Agreement
to the extent set forth herein without responsibility for investigating the contents thereof;

 

                                   
(ii)           
Neither the Trustee nor the Certificate Administrator shall be personally liable for an error of judgment made in good faith
by a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, unless it shall be proved that the
Trustee or the Certificate Administrator, as the case may be, was negligent in ascertaining the pertinent facts;

 

                                 
(iii)           
Neither the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered
or omitted to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than
50% of the Percentage Interests (or such other percentage as is specified herein) of each affected Class, or of the aggregate Voting
Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available to the
Trustee or the Certificate Administrator, as the case may be, or exercising any trust or power conferred upon the Trustee or the
Certificate Administrator, as the case may be, under this Agreement (unless a higher percentage of Voting Rights is required for
such action);

 

                                 
(iv)           
Neither the Trustee nor the Certificate Administrator nor any of their directors, officers, employees, agents or control
persons shall be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not an Affiliate
of the Trustee or Certificate Administrator, respectively, and that is selected other than by the Trustee or Certificate Administrator,
respectively, performed or omitted in compliance with any custodial or other agreement, or any act or omission of the Master Servicer,
the Special Servicer, the Depositor or any other Person, including, without limitation, in connection with actions taken pursuant
to this Agreement;

 

                                   
(v)          Neither
the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any legal action
which is not incidental to its respective duties as Trustee or Certificate Administrator in accordance with this Agreement (and,
if it does, all legal expenses and costs of such action shall be expenses and costs of the Trust Fund (and such costs and expenses
shall be allocated in accordance with the allocation provision of the Co-Lender Agreement), and the Trustee or the Certificate
Administrator, as applicable, shall be entitled, as provided in Section 3.06 hereof, to be reimbursed therefor from amounts
on deposit in the Collection Account or the Distribution Account and identified on the Trust Ledger, unless such legal action
arises out of the negligence or bad faith of the Trustee or Certificate Administrator, as applicable, or any breach of a representation
or warranty of the Trustee or Certificate Administrator, as applicable, contained herein);

 

                                 
(vi)           
Neither the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach
of any Person upon the occurrence of which the Trustee or Certificate Administrator, as applicable, may be required to act, unless
a Responsible Officer of the Trustee or Certificate Administrator, as applicable, obtains actual knowledge of such failure. Neither
the Trustee nor the Certificate Administrator shall be deemed to have actual knowledge of the Master Servicer’s or the Special
Servicer’s failure to provide scheduled reports, certificates and statements when 

 

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and as required
to be delivered to the Trustee or Certificate Administrator, as applicable, pursuant to this Agreement; and

 

                               
(vii)           
Except in the event of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee
or the Certificate Administrator, as applicable, be liable for special, punitive, indirect or consequential loss or damage of any
kind whatsoever (including but not limited to lost profits), even if the Trustee or the Certificate Administrator, as applicable,
has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

None of the provisions contained
in this Agreement shall require either the Trustee, in its capacity as Trustee or the Certificate Administrator, in its capacity
as Certificate Administrator, to expend or risk its own funds, or otherwise incur financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the Trustee or the Certificate
Administrator, as the case may be, the repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it, and none of the provisions contained in this Agreement shall in any event require the Trustee or the Certificate
Administrator, as the case may be, to perform, or be responsible for the manner of performance of, any of the obligations of the
Master Servicer or the Special Servicer under this Agreement, except, in the case of the Trustee, during such time, if any, as
the Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of, the Master Servicer or
the Special Servicer in accordance with the terms of this Agreement. Neither the Trustee nor the Certificate Administrator shall
be required to post any surety or bond of any kind in connection with its performance of its obligations under this Agreement and
neither the Trustee nor the Certificate Administrator shall be liable for any loss on any investment of funds pursuant to this
Agreement. Notwithstanding any other provision hereof, when acting as the Master Servicer or Special Servicer hereunder, the Trustee
and the Certificate Administrator shall comply with the Servicing Standard.

 

Section 8.02   
Certain Matters Affecting the Trustee and the Certificate Administrator. (a)  Except as otherwise provided
in Section 8.01 of this Agreement:

 

                               
(i)           
The Trustee and the Certificate Administrator may request and/or conclusively rely upon and shall be protected in acting
or refraining from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by
it to be genuine and to have been signed or presented by the proper party or parties and neither the Trustee nor the Certificate
Administrator shall have any responsibility to ascertain or confirm the genuineness of any such party or parties;

 

                               
(ii)           
Each of the Trustee and the Certificate Administrator may consult with counsel and the written advice of such counsel or
any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted
by it hereunder in good faith and in accordance with the written advice of such counsel or such Opinion of Counsel;

 

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(iii)           
 (A) Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts
or powers vested in it by this Agreement or to make any investigation of matters arising hereunder or institute, conduct or defend
any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to
the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator,
as the case may be, reasonable security or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as
the case may be, against the costs, expenses and liabilities which may be incurred therein or thereby, provided that nothing
contained herein shall relieve the Trustee or the Certificate Administrator, as the case may be, of the obligations, upon the occurrence
of a Servicer Termination Event (which has not been cured or waived) of which a Responsible Officer of the Trustee or the Certificate
Administrator, as the case may be, has actual knowledge, to exercise such of the rights and powers vested in it by this Agreement,
and, with respect to the Trustee, to use the same degree of care and skill in their exercise, as a prudent person would exercise
or use under the circumstances in the conduct of such person’s own affairs; and (B) the right of the Trustee and the
Certificate Administrator to perform any discretionary act enumerated in this Agreement shall not be construed as a duty, and the
Trustee or the Certificate Administrator, as the case may be, shall not be answerable for other than its negligence or willful
misconduct in the performance of any such act;

 

                              
(iv)           
None of the Trustee, the Certificate Administrator or any of their directors, officers, employees, Affiliates, agents or
“control” persons within the meaning of the Act shall be personally liable for any action taken, suffered or omitted
by it in good faith and reasonably believed by the Trustee or the Certificate Administrator, as the case may be, to be authorized
or within the discretion or rights or powers conferred upon it by this Agreement;

 

                                
(v)           The Trustee (if no Servicer Termination Event has occurred and is continuing) and the Certificate Administrator shall not
be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, appraisal, bond or other paper or document, unless requested in writing to do so by Holders
of Certificates entitled to greater than 25% (or such other percentage as is specified herein) of the Percentage Interests of each
affected Class; provided, however, that if the payment within a reasonable time to the Trustee or the Certificate
Administrator, as the case may be, of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of the Trustee or the Certificate Administrator, as the case may be, not reasonably assured to the Trustee or
the Certificate Administrator, as the case may be, by the security afforded to it by the terms of this Agreement, the Trustee or
the Certificate Administrator, as the case may be, may require indemnity reasonably satisfactory to it from such requesting Holders
against such cost, expense or liability as a condition to taking any such action. The reasonable expense of every such investigation
shall be paid by the Master Servicer or the Special Servicer, as applicable, if a Servicer Termination Event shall have occurred
and be continuing relating to the Master Servicer or the Special Servicer, respectively, and otherwise by the Certificateholders
requesting the investigation;

 

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(vi)           
The Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder and the Trustee and the
Certificate Administrator may perform any duties hereunder either directly or by or through agents, nominees, custodians or attorneys
but shall not be relieved of the obligations hereunder by virtue of the appointment of such agents, nominees, custodians or attorneys,
provided, however, that the Trustee or the Certificate Administrator, as the case may be, may not perform any duties
hereunder through any Person that is a Prohibited Party; and

 

                             
(vii)           
Neither the Trustee nor the Certificate Administrator shall be responsible for any act or omission of the Master Servicer
or the Special Servicer (unless the Trustee is acting as Master Servicer or Special Servicer, as the case may be, in which case
the Trustee shall only be responsible for its own actions as Master Servicer or Special Servicer) or of the Depositor;

 

                            (viii)             
In no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its
obligations hereunder due to force majeure or acts of God; provided that such failure or delay is not also
a result of its own negligence, bad faith or willful misconduct;

 

                             
(ix)           
 Except as otherwise expressly set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular
capacity hereunder shall not be deemed to be imputed with knowledge of (a) Wells Fargo Bank, National Association acting in a
capacity that is unrelated to the transactions contemplated by this Agreement, or (b) Wells Fargo Bank, National Association acting
in any other capacity hereunder, except, in the case of either clause (a) or clause (b), where some or all of the
obligations performed in such capacities are performed by one or more employees within the same group or division of Wells Fargo
Bank, National Association or where the groups or divisions responsible for performing the obligations in such capacities have
one or more of the same Responsible Officers; provided in any event, however, the knowledge of employees performing special
servicing functions shall not be imputed to employees performing master servicing functions, and the knowledge of employees performing
master servicing functions shall not be imputed to employees performing special servicing functions; and

 

                               
(x)           
Nothing herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable
law.

 

(b)      
     Following the Startup Day, the Trustee and the Certificate Administrator shall not, except as
expressly required by any provision of this Agreement, accept any contribution of assets to the Trust Fund unless the Trustee
or the Certificate Administrator shall have received an Opinion of Counsel (the costs of obtaining such opinion to be borne
by the Person requesting such contribution) to the effect that the inclusion of such assets in the Trust Fund will not cause
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding,
or subject the Lower-Tier REMIC or the Upper-Tier REMIC to any tax under the REMIC Provisions or other applicable provisions
of federal, state and local law or ordinances.

 

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(c)           
All rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee and the Certificate
Administrator, may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial
or other proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee and the Certificate Administrator
shall be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

 

(d)          
The Trustee shall not have a duty to conduct any affirmative investigation as to the occurrence of any condition requiring
the repurchase of the Trust Loan by the Trust Loan Sellers pursuant to this Agreement or the eligibility of the Trust Loan for
purposes of this Agreement.

 

(e)       
    Each of the Trustee and the Certificate Administrator shall be entitled to all of the same
rights, protections, immunities and indemnities afforded to it as Trustee and Certificate Administrator, as the case may be,
in each capacity for which it serves hereunder (including, without limitation, as Custodian, Certificate Registrar, 17g-5
Information Provider, Paying Agent and Authenticating Agent). For the avoidance of doubt, the Certificate Administrator and
the Trustee shall be entitled to all of the rights, protections, immunities and indemnities afforded to it hereunder
under.

 

(f)        
   In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable
to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering,
including Section 326 of the USA PATRIOT Act of the United States (“Applicable Law”), the Certificate Administrator
(in each of its capacities) and the Trustee, as the case may be, are required to obtain, verify and record certain information
relating to individuals and entities that maintain a business relationship with the Certificate Administrator (in each of its
capacities) or the Trustee. Accordingly, each of the parties hereto agrees to provide to the Certificate Administrator (in each
of its capacities) and the Trustee, upon its respective request from time to time, such identifying information and documentation
as may be available for such party in order to enable the Certificate Administrator (in each of its capacities) and the Trustee
to comply with Applicable Law.

 

Section 8.03   
Trustee and Certificate Administrator Not Liable for Certificates or the Trust Loan. The recitals contained herein
and in the Certificates shall not be taken as the statements of the Trustee, the Certificate Administrator, the Master Servicer,
or the Special Servicer and the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer assume no
responsibility for their correctness. The Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer
make no representations or warranties as to the validity or sufficiency of this Agreement, of the Certificates or any offering
document used to offer the Certificates for sale or the validity, enforceability or sufficiency of the Trust Loan, or related document.
Neither the Trustee nor the Certificate Administrator shall at any time have any responsibility or liability for or with respect
to the legality, validity and enforceability of the related Mortgage, the Trust Loan, or the perfection and priority of any Mortgage
or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Fund or its ability
to generate the payments to be distributed to Certificateholders under this Agreement. Without limiting the foregoing, neither
the Trustee nor the Certificate Administrator shall be liable or responsible for: (i) the existence, condition and 

 

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ownership of the Mortgaged Property;
(ii) the existence of any hazard or other insurance thereon (other than if the Trustee shall assume the duties of the Master
Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement) or the enforceability thereof; (iii) the
existence of the Trust Loan or the contents of the Mortgage File on any computer or other record thereof (other than if the Trustee
shall assume the duties of the Master Servicer or the Special Servicer pursuant Section 7.02 of this Agreement); (iv) the
validity of the assignment of the Trust Loan to the Trust Fund or of any intervening assignment; (v) the completeness of
the Mortgage File; the performance or enforcement of the Trust Loan (other than if the Trustee shall assume the duties of the
Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement); (vi) the compliance by the Depositor,
the Master Servicer or the Special Servicer with any warranty or representation made under this Agreement or in any related document
or the accuracy of any such warranty or representation prior to the Trustee’s receipt of written notice or other discovery
of any non-compliance therewith or any breach thereof; (vii) any investment of monies by or at the direction of the Master
Servicer or any loss resulting therefrom, the acts or omissions of any of the Depositor, the Certificate Administrator, the Master
Servicer or the Special Servicer (other than if the Trustee shall assume the duties of the Certificate Administrator, the Master
Servicer or Special Servicer pursuant to Section 7.02 of this Agreement) or any Sub-Servicer or the Borrower; any action
of the Master Servicer or Special Servicer (other than if the Trustee shall assume the duties of the Master Servicer or Special
Servicer pursuant to Section 7.02 of this Agreement) or any Sub-Servicer taken in the name of the Trustee, except to the
extent such action is taken at the express written direction of the Trustee; (viii) the failure of the Master Servicer or
the Special Servicer or any Sub-Servicer to act or perform any duties required of them on behalf of the Trust Fund or the Trustee
hereunder; or (ix) any action by or omission of the Trustee or the Certificate Administrator taken at the instruction of
the Master Servicer or the Special Servicer (other than if the Trustee shall assume the duties of the Master Servicer or the Special
Servicer pursuant to Section 7.02 of this Agreement) unless the taking of such action is not permitted by the express terms
of this Agreement; provided, however, that the foregoing shall not relieve the Trustee or the Certificate Administrator
of their respective obligations to perform their duties as specifically set forth in this Agreement. The Trustee or the Certificate
Administrator shall not be accountable for the use or application by the Depositor, the Certificate Administrator (in the case
of the Trustee only), the Trustee (in the case of the Certificate Administrator only), the Master Servicer or the Special Servicer
of any of the Certificates or of the proceeds of such Certificates, or for the use or application of any funds paid to the Depositor,
the Certificate Administrator (in the case of the Trustee only), the Trustee (in the case of the Certificate Administrator only),
the Master Servicer or the Special Servicer in respect of the assignment of the Trust Loan or deposited in or withdrawn from the
Collection Account, the Lower-Tier Distribution Account, the Upper-Tier Distribution Account, the Lock-Box Account, the Cash Collateral
Account, the Reserve Accounts, any REO Account or any other account maintained by or on behalf of the Certificate Administrator,
the Master Servicer or the Special Servicer, other than any funds held by the Trustee or the Certificate Administrator, as applicable.
Neither the Trustee nor the Certificate Administrator shall have any responsibility for filing any financing or continuation statement
in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to
it hereunder (unless the Trustee shall have become the successor Master Servicer) or to record this Agreement. In making any calculation
hereunder which includes as a component thereof the payment or distribution of interest for a stated period at a stated rate “to
the extent permitted by applicable law”, the Trustee or the Certificate 

 

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Administrator, as the case may be, shall assume that
such payment is so permitted unless a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be,
has actual knowledge, or receives an Opinion of Counsel (at the expense of the Person asserting the impermissibility) to the
effect, that such payment is not permitted by applicable law. The Depositor is not obligated to monitor or supervise the performance
of the Trustee or the Certificate Administrator under this Agreement or otherwise.

 

Section 8.04   
Trustee and Certificate Administrator May Own Certificates. The Trustee, the Certificate Administrator and any agent
of the Trustee or the Certificate Administrator in its individual capacity or any other capacity may become the owner or pledgee
of Certificates, and may deal with the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special
Servicer and the Initial Purchasers in banking transactions, with the same rights it would have if it were not Trustee, Certificate
Administrator or such agent, as the case may be.

 

Section 8.05   
Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification. (a)  On
each Distribution Date, prior to the distribution of amounts to the Certificateholders, the Certificate Administrator shall be
entitled to withdraw and pay the Trustee and itself its respective portion of the Trustee/Certificate Administrator Fee, as applicable,
as reasonable compensation from amounts remitted to the Lower-Tier Distribution Account (which shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust) for all services rendered in the execution of the trusts
hereby created and in the exercise and performance of any of the powers and duties of the Trustee and the Certificate Administrator
at the Trustee/Certificate Administrator Fee Rate.

 

(b)          
In the event that the Trustee assumes the servicing responsibilities of the Master Servicer or the Special Servicer hereunder
pursuant to or otherwise arising from the resignation or removal of the Master Servicer or the Special Servicer, the Trustee shall
be entitled to the compensation to which the Master Servicer or the Special Servicer, as the case may be, would have been entitled
(other than the rights of the Special Servicer to receive any Workout Fee specified in Section 3.12(c) of this Agreement
in the event that the Special Servicer is terminated).

 

(c)           
The Trustee, the Custodian and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request
for all reasonable expenses, disbursements and advances incurred or made by the Trustee, the Custodian or the Certificate Administrator
pursuant to and in accordance with any of the provisions of this Agreement (including the reasonable compensation and the expenses
and disbursements of its counsel and of all persons not regularly in its employ), which the Certificate Administrator will be entitled
to withdraw from the Distribution Accounts prior to the distribution to Certificateholders to the extent set forth herein and to
the extent such payments are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations
Section 1.860G-1(b)(iii), except any such expense, disbursement or advance as may arise from its negligence, willful misconduct
or bad faith; provided, however, that, subject to the last paragraph of Section 8.01 and Section 8.02(a)(iii)
of this Agreement, the Trustee, the Custodian or the Certificate Administrator shall not refuse to perform any of their respective
duties hereunder solely as a result of the failure to be paid their respective portions of the Trustee/Certificate Administrator
Fee, or the Trustee’s previously-incurred expenses or, the Custodian’s or Certificate Administrator’s previously-

 

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incurred expenses, as applicable.
The term “unanticipated expenses incurred by the REMIC” shall include any fees, expenses and disbursement of any separate
Trustee or co-Trustee appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably anticipated
as of the Closing Date and are attributable to the Lower-Tier REMIC or the Upper-Tier REMIC and the losses, liabilities, damages,
claims or expenses (including reasonable attorneys’ fees) incurred or advanced by an Indemnified Party in connection with
any litigation arising out of this Agreement attributable to the Lower-Tier REMIC or the Upper-Tier REMIC, including, without
limitation, under Section 2.03, Section 3.10, the third paragraph of Section 3.11, Section 4.05 and
Section 7.01 of this Agreement.

 

The Master Servicer and the Special
Servicer covenant and agree to pay or reimburse the Trustee for the reasonable expenses, disbursements and advances incurred or
made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer or the Special Servicer,
respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master Servicer or Special Servicer
(except in the case of removal of the Special Servicer without cause), as applicable, in accordance with any of the provisions
of this Agreement (and including the reasonable fees and expenses and disbursements of its counsel and all other persons not regularly
in its employ), except any such expense, disbursement or advance as may arise from the negligence, willful misconduct or bad faith
of the Trustee.

 

(d)          
Each of the Certificate Administrator, the Custodian, the Paying Agent, the Trustee, the Depositor, the Master Servicer
and the Special Servicer (each, for purposes of this Section 8.05(d), an “Indemnifying Party”) shall
(severally and not jointly) indemnify the Trustee (both in its capacity as Trustee and individually) and the Certificate Administrator
(in its capacity as Certificate Administrator, the Custodian, Paying Agent and individually) and each of their Affiliates and
each of the directors, officers, employees, representatives and agents of the Trustee and the Certificate Administrator and each
of their Affiliates (each, for purposes of this Section 8.05(d), an “Indemnified Party”), and hold each
of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related
costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement
(including, without limitation, reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or
proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise)
resulting from each such Indemnifying Party’s respective willful misconduct, bad faith, fraud or negligence in the performance
of each of its respective duties hereunder or by reason of negligent disregard of its respective obligations and duties hereunder
(including in the case of the Master Servicer, any agent of the Master Servicer or Sub-Servicer).

 

The Trust Fund shall indemnify
each Indemnified Party from, and hold it harmless against, any and all losses, liabilities, damages, penalties, fines, forfeitures,
judgments, claims or unanticipated expenses (including, without limitation, reasonable fees and disbursements of counsel incurred
by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified
Party and any third party or otherwise) arising in respect of this Agreement, the Trust Loan or the Certificates other than those
(i) resulting from the willful misconduct, bad faith, fraud or negligence of the Indemnified Party, as applicable, in the
performance of its obligations and duties under this

 

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Agreement, (ii) by reason
of its negligent disregard of those obligations or duties, or as may arise from a breach of any representation or warranty of
the Indemnified Party made in Section 2.04(c) or Section 2.04(d), as applicable, of this Agreement, (iii) as
to which such Indemnified Party is entitled to indemnification pursuant to this Section 8.05(d) or (iv) constituting
a specific liability imposed on the Indemnified Party by this Agreement. The right of reimbursement of the Indemnified Parties
under this Section 8.05(d) shall be senior to the rights of all Certificateholders.

 

(e)           
Notwithstanding anything herein to the contrary, this Section 8.05 shall survive the termination or maturity of this
Agreement or the resignation, removal or termination of the Trustee or the Certificate Administrator, as the case may be, regarding
rights accrued prior to such resignation, removal or termination and (with respect to any acts or omissions during its respective
tenures) the resignation, removal or termination of the Master Servicer, the Special Servicer, the Paying Agent, the Certificate
Administrator, the Certificate Registrar or the Custodian.

 

(f)           
This Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation,
expenses, disbursements, advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law
or environmental matter.

 

(g)      
     Each of the Certificate Administrator, Custodian, Paying Agent and the Trustee (in each case with
respect to itself only, for purposes of this Section 8.05(g), an “Indemnifying Party”) shall (severally
and not jointly) indemnify the Trust Fund, the Depositor, the Master Servicer and the Special Servicer and their respective
Affiliates and each of the directors, officers, employees and agents of the Master Servicer and the Special Servicer and their
respective Affiliates (each, for purposes of this Section 8.05(g), an “Indemnified Party”), and hold
each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related
costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement
(including, without limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or
proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise)
resulting from the applicable Indemnifying Party’s willful misconduct, bad faith, fraud or negligence in the performance
of its duties hereunder or by reason of negligent disregard of its obligations and duties hereunder.

 

(h)          
The Certificate Administrator (for purposes of this Section 8.05(h), the “Indemnifying Party”)
shall, solely in its capacity as the 17g-5 Information Provider, indemnify each of the Trust Loan Sellers and the Initial Purchasers
(each, for purposes of this Section 8.05(h), an “Indemnified Party”), and hold each of them harmless
against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments,
and any other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement (including, without
limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the
Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise) related to (i) the
applicable Indemnifying Party’s willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder
or by reason of negligent disregard of its obligations and duties hereunder or (ii) a determination by any Rating Agency that
it cannot 

 

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reasonably rely on representations
made by the Depositor or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3), to the extent caused by any such willful
misconduct, bad faith, fraud or negligence in the performance of its duties hereunder or by reason of negligent disregard referred
to in clause (i) above by the Indemnifying Party.

 

Section 8.06   
Eligibility Requirements for Trustee and Certificate Administrator. The Trustee and Certificate Administrator hereunder
shall at all times:

 

(i) be a corporation,
national bank association or trust company organized and doing business under the laws of any state or the United States of America,

 

(ii) (a) with
respect to the Trustee, be authorized under such laws to exercise corporate trust powers and to accept the trust conferred under
this Agreement and (b) with respect to the Certificate Administrator, be authorized to exercise corporate trust powers,

 

(iii) have a
combined capital and surplus of at least $50,000,000,

 

(iv) with respect
to the Certifiate Administrator, has a rating on its long-term senior unsecured debt of at least “A2” by Moody’s
if it has a short-term unsecured debt rating of at least “P-1” by Moody’s, and, if then rated by Morningstar,
an equivalent rating by Morningstar, or such other rating with respect to which each of Moody’s and Morningstar has provided
a No Downgrade Confirmation,

 

(v) with respect
to the Trustee, has a rating on its long-term senior unsecured debt of at least (1) “A2” by Moody’s if it has
a short-term unsecured debt rating of at least “P-1” by Moody’s, provided that the Trustee shall not
become ineligible to serve based on a failure to satisfy such rating requirement as long as the Trustee has (a) a long-term unsecured
debt rating of “Baa2” by Moody’s, and (b) a short-term unsecured debt rating of at least “P-2” by
Moody’s for so long as the Master Servicer maintains a long-term unsecured debt rating of at least “A2” by Moody’s
(provided that this proviso shall not impose on the Master Servicer any obligation to maintain such rating), and, in each
case, at least an equivalent rating by Morningstar, if then rated by Morningstar, or such other rating with respect to which each
of Moody’s and Morningstar has provided a No Downgrade Confirmation,

 

(vi) be subject
to supervision or examination by federal or state authority and, in the case of the Trustee, shall not be an Affiliate of the Master
Servicer or the Special Servicer (except, in the case of the Trustee, during any period when the Trustee has assumed the duties
of the Master Servicer or Special Servicer, as the case may be, pursuant to Section 7.02 of this Agreement), and

 

(vii) not be
a person that would be a Prohibited Party if it was a proposed Servicing Function Participant.

 

Notwithstanding the foregoing,
if the Trustee or the Certificate Administrator meets the provisions of clauses (i) through (iii), (vi)
and (vii) above, but does not meet the provisions of clause (iv) (in the case of the Certificate Administrator)
or clause (v) (in the case of 

 

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the Trustee) above,
the Trustee or the Certificate Administrator, as the case may be, shall be deemed to meet the provisions of such clause (iv)
(in the case of the Certificate Administrator) or clause (v) (in the case of the Trustee), as applicable, (A) if it
appoints a fiscal agent as a back-up liquidity provider, provided that such fiscal agent meets the provisions of clauses
(i) through (vii) above and shall have assumed in writing all obligations of the Trustee or the Certificate Administrator,
as the case may be, to make Advances under this Agreement as and when required of the Trustee or the Certificate Administrator,
as the case may be, or (B) in the case of Wilmington Trust, National Association solely with respect to Moody’s, a long-term
senior unsecured debt rating of at least “Baa2” by Moody’s if the Master Servicer has a long-term senior unsecured
debt rating of at least “A2” by Moody’s and a short-term debt rating of at least “P-1” by Moody’s.
If a corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for purposes of this Section the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If the
place of business from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax on the
Trust Fund or the net income of either Trust REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions)
the Trustee shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07
of this Agreement, (ii) pay such tax and continue as Trustee or (iii) administer the Trust Fund from a state and local
jurisdiction that does not impose such a tax. If at any time the Trustee or the Certificate Administrator shall cease to be eligible
in accordance with the provisions of this Section, the Trustee or the Certificate Administrator, as the case may be, shall resign
immediately in the manner and with the effect specified in Section 8.07 of this Agreement.

 

Section 8.07   
Resignation and Removal of Trustee and Certificate Administrator. The Trustee and the Certificate Administrator
may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Trustee, the Depositor,
the Certificate Administrator, the Master Servicer, the Special Servicer, the 17g-5 Information Provider (which shall promptly
post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement); provided
that such resignation shall not be effective until its successor shall have accepted the appointment. Upon notice of resignation
from the Trustee, the Depositor shall promptly appoint a successor trustee acceptable to the Master Servicer, the appointment
of which successor is subject to the requirements contained in Section 8.06 of this Agreement. Upon notice of resignation
from the Certificate Administrator, the Trustee shall promptly appoint a successor certificate administrator, the appointment
of which is subject to the requirements contained in Section 8.06 of this Agreement. If no successor trustee or certificate
administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation,
the resigning Trustee or Certificate Administrator, as the case may be, may petition any court of competent jurisdiction for the
appointment of a successor. The Trustee or the Certificate Administrator, as applicable, shall bear all reasonable out of pocket
costs and expenses of each other party hereto and each Rating Agency in connection with its resignation.

 

If at any time the Trustee or
the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.06 of this Agreement
and shall fail to resign after written request therefor by the Depositor or the Master Servicer, or if at any time the Trustee
or 

 

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the Certificate Administrator
shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the Certificate
Administrator, as the case may be (or of its property), shall be appointed, or any public officer shall take charge or control
of the Trustee or the Certificate Administrator, as the case may be (or of its property or affairs), for the purpose of rehabilitation,
conservation or liquidation, then the Depositor or the Master Servicer may remove the Trustee or the Certificate Administrator,
as the case may be, and the Depositor or the Master Servicer shall promptly appoint a successor by written instrument, which shall
be delivered to the Trustee or the Certificate Administrator, as the case may be, so removed and to the successor.

 

The Holders of Certificates entitled
to at least 50% of the Voting Rights may at any time remove the Trustee or the Certificate Administrator and appoint a successor
by written instrument or instruments, in seven originals, signed by such Holders or their attorneys-in-fact duly authorized, one
complete set of which instruments shall be delivered to the Depositor, one complete set to the Master Servicer and Special Servicer,
one complete set to the Trustee, one complete set to the Certificate Administrator, and one complete set to the successor trustee
or certificate administrator, as applicable.

 

In addition, if the Trustee or
the Certificate Administrator is terminated without cause, the terminating party shall pay all of the expenses of the Trustee or
the Certificate Administrator, as the case may be, necessary to affect the transfer of its responsibilities to the successor.

 

In the event that the Trustee
is terminated or removed pursuant to this Section 8.07, all of its rights and obligations under this Agreement and in and
to the Trust Loan shall be terminated, other than any rights or obligations that accrued prior to the date of such termination
or removal (including the right to receive all fees, expenses, indemnities, and other amounts accrued or owing to it under this
Agreement, plus interest at the Advance Rate on all such amounts until received to the extent such amounts bear interest as provided
in this Agreement, with respect to periods prior to the date of such termination or removal) and such resignation, termination,
or removal shall be effective with respect to each of its other capacities hereunder.

 

In the event that the Certificate
Administrator is terminated or removed pursuant to this Section 8.07, (i) all of its rights and obligations under this Agreement
and in and to the Trust Loan shall be terminated, other than any rights or obligations that accrued prior to the date of such termination
or removal (including the right to receive all fees, indemnities, expenses and other amounts accrued or owing to it under this
Agreement with respect to periods prior to the date of such termination or removal) and (ii) such resignation, termination, or
removal shall be effective with respect to each of its other capacities hereunder.

 

Upon the resignation, assignment,
or transfer of the Trustee or its business to a successor, or upon the termination of the Trustee, (a) the outgoing Trustee, at
its own expense without right to reimbursement therefor, shall (A) endorse the original executed Trust Note for the Trust Loan
(to the extent that the original executed note for the Trust Loan was endorsed to the outgoing Trustee), without recourse, representation
or warranty, express or implied, to the order of the successor, as trustee for the registered holders of Hudson Yards 2016-10HY
Mortgage Trust Commercial Mortgage Pass-Through Certificates or in blank, and (B) in the case of the other assignable Loan Documents
(to the extent other Loan Documents were assigned to 

 

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the outgoing Trustee), assign
and record Loan Documents to such successor, and such successor shall review the documents delivered to it or to the Custodian
with respect to the Trust Loan, and certify in writing that, as to the Trust Loan then subject to this Agreement, such endorsement
and assignment has been made; (b) if any original executed Trust Note for the Trust Loan was not endorsed to the outgoing Trustee,
the Custodian shall deliver the Trust Note to the successor trustee and the Custodian shall cooperate with any successor trustee
to ensure that the Trust Note is endorsed (without recourse, representation and warranty, express or implied) to the order of
the successor trustee, as trustee for the registered holders of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through
Certificates, or in blank. If any assignable Loan Document (other than the Trust Note) was not assigned to the outgoing Trustee
or if the Trustee is removed pursuant to Section 8.07 without cause, with respect to the Loan Documents identified in clause
(B) of the preceding sentence, the Custodian shall deliver the Loan Document to the successor trustee and, if appropriate
the Loan Documents shall be recorded at the expense of the Trust and the reasonable cooperation (as determined by the Depositor)
of the Depositor.

 

Section 8.08   
Successor Trustee and Certificate Administrator. (a)  Any successor trustee or certificate administrator
shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Certificate Administrator (or in the case of
a successor certificate administrator, to the predecessor Certificate Administrator) and the Trustee, as the case may be, instruments
accepting their appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee or Certificate Administrator,
as applicable, shall become effective and such successor, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named
as Trustee or Certificate Administrator, as applicable, herein, provided that such successor shall satisfy the requirements
contained in Section 8.06 of this Agreement. The predecessor Trustee or Certificate Administrator, as applicable, shall
deliver to its successor all Mortgage Files and related documents and statements held by it hereunder, and the Depositor and the
predecessor Trustee or Certificate Administrator, as applicable, shall execute and deliver such instruments and do such other
things as may reasonably be required for more fully and certainly vesting and confirming in the successor all such rights, powers,
duties and obligations. No successor trustee or certificate administrator, as the case may be, shall accept appointment as provided
in this Section 8.08 unless at the time of such acceptance such successor shall be eligible under the provisions of Section
8.06 of this Agreement.

 

Upon acceptance of appointment
by a successor trustee as provided in this Section 8.08, the Depositor shall mail notice of the succession of such Trustee
hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If the Depositor fails to mail
such notice within 10 days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice
to be mailed at the expense of the Depositor.

 

(b)          
Any successor trustee appointed pursuant to this Agreement shall satisfy the eligibility requirements set forth in Section
8.06 hereof.

 

Section 8.09   
Merger or Consolidation of Trustee or Certificate Administrator. Any corporation into which the Trustee or the Certificate
Administrator may be merged or converted or with which it may be consolidated or any corporation resulting from any merger, conversion
or consolidation to which the Trustee or the Certificate Administrator shall be a

 

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party, or any corporation succeeding
to all or substantially all of the corporate trust business of the Trustee or the Certificate Administrator, shall be the successor
of the Trustee or the Certificate Administrator, as the case may be, hereunder, provided that such corporation shall be
eligible under the provisions of Section 8.06 of this Agreement without the execution or filing of any paper or any further
act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. The Trustee or the Certificate
Administrator, as applicable, will notify the other parties hereto, and the Certificate Administrator shall post notice of such
merger or consolidation to the Certificate Administrator’s Website in accordance with Section 3.14(d) of this Agreement
and provide notice of such event to the Master Servicer, the Special Servicer, the Depositor, the 17g-5 Information Provider (which
shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

Section 8.10   
Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund or property securing the same
may at the time be located, the Depositor and the Trustee acting jointly shall have the power and shall execute and deliver all
instruments to appoint one or more Persons approved by the Trustee to act (at the expense of the Trust) as co-Trustee or co-Trustees,
jointly with the Trustee, or separate Trustee or separate Trustees, of all or any part of the Trust Fund, and to vest in such Person
or Persons, in such capacity, such title to the Trust Fund, or any part thereof, and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Depositor and the Trustee may consider necessary or desirable.
If the Depositor shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, or in
case a Servicer Termination Event shall have occurred and be continuing, the Trustee alone shall have the power to make such appointment.
No co-Trustee or separate Trustee hereunder shall be required to meet the terms of eligibility as a successor Trustee under Section
8.06 hereunder and no notice to Holders of Certificates of the appointment of co-Trustee(s) or separate Trustee(s) shall be
required under Section 8.08 hereof.

 

In the case of any appointment
of a co-Trustee or separate Trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred
or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate Trustee
or co-Trustee jointly (it being understood that such separate Trustee or co-Trustee is not authorized to act separately without
the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts
are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of
title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such separate Trustee
or co-Trustee solely at the direction of the Trustee.

 

No Trustee under this Agreement
shall be personally liable by reason of any act or omission of any other trustee under this Agreement; provided that except
as required by applicable law, the appointment of a co-Trustee or separate Trustee shall not relieve the Trustee of its responsibilities,
obligations and liabilities hereunder. The Depositor and the Trustee acting jointly may at any time accept the resignation of or
remove any separate Trustee or co-Trustee, 

 

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or if the separate Trustee or
co-Trustee is an employee of the Trustee, the Trustee acting alone may accept the resignation of or remove any separate Trustee
or co-Trustee.

 

Any notice, request or other
writing given to the Trustee shall be deemed to have been given to each of the then separate Trustees and co-Trustees, as effectively
as if given to each of them. Every instrument appointing any separate Trustee or co-Trustee shall refer to this Agreement and the
conditions of this Article VIII. Every such instrument shall be filed with the Trustee. Each separate Trustee and co-Trustee,
upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment,
either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically
including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to,
the Trustee. In no event shall any such separate Trustee or co-Trustee be entitled to any provision relating to the conduct of,
affecting the liability of or affording protection to such separate Trustee or co-Trustee that imposes a standard of conduct less
stringent than that imposed by the Trustee hereunder, affording greater protection than that afforded to the Trustee hereunder
or providing a greater limit on liability than that provided to the Trustee hereunder.

 

Any separate Trustee or co-Trustee
may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent not prohibited
by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate Trustee or co-Trustee
shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor Trustee. 

  

ARTICLE
IX

TERMINATION

 

Section 9.01   
Termination. (a)  The respective obligations and responsibilities of the Master Servicer, the Special Servicer,
the Depositor, the Certificate Administrator and the Trustee created hereby with respect to the Certificates (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as hereinafter set
forth) shall terminate upon payment (or provision for payment) to the Certificateholders and Companion Loan Holders of all amounts
held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required hereunder
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Trust Loan and all other
property held by the Trust Fund in accordance with Section 9.01(c) of this Agreement; (ii) the exchange by the Sole
Certificateholder of its Certificates for the Trust Loan in accordance with Section 9.01(g) of this Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to this Agreement of the last asset held by the Trust Fund; provided, however,
that in no event shall the trust created hereby continue beyond the expiration of twenty-one years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

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For purposes of this Section
9.01, the Sole Certificateholder shall have the first option to terminate the Trust Fund, pursuant to subsection (g),
and then the Directing Holder, and then the Special Servicer and then the Master Servicer and then the Holder of a majority Percentage
Interest in the Class R and Class LR Certificates, in that order, pursuant to subsection (c).

 

(b)          
The Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall be terminated and the assets of the Trust Fund shall
be sold or otherwise disposed of in connection therewith, only pursuant to a “plan of complete liquidation” within
the meaning of Section 860F(a)(4)(A) of the Code providing for the actions contemplated by the provisions hereof and
pursuant to which the applicable Notice of Termination is given, and requiring that the Trust Fund, the Lower-Tier REMIC and the
Upper-Tier REMIC shall terminate on a Distribution Date occurring not more than 90 days following the date of adoption of the plan
of complete liquidation. For purposes of this Section 9.01(b), the Notice of Termination given pursuant to Section 9.01(c)
of this Agreement shall constitute the adoption of the plan of complete liquidation as of the date such notice is given, which
date shall be specified by the Certificate Administrator (based on information provided by the Master Servicer) in the final federal
income tax returns of the Upper-Tier REMIC and the Lower-Tier REMIC. Notwithstanding the termination of the Lower-Tier REMIC or
the Upper-Tier REMIC or the Trust Fund, the Certificate Administrator shall be responsible for filing the final Tax Returns for
each Trust REMIC for the period ending with such termination, and shall retain books and records with respect to each Trust REMIC
for the same period of retention for which it maintains its own tax returns or such other reasonable period. The Trustee shall
sign all Tax Returns and other reports required by this Section.

 

(c)           
The Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special
Servicer does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option,
then the Holder of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination
of the Trust Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with
such option and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period),
upon not less than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement
of the proviso) given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any time on or
after the Early Termination Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all, but
not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s interest in all property acquired in
respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,

 

                                (i)           
the sum of, without duplication

 

(A)         
the outstanding principal balance of the Trust Loan as of the last day of the month preceding such Anticipated Final Termination
Date (less any P&I Advances previously made on account of principal);

 

(B)         
the fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated
Final Termination Date, as determined by an Independent appraiser acceptable to the 

 

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Master Servicer as of a date
not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

(C)         
all unpaid interest accrued on the outstanding principal balance of the Trust Loan (including circumstances where title
to the Mortgaged Property has been acquired) at the Trust Loan Rate to the last day of the Interest Accrual Period preceding
such Anticipated Final Termination Date (less any P&I Advances previously made on account of interest);

 

(D)         
the aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate, and unpaid Servicing Compensation,
Special Servicing Compensation, Trustee/Certificate Administrator Fees, the CREFC® License Fee and Trust Fund expenses
and indemnity amounts owed by the Trust; and

 

                                (ii)          
the aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust
Fund, on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the
Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together
with one month’s interest thereon at the Trust Loan Rate.

 

In the event that the Directing
Holder, the Special Servicer, the Master Servicer or the Holder of a majority Percentage Interest in the Class R or Class LR Certificates
purchases the Trust Loan and all property acquired in respect of the Trust Loan remaining in the Trust Fund in accordance with
this Section 9.01(c), the Directing Holder, the Special Servicer, the Master Servicer or the Holder of a majority Percentage
Interest in the Class R and Class LR Certificates, as applicable, shall deposit in the Lower-Tier Distribution Account not later
than the Servicer Remittance Date relating to the Anticipated Final Termination Date on which the final distribution on the Certificates
is to occur, an amount in immediately available funds equal to the above-described purchase price (exclusive of any portion thereof
payable to any Person other than the Certificateholders pursuant to Section 3.05(a) of this Agreement, which portion shall
be deposited in the Collection Account). In addition, the Master Servicer shall transfer to the Certificate Administrator for deposit
in the Lower-Tier Distribution Account all amounts required to be transferred thereto on the Servicer Remittance Date from the
Collection Account, together with any other amounts on deposit in the Collection Account that would otherwise be held for future
distribution. The Certificate Administrator shall deposit all amounts deposited into the Lower-Tier Distribution Account into the
Upper-Tier Distribution Account for distribution in accordance with Section 4.01(a) and (b) of this Agreement. Upon
confirmation that such final deposits have been made and upon direction from the Master Servicer, the Custodian shall, release
or cause to be released to the Directing Holder, the Special Servicer, the Master Servicer or the Holder of a majority Percentage
Interest in the Class R or Class LR Certificates, as applicable, the Mortgage File for the Trust Loan and shall execute all assignments,
endorsements and other instruments furnished to it by such purchasing party as shall be necessary to effectuate transfer of the
Trust Loan and all property acquired in respect of the Trust Loan remaining in the Trust Fund, and the Trust Fund shall be liquidated
in accordance with this Article IX.

 

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As a condition to the purchase
of the assets of the Trust Fund pursuant to this Section 9.01(c), the purchaser shall deliver to the Trustee and the Certificate
Administrator an Opinion of Counsel, which shall be at the expense of such purchaser, stating that such termination will be a “qualified
liquidation” under Section 860F(a)(4)(A) of the Code. All costs and expenses incurred by any and all parties to this
Agreement or by the Trust Fund in connection with the purchase of the Trust Loan and other assets of the Trust Fund pursuant to
this Section 9.01(c) shall be borne by the party exercising its purchase rights hereunder. The Trustee and the Certificate
Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to this subsection
(c).

 

(d)          
If the Trust Fund has not been previously terminated pursuant to subsection (c) of this Section 9.01,
the Certificate Administrator shall determine as soon as practicable the Distribution Date on which the Certificate Administrator
reasonably anticipates, based on information with respect to the Trust Loan previously provided to it, that the final distribution
will be made (i) to the Holders of outstanding Regular Certificates, notwithstanding that such distribution may be insufficient
to distribute in full the Certificate Balance of each Class of Certificates, together with amounts required to be distributed on
such Distribution Date pursuant to Section 4.01(b) of this Agreement and (ii) if no such Classes of Certificates are
then outstanding, the final distribution shall be made (i) to the Holders of the Class LR Certificates of any amount remaining
in the Collection Account or the Lower-Tier Distribution Account, and (ii) to the Holders of the Class R Certificates of any
amount remaining in the Upper-Tier Distribution Account.

 

(e)           
Notice of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate Administrator
to affected Certificateholders with a copy to the Trustee, the Master Servicer, the Special Servicer, the Trust Loan Sellers, the
Companion Loan Holders and the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement) at their addresses shown in the Certificate Registrar not more than
30 days, and not less than ten days, prior to the Anticipated Final Termination Date. The notice mailed by the Certificate Administrator
to affected Certificateholders shall:

 

                                 
(i)          
specify the Anticipated Final Termination Date on which the final distribution is anticipated to be made to Holders of Certificates
of the Classes specified therein;

 

                                
(ii)           
specify the amount of any such final distribution, if known; and

 

                              
(iii)           
state that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates
at the office of the Paying Agent therein specified.

 

If the Trust Fund is not terminated on any Anticipated
Final Termination Date for any reason, the Certificate Administrator shall promptly mail notice thereof to each affected Certificateholder.

 

(f)           
Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates
shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund
shall 

 

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terminate. If any Certificates
as to which notice of the Termination Date has been given pursuant to this Section 9.01 shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates
for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after
the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates.
The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain
held. If within two years after the second notice any Certificates shall not have been surrendered for cancellation, the Paying
Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator hereunder and the transfer of such amounts to a successor certificate administrator and (ii) the termination
of the Trust Fund and distribution of such amounts, subject to applicable law, to the Residual Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to
surrender its Certificate(s) for final payment thereof in accordance with this Section 9.01.

 

(g)          
The Sole Certificateholder shall have the right to exchange all of its Certificates (other than the Class R and Class LR
Certificates), including the Class X Certificates, for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii)
of Section 9.01(a) by giving written notice to all the parties hereto no later than 60 days prior to the anticipated date
of exchange; provided that such Sole Certificateholder compensates the Certificate Administrator for the amount of investment
income the Certificate Administrator would have earned if the outstanding Certificate Balance of the then outstanding Principal
Balance Certificates were on deposit with the Certificate Administrator as of the first day of the current calendar month and such
Sole Certificateholder pays to the Master Servicer as additional compensation an amount equal to (i) the product of (A) the
Prime Rate, (B) the aggregate Certificate Balance of the then-outstanding Principal Balance Certificates as of the day of the exchange
and (C) three, divided by (ii) 360. In the event that the Sole Certificateholder elects to exchange all of its Certificates
(other than the Class R and Class LR Certificates), including the Class X Certificates, for the Trust Loan and or REO
Property, as applicable, remaining in the Trust Fund in accordance with the preceding sentence, such Sole Certificateholder, not
later than the Business Day prior to the Distribution Date on which the final distribution on the Certificates is to occur, shall
deposit in the Collection Account an amount in immediately available funds equal to all amounts due and owing to the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee hereunder through the date of the liquidation
of the Trust Fund that may be withdrawn from the Collection Account, or an escrow account acceptable to the respective parties
hereto, pursuant to Section 3.06(a) of this Agreement or that may be withdrawn from the Distribution Accounts pursuant to
Section 3.06(f) and Section 3.06(g) of this Agreement, but only to the extent that such amounts are not already on
deposit in the Collection Account. In addition, the Master Servicer shall transfer all amounts required to be transferred to the
Certificate Administrator for deposit in the Lower-Tier Distribution Account on or Servicer Remittance Date from the Collection
Account pursuant to Section 3.05 of this Agreement. Upon confirmation from the Certificate Administrator that such final
deposits have 

 

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been made and following the surrender
of all its Certificates (other than the Class R and Class LR Certificates) on the final Distribution Date to the Certificate
Administrator, the Custodian shall, upon receipt of a Request for Release from the Master Servicer, release or cause to be released
to the Sole Certificateholder or any designee thereof, the Mortgage File for the Trust Loan or shall execute all assignments,
endorsements and other instruments furnished to it by the Sole Certificateholder as shall be necessary to effectuate transfer
of the Trust Loan and REO Property, as applicable remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance
with this Article IX. The Trust Loan or REO Property, as applicable, is deemed distributed to the Sole Certificateholder
in liquidation of the Trust Fund pursuant to this Article IX. Solely for federal income tax purposes, the Sole Certificateholder
shall be deemed to have purchased the assets of the Lower-Tier REMIC for an amount equal to (a) if the Trust Loan is a Performing
Loan, the remaining Certificate Balance of its Certificates (other than the Class R and Class LR Certificates), plus
accrued, unpaid interest with respect thereto, or (b) if the Trust Loan is a Specially Serviced Loan or has been converted to
REO Property, the fair market value thereof, and the Certificate Administrator shall credit such amounts against amounts distributable
in respect of the Lower-Tier Regular Interests and such Certificates.

 

ARTICLE
X

MISCELLANEOUS PROVISIONS

 

Section 10.01
Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which counterparts
shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument. Delivery of an executed
counterpart of a signature page of this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective
as delivery of a manually executed original counterpart of this Agreement.

 

Section 10.02
Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Fund, or entitle such Certificateholder’s legal representatives or heirs to claim an
accounting or to take any action or proceeding in any court for a partition or winding up of the Trust Fund, or otherwise affect
the rights, obligations and liabilities of the parties hereto or any of them.

 

No Certificateholder shall have
any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of
the Trust Fund, or the obligations of the parties hereto, and nothing herein set forth, or contained in the terms of the Certificates,
shall be construed so as to constitute the Certificateholders from time to time as partners or members of an association; and no
Certificateholder shall be under any liability to any third person by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.

 

No Certificateholder or Companion
Loan Holder, as applicable, shall have any right to institute any suit, action or proceeding in equity or at law upon or under
or with respect to this Agreement, the Trust Loan or the Certificates, unless such Certificateholder or Companion Loan Holder,
as applicable, previously shall have given to the Trustee a written notice of default and of the continuance thereof, as hereinbefore
provided, and unless also the 

 

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Companion Loan Holders or Certificateholders
representing Percentage Interests of at least 25% of each affected Class of Certificates, as applicable, have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and has or have offered to
the Trustee such security or indemnity reasonably satisfactory to it as it may require against the costs, expenses and liabilities
to be incurred therein or thereby, and the Trustee, for 60 days after its receipt of such notice, request and offer of security
or indemnity, shall have failed or refused to institute any such action, suit or proceeding. It is understood and intended, and
expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no Certificateholder of
any Class shall have any right in any manner whatever by virtue of any provision of this Agreement to affect, disturb or prejudice
the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference to any
other such Certificateholder, or to enforce any right under this Agreement or the Certificates, except in the manner herein or
therein provided and for the equal, ratable and common benefit of all Holders of Certificates of such Class, as applicable. For
the protection and enforcement of the provisions of this Section, each and every Certificateholder and the Trustee shall be entitled
to such relief as can be given either at law or in equity.

 

Section 10.03
 Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT,
THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES
TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE
NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

Section
10.04     Waiver of Jury Trial; Consent to Jurisdiction.   TO THE FULLEST EXTENT
PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN
ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST THE OTHER PARTIES, WHETHER WITH RESPECT
TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH PARTY HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED
BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A
TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE
OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT, ANY ASSIGNMENT OR ANY PROVISION HEREOF OR THEREOF.
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR ANY
ASSIGNMENT.

 

    -271-

     

    

 

TO THE FULLEST EXTENT
PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE AND
FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT; (II) AGREES THAT
ALL CLAIMS WITH RESPECT TO SUCH MATTERS MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS; (III) WAIVES THE
DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY SUCH COURT; AND (IV) AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT
ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

Section 10.05     Notices.       Unless
otherwise specified in this Agreement, all demands, notices and communications hereunder shall be in writing, shall be deemed
to have been given upon receipt (except that notices to Holders of Class R and Class LR Certificates or Holders of any Class of
Certificates no longer held through a Depository and instead held in registered, definitive form shall be deemed to have been
given upon being sent by first-class mail, postage prepaid or by overnight courier) as follows:

 

If to the Certificate Administrator,
to:

  

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services
– Hudson Yards 2016-10HY

With a copy to:

Facsimile number: (410) 715-2380

Email: cts.cmbs.bond.admin@wellsfargo.com and

trustadministrationgroup@wellsfargo.com

  

If to the Custodian, to:

  

Wells Fargo Bank, N.A.

1055 10th Avenue
SE

Minneapolis, Minnesota 55414

Attention: Document Custody
Group Hudson Yards 2016-10HY

 

If to the Depositor, to:

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

  

    -272-

     

    

 

With a copy to:

Sidley Austin LLP

787 Sevent Avenue

New York, New York 10019

Attention: Kevin Blauch

 

If to the Trustee, to:

 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee

 

With a copy to:

 

Fax Number: (302) 630-4140

Email: CMBSTrustee@wilmingtontrust.com

 

If to the Master Servicer, to:

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: Hudson Yards 2016-10HY 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

D1053 300

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

Fax Number: (704) 383-0353

 

    -273-

     

    

 

 

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

  

With respect to any
notice relating to the Rating Agency Q&A Forum and

Document Request Tool:

RAInvRequests@wellsfargo.com

With respect to any notice relating to the Investor Q&A Forum:

REAM_InvestorRelations@wellsfargo.com

 

If to the Special Servicer, to:

 

  AEGON USA Realty Advisors, LLC

  4333 Edgewood Road NE

  Cedar Rapids, IA 52499

  Attention: Greg Dryden, Senior Vice President

  Telephone: 319-355-8734

  Email: gdryden@aegonusa.com

 

  with a copy to:

 

  Email: Specialservicing@aegonusa.com

 

If to German American Capital
Corporation, as a Trust Loan Seller, to:

German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

If to Goldman Sachs Mortgage
Company, as a Trust Loan Seller, to:

Goldman Sachs Mortgage Company

200 West Street

New York, NY 10282

Attention: Rene Theriault

Facsimile No.: (212) 902-3000

 

If to Deutsche
Bank Securities Inc., as an Initial Purchaser, to:

Deutsche Bank Securities Inc.

Commercial Mortgage-Backed Securities

  

    -274-

     

    

 

  60 Wall Street

  New York, New York 10005

  Attention: Lainie Kaye

 

 If to Goldman, Sachs & Co.,
as an Initial Purchaser, to:

  Goldman, Sachs & Co.

  200 West Street

  New York, NY 10282

  Attention: Leah Nivison

  Facsimile No.: (212) 428-1439

  Email: leah.nivison@gs.com

  with copies to:

  Goldman, Sachs & Co.

  200 West
Street

  New York, New York 10282

  Peter Morreale

  Facsimile: (212)902-3000

  Email: peter.morreale@gs.com

  and

 

  Goldman, Sachs & Co.

  200 West Street

  New York, New York 10282

  Joe Osborne

  Facsimile: (212)291-5318

  Email: joe.osbore@gs.com

 

If to any Certificateholder,
to:

the address set forth in the Certificate Register

 

If to the Initial Consulting
Holders, to:

NYL Corporate Actions

51 Madison Avenue, Room 201

New York, New York 10010

Attention: Michelle Yuen

Email: corpact_invops@nylinvestors.com

 

and

 

    -275-

     

    

   

Prima Capital Advisors LLC

2 Overhill Road, Suite 215

Scarsdale, New York 10583

Attention: Nilesh Patel

Facsimile: (914) 725-9385

Email: npatel@primaadvisors.com

 

If to the 17g-5 Information Provider,
electronically to:

17g5informationprovider@wellsfargo.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system,
specifically with a subject reference of “Hudson Yards 2016-10HY” and an identification of the type of information
being provided in the body of such electronic mail)

 

or, in the case of the parties to this
Agreement, to such other address as such party shall specify by written notice to the other parties hereto.

 

Section 10.06     Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way
affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders
thereof.

 

Section 10.07     
Notice to the Depositor and Each Rating Agency.  (a) The Certificate Administrator shall promptly provide notice
to the Depositor, the Initial Purchasers, the Trustee, and the 17g-5 Information Provider (which shall promptly post such notice
to the 17g-5 Information Provider’s Website) with respect to each of the following of which a Responsible Officer of the
Certificate Administrator has actual knowledge and to the extent the below information has not already been provided to the Depositor,
the Initial Purchasers, the Trustee, and the 17g-5 Information provider pursuant to the terms of this Agreement:

 

(i)          any
material change or amendment to this Agreement;

 

(ii)         the
occurrence of any Servicer Termination Event that has not been cured;

 

(iii)        the
merger, consolidation, resignation or termination of the Certificate Administrator, the Master Servicer, the Special Servicer or
the Trustee; and

 

(iv)        the
repurchase of Trust Loan pursuant to Section 2.03(e) of this Agreement.

 

(b)         The
Certificate Administrator shall promptly furnish to the Depositor, the Initial Purchasers, and the 17g-5 Information Provider (which
shall promptly post such materials to the 17g-5 Information Provider’s Website):

 

(i)          notice
of the final payment to any Class of Certificateholders;

 

    -276-

     

    

 

(ii)         notice
of any change in the location of the Distribution Accounts; and

 

(iii)        each
report to Certificateholders described in Section 4.02 and Section 3.13 of this Agreement.

 

(c)         The
Master Servicer shall promptly furnish to the 17g-5 Information Provider (which shall promptly post such materials to the 17g-5
Information Provider’s Website):

 

(i)          a
copy of each rent roll and each operating and other financial statement and occupancy reports, to the extent such information is
required to be delivered under the Trust Loan, in each case to the extent collected pursuant to Section 3.03 of this Agreement;

 

(ii)         notice
of any change in the location of the Collection Account,

 

(iii)        a
copy of any notice with respect to a breach of a representation or warranty with respect to the Trust Loan;

 

(iv)        any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer;

 

(v)         any
change in the lien priority of the Trust Loan;

 

(vi)        any
material damage to the Mortgaged Property; and

 

(vii)       any
amendment, modification, consent or waiver to or of any provision of the Trust Loan (including any modification to the related
Loan Documents that remove a requirement for a No Downgrade Confirmation).

 

(d)          Any
party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver
such written notice of the events or information specified in Section 3.14(d) to the Rating Agencies at the address listed
below, promptly following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, and the Certificate Administrator
and Trustee also shall furnish such other information regarding the Trust Fund as may be reasonably requested by the Rating Agencies
to the extent such party has or can obtain such information without unreasonable effort or expense; provided, however,
that such other information is first provided to the 17g-5 Information Provider in accordance with the procedures set forth in
Section 3.14(d). Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute a Servicer
Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required hereunder
shall be in writing.

 

Notices to each Rating Agency
shall be addressed as follows:

  

    -277-

     

    

 

    Moody’s Investors Service,
Inc.

    7 World Trade Center

    250 Greenwich Street

    New York, New York 10007

    Attention: Commercial Mortgage Surveillance Group

    E-mail: CMBSSurveillance@moodys.com

 

    Morningstar Credit Ratings, LLC

    220 Gibraltar Road, Suite 300

    Horsham, PA 19044

    Attention: CMBS Surveillance

    E-mail: cmbsratings@morningstar.com

 

or in each case to such other address
as a Rating Agency shall specify by written notice to the parties hereto.

 

(e)           In
connection with the delivery by the Master Servicer or the Special Servicer to the Rule 17g-5 Information Provider of any information,
report, notice or document for posting to the Rule 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall
notify the Master Servicer or Special Servicer, as applicable, of when such information, report, notice or document has been posted
to the 17g-5 Information Provider’s Website. The Master Servicer or Special Servicer, as applicable, may, but is not obligated
to, send such information, report, notice or other document to the applicable Rating Agency so long as such information, report,
notice or document was (i) previously provided to the 17g-5 Information Provider or (ii) is simultaneously provided to the 17g-5
Information Provider.

 

Section
10.08     Amendment.   This Agreement or any Custodial Agreement may be amended at any
time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee without the consent
of any of the Certificateholders or the Companion Loan Holders, (i) to cure any ambiguity or to correct any error; (ii) to cause
the provisions herein to conform or be consistent with or in furtherance of the statements made in the Offering Circular with
respect to the Certificates, the Trust or this Agreement or to correct or supplement any provisions herein or therein which may
be defective or inconsistent with any other provisions herein or therein; (iii) to amend any provision hereof to the extent necessary
or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by
each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or interests
of any Certificateholder or Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder
without the consent of the Holders of Certificates representing all of the Percentage Interests of the Controlling Class); (iv)
to amend or supplement a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of
this Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); and (v) to modify
the procedures herein relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification would
not materially increase 

 

    -278-

     

    

 

the obligations of the Depositor, the
Trustee, the Paying Agent, the Certificate Administrator, the 17g-5 Information Provider, the Master Servicer or the Special Servicer
without such parties’ consent; and provided, further, that such amendment shall not adversely affect in any
material respect the interests of any Certificateholders or Companion Loan Holders not consenting thereto, as evidenced by in
the case of clauses (iii) through (v) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder
of a rated Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect
to any Companion Loan Securities; and provided, further, that the Certificate Administrator shall give notice of
any such amendment to the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(c) of this Agreement). In no event shall any such amendment cause the Lower-Tier REMIC
or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.

 

This Agreement or any
Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator and the Trustee with the prior written consent of the Holders of Certificates representing not less than 66-2⁄3%
of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor,
any of the Depositor’s Affiliates and/or agents or the Trust Loan Sellers) and the Companion Loan Holders affected thereby
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or
modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment may:

 

(i)          reduce
in any manner the amount of, or delay the timing of, payments received on the Whole Loan which are required to be distributed on
any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or
Classes affected thereby or which are required to be distributed to any Companion Loan Holders without the consent of such Companion
Loan Holder;

 

(ii)         change
the percentages of Voting Rights or Percentage Interests of Holders of Certificates which are required to consent to any action
or inaction under this Agreement without the consent of the Holders of Certificates representing all of the Percentage Interests
of the Class or Classes affected thereby and the consent of any affected Companion Loan Holder;

 

(iii)         alter
the Servicing Standard or obligations of the Master Servicer or the Trustee to make a P&I Advance, Administrative Advance or
a Property Advance, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class
or Classes affected thereby and the consent of any affected Companion Loan Holder; or

 

(iv)        amend
any section hereof which relates to the amendment of this Agreement without the consent of the Holders of all Certificates representing
all of the Percentage Interests of the Class or Classes affected thereby and the consent of any affected Companion Loan Holder.

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without
the consent of the 

 

    -279-

     

    

 

Certificateholders or the
Companion Loan Holders, may amend this Agreement to modify, eliminate or add to any of its provisions to such extent as shall
be necessary: (i) to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or to prevent the
imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided
that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to
maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect
the interest of any Certificateholder or Companion Loan Holders or (ii) to comply with the Investment Company Act of 1940, as
amended, and/or any related regulatory actions and/or interpretations.

 

In the event that neither
the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section 10.08 shall be effective
with the consent of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, in writing, and to
the extent required by this Section 10.08, the Certificateholders and the Companion Loan Holders. Promptly after the execution
of any amendment, the requesting party shall forward to the Trustee, the Certificate Administrator, the Master Servicer and the
Special Servicer, and the Certificate Administrator shall furnish a copy of such amendment to each Certificateholder, the 17g-5
Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement).

 

It shall not be necessary
for the consent of Certificateholders under this Section 10.08 to approve the particular form of any proposed amendment,
but it shall be sufficient if such consent shall approve the substance thereof. The method of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders and Companion Loan Holders shall be subject to such reasonable
regulations as the Trustee may prescribe; provided, however, that such method shall always be by affirmation and
in writing.

 

Notwithstanding any
contrary provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless the Trustee
and the Certificate Administrator have received an Opinion of Counsel, at the expense of the party requesting such amendment (or,
if such amendment is required by any Rating Agency to maintain the rating issued by it or requested by the Trustee for any purpose
described in clause (i), (ii) or (iii) of first sentence of this Section, then at the expense of the Trust
Fund) confirming that such amendment is authorized or permitted by this Agreement and that all conditions precedent with respect
thereto have been satisfied, respectively, hereunder and such amendment will not cause the Lower-Tier REMIC or the Upper-Tier
REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding, or cause a tax to be imposed on the Trust
Fund or either Trust REMIC.

 

Prior to the execution
of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the Special Servicer
and the Master Servicer may request and shall be entitled to rely conclusively upon an Opinion of Counsel and an Officer’s
Certificate, at the expense of the party requesting such amendment (or, if such amendment is required by any Rating Agency to maintain
the rating issued by it or requested by the Trustee for any purpose described in clause (i), (ii) or (iii)
of the first sentence of this Section 10.08 (which do not modify or otherwise relate solely to the obligations, duties or
rights of the Trustee or the Certificate Administrator), then at the expense of the Trust Fund) stating that the 

 

    -280-

     

    

 

execution of such amendment is authorized
or permitted by this Agreement and that all conditions precedent with respect thereto have been satisfied. The Trustee or the
Certificate Administrator may, but shall not be obligated to, enter into any such amendment which affects the Trustee’s
or the Certificate Administrator’s own rights, duties or immunities under this Agreement.

 

Notwithstanding any contrary
provision contained in this Agreement, no amendment shall be made to this Agreement which adversely affects the rights, including
(without limitation) as a third-party beneficiary hereunder, and/or obligations of the Trust Loan Sellers or the Initial Purchasers
without the consent of the Trust Loan Sellers or the Initial Purchasers, as applicable, or which adversely affects the rights,
including (without limitation) as a third-party beneficiary hereunder, and/or obligations of any Companion Loan Holder without
the consent of such Companion Loan Holder.

 

Promptly after the execution
of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate Administrator’s
Website, deliver a copy of the same to the 17g-5 Information Provider which shall post a copy of the same on the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement, and thereafter, the Certificate Administrator shall
furnish a copy of such amendment to each Certificateholder, each Companion Loan Holder, the Depositor, the Master Servicer, the
Special Servicer, and the Initial Purchasers.

 

Section
10.09     Confirmation of Intent.  It is the express intent of the parties hereto
that the conveyance of the Trust Fund (including the Trust Loan) by the Depositor to the Trustee on behalf of
Certificateholders as contemplated by this Agreement and the sale by the Depositor of the Certificates be, and be treated for
all purposes as, a sale by the Depositor of the undivided portion of the beneficial interest in the Trust Fund represented by
the Certificates. It is, further, not the intention of the parties that such conveyance be deemed a pledge of the Trust Fund
by the Depositor to the Trustee to secure a debt or other obligation of the Depositor. However, in the event that,
notwithstanding the intent of the parties, the Trust Fund is held to continue to be property of the Depositor then (a) this
Agreement shall also be deemed to be a security agreement under applicable law; (b) the transfer of the Trust Fund provided for herein shall be deemed to be a grant by the Depositor
to the Trustee on behalf of Certificateholders of a first priority security interest in all of the Depositor’s right, title
and interest in and to the Trust Fund and all amounts payable to the holders of the Trust Loan in accordance with the terms thereof
and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property,
including, without limitation, all amounts from time to time held or invested in the Collection Account, the Distribution Accounts,
the Interest Reserve Account and any REO Account whether in the form of cash, instruments, securities or other property; (c) the
possession by the Trustee (or the Custodian on its behalf) of Note and such other items of property as constitute instruments,
money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” for purposes
of perfecting the security interest pursuant to Section 9-313 of the New York Uniform Commercial Code; and (d) notifications to
Persons holding such property, and acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed
notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable)
of the Trustee for the purpose of perfecting such security interest under applicable 

 

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law. Any assignment of the interest of the
Trustee pursuant to any provision hereof shall also be deemed to be an assignment of any security interest created hereby. The
Depositor shall, and upon the request and direction of the Master Servicer, the Trustee shall, to the extent consistent with this
Agreement (and at the expense of the Trust Fund), take such actions as may be necessary to ensure that, if this Agreement were
deemed to create a security interest in the Trust Loan, such security interest would be deemed to be a perfected security interest
of first priority under applicable law and will be maintained as such throughout the term of this Agreement. It is the intent
of the parties that such a security interest would be effective whether any of the Certificates are sold, pledged or assigned.

 

Section
10.10     No Intended Third-Party Beneficiaries.  Except as specified in Section
10.12 of this Agreement, no Person other than a party to this Agreement, the Trust Loan Sellers, the Initial Purchasers or
any Certificateholder shall have any rights with respect to the enforcement of any of the rights or obligations hereunder. Without
limiting the foregoing, the parties to this Agreement specifically state that no Borrower, Manager or other party to the Trust
Loan is an intended third-party beneficiary of this Agreement.

 

Section 10.11     Entire
Agreement.   This Agreement, together with the Co-Lender Agreement, contains the entire agreement and understanding
between the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements,
understanding, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject
matter hereof. The express terms hereof control and supersedes any course of performance or usage of the trade inconsistent with
any of the terms hereof.

 

Section
10.12      Third Party Beneficiaries.  Each of the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer acknowledge that (i) each Trust Loan Seller and each Initial Purchaser is a third
party beneficiary with respect to Section 8.05(h) of this Agreement, the obligations of any such party to deliver information
to the 17g-5 Information Provider hereunder and the obligations of the 17g-5 Information Provider to post information to the 17g-5
Information Provider’s Website and the express obligations of any party hereto to deliver documents, notices, information
or funds to each of the Trust Loan Seller, (ii) each Trust Loan Seller is a third party beneficiary with respect to Section
2.03(d), Section 2.03(e), Section 2.03(g) and Section 10.08 of this Agreement, (iii) each Initial Purchaser
is a third party beneficiary with respect to its rights to receive any notices, documents, certifications and/or information hereunder
and its rights under Section 10.08 of this Agreement, (iv) each holder of a Companion Loan and any related Other Depositor
is an intended third party beneficiary in respect of the rights afforded it under this Agreement and may directly (or, in the
case of the holder of a Companion Loan, the related Other Servicer may) enforce such rights, and (v) each of the Companion Loan
Service Providers under an applicable Other Pooling and Servicing Agreement is an intended third party beneficiary under this
Agreement with respect to any provision herein expressly relating to compensation, reimbursement or indemnification of such Companion
Loan Service Provider and the provisions regarding the coordination of Advances.

 

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ARTICLE
XI

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section 11.01     Intent
of the Parties; Reasonableness.       The parties hereto acknowledge and agree that the
purpose of Article XI of this Agreement is, among other things, to facilitate compliance by any Other Depositor with the
provisions of Regulation AB and the related rules and regulations of the Commission. Except as expressly required by Sections
11.07, 11.08 and 11.09, the Depositor shall not, and no Other Depositor may, exercise its rights to request
delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance
with the Act, the Exchange Act and the Sarbanes-Oxley Act. The parties hereto acknowledge that interpretations of the requirements
of Regulation AB may change over time due to interpretive guidance provided by the Commission or its staff, and agree to comply
with reasonable requests made by the Depositor, or any Other Depositor, in good faith for delivery of information under these
provisions on the basis of such evolving interpretations of Regulation AB. In connection with the Hudson Yards 2016-10HY Mortgage
Trust Commercial Mortgage Pass-Through Certificates, and any Companion Loan Securities, each of the parties to this Agreement
shall cooperate fully with the Depositor, the Certificate Administrator, any Other Depositor and any Other Exchange Act Reporting
Party, as applicable, to deliver to the Depositor or Other Depositor, as applicable (including any of its assignees or designees),
any and all statements, reports, certifications, records and any other information in its possession or reasonably available to
it and necessary in the reasonable good faith determination of the Depositor, the Certificate Administrator, any Other Depositor
or any Other Exchange Act Reporting Party, as applicable, to permit any Other Depositor to comply with the provisions of Regulation
AB, together with such disclosures relating to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee
and the Custodian, as applicable, and any Sub-Servicer, or the servicing of the Whole Loan, reasonably believed by the Depositor
or any Other Depositor, as applicable, in good faith to be necessary in order to effect such compliance. Each party to this Agreement
shall have a reasonable period of time to comply with any written request made under this Section 11.01, but in any event shall,
upon reasonable advance written request, provide information in sufficient time to allow the Depositor or any Other Depositor,
as applicable, to satisfy any related filing requirements. For purposes of this Article XI, to the extent any party has an obligation
to exercise commercially reasonable efforts to cause a third party to perform, such party hereunder shall not be required to bring
any legal action against such third party in connection with such obligation.

 

 Section 11.02     Succession;
Sub-Servicers; Subcontractors.      (a) For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act (in addition to any requirements contained in Section 11.07 of this Agreement), in connection
with the succession to the Master Servicer and Special Servicer or any Sub-Servicer as servicer or sub-servicer (to the extent
such Sub-Servicer is a “servicer” meeting the criteria contemplated by Item 1108(a)(2) of Regulation AB) under this
Agreement by any Person (i) into which the Master Servicer and Special Servicer or such Sub-Servicer may be merged or consolidated,
or (ii) which may be appointed as a successor to the Master Servicer and Special Servicer or any such Sub-Servicer, the Master
Servicer or Special Servicer, as applicable (depending on whether such succession involves it or one of its Sub-Servicers), shall
provide to any Other Depositor as to which the applicable Companion Loan is affected, at least five (5) Business Days prior to
the 

 

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effective date of such succession or appointment
as long as such disclosure prior to such effective date would not be violative of any applicable law or confidentiality agreement,
and otherwise no later than one (1) Business Day after such effective date of succession, (x) written notice to the Depositor
and each such Other Depositor of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory
to each such Other Depositor, all information relating to such successor servicer reasonably requested by any such Other Depositor
in order to comply with its reporting obligation under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under
the Exchange Act are required to be filed under the Exchange Act).

 

(b)          For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Master Servicer,
the Special Servicer, any Sub-Servicer, the Certificate Administrator, the Trustee and the Custodian (each of the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Custodian and each Sub-Servicer, for purposes of this
Section 11.02(b) and Section 11.02(c), a “Servicing Party”) is permitted to utilize one or more
Subcontractors to perform certain of its obligations hereunder. Such Servicing Party shall promptly upon request provide to any
Other Depositor as to which the applicable Companion Loan is affected, a written description (in form and substance satisfactory
to each such Other Depositor) of the role and function of each Subcontractor that is a Servicing Function Participant utilized
by such Servicing Party during the preceding calendar year, specifying (i) the identity of such Subcontractor, and (ii) which elements
of the Servicing Criteria will be addressed in assessments of compliance provided by each such Subcontractor. Each Servicing Party
shall cause any Subcontractor utilized by such Servicing Party that is determined to be a Servicing Function Participant to comply
with the provisions of Section 11.08 and Section 11.09 of this Agreement to the same extent as if such Subcontractor
were such Servicing Party. Such Servicing Party shall obtain from each such Subcontractor (or, in the case of each Sub-Servicer
set forth on Exhibit W, shall use commercially reasonable efforts to obtain from such Sub-Servicer) and deliver to the applicable
Persons any assessment of compliance report and related accountant’s attestation required to be delivered by such Subcontractor
under Section 11.08 and Section 11.09 of this Agreement, in each case, as and when required to be delivered.

 

(c)          For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding the foregoing,
if a Servicing Party engages a Subcontractor in connection with the performance of any of its duties under this Agreement, such
Servicing Party shall be responsible for determining whether such Subcontractor is a “servicer” within the meaning
of Item 1101 of Regulation AB and whether such Subcontractor meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB. If a Servicing Party determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer” within
the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB, then such
Subcontractor shall be deemed to be a Sub-Servicer for purposes of this Agreement, and the engagement of such Sub-Servicer shall
not be effective unless and until notice is given to the Depositor and the Certificate Administrator, as well as any Other Depositor
as to which the applicable Companion Loan is affected, of any such Sub-Servicer and Subservicing Agreement. No Subservicing Agreement
(other than such agreements relating to a Sub-Servicer set forth in Exhibit W) shall be effective until five (5) Business
Days after such written notice is received by the Depositor, the Certificate Administrator and each such Other 

 

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Depositor. Such notice
shall contain all information reasonably necessary, and in such form as may be necessary, to enable each Other Exchange Act Reporting
Party as to which the applicable Companion Loan is affected, to accurately and timely report the event under Item 6.02 of Form
8-K pursuant to the related Other Pooling and Servicing Agreement or otherwise (if such reports under the Exchange Act are required
to be filed under the Exchange Act).

 

(d)          For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, in connection with the
succession to the Trustee or Certificate Administrator under this Agreement by any Person (i) into which the Trustee or Certificate
Administrator may be merged or consolidated, or (ii) which may be appointed as a successor to the Trustee or Certificate Administrator,
the Trustee or Certificate Administrator, as applicable, shall notify the Depositor and each Other Depositor, at least ten (10)
Business Days prior to the effective date of such succession or appointment (or if such prior notice would be violative of applicable
law or any applicable confidentiality agreement, no later than the time required under Section 11.06 of this Agreement)
and shall furnish pursuant to Section 11.06 of this Agreement to each Other Depositor in writing and in form and substance
reasonably satisfactory to the Depositor and each Other Depositor, all information reasonably necessary for each Other Exchange
Act Reporting Party to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to the related Other Pooling
and Servicing Agreement or otherwise (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

Section 11.03     Other
Securitization Trust’s Filing Obligations.    For so long as any Other Securitization Trust is subject
to the reporting requirements of the Exchange Act, the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee and the Custodian shall (and shall cause (or, in the case of each Sub-Servicer set forth on Exhibit W, shall use
commercially reasonable efforts to cause) each Additional Servicer and Servicing Function Participant utilized thereby to) reasonably
cooperate with each Other Depositor in connection with the satisfaction of each Other Securitization Trust’s reporting requirements
under the Exchange Act.

 

Section 11.04     Form
10-D Disclosure.      For so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, within five (5) calendar days after the related Distribution Date (using commercially reasonable efforts),
(i) the parties as set forth on Exhibit S to this Agreement, shall be required to provide to each Other Exchange Act Reporting
Party and each Other Depositor to which the particular Additional Form 10-D Disclosure is relevant for Exchange Act reporting
purposes, to the extent a Servicing Officer or Responsible Officer thereof has knowledge thereof (other than information required
by Item 1117 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible
Officer, as the case may be, or any lawyer in the in-house legal department of such party), in EDGAR-compatible format (to the
extent available to such party in such format), or in such other format as otherwise agreed upon by each such Other Exchange Act
Reporting Party, each such Other Depositor and such parties, the form and substance of the Additional Form 10-D Disclosure, if
applicable, and (ii) the parties listed on Exhibit S to this Agreement shall include with such Additional Form 10-D Disclosure
application to such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit W,
shall use commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor of such party to the extent required under
Regulation AB to provide, and if received, include, an

 

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Additional Disclosure Notification in the form attached as Exhibit V
to this Agreement. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by
the parties listed on Exhibit S to this Agreement of their duties under this paragraph or proactively solicit or procure
from such parties any Additional Form 10-D Disclosure information.

 

Section 11.05     Form
10-K Disclosure.     For so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, by March 1st, commencing in March 2017, (i) the parties listed on Exhibit T to this Agreement
shall be required to provide (and with respect to any Servicing Function Participant of such party (other than any party to this
Agreement), shall cause such Servicing Function Participant to provide) to each Other Exchange Act Reporting Party and each Other
Depositor to which the particular Additional Form 10-K Disclosure is relevant for Exchange Act Reporting purposes, to the extent
a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other than information required
by Item 1117 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible
Officer, as the case may be, or any lawyer in the in house legal department of such party), in EDGAR compatible format (to the
extent available to such party in such format) or in such other format as otherwise agreed upon by each such Other Exchange Act
Reporting Party, each such Other Depositor and such providing parties, the form and substance of any Additional Form 10-K Disclosure
described on Exhibit T to this Agreement applicable to such party, and (ii) the parties listed on Exhibit T to this
Agreement shall include with such Additional Form 10-K Disclosure applicable to such party and shall cause each Sub-Servicer (or,
in the case of each Sub-Servicer set forth on Exhibit W, shall use commercially reasonable efforts to cause such Sub-Servicer)
and Subcontractor of such party to the extent required under Regulation AB to provide, and if received, include, an Additional
Disclosure Notification in the form attached as Exhibit V to this Agreement. The Certificate Administrator has no duty
under this Agreement to monitor or enforce the performance by the parties listed on Exhibit T to this Agreement of their
duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-K Disclosure information.

 

Section
11.06     Form 8-K Disclosure.     For so long as any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act, to the extent a Servicing Officer or
Responsible Officer thereof has actual knowledge of such event (other than Item 1117 of Regulation AB as to such party which
shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may be, or any lawyer in the
in-house legal department of such party), within one Business Day after the occurrence of an event requiring disclosure on
Form 8-K (each such event, a “Reportable Event”) (using commercially reasonable efforts), but in no event
later than the end of business (New York City time) on the second Business Day after the occurrence of a Reportable Event,
(i) the parties set forth on Exhibit U to this Agreement shall be required to provide (and (i) with respect to any
Servicing Function Participant of such party that is a Sub-Servicer set forth on Exhibit W, shall use commercially
reasonable efforts to cause such Servicing Function Participant to provide, and (ii) with respect to any other Servicing
Function Participant of such party (other than any party to this Agreement), shall cause such Servicing Function Participant
to provide) to each Other Depositor and each Other Exchange Act Reporting Party to which the particular Form 8-K
Disclosure Information is relevant for Exchange Act reporting purposes, in EDGAR-compatible format (to the extent available
to such party in such format) or in such other format as otherwise agreed

 

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upon by each such Other Depositor, each such Other
Exchange Act Reporting Party and such providing parties, any Form 8-K Disclosure Information described on Exhibit U to
this Agreement as applicable to such party, if applicable, and (ii) the parties listed on Exhibit U to this Agreement
shall include with such Form 8-K Disclosure Information applicable to such party and shall cause each Sub-Servicer (or, in
the case of each Sub-Servicer set forth on Exhibit W, shall use commercially reasonable efforts to cause such
Sub-Servicer) and Subcontractor of such party to the extent required under Regulation AB to provide, and if received,
include, an Additional Disclosure Notification in the form attached hereto as Exhibit V. The Certificate Administrator
has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit U of their
duties under this paragraph or proactively solicit or procure from such parties any Form 8-K Disclosure Information.

 

Section 11.07     Annual
Compliance Statements.      On or before March 1 of each year, commencing in 2017, each of the Master Servicer,
the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the Whole Loan) and, for so
long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator,
the Custodian, any Additional Servicer and each Servicing Function Participant, each at its own expense, shall furnish (and each
such party, (i) with respect to each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit W with
which it has entered into a servicing relationship with respect to the Whole Loan, shall use commercially reasonable efforts to
cause such Servicing Function Participant to furnish, and (ii) with respect to any other Servicing Function Participant of such
party (other than any party to this Agreement), shall cause such Servicing Function Participant to furnish) (each such Servicing
Function Participant and each of the Master Servicer, Special Servicer, the Certificate Administrator, the Trustee and the Custodian,
a “Certifying Servicer”) to the Certificate Administrator and the 17g-5 Information Provider (who shall post
it to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, as applicable)), the Trustee,
the Depositor and the Companion Loan Holders (or, in the case of a Companion Loan that is part of an Other Securitization Trust,
the applicable Other Depositor and Other Exchange Act Reporting Party), an Officer’s Certificate stating, as to the signer
thereof, that (A) a review of such Person’s activities during the preceding calendar year or portion thereof and of such
Person’s performance under this Agreement or the applicable sub-servicing agreement, as applicable, has been made under
such officer’s supervision and (B) to the best of such officer’s knowledge, based on such review, such Person has
fulfilled all its obligations under this Agreement or the applicable sub-servicing agreement, as applicable, in all material respects
throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation in any material respect,
specifying each such failure known to such officer and the nature and status thereof. For so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, promptly after receipt of each such Officer’s Certificate,
the Depositor (and, in the case of a Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor
and Other Exchange Act Reporting Party) may review each such Officer’s Certificate and, if applicable, consult with the
Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer, respectively, or any related
Servicing Function Participant with which the Master Servicer or the Special Servicer, as applicable, has entered into a servicing
relationship with respect to the Trust Loan or the Companion Loans in the fulfillment of any Certifying Servicer’s obligations
hereunder or under the applicable sub-servicing or primary servicing agreement. The obligations of each Certifying Servicer under
this Section apply to each such Certifying Servicer that 

 

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serviced the Trust Loan or a Companion Loan during the applicable period,
whether or not the Certifying Servicer is acting in such capacity at the time such Officer’s Certificate is required to
be delivered. Copies of all Officer’s Certificates delivered pursuant to this Section 11.07 shall be made available
to any Privileged Person by the Certificate Administrator by posting such Compliance Report to the Certificate Administrator’s
Website. Notwithstanding the foregoing, the Trustee shall not be required to deliver an annual compliance statement with respect
to any period during which there was no Relevant Servicing Criteria applicable to it.

 

Section 11.08     Annual
Reports on Assessment of Compliance with Servicing Criteria.      (a) On or before March 1 of each
year, commencing in 2017, the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced
special servicing of the Whole Loan) and, for so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, the Certificate Administrator, the Trustee and the Custodian, each at its own expense, shall furnish (and
each such party, (i) with respect to each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit W
with which it has entered into a servicing relationship with respect to the Whole Loan, shall use commercially reasonable efforts
to cause such Servicing Function Participant to furnish, and (ii) with respect to any other Servicing Function Participant of
such party (other than any party to this Agreement), shall cause such Servicing Function Participant to furnish) (each Servicer,
the Special Servicer, the Certificate Administrator, the Trustee, the Custodian and any Servicing Function Participant, as the
case may be, a “Reporting Servicer”) to the Certificate Administrator and the 17g-5 Information Provider (who
shall promptly post it to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, as
applicable), the Trustee, the Depositor and the Companion Loan Holders (or, in the case of a Companion Loan that is part of an
Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), a report on an assessment
of compliance with the Applicable Servicing Criteria that contains (A) a statement by such Reporting Servicer of its responsibility
for assessing compliance with the Applicable Servicing Criteria, (B) a statement that, to the best of such Reporting Servicer’s
knowledge, such Reporting Servicer used the Servicing Criteria to assess compliance with the Applicable Servicing Criteria, (C)
such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria as of the end of and for the preceding
calendar year, including, if there has been any material instance of noncompliance with the Applicable Servicing Criteria, a discussion
of each such failure and the nature and status thereof and (D) a statement that a registered public accounting firm that is a
member of the American Institute of Certified Public Accountants has issued an attestation report on such Reporting Servicer’s
assessment of compliance with the Applicable Servicing Criteria as of and for such period. Copies of all compliance reports delivered
pursuant to this Section 11.08 shall be provided to any Certificateholder, upon the written request therefor, by the Certificate
Administrator. Notwithstanding the foregoing, the Trustee shall not be required to deliver an assessment of compliance with respect
to any period during which there was no Relevant Servicing Criteria applicable to it.

 

Each such report shall
be addressed to the Depositor and each Other Depositor (if addressed) and signed by an authorized officer of the applicable company,
and shall address each of the Applicable Servicing Criteria. For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, promptly after receipt of each such report, the Depositor and each Other Depositor may review
each such report and, if applicable, consult with 

 

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the each Reporting Servicer as to the
nature of any material instance of noncompliance with the Relevant Servicing Criteria.

 

(b)          On
the Closing Date, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee each
acknowledge and agree that Schedule I to this Agreement sets forth the Relevant Servicing Criteria for such party.

 

(c)          No
later than 30 days after the end of each fiscal year for the Trust, the Master Servicer, the Special Servicer and, for so long
as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator,
the Trustee and the Custodian shall notify the Certificate Administrator, the Depositor, each Other Exchange Act Reporting Party
and each Other Depositor as to the name of each Servicing Function Participant utilized by it, in each case, and each such notice
will specify what specific Servicing Criteria will be addressed in the report on assessment of compliance prepared by such Servicing
Function Participant. When the Master Servicer, the Special Servicer and, for so long as any Other Securitization Trust is subject
to the reporting requirements of the Exchange Act, the Certificate Administrator, the Trustee and the Custodian submit their assessments
pursuant to Section 11.08(a) of this Agreement, such parties, as applicable, will also at such time include the assessment
(and related attestation pursuant to Section 11.09) of each Servicing Function Participant engaged by it. The fiscal year
for the Trust shall be January 1 through and including December 31 of each calendar year.

 

(d)          In
the event the Master Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, the Certificate Administrator, the Trustee or the Custodian is terminated or resigns pursuant
to the terms of this Agreement, such party shall provide, and each such party shall cause (or, if the Servicing Function Participant
is a Sub-Servicer set forth on Exhibit W, shall use commercially reasonable efforts to cause) any Servicing Function Participant
engaged by it to provide (and the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian
shall, with respect to any Servicing Function Participant that resigns or is terminated under any applicable servicing agreement,
cause such Servicing Function Participant to provide) an annual assessment of compliance pursuant to this Section 11.08,
coupled with an attestation as required in Section 11.09 in respect of the period of time that the Master Servicer, the
Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act,
the Certificate Administrator, the Trustee or the Custodian was subject to this Agreement or the period of time that the Servicing
Function Participant was subject to such other servicing agreement.

 

Section 11.09    Annual
Independent Public Accountants’ Servicing Report.     On or before March 1 of each year, commencing in 2017,
the Master Servicer, the Special Servicer and, for so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, the Certificate Administrator, the Trustee and the Custodian, each at its own expense, shall cause (and each
such party, (i) with respect to each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit W with
which it has entered into a servicing relationship with respect to the Whole Loan, shall use commercially reasonable efforts to
cause such Servicing Function Participant to cause, and (ii) with respect to any other Servicing Function Participant of such
party (other than any party to this Agreement), shall cause such Servicing Function Participant to cause) a registered public
accounting firm (which may also 

 

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render other services to the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee, the Custodian or the applicable Servicing Function Participant,
as the case may be) and that is a member of the American Institute of Certified Public Accountants to furnish a report to the
Certificate Administrator (who shall post it to the Certificate Administrator’s Website), the Depositor, the Companion Loan
Holders (or, in the case of a Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and
Other Exchange Act Reporting Party) and the 17g-5 Information Provider (who shall post it to the 17g-5 Information Provider’s
Website), to the effect that (i) it has obtained a representation regarding certain matters from the management of such Reporting
Servicer, which includes an assessment from such Reporting Servicer of its compliance with the Applicable Servicing Criteria and
(ii) on the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or
adopted by the Public Company Accounting Oversight Board, it is expressing an opinion as to whether such Reporting Servicer’s
assessment of compliance with the Servicing Criteria was fairly stated in all material respects, or it cannot express an overall
opinion regarding such party’s assessment of compliance with the Applicable Servicing Criteria. In the event that an overall
opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such
an opinion. Each accountant’s attestation report required hereunder shall be made in accordance with Rules 1-02(a)(3) and
2-02(g) of Regulation S-X under the Act and the Exchange Act. Such report must be available for general use and not contain restricted
use language. Copies of all statements delivered pursuant to this Section 11.09 shall be made available to any Privileged
Person by the Certificate Administrator posting such statement on the Certificate Administrator’s Website pursuant to Section
8.14(b). Notwithstanding the foregoing, the Trustee shall not be required to deliver an annual independent public accountants’
servicing report with respect to any period during which there was no Relevant Servicing Criteria applicable to it.

 

For so long as any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act, promptly after receipt of such report from
the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Custodian or any Servicing Function
Participant, the Depositor and each Other Depositor may review the report and, if applicable, consult with the Master Servicer,
the Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange
Act, the Certificate Administrator as to the nature of any defaults by the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Custodian or any Servicing Function Participant with which it has entered into a servicing relationship
with respect to the Trust Loan or any Companion Loan, as the case may be, in the fulfillment of any of the Master Servicer’s,
the Special Servicer’s, the Certificate Administrator’s, the Trustee’s, the Custodian’s or the applicable
Servicing Function Participants’ obligations hereunder or under the applicable sub-servicing agreement.

 

Section 11.10     Significant
Obligor.      With respect to a Companion Loan that an applicable Other Depositor has notified the Master Servicer
in writing that the Property is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with
respect to an Other Securitization Trust that includes such Companion Loan and of the distribution date in such Other Pooling
and Servicing Agreement, the Master Servicer shall, solely to the extent the Master Servicer is in receipt of the updated financial
statements of such “significant obligor” for any calendar quarter (other than the fourth calendar quarter of any calendar
year) (beginning with 

 

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the first calendar quarter following receipt
of such notice from the Other Depositor) or the updated financial statements of such “significant obligor” for any
calendar year (beginning with the first calendar year following receipt of such notice from the Other Depositor), as applicable,
from the Borrower or the Special Servicer, as applicable, deliver to the Other Certificate Administrator on or prior to the day
that occurs two Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seven Business Days prior
to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement receipt occurs 12
or more Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or 17 or more Business Days prior
to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such “significant
obligor”, together with the net operating income of such significant obligor for the applicable period as calculated by
the Master Servicer in accordance with the CREFC® guidelines and (B) if such financial statement receipt occurs
less than 12 Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than 17 Business Days
prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such “significant
obligor”, together with the net operating income for the applicable period as reported by the Borrower in such financial
statements.

 

If the Master Servicer
does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the
case may be, of such “significant obligor” within ten Business Days after the date such financial information is required
to be delivered under the Loan Documents, the Master Servicer shall notify the Other Depositor with respect to such Other Securitization
Trust that includes such related Companion Loan (and shall cause each applicable sub-servicing agreement to require any related
Sub-Servicer to notify such Other Depositor) that it has not received them. The Master Servicer shall use efforts consistent with
the Servicing Standard (taking into account, in addition, the ongoing reporting obligations of such Other Depositor under the Exchange
Act) to obtain the periodic financial statements of the Borrower under the Loan Documents.

 

The Master Servicer
shall (and shall cause each applicable sub-servicing agreement to require any related Sub-Servicer to) retain written evidence
of each instance in which it (or a Sub-Servicer) attempts to contact the Borrower to obtain the required financial information
and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is
required to be filed with respect to the Other Securitization Trust, shall forward an Officer’s Certificate evidencing its
attempts to obtain this information to the Other Exchange Act Reporting Party and Other Depositor related to such Other Securitization
Trust. This Officer’s Certificate should be addressed to the certificate administrator at its corporate trust office, as
specified in the related Other Pooling and Servicing Agreement.

 

Section 11.11     Sarbanes-Oxley
Backup Certification.      For so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, the Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer shall
provide (and with respect to any other Servicing Function Participant of such party, shall cause such Servicing Function Participant
to provide) to the Person who signs the Sarbanes-Oxley Certification with respect to such Other Securitization Trust (the “Certifying
Person”) no later than March 15 of the year following the year to which the Form 10-K of such Other 

 

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Securitization Trust relates or, if March
15 is not a Business Day, on the immediately following Business Day, a certification in the form attached to this Agreement as
Exhibit X, on which the Certifying Person, the entity for which the Certifying Person acts as an officer, and such entity’s
officers, directors and Affiliates (collectively with the Certifying Person, “Certification Parties”) can reasonably
rely. In the event any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable
sub-servicing agreement or primary servicing agreement, as the case may be, such Reporting Servicer shall provide a certification
to the Certifying Person pursuant to this Section 11.11 with respect to the period of time it was subject to this Agreement
or the applicable sub-servicing or primary servicing agreement, as the case may be. Notwithstanding the foregoing, the Trustee
shall not be required to deliver such certification with respect to any period during which there was no Relevant Servicing Criteria
applicable to it.

 

Notwithstanding the foregoing,
nothing in this Section 10.08 shall require any Reporting Servicer (i) to certify or verify the accurateness or completeness of
any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional Servicer or any other
third party retained by it that is not a Sub-Servicer listed on Exhibit W or a Sub-Servicer appointed pursuant to Section
3.01(c)), (ii) to certify information other than to such Reporting Servicer’s knowledge and in accordance with such Reporting
Servicer’s responsibilities hereunder or (iii) with respect to completeness of information and reports, to certify anything
other than that all fields of information called for in written reports prepared by such Reporting Servicer have been completed
except as they have been left blank on their face.

 

Section 11.12     Indemnification.     
For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Master
Servicer, the Special Servicer, the Custodian (if the Custodian is a separate entity from the Certificate Administrator), the
Certificate Administrator and the Trustee shall indemnify and hold harmless each Certification Party, the Depositor (and any Other
Depositor related to an Other Securitization Trust that includes such Companion Loan), their respective directors and officers,
and each other person who controls any such entity within the meaning of either Section 15 of the Securities Act or Section 20
of the Exchange Act, against any and all expenses, losses, claims, damages and other liabilities, including without limitation
the costs of investigation, legal defense and any amounts paid in settlement of any claim or litigation arising out of (i) the
failure to perform its obligations to the Depositor (or any Other Depositor related to an Other Securitization Trust that includes
such Companion Loan) or Certificate Administrator (or any Other Trustee related to an Other Securitization Trust that includes
such Companion Loan) under this Article XI by the time required after giving effect to any applicable grace period or cure
period, (ii) any untrue statement or alleged untrue statement of a material fact contained in any information (x) regarding such
party or any Servicing Function Participant, Additional Servicer or subcontractor engaged by it (other than any Trust Loan Seller
Sub-Servicer), (y) prepared by any such party described in clause (x) or any registered public accounting firm, attorney or other
agent retained by such party to prepare such information and (z) delivered by or on behalf of such party in connection with the
performance of such party’s obligations described in this Article XI, or the omission or alleged omission to state
in any such information a material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided, that the applicable party shall be entitled to participate in any action arising out
of the foregoing and the Depositor shall consult with such party with respect to 

 

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any litigation or audit strategy, as applicable,
in connection with the foregoing and any potential settlement terms related thereto, (iii) the failure of any Servicing Function
Participant or Additional Servicer retained by it (other than a Trust Loan Seller Sub-Servicer) to perform its obligations to
the Depositor (or any Other Depositor related to an Other Securitization Trust that includes such Companion Loan) or Certificate
Administrator (or any Other Trustee related to an Other Securitization Trust that includes such Companion Loan) under this Article
XI by the time required after giving effect to any applicable grace period and cure period or (iv) any Deficient Exchange
Act Deliverable.

 

In addition, each of
the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator and the Trustee shall cooperate (and require
each Servicing Function Participant and Additional Servicer retained by it to cooperate under the applicable Sub-Servicing Agreement)
with the Depositor or the Other Depositor as necessary for the Depositor or the Other Depositor to conduct any reasonable due diligence
necessary to evaluate and assess any material instances of non-compliance disclosed in any of the deliverables required by the
applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations
promulgated thereunder (“Reporting Requirements”).

 

In connection with comments
provided to the Depositor or any Other Depositor from the Commission regarding information (x) delivered by the Master Servicer,
the Special Servicer, the Custodian, the Certificate Administrator, the Trustee, a Servicing Function Participant or an Additional
Servicer, as applicable (“Affected Reporting Party”), (y) regarding such Affected Reporting Party, and (z) prepared
by such Affected Reporting Party or any registered public accounting firm, attorney or other agent retained by such party to prepare
such information, which information is contained in a report filed by the Depositor or Other Depositor under the Reporting Requirements
and which comments are received subsequent to the Depositor’s or Other Depositor’s filing of such report, the Depositor
or Other Depositor shall promptly provide to such Affected Reporting Party any such comments which relate to such Affected Reporting
Party. Such Affected Reporting Party shall be responsible for timely preparing a written response to the Commission for inclusion
in the Depositor’s or Other Depositor’s response to the Commission, unless such Affected Reporting Party elects, with
the consent of the Depositor or Other Depositor, as applicable (which consent shall not be unreasonably denied, withheld or delayed),
to directly communicate with the Commission and negotiate a response and/or resolution with the Commission; provided, if an Affected
Reporting Party is a Servicing Function Participant or Additional Servicer retained by the Master Servicer, the Master Servicer
shall receive copies of all material communications pursuant to this paragraph. If such election is made, the applicable Affected
Reporting Party shall be responsible for directly negotiating such response and/or resolution with the Commission in a timely manner;
provided, that (i) such Affected Reporting Party shall use reasonable efforts to keep the Depositor or Other Depositor informed
of its progress with the Commission and copy the Depositor or Other Depositor on all correspondence with the Commission and provide
the Depositor or Other Depositor with the opportunity to participate (at the Depositor’s or Other Depositor’s expense)
in any telephone conferences and meetings with the Commission and (ii) the Depositor or Other Depositor shall cooperate with any
Affected Reporting Party in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate
directly with the Commission with respect to any comments from the Commission relating to such Affected Reporting Party and to
notify the Commission of such authorization. The 

 

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Depositor (or Other Depositor) and the Affected Reporting Party shall cooperate
and coordinate with one another with respect to any requests made to the Commission for extension of time for submitting a response
or compliance. All respective reasonable out-of-pocket costs and expenses incurred by the Depositor or Other Depositor (including
reasonable legal fees and expenses of outside counsel to the Depositor or Other Depositor, as the case may be) in connection with
the foregoing (other than those costs and expenses required to be at the Depositor’s or Other Depositor’s expense as
set forth above) and any amendments to any reports filed with the Commission therewith shall be promptly paid by the applicable
Affected Reporting Party upon receipt of an itemized invoice from the Depositor or Other Depositor, as the case may be. Each of
the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator and the Trustee shall use commercially
reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained by it to comply with the foregoing
by inclusion of similar provisions in the related sub-servicing or similar agreement.

 

The Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Custodian shall use commercially reasonable efforts to
cause each Servicing Function Participant (other than (x) any party to this Agreement or (y) a Trust Loan Seller Sub-Servicer)
with which it has entered into a servicing relationship with respect to the Trust Loan to indemnify and hold harmless each Certification
Party from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments
and other costs and expenses incurred by such Certification Party arising out of (i) a breach of its obligations to provide any
of the annual compliance statements or annual assessment of servicing criteria or attestation reports pursuant to this Agreement,
or the applicable Sub-Servicing Agreement, as applicable or (ii) any Deficient Exchange Act Deliverable.

 

If the indemnification
provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Custodian, each Additional Servicer or other Servicing Function Participant
(the “Performing Party”) shall, and the Master Servicer, the Special Servicer, the Certificate Administrator
and the Trustee shall use commercially reasonable efforts to cause each Servicing Function Participant with which it has entered
into a servicing relationship (other than (x) a party to this Agreement or (y) any Trust Loan Seller Sub-Servicer) with respect
to the Trust Loan to contribute to the amount paid or payable to the Certification Party as a result of the losses, claims, damages
or liabilities of the Certification Party in such proportion as is appropriate to reflect the relative fault of the Certification
Party on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s obligations
pursuant to this Article XI. The Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian and
the Trustee shall use commercially reasonable efforts to cause each Servicing Function Participant (other than (x) any party to
this Agreement or (y) Trust Loan Seller Sub-Servicers) with which it has entered into a servicing relationship with respect to
the Trust Loan to agree to the foregoing indemnification and contribution obligations.

 

Promptly after receipt
by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof
is to be made against the indemnifying party hereunder, notify in writing the indemnifying party of the commencement thereof; but
the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party
under this Agreement except to the extent that such 

 

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omission to notify materially prejudices
the indemnifying party. In case any such action is brought against any indemnified party, after the indemnifying party has been
notified of the commencement of such action, such indemnifying party shall be entitled to participate therein (at its own expense)
and, to the extent that it may wish, shall be entitled to assume the defense thereof (jointly with any other indemnifying party
similarly notified) with counsel reasonably satisfactory to such indemnified party (which approval shall not be unreasonably withheld
or delayed), and after notice from the indemnifying party to such indemnified party of its election to so assume the defense thereof,
the indemnifying party shall not be liable to such indemnified party for any expenses subsequently incurred in connection with
the defense thereof other than reasonable costs of investigation. In any such proceeding, any indemnified party shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless
(i) the indemnifying party and the indemnified party shall have agreed to the retention of such counsel, (ii) the named parties
to any such proceeding (including any impleaded parties and, in the case of an investigation by the Commission, any parties that
are, or whose reporting materials are, the subject of such investigation) include both the indemnifying party and the indemnified
party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them or (iii) the indemnifying party fails within a reasonable period of time to designate counsel that is reasonably
satisfactory to the indemnified party (which approval shall not be unreasonably withheld or delayed). In no event shall the indemnifying
parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) in any one jurisdiction separate
from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions
in the same jurisdiction arising out of the same general allegations or circumstances. An indemnifying party shall not be liable
for any settlement of any proceeding effected without its written consent. However, if settled with such consent, the indemnifying
party shall indemnify the indemnified party from and against any loss or liability by reason of such settlement to the extent
that the indemnifying party is otherwise required to do so under this Agreement. If an indemnifying party assumes the defense
of any proceeding, it shall be entitled to settle such proceeding with the consent of the indemnified party (which consent shall
not be unreasonably withheld or delayed) or, if such settlement (i) provides for an unconditional release of the indemnified party
in connection with all matters relating to the proceeding that have been asserted against the indemnified party in such proceeding
by the other parties to such settlement and (ii) does not require an admission of fault by the indemnified party, without the
consent of the indemnified party.

 

Section 11.13     Amendments.   
This Article XI may be amended by the parties hereto pursuant to Section 11.08 of this Agreement for purposes of
complying with Regulation AB, the Act or the Exchange Act and/or to conform to standards developed within the commercial mortgage-backed
securities market and the Sarbanes-Oxley Act without any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations
or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement.

 

Section 11.14     Termination
of the Certificate Administrator.     Notwithstanding anything to the contrary contained in this Agreement, the Depositor
or any Other Depositor may terminate the Certificate Administrator upon five Business Days’ notice if the Certificate Administrator
fails to comply with any of its obligations under this Article XI; provided that 

 

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such termination shall not be effective
until a successor Certificate Administrator shall have accepted the appointment.

 

Section 11.15     Termination
of Sub-Servicing Agreements.     For so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, each of the Master Servicer, the Certificate Administrator, the Trustee and the Custodian, as applicable,
shall (i) cause each Sub-Servicing Agreement to which it is a party to entitle the Depositor or any Other Depositor to terminate
such agreement (without compensation, termination fee or the consent of any other Person) at any time following any failure of
the applicable Sub-Servicer to any deliver any Exchange Act reporting items that such Sub-Servicer is required to deliver under
Regulation AB or as otherwise contemplated by this Article XI and (ii) promptly notify the Depositor and any Other Depositor
following any failure of the applicable Sub-Servicer to deliver any Exchange Act reporting items that such Sub-Servicer is required
to deliver under Regulation AB or as otherwise contemplated by this Article XI. The Depositor and any Other Depositor is
hereby authorized to exercise the rights described in clause (i) of the preceding sentence in its sole discretion. The rights
of the Depositor and any Other Depositor to terminate a Sub-Servicing Agreement as aforesaid shall not limit any right the Master
Servicer, the Certificate Administrator, the Trustee or the Custodian, as applicable, may have to terminate such Sub-Servicing
Agreement.

 

Section 11.16     Notification
Requirements and Deliveries in Connection with Securitization of a Companion Loan.     (a) Any other provision
of this Article XI to the contrary notwithstanding, including, without limitation, any deadlines for delivery set forth
in this Article XI, in connection with the requirements contained in this Article XI that provide for the delivery
of information and other items to, and the cooperation with, the Other Depositor and Other Exchange Act Reporting Party of any
Other Securitization Trust that includes a Companion Loan, no party hereunder shall be obligated to provide any such items to
or cooperate with such Other Depositor or Other Exchange Act Reporting Party (i) until the Other Depositor or Other Exchange Act
Reporting Party of such Other Securitization Trust has provided each party hereto with not less than 30 days written notice (which
shall only be required to be delivered once and each party shall be entitled to conclusively rely on such notice until a Responsible
Officer thereof has received a subsequent notice), setting forth the contact information for such Person(s) and, except as regards
the deliveries and cooperation contemplated by Section 11.07, Section 11.08 and Section 11.09 of this Agreement,
stating that such Other Securitization Trust is subject to the reporting requirements of the Exchange Act, and (ii) specifying
in reasonable detail the information and other items not otherwise specified in this Agreement that are requested to be delivered;
provided that if Exchange Act reporting is being requested, such Other Depositor or Other Exchange Act Reporting Party
is only required to provide a single written notice to such effect. Any reasonable cost and expense of the Master Servicer, Special
Servicer, Trustee, Certificate Administrator and Custodian in cooperating with such Other Depositor or Other Exchange Act Reporting
Party of such Other Securitization Trust (above and beyond their expressed duties hereunder) shall be the responsibility of such
Other Depositor or Other Securitization Trust. The parties hereto shall have the right to confirm in good faith with the Other
Depositor of such Other Securitization Trust as to whether applicable law requires the delivery of the items identified in this
Article XI to such Other Depositor and Other Exchange Act Reporting Party of such Other Securitization Trust prior to providing
any of the reports or other information required to be delivered under this Article XI in connection therewith and 

 

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(i) upon such confirmation, the parties
shall comply with the deadlines for delivery set forth in this Article XI with respect to such Other Securitization Trust
or (ii) in the absence of such confirmation, the parties shall not be required to deliver such items; provided that no
such confirmation will be required in connection with any delivery of the items contemplated by Section 11.07, Section
11.08 and Section 11.09 of this Agreement. Such confirmation shall be deemed given if the Other Depositor or Other
Exchange Act Reporting Party for the Other Securitization Trust provides a written statement to the effect that the Other Securitization
Trust is subject to the reporting requirements of the Exchange Act and the appropriate party hereto receives such written statement.
The parties hereunder shall also have the right to require that such Other Depositor provide them with the contact details of
such Other Depositor, Other Exchange Act Reporting Party and any other parties to the Other Pooling and Servicing Agreement relating
to such Other Securitization Trust.

 

(b)          Each
of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian shall, upon reasonable
prior written request given in accordance with the terms of Section 11.16(a) above, and subject to a right of the Master
Servicer, Special Servicer, Certificate Administrator, Trustee or Custodian, as the case may be, to review and approve such disclosure
materials, permit each Companion Loan Holder to use such party’s description contained in the Offering Circular (updated
as appropriate by the Master Servicer, the Special Servicer, Certificate Administrator, Trustee or Custodian, as applicable, at
the reasonable cost of the Other Depositor) for inclusion in the disclosure materials relating to any securitization of a Companion
Loan.

 

(c)          The
Master Servicer, the Special Servicer, the Certificate Administrator , the Trustee and the Custodian, upon reasonable prior written
request given in accordance with the terms of Section 11.16(a) above, shall each timely provide (to the extent the reasonable
cost thereof is paid or caused to be paid by the requesting party) to the Other Depositor and any underwriters with respect to
any securitization transaction that includes a Companion Loan such opinion(s) of counsel, certifications and/or indemnification
agreement(s) with respect to the updated description referred in Section 11.16(b) with respect to such party, substantially
identical to those, if any, delivered by the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator
or the Custodian, as the case may be, or their respective counsel, in connection with the information concerning such party in
the Offering Circular and/or any other disclosure materials relating to this Trust (updated as deemed appropriate by the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian, or their respective legal counsel,
as the case may be, and sufficient to comply with Regulation AB). None of the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator or the Custodian shall be obligated to deliver any such item with respect to the securitization
of a Companion Loan if it did not deliver a corresponding item with respect to this Trust.

 

[NO FURTHER TEXT ON THIS PAGE]

 

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IN WITNESS WHEREOF, the parties
hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized all as of the day and
year first above written. 

	 	 
	 	DEUTSCHE MORTGAGE & ASSET RECEIVING CORPORATION,

as Depositor
	 	 	 
	 	By:	/s/ Natalie Grainger
	 	 	Name: Natalie Grainger
	 	 	Title: Director
	 	 	 
	 	By:	/s/ Matt Smith
	 	 	Name: Matt Smith
	 	 	Title: Director
	 	 	 
	 	WELLS FARGO BANK, national association,

as Master Servicer
	 	 	 
	 	By:	/s/ Nachette Hadden
	 	 	Name: Nachette Hadden
	 	 	Title: Director
	 	 
	 	AEGON USA REALTY ADVISORS, LLC,

as Special Servicer
	 	 	 
	 	By:	/s/ David C. Feltman
	 	 	Name: David C. Feltman
	 	 	Title: Executive Vice President

 

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	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator, Custodian and Paying Agent
	 	 	 
	 	By:	/s/ Stacey Gross
	 	 	Name: Stacey Gross
	 	 	Title: Vice President
	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, as
Trustee

	 	 	 
	 	By:	/s/ Dorri Costello
	 	 	Name: Dorri Costello
	 	 	Title: Vice President

 

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STATE OF New York               )

                                                    : ss.:

COUNTY OF New York        )

 

On the  16th day
of August in the year 2016, before me, the undersigned, personally appeared
Matt Smith  & Natalie Grainger, proved to me on the basis of satisfactory evidence to be the individual(s)
whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in
his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon
behalf of which the individual(s) acted, executed the instrument, and that such individual made such appearance before the
undersigned in the  New York (insert the city or other political subdivision and the state or county or
other place the acknowledgment was taken). 

 

	 	/s/ Christine L. Last
	 	Signature and Office of individual taking acknowledgment
	 	 	 

This instrument prepared by:

	 	 	Christine L. Last

Notary Public - 
State of New York

NO. 01LA6274862

Qualified in New York
County

My Commission Expires
January 14, 2017

	Name:	Sidley Austin LLP	 
	Address:	787 Seventh Avenue

New York, New York 10036	 

 

Hudson
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STATE OF NORTH CAROLINA    )

                                                                : ss.:

COUNTY OF MECKLENBURG   )

 

On this 16 day of
August, 2016, personally appeared before me Nachette Hadden, to me known (or proved to me on the basis of
satisfactory evidence) to be Director of Wells Fargo Bank, National Association, a national banking association, that
executed the within and foregoing instrument, and acknowledged that said instrument to be the free and voluntary act and deed
of said entity, for the uses and purposes therein mentioned, and on oath stated that she was authorized to execute said
instrument, and that by her signature on the instrument the entity upon behalf of which she acted, executed the instrument.

 

	 	/s/ Erica L. Smith
	 	Notary

Name:
	 	 	 

My commission expires:

	 	 

                           ERICA L.
SMITH

NOTARY PUBLIC

Gaston County

North Carolina

My Commission Expires
7/15/2017

	 

 

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STATE OF Iowa                       )

                                                    :
ss.:

COUNTY OF Linn                  )

 

On the 23rd day of
August in the year 2016, before me, the undersigned, personally appeared David C. Feltman, proved
to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s)
on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and
that such individual made such appearance before the undersigned in   Cedar Rapids, IA (insert the city or other
political subdivision and the state or county or other place the acknowledgment was taken).

 

	 	/s/ Rebecca Johnson
	 

REBECCA JOHNSON

Commission Number 782312

My Commission Expires

January 23, 2017

NOTARIAL SEAL * IOWA

	Signature and Office of individual taking acknowledgment

 

This instrument prepared by:

	 	 	 
	Name:	Sidley Austin LLP	 
	Address:	787 Seventh Avenue 

New York, New York 10036	 

 

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Yards 2016-10HY  – Trust and Servicing Agreement

 

     

     

    
STATE OF Maryland              )

                                                    : ss.:

COUNTY OF Howard           )

 

On the  15th day of
August in the year 2016, before me, the undersigned, personally appeared Stacey Gross, proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and that such individual
made such appearance before the undersigned in the Columbia, MD (insert the city or other political
subdivision and the state or county or other place the acknowledgment was taken).

 

	 	/s/ Amy Martin
	 

	Signature and Office of individual taking acknowledgment
	 	 

                                   AMY MARTIN

NOTARY PUBLIC

ANNE ARUNDEL COUNTY

MARYLAND

My Commission Expires 2-22-2017

 

This instrument prepared by:

	 	 	 
	Name:	Sidley Austin LLP	 
	Address:	787 Seventh Avenue

 New York, New York 10036	 

 

Hudson
Yards 2016-10HY  – Trust and Servicing Agreement

 

     

     

    
 

STATE OF Delaware              )

                                                    : ss.:

COUNTY OF New Castle     )

 

On the  15th day of
August in the year 2016, before me, the undersigned, personally appeared Dorri Costello, proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and that such individual
made such appearance before the undersigned in the Wilmington, Delaware (insert the city or other political
subdivision and the state or county or other place the acknowledgment was taken).

 

	 	/s/ Christina Bader
	 

	Signature and Office of individual taking acknowledgment
	 	 

                                   

CHRISTINA BADER

MY COMMISSION

EXPIRES

MARCH 22, 2020

NOTARY PUBLIC

STATE OF DELAWARE

 

This instrument prepared by:

	 	 	 
	Name:	Sidley Austin LLP	 
	Address:	787 Seventh Avenue

 New York, New York 10036	 

 

Hudson
Yards 2016-10HY  – Trust and Servicing Agreement

 

     

     

    

 

EXHIBIT
A-1

 

FORM
OF CLASS A [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE

 

 

 

1
For Rule 144A Global Certificates only.

 

2
For Reg S Global Certificates only.

 

3
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement. 

 

     A-1-1

     

    

 

DEFINED
IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND IN WHICH SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR
GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF
PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, UNLESS (A) THE TRANSFEREE HAS ACQUIRED
AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE EXEMPTIONS GRANTED TO DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT OF LABOR
FINAL AUTHORIZATION NUMBER 97-03E, AND TO GOLDMAN, SACHS & CO., AS PROHIBITED TRANSACTION EXEMPTION 89-88, EACH AS AMENDED
BY PROHIBITED TRANSACTION EXEMPTION 2013-08 AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTIONS,
INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT)
BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR” AS DEFINED
IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (B) (1) IT IS
AN INSURANCE

 

     A-1-2

     

    

 

COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE
COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND
(3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED OR (C) IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT
TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR
LAW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST ANY LIABILITY
THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED

 

     A-1-3

     

    

 

STATES
OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

 

 

 

1
For Reg S Global Certificates only. 

 

     A-1-4

     

    

 

HUDSON
YARDS 2016-10HY MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A

 

	Class A
    Pass-Through Rate: A per annum rate equal to 2.835%	 	CUSIP:  [44421LAA0]1

                                                        [U44357AA6]2

         

        ISIN:     [US44421LAA08]3

           [USU44357AA65]4

        

	 	 	 
	Original
    Aggregate Certificate Balance of the

    Class A Certificates: $346,663,000		Initial
    Certificate Balance of this Certificate: $[______] (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)
	 	 	 
	First
    Distribution Date:  September 12, 2016	 	Cut-off
    Date: August 6, 2016
	 	 	 
	Assumed
    Final Distribution Date: August 2026	 	No.:
    A- [__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A Certificates. The Trust Fund, described more fully below, consists primarily of a Trust
Loan secured by, among other things, a first priority mortgage in the fee simple interest in a 52-story Class A office building
located at 10 Hudson Yards, New York, New York, and held in trust by the Trustee and serviced by the Master Servicer. The Trust
Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and
Servicing Agreement and is bound thereby.

 

The
Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as master servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), custodian
and paying agent, evidences the issuance of the Class A, Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates
(the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Trust and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Trust and Servicing Agreement.

 

 

 

1
For Rule 144A Certificates.

 

2
For Regulation S Certificates.

 

3
For Rule 144A Certificates.

 

4
For Regulation S Certificates. 

 

     A-1-5

     

    

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such
inconsistency.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each
calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in September
2016. Holders of this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class A Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in

 

     A-1-6

     

    

 

the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate
Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders
concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts to such Holders in
accordance with the Trust and Servicing Agreement. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Trust and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances,
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein) (i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled
payments on or collections in respect of the Trust Loan due after the Cut-off Date; (iii) any REO Property; (iv) all
revenues received in respect of any REO Property; (v) any indemnities or guaranties given as additional security for the
Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts,
and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to the Trust Loan as identified on
the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account, including any reinvestment income,
as applicable; (viii) a security interest in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a
security interest in all insurance policies with respect to the Trust Loan and the Mortgaged Property; (x) the rights and
remedies under the

 

     A-1-7

     

    

 

Trust Loan Purchase Agreements relating to document delivery requirements with respect to the Trust Loan and
the representations and warranties of the Trust Loan Sellers regarding the Trust Loan; (xi)  the Lower-Tier Regular Interests;
and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral
Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust
and Servicing Agreement, withdrawals may be made from certain of the above-accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate
in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate

 

     A-1-8

     

    

 

Administrator and the Trustee without the consent of any of the Certificateholders or the Companion
Loan Holders, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and Servicing
Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect to the
Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and Servicing
Agreement or herein which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement or herein;
(iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable to maintain the rating
or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency (provided
that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder or
Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of
the Holders of Certificates representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No
Downgrade Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); and (v) to
modify the procedures in the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such modification would not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such parties’
consent; and provided, further, that such amendment shall not adversely affect in any material respect the interests
of any Certificateholders or Companion Loan Holders not consenting thereto, as evidenced by in the case of clauses (iii) through
(v) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No
Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject
either REMIC to tax.

 

The
Trust and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates
representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby (without regard
to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan Sellers) and the
Companion Loan Holders affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Whole Loan which are required to be distributed
on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class
or Classes affected thereby or

 

     A-1-9

     

    

 

	 	 	which
                                         are required to be distributed to any Companion Loan Holder without the consent of such
                                         Companion Loan Holder;

 

		(ii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under the Trust and Servicing Agreement
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby and the consent of any affected Companion
                                         Loan Holder;

 

		(iii)	alter
                                         the Servicing Standard or obligations of the Master Servicer or the Trustee to make a
                                         P&I Advance, Administrative Advance or a Property Advance, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of any affected Companion Loan Holder; or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of any affected Companion Loan Holder.

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders, may amend the Trust and Servicing Agreement to modify, eliminate
or add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier REMIC
or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times
that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained
at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any
such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or the Companion Loan
Holders or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder, and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer
does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder
of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust
Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with such option
and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period), upon not
less than 30 days’ prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special Servicer
and the Master Servicer any time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal
Balance of the Trust Loan is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying
the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included
in the Trust Fund, and all, but not less than all, of the Trust’s interest in all

 

     A-1-10

     

    

 

property acquired in respect of the Trust
Loan, at a purchase price, payable in cash, equal to the greater of,

 

(i)
         the sum of, without duplication:

 

		(A)	the
                                         outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Final Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of the Trust Loan (including if title to
                                         the Mortgaged Property has been acquired) at the Trust Loan Rate to the last day of the
                                         Whole Loan Interest Accrual Period preceding such Anticipated Final Termination Date
                                         (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         and unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate
                                         Administrator Fees, the CREFC® License Fee and Trust Fund expenses and
                                         indemnity amounts owed by the Trust; and

 

(ii)         the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Certificates (other than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated
by clause (ii) of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to all the parties to the
Trust and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate

 

     A-1-11

     

    

 

Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Trust and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations of the
Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Trust
and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and Companion Loan
Holders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case
may be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur
of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the
Trust and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance
with Section 9.01(g) of the Trust and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the
last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust
and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall the
trust created by the Trust and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between
terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing
Agreement shall govern.

 

     A-1-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A Certificate to be duly executed.

 

Dated:
____________ 

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Certificate Administrator
	 	 	 
		By:	 
	 	 	Name:
 Title:

 

Certificate
of Authentication

 

This
is one of the Class A Certificates referred to in the Trust and Servicing Agreement.

 

Dated:
____________ 

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Authenticating Agent
	 	 	 
		By:	 
	 	 	Name:
 Title:

  

     A-1-13

     

    

 

SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

     A-1-14

     

    

 

EXHIBIT
A-2

 

FORM
OF CLASS X-A [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE

 

 

 

1
For Rule 144A Global Certificates only.

 

2
For Reg S Global Certificates only.

 

3
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.

 

     A-2-1

     

    

 

DEFINED
IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND IN WHICH SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR
GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF
PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, UNLESS (A) THE TRANSFEREE HAS ACQUIRED
AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE EXEMPTIONS GRANTED TO DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT OF LABOR
FINAL AUTHORIZATION NUMBER 97-03E, AND TO GOLDMAN, SACHS & CO., AS PROHIBITED TRANSACTION EXEMPTION 89-88, EACH AS AMENDED
BY PROHIBITED TRANSACTION EXEMPTION 2013-08 AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTIONS,
INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT)
BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR” AS DEFINED
IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (B) (1) IT IS
AN INSURANCE

 

     A-2-2

     

    

 

COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE
COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND
(3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED OR (C) IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT
TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR
LAW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST ANY LIABILITY
THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE
HOLDERS OF THIS CLASS X-A CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS
X-A CERTIFICATES AND WILL NOT BE ENTITLED TO ANY OF THE DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS
X-A CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING
NOTIONAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE

 

     A-2-3

     

    

  

OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

 

 

 

1 For Reg S Global Certificates only.

 

     A-2-4

     

    

HUDSON
YARDS 2016-10HY MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-A

 

	Class X-A
    Pass-Through Rate: Variable	 	CUSIP:[44421L
                                         AC6]1

                                                       [U44357 AB4]2

         

        ISIN:    [US44421LAC63]3

             [USU44357AB49]4 

	 	 	 
	Original
    Aggregate Notional Balance of the

    Class X-A Certificates: $346,663,000	 	Initial
    Notional Balance of this Certificate: $[______] (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)
	 	 	 
	First
    Distribution Date:  September 12, 2016	 	Cut-off
    Date: August 6, 2016
	 	 	 
	Assumed
    Final Distribution Date: August 2026	 	No.:
    X-A - [__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class X-A
Certificates. The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by, among other things, a
first priority mortgage in the fee simple interest in a 52-story Class A office building located at 10 Hudson Yards, New York,
New York, and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Trust Loan
is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue
of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The
Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as master servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), custodian
and paying agent, evidences the issuance of the Class A, Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates
(the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Trust and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Trust and Servicing Agreement.

 

 

 

1
For Rule 144A Certificates.

 

2
For Regulation S Certificates.

 

3
For Rule 144A Certificates.

 

4
For Regulation S Certificates.

 

     A-2-5

     

    

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such
inconsistency.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class X-A Certificates for such Distribution Date, all as more fully described in the Trust and Servicing
Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each calendar month,
or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in September 2016. Holders of
this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class X-A Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in

 

     A-2-6

     

    

 

the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate
Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders
concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts to such Holders in
accordance with the Trust and Servicing Agreement. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Trust and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances,
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein) (i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled
payments on or collections in respect of the Trust Loan due after the Cut-off Date; (iii) any REO Property; (iv) all
revenues received in respect of any REO Property; (v) any indemnities or guaranties given as additional security for the
Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts,
and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to the Trust Loan as identified on
the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account, including any reinvestment income,
as applicable; (viii) a security interest in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a
security interest in all insurance policies with respect to the Trust Loan and the Mortgaged Property; (x) the rights and
remedies under the

 

     A-2-7

     

    

 

Trust Loan Purchase Agreements relating to document delivery requirements with respect to the Trust Loan and
the representations and warranties of the Trust Loan Sellers regarding the Trust Loan; (xi)  the Lower-Tier Regular Interests;
and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral
Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust
and Servicing Agreement, withdrawals may be made from certain of the above-accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate
in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate

 

     A-2-8

     

    

 

Administrator and the Trustee without the consent of any of the Certificateholders or the Companion
Loan Holders, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and Servicing
Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect to the
Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and Servicing
Agreement or herein which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement or herein;
(iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable to maintain the rating
or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency (provided
that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder or
Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of
the Holders of Certificates representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No
Downgrade Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); and (v) to
modify the procedures in the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such modification would not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such parties’
consent; and provided, further, that such amendment shall not adversely affect in any material respect the interests
of any Certificateholders or Companion Loan Holders not consenting thereto, as evidenced by in the case of clauses (iii) through
(v) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No
Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject
either REMIC to tax.

 

The
Trust and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates
representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby (without regard
to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan Sellers) and the
Companion Loan Holders affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby or 

 

     A-2-9

     

    

 

	 	 	which
                              are required to be distributed to any Companion Loan Holder without the consent of such Companion
                              Loan Holder;

 

		(ii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under the Trust and Servicing Agreement
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby and the consent of any affected Companion
                                         Loan Holder;

 

		(iii)	alter
                                         the Servicing Standard or obligations of the Master Servicer or the Trustee to make a
                                         P&I Advance, Administrative Advance or a Property Advance, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of any affected Companion Loan Holder; or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of any affected Companion Loan Holder.

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders, may amend the Trust and Servicing Agreement to modify, eliminate
or add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier REMIC
or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times
that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained
at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any
such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or the Companion Loan
Holders or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder, and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer
does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder
of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust
Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with such option
and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period), upon not
less than 30 days’ prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special Servicer
and the Master Servicer any time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal
Balance of the Trust Loan is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying
the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included
in the Trust Fund, and all, but not less than all, of the Trust’s interest in all

 

     A-2-10

     

    

 

property acquired in respect of the Trust
Loan, at a purchase price, payable in cash, equal to the greater of,

 

(i)          the sum of, without duplication:

 

		(A)	the
                                         outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Final Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of the Trust Loan (including if title to
                                         the Mortgaged Property has been acquired) at the Trust Loan Rate to the last day of the
                                         Whole Loan Interest Accrual Period preceding such Anticipated Final Termination Date
                                         (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         and unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate
                                         Administrator Fees, the CREFC® License Fee and Trust Fund expenses and
                                         indemnity amounts owed by the Trust; and

 

(ii)         the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Certificates (other than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated
by clause (ii) of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to all the parties to the
Trust and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate

 

     A-2-11

     

    

 

Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Trust and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations of the
Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Trust
and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and Companion Loan
Holders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case
may be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur
of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the
Trust and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance
with Section 9.01(g) of the Trust and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the
last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust
and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall the
trust created by the Trust and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between
terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing
Agreement shall govern.

 

     A-2-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X-A Certificate to be duly executed.

 

Dated:
____________ 

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Certificate Administrator
	 	 	 
		By:	 
	 	 	    Name:

    Title:

 

Certificate
of Authentication

 

This
is one of the Class X-A Certificates referred to in the Trust and Servicing Agreement.

 

Dated:
____________ 

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Authenticating Agent
	 	 	 
		By:	 
	 	 	    Name:

    Title:

 

     A-2-13

     

    

 

SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

     A-2-14

     

    

 

EXHIBIT
A-3

 

FORM
OF CLASS B [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE

 

 

 

1
For Rule 144A Global Certificates only.

 

2
For Reg S Global Certificates only.

 

3
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.

 

     A-3-1

     

    

 

DEFINED IN,
AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND IN WHICH SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR
GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF
PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, UNLESS (A) THE TRANSFEREE HAS ACQUIRED
AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE EXEMPTIONS GRANTED TO DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT OF LABOR
FINAL AUTHORIZATION NUMBER 97-03E, AND TO GOLDMAN, SACHS & CO., AS PROHIBITED TRANSACTION EXEMPTION 89-88, EACH AS AMENDED
BY PROHIBITED TRANSACTION EXEMPTION 2013-08 AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTIONS,
INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT)
BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR” AS DEFINED
IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (B) (1) IT IS
AN INSURANCE

 

     A-3-2

     

    

 

COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE
COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND
(3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED OR (C) IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT
TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR
LAW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST ANY LIABILITY
THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED

 

     A-3-3

     

    

 

STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

 

 

 

1
For Reg S Global Certificates only. 

 

     A-3-4

     

    

 

HUDSON
YARDS 2016-10HY MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS B

 

	Class
    B Pass-Through Rate: The Net Mortgage Pass-Through Rate	 	CUSIP:[44421LAE2]1

                                                      [U44357AC2]2

         

        ISIN:     [US44421LAE20]3

              [USU44357AC22]4

        

	 	 	 
	Original
    Aggregate Certificate Balance of the

    Class B Certificates: $64,237,000	 	Initial
    Certificate Balance of this Certificate: $[______] (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)
	 	 	 
	First
    Distribution Date: September 12, 2016	 	Cut-off
    Date: August 6, 2016
	 	 	 
	Assumed
    Final Distribution Date:  August 2026	 	No.:
    B-[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class B
Certificates. The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by, among other things, a
first priority mortgage in the fee simple interest in a 52-story Class A office building located at 10 Hudson Yards, New York,
New York, and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Trust Loan
is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue
of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The
Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as master servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), custodian
and paying agent, evidences the issuance of the Class A, Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates
(the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Trust and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Trust and Servicing Agreement.

 

 

 

1
For Rule 144A Certificates.

 

2
For Regulation S Certificates.

 

3
For Rule 144A Certificates.

 

4
For Regulation S Certificates. 

 

     A-3-5

     

    

 

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such
inconsistency.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described in the
Trust and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day
of each calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in September
2016. Holders of this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class B Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in

 

     A-3-6

     

    

 

the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate
Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders
concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts to such Holders in
accordance with the Trust and Servicing Agreement. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Trust and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances,
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein) (i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled
payments on or collections in respect of the Trust Loan due after the Cut-off Date; (iii) any REO Property; (iv) all
revenues received in respect of any REO Property; (v) any indemnities or guaranties given as additional security for the
Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts,
and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to the Trust Loan as identified on
the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account, including any reinvestment income,
as applicable; (viii) a security interest in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a
security interest in all insurance policies with respect to the Trust Loan and the Mortgaged Property; (x) the rights and
remedies under the

 

     A-3-7

     

    

 

Trust Loan Purchase Agreements relating to document delivery requirements with respect to the Trust Loan and
the representations and warranties of the Trust Loan Sellers regarding the Trust Loan; (xi)  the Lower-Tier Regular Interests;
and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral
Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust
and Servicing Agreement, withdrawals may be made from certain of the above-accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate
in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate

 

     A-3-8

     

    

 

Administrator and the Trustee without the consent of any of the Certificateholders or the Companion
Loan Holders, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and Servicing
Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect to the
Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and Servicing
Agreement or herein which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement or herein;
(iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable to maintain the rating
or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency (provided
that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder or
Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of
the Holders of Certificates representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No
Downgrade Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); and (v) to
modify the procedures in the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such modification would not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such parties’
consent; and provided, further, that such amendment shall not adversely affect in any material respect the interests
of any Certificateholders or Companion Loan Holders not consenting thereto, as evidenced by in the case of clauses (iii) through
(v) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No
Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject
either REMIC to tax.

 

The
Trust and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates
representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby (without regard
to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan Sellers) and the
Companion Loan Holders affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Whole Loan which are required to be distributed
on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class
or Classes affected thereby or

 

     A-3-9

     

    

 

	 	 	which
                              are required to be distributed to any Companion Loan Holder without the consent of such Companion
                              Loan Holder;

 

		(ii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under the Trust and Servicing Agreement
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby and the consent of any affected Companion
                                         Loan Holder;

 

		(iii)	alter
                                         the Servicing Standard or obligations of the Master Servicer or the Trustee to make a
                                         P&I Advance, Administrative Advance or a Property Advance, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of any affected Companion Loan Holder; or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of any affected Companion Loan Holder.

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders, may amend the Trust and Servicing Agreement to modify, eliminate
or add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier REMIC
or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times
that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained
at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any
such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or the Companion Loan
Holders or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder, and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer
does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder
of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust
Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with such option
and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period), upon not
less than 30 days’ prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special Servicer
and the Master Servicer any time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal
Balance of the Trust Loan is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying
the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included
in the Trust Fund, and all, but not less than all, of the Trust’s interest in all

 

     A-3-10

     

    

 

property acquired in respect of the Trust
Loan, at a purchase price, payable in cash, equal to the greater of,

 

(i)
         the sum of, without duplication:

 

		(A)	the
                                         outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Final Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of the Trust Loan (including if title to
                                         the Mortgaged Property has been acquired) at the Trust Loan Rate to the last day of the
                                         Whole Loan Interest Accrual Period preceding such Anticipated Final Termination Date
                                         (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         and unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate
                                         Administrator Fees, the CREFC® License Fee and Trust Fund expenses and
                                         indemnity amounts owed by the Trust; and

 

(ii)         the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Certificates (other than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated
by clause (ii) of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to all the parties to the
Trust and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate

 

     A-3-11

     

    

 

Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Trust and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations of the
Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Trust
and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and Companion Loan
Holders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case
may be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur
of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the
Trust and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance
with Section 9.01(g) of the Trust and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the
last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust
and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall the
trust created by the Trust and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between
terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing
Agreement shall govern.

 

     A-3-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class B Certificate to be duly executed.

 

Dated:
____________ 

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Certificate Administrator
	 	 	 
		By:	 
	 	 	   Name:

   Title:

 

Certificate
of Authentication

 

This
is one of the Class B Certificates referred to in the Trust and Servicing Agreement.

 

Dated:
____________ 

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent 
	 	 	 
		By:	 
	 	 	   Name:

   Title:

 

     A-3-13

     

    

 

SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

     A-3-14

     

    

 

EXHIBIT
A-4

 

FORM
OF CLASS C [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE

 

 

 

1
For Rule 144A Global Certificates only.

 

2
For Reg S Global Certificates only.

 

3
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement. 

 

     A-4-1

     

    

 

DEFINED IN,
AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND IN WHICH SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR
GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF
PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, UNLESS (A) THE TRANSFEREE HAS ACQUIRED
AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE EXEMPTIONS GRANTED TO DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT OF LABOR
FINAL AUTHORIZATION NUMBER 97-03E, AND TO GOLDMAN, SACHS & CO., AS PROHIBITED TRANSACTION EXEMPTION 89-88, EACH AS AMENDED
BY PROHIBITED TRANSACTION EXEMPTION 2013-08 AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTIONS,
INCLUDING THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT)
BY A RATING AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR” AS DEFINED
IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (B) (1) IT IS
AN INSURANCE

 

     A-4-2

     

    

 

COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE
COMPANY GENERAL ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND
(3) THE CONDITIONS IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED OR (C) IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT
TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR
LAW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST ANY LIABILITY
THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED

 

     A-4-3

     

    

  

STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

 

 

 

1
For Reg S Global Certificates only. 

 

     A-4-4

     

    

 

HUDSON
YARDS 2016-10HY MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS C

 

	Class
    C Pass-Through Rate: The Net Mortgage Pass-Through Rate	 	CUSIP:[44421LAG7]1

                                                      [U44357AD0]2

         

        ISIN:    [US44421LAG77]3

                     [USU44357AD05]4

        

	 	 	 
	Original
    Aggregate Certificate Balance of the

    Class C Certificates: $98,000,000	 	Initial
    Certificate Balance of this Certificate: $[______] (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)
	 	 	 
	First
    Distribution Date: September 12, 2016	 	Cut-off
    Date: August 6, 2016
	 	 	 
	Assumed
    Final Distribution Date:  August 2026	 	No.:
    C-[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class C
Certificates. The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by, among other things, a
first priority mortgage in the fee simple interest in a 52-story Class A office building located at 10 Hudson Yards, New York,
New York, and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Trust Loan
is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue
of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The
Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as master servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), custodian
and paying agent, evidences the issuance of the Class A, Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates
(the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Trust and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Trust and Servicing Agreement.

 

 

 

1
For Rule 144A Certificates.

 

2
For Regulation S Certificates.

 

3
For Rule 144A Certificates.

 

4
For Regulation S Certificates.

 

     A-4-5

     

    

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such
inconsistency.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described in the
Trust and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day
of each calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in September
2016. Holders of this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class C Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in

 

     A-4-6

     

    

 

the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate
Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders
concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. If within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) the termination of the Trust Fund and distribution of such amounts to such Holders in
accordance with the Trust and Servicing Agreement. No interest shall accrue or be payable to any Certificateholder on any amount
held as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Trust and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances,
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein) (i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled
payments on or collections in respect of the Trust Loan due after the Cut-off Date; (iii) any REO Property; (iv) all
revenues received in respect of any REO Property; (v) any indemnities or guaranties given as additional security for the
Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts,
and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to the Trust Loan as identified on
the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account, including any reinvestment income,
as applicable; (viii) a security interest in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a
security interest in all insurance policies with respect to the Trust Loan and the Mortgaged Property; (x) the rights and
remedies under the

 

     A-4-7

     

    

 

Trust Loan Purchase Agreements relating to document delivery requirements with respect to the Trust Loan and
the representations and warranties of the Trust Loan Sellers regarding the Trust Loan; (xi)  the Lower-Tier Regular Interests;
and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral
Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust
and Servicing Agreement, withdrawals may be made from certain of the above-accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate
in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate

 

     A-4-8

     

    

 

Administrator and the Trustee without the consent of any of the Certificateholders or the Companion
Loan Holders, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and Servicing
Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect to the
Certificates, the Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and Servicing
Agreement or herein which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement or herein;
(iii) to amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable to maintain the rating
or ratings assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency (provided
that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder or
Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of
the Holders of Certificates representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder
or Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No
Downgrade Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); and (v) to
modify the procedures in the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such modification would not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such parties’
consent; and provided, further, that such amendment shall not adversely affect in any material respect the interests
of any Certificateholders or Companion Loan Holders not consenting thereto, as evidenced by in the case of clauses (iii) through
(v) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No
Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject
either REMIC to tax.

 

The
Trust and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates
representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby (without regard
to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan Sellers) and the
Companion Loan Holders affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Whole Loan which are required to be distributed
on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class
or Classes affected thereby or

 

     A-4-9

     

    

 

	 	 	which
                              are required to be distributed to any Companion Loan Holder without the consent of such Companion
                              Loan Holder;

 

		(ii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under the Trust and Servicing Agreement
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby and the consent of any affected Companion
                                         Loan Holder;

 

		(iii)	alter
                                         the Servicing Standard or obligations of the Master Servicer or the Trustee to make a
                                         P&I Advance, Administrative Advance or a Property Advance, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of any affected Companion Loan Holder; or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of any affected Companion Loan Holder.

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders, may amend the Trust and Servicing Agreement to modify, eliminate
or add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier REMIC
or the Upper-Tier REMIC as a REMIC, or to prevent the imposition of any additional material state or local taxes, at all times
that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained
at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any
such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or the Companion Loan
Holders or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder, and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer
does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder
of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust
Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with such option
and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period), upon not
less than 30 days’ prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special Servicer
and the Master Servicer any time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal
Balance of the Trust Loan is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying
the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included
in the Trust Fund, and all, but not less than all, of the Trust’s interest in all

 

     A-4-10

     

    

 

property acquired in respect of the Trust
Loan, at a purchase price, payable in cash, equal to the greater of,

 

(i)
         the sum of, without duplication:

 

		(A)	the
                                         outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Final Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of the Trust Loan (including if title to
                                         the Mortgaged Property has been acquired) at the Trust Loan Rate to the last day of the
                                         Whole Loan Interest Accrual Period preceding such Anticipated Final Termination Date
                                         (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         and unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate
                                         Administrator Fees, the CREFC® License Fee and Trust Fund expenses and
                                         indemnity amounts owed by the Trust; and

 

(ii)         the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Certificates (other than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated
by clause (ii) of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to all the parties to the
Trust and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate

 

     A-4-11

     

    

 

Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Trust and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations of the
Certificate Administrator to make certain payments and to send certain notices to Certificateholders as set forth in the Trust
and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders and Companion Loan
Holders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case
may be, required under the Trust and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur
of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of the
Trust and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance
with Section 9.01(g) of the Trust and Servicing Agreement; and (iii) the later of (a) the receipt or collection of the
last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust
and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall the
trust created by the Trust and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between
terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing
Agreement shall govern.

 

     A-4-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class C Certificate to be duly executed.

 

Dated:
____________ 

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Certificate Administrator
	 	 	 
		By:	 
	 	 	   Name:

   Title:

 

Certificate
of Authentication

 

This
is one of the Class C Certificates referred to in the Trust and Servicing Agreement. 

 

Dated:
____________ 

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as  Authenticating Agent
	 	 	 
		By:	 
	 	 	   Name:

   Title:

 

     A-4-13

     

    

 

SCHEDULE
OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made: 

 

:

     A-4-14

     

    

 

EXHIBIT A-5

 

FORM OF CLASS D [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

  

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT
IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE

 

 

 

1
For Rule 144A Global Certificates only.

 

2
For Reg S Global Certificates only.

 

3 Legend required
as long as DTC is the Depository under the Trust and Servicing Agreement.

 

     A-5-1

     

    

 

DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

  

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER
AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST AND SERVICING AGREEMENT IF SUCH TRANSFEREE
IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR,
AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A.

  

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT
ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN
SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL
EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND
IN WHICH SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS
OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, UNLESS (A) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE IN
RELIANCE ON THE EXEMPTIONS GRANTED TO DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT OF LABOR FINAL AUTHORIZATION NUMBER 97-03E,
AND TO GOLDMAN, SACHS & CO., AS PROHIBITED TRANSACTION EXEMPTION 89-88, EACH AS AMENDED BY PROHIBITED TRANSACTION EXEMPTION
2013-08 AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTIONS, INCLUDING THAT THIS CERTIFICATE
MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN
AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION
D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (B) (1) IT IS AN INSURANCE

 

     A-5-2

     

    

 

COMPANY, (2) THE SOURCE
OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS
SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND (3) THE CONDITIONS IN SECTIONS I
AND III OF PTCE 95-60 HAVE BEEN SATISFIED OR (C) IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION,
HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

  

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT
FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN
OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF
THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

  

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.

  

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

  

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED 

 

     A-5-3

     

    

 

STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

 

 

 

1
For Reg S Global Certificates only.

 

     A-5-4

     

    

 

HUDSON YARDS 2016-10HY MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS D

  

	Class
    D Pass-Through Rate: The Net Mortgage Pass-Through Rate	 	CUSIP:   [44421LAJ1]1

                        [U44357AE8]2

         

        ISIN:       [US44421LAJ17]3

                        [USU44357AE87]4

         

	Original
    Aggregate Certificate Balance of the Class D Certificates: $65,800,000	 	Initial
    Certificate Balance of this Certificate: $[______] (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)
	First Distribution
    Date: September 12, 2016	 	Cut-off Date: August
    6, 2016
	Assumed
    Final Distribution Date:  August 2026	 	No.:
    D-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class D Certificates. The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by, among other
things, a first priority mortgage in the fee simple interest in a 52-story Class A office building located at 10 Hudson Yards,
New York, New York, and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Trust
Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue
of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The Trust and Servicing
Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche Mortgage &
Asset Receiving Corporation, as depositor (the “Depositor”), Wells Fargo Bank, National Association, as master
servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), custodian
and paying agent, evidences the issuance of the Class A, Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates
(the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Trust and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Trust and Servicing Agreement.

 

 

 

1
For Rule 144A Certificates.

 

2
For Regulation S Certificates.

 

3
For Rule 144A Certificates.

 

4 For Regulation
S Certificates.

 

     A-5-5

     

    

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Trust and
Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class D Certificates for such Distribution Date, all as more fully described in the Trust and Servicing
Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each calendar month,
or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in September 2016. Holders of
this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.

 

During each Certificate
Interest Accrual Period (as defined below), interest on the Class D Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and Servicing Agreement.
The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately
preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed to consist of 30
days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in

 

     A-5-6

     

    

 

the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final
distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice
of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after the
second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their
Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out
of such funds. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to such Holders in accordance with the Trust and
Servicing Agreement. No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust and Servicing Agreement. Such funds
held by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.

 

As provided in the Trust
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein) (i) the
Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Trust Loan due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security
interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts
on deposit in the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts,
the Interest Reserve Account or the REO Account, including any reinvestment income, as applicable; (viii) a security interest
in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a security interest in all insurance policies
with respect to the Trust Loan and the Mortgaged Property; (x) the rights and remedies under the

 

     A-5-7

     

    

 

Trust Loan Purchase Agreements
relating to document delivery requirements with respect to the Trust Loan and the representations and warranties of the Trust Loan
Sellers regarding the Trust Loan; (xi)  the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other
than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts,
to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals may be made
from certain of the above-accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Certificate Administrator.

 

As provided in the Trust
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Trust and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Trust and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate
is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice
or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Trust and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate

 

     A-5-8

     

    

 

Administrator and the Trustee without the consent of any of the Certificateholders or the Companion Loan Holders, (i) to
cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and Servicing Agreement to conform or
be consistent with or in furtherance of the statements made in the Offering Circular with respect to the Certificates, the Trust
or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and Servicing Agreement or herein
which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement or herein; (iii) to
amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable to maintain the rating or ratings
assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency (provided that such amendment
does not adversely affect in any material respect (x) the rights or interests of any Certificateholder or Companion Loan Holder
not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement a provision, or to supplement
any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or any other change that
will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Holder not consenting
thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder of a rated Class or a Companion
Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation has been obtained relating
to the Certificates or the Companion Loan Securities, if applicable); and (v) to modify the procedures in the Trust and Servicing
Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification would not materially
increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such parties’ consent; and provided, further,
that such amendment shall not adversely affect in any material respect the interests of any Certificateholders or Companion Loan
Holders not consenting thereto, as evidenced by in the case of clauses (iii) through (v) above by (x) an Opinion of Counsel
or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation from each Rating Agency
and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event shall any such amendment cause the Lower-Tier
REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.

 

The Trust and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates representing not less
than 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by
the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan Sellers) and the Companion Loan Holders
affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided, however,
that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Whole Loan
which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of
the Percentage Interests of the Class or Classes affected thereby or 

 

     A-5-9

     

    

 

	 	 	which are required to be distributed to any Companion Loan
Holder without the consent of such Companion Loan Holder;

 

		(ii)	change the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
are required to consent to any action or inaction under the Trust and Servicing Agreement without the consent of the Holders of
Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of any affected
Companion Loan Holder;

 

		(iii)	alter the Servicing Standard or obligations of the Master Servicer or the Trustee to make a P&I
Advance, Administrative Advance or a Property Advance, without the consent of the Holders of Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby and the consent of any affected Companion Loan Holder; or

 

		(iv)	amend any section of the Trust and Servicing Agreement which relates to the amendment of the Trust
and Servicing Agreement without the consent of the Holders of all Certificates representing all of the Percentage Interests of
the Class or Classes affected thereby and the consent of any affected Companion Loan Holder.

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without
the consent of the Certificateholders, may amend the Trust and Servicing Agreement to modify, eliminate or add to any of its provisions
to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect
in any material respect the interest of any Certificateholder or the Companion Loan Holders or (ii) to comply with the Investment
Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The Directing Holder,
and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer does not exercise
such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of a majority
Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any
time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal Balance of the Trust Loan
is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying the Anticipated Final Termination
Date, by purchasing on such date all, but not less than all, of the Trust Loan then included in the Trust Fund, and all, but not
less than all, of the Trust’s interest in all

 

     A-5-10

     

    

 

property acquired in respect of the Trust Loan, at a purchase price, payable
in cash, equal to the greater of,

 

(i)           the sum of, without
duplication:

 

		(A)	the outstanding principal balance of the Trust Loan as of the last day of the month preceding such
Anticipated Final Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Final Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of the Trust Loan (including if title to the
Mortgaged Property has been acquired) at the Trust Loan Rate to the last day of the Whole Loan Interest Accrual Period preceding
such Anticipated Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate, and unpaid
Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator Fees, the CREFC® License
Fee and Trust Fund expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In addition, the Trust
and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its Certificates (other
than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii)
of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with the purchase of the
Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement shall be
borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate

 

     A-5-11

     

    

 

Administrator shall be entitled to
rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing
Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee
created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator
to make certain payments and to send certain notices to Certificateholders as set forth in the Trust and Servicing Agreement) shall
terminate upon payment (or provision for payment) to the Certificateholders and Companion Loan Holders of all amounts held by or
on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Trust and
Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Trust Loan
and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust and Servicing Agreement; (ii) the
exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance with Section 9.01(g) of the Trust and
Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on the Trust Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust and Servicing Agreement of the last asset
held by the Trust Fund; provided, however, that in no event shall the trust created by the Trust and Servicing Agreement
continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust
and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by
virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between terms specified
in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall
govern.

 

     A-5-12

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class D Certificate to be duly executed.

 

Dated: _______________ 

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	     Name:
	 	 	     Title:

  

Certificate of Authentication

 

This is one of the Class
D Certificates referred to in the Trust and Servicing Agreement.

 

Dated: _______________

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	     Name:
	 	 	     Title:

  

     A-5-13

     

    

 

SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES 

 

The following exchanges of a part of this
Global Certificate have been made: 

 

     A-5-14

     

    

 

EXHIBIT A-6

 

FORM OF CLASS E [RULE 144A]1
[REG S]2
CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

  

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT
IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE

  

 

 

1
For Rule 144A Global Certificates only.

 

2
For Reg S Global Certificates only.

 

3 Legend required as long as DTC is the Depository
under the Trust and Servicing Agreement.

 

 

     A-6-1

     

    

 

DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

  

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER
AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST AND SERVICING AGREEMENT IF SUCH TRANSFEREE
IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR,
AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A.

  

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT
ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN
SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL
EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND
IN WHICH SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS
OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN, UNLESS (A) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE IN
RELIANCE ON THE EXEMPTIONS GRANTED TO DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT OF LABOR FINAL AUTHORIZATION NUMBER 97-03E,
AND TO GOLDMAN, SACHS & CO., AS PROHIBITED TRANSACTION EXEMPTION 89-88, EACH AS AMENDED BY PROHIBITED TRANSACTION EXEMPTION
2013-08 AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTIONS, INCLUDING THAT THIS CERTIFICATE
MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN
AND THAT THIS CERTIFICATE IS SO RATED AND IT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION
D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, OR (B) (1) IT IS AN INSURANCE

 

     A-6-2

     

    

 

COMPANY, (2) THE SOURCE
OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS
SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND (3) THE CONDITIONS IN SECTIONS I
AND III OF PTCE 95-60 HAVE BEEN SATISFIED OR (C) IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION,
HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

  

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT
FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN
OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF
THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

  

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.

  

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

  

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED

 

     A-6-3

     

    

 

 STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1

 

 

 

1
For Reg S Global Certificates only.  

 

     A-6-4

     

    

 

HUDSON YARDS 2016-10HY MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS E

 

	Class E Pass-Through Rate: The Net Mortgage Pass-Through Rate	 	
        CUSIP:   [44421LAL6]1

                        [U44357AF5]2

         

        ISIN:       [US44421LAL62]3

                        [USU44357AF52]4

         

	Original Aggregate Certificate Balance of the Class E Certificates: $25,300,000	 	Initial Certificate Balance of this Certificate: $[______] (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)
	 	 	 
	First Distribution Date: September 12, 2016	 	Cut-off Date: August 6, 2016
	 	 	 
	Assumed Final Distribution Date:  August 2026	 	No.: E-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class E Certificates. The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by, among other
things, a first priority mortgage in the fee simple interest in a 52-story Class A office building located at 10 Hudson Yards,
New York, New York, and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Trust
Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue
of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The Trust and Servicing
Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche Mortgage &
Asset Receiving Corporation, as depositor (the “Depositor”), Wells Fargo Bank, National Association, as master
servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), custodian
and paying agent, evidences the issuance of the Class A, Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates
(the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Trust and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Trust and Servicing Agreement.

 

 

 

1
For Rule 144A Certificates.

 

2
For Regulation S Certificates.

 

3
For Rule 144A Certificates.

 

4 For Regulation
S Certificates. 

 

     A-6-5

     

    

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Trust and
Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class E Certificates for such Distribution Date, all as more fully described in the Trust and Servicing
Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each calendar month,
or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in September 2016. Holders of
this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.

 

During each Certificate
Interest Accrual Period (as defined below), interest on the Class E Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and Servicing Agreement.
The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately
preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed to consist of 30
days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in

 

     A-6-6

     

    

 

the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final
distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice
of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after the
second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their
Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out
of such funds. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to such Holders in accordance with the Trust and
Servicing Agreement. No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust and Servicing Agreement. Such funds
held by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.

 

As provided in the Trust
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein) (i) the
Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Trust Loan due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security
interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts
on deposit in the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts,
the Interest Reserve Account or the REO Account, including any reinvestment income, as applicable; (viii) a security interest
in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a security interest in all insurance policies
with respect to the Trust Loan and the Mortgaged Property; (x) the rights and remedies under the

 

     A-6-7

     

    

 

Trust Loan Purchase Agreements
relating to document delivery requirements with respect to the Trust Loan and the representations and warranties of the Trust Loan
Sellers regarding the Trust Loan; (xi)  the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other
than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts,
to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals may be made
from certain of the above-accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Certificate Administrator.

 

As provided in the Trust
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Trust and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Trust and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Trust and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate
is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice
or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Trust and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate

 

     A-6-8

     

    

 

Administrator and the Trustee without the consent of any of the Certificateholders or the Companion Loan Holders, (i) to
cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and Servicing Agreement to conform or
be consistent with or in furtherance of the statements made in the Offering Circular with respect to the Certificates, the Trust
or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and Servicing Agreement or herein
which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement or herein; (iii) to
amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable to maintain the rating or ratings
assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency (provided that such amendment
does not adversely affect in any material respect (x) the rights or interests of any Certificateholder or Companion Loan Holder
not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement a provision, or to supplement
any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or any other change that
will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Holder not consenting
thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder of a rated Class or a Companion
Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation has been obtained relating
to the Certificates or the Companion Loan Securities, if applicable); and (v) to modify the procedures in the Trust and Servicing
Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification would not materially
increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such parties’ consent; and provided, further,
that such amendment shall not adversely affect in any material respect the interests of any Certificateholders or Companion Loan
Holders not consenting thereto, as evidenced by in the case of clauses (iii) through (v) above by (x) an Opinion of Counsel
or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation from each Rating Agency
and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event shall any such amendment cause the Lower-Tier
REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.

 

The Trust and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates representing not less
than 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by
the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan Sellers) and the Companion Loan Holders
affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided, however,
that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Whole Loan
which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of
the Percentage Interests of the Class or Classes affected thereby or 

 

     A-6-9

     

    

 

	 	 	which are required to be distributed to any Companion Loan
Holder without the consent of such Companion Loan Holder;

 

		(ii)	change the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
are required to consent to any action or inaction under the Trust and Servicing Agreement without the consent of the Holders of
Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of any affected
Companion Loan Holder;

 

		(iii)	alter the Servicing Standard or obligations of the Master Servicer or the Trustee to make a P&I
Advance, Administrative Advance or a Property Advance, without the consent of the Holders of Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby and the consent of any affected Companion Loan Holder; or

 

		(iv)	amend any section of the Trust and Servicing Agreement which relates to the amendment of the Trust
and Servicing Agreement without the consent of the Holders of all Certificates representing all of the Percentage Interests of
the Class or Classes affected thereby and the consent of any affected Companion Loan Holder.

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without
the consent of the Certificateholders, may amend the Trust and Servicing Agreement to modify, eliminate or add to any of its provisions
to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect
the interest of any Certificateholder or the Companion Loan Holders or (ii) to comply with the Investment Company Act of 1940,
as amended, and/or any related regulatory actions and/or interpretations.

 

The Directing Holder,
and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer does not exercise
such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of a majority
Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any
time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal Balance of the Trust Loan
is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying the Anticipated Final Termination
Date, by purchasing on such date all, but not less than all, of the Trust Loan then included in the Trust Fund, and all, but not
less than all, of the Trust’s interest in all

 

     A-6-10

     

    

 

property acquired in respect of the Trust Loan, at a purchase price, payable
in cash, equal to the greater of,

 

(i)           the sum of, without
duplication:

 

		(A)	the outstanding principal balance of the Trust Loan as of the last day of the month preceding such
Anticipated Final Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Final Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of the Trust Loan (including if title to the
Mortgaged Property has been acquired) at the Trust Loan Rate to the last day of the Whole Loan Interest Accrual Period preceding
such Anticipated Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate, and unpaid
Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator Fees, the CREFC® License
Fee and Trust Fund expenses and indemnity amounts owed by the Trust; and

 

(ii)          the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In addition, the Trust
and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its Certificates (other
than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii)
of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with the purchase of the
Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement shall be
borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate

 

     A-6-11

     

    

 

Administrator shall be entitled to
rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing
Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee
created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator
to make certain payments and to send certain notices to Certificateholders as set forth in the Trust and Servicing Agreement) shall
terminate upon payment (or provision for payment) to the Certificateholders and Companion Loan Holders of all amounts held by or
on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Trust and
Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Trust Loan
and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust and Servicing Agreement; (ii) the
exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance with Section 9.01(g) of the Trust and
Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on the Trust Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust and Servicing Agreement of the last asset
held by the Trust Fund; provided, however, that in no event shall the trust created by the Trust and Servicing Agreement
continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

  

This Certificate does
not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust
and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by
virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between terms specified
in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall
govern.

 

     A-6-12

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class E Certificate to be duly executed.

 

Dated: _______________

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	     Name:
	 	 	     Title:

 

Certificate of Authentication

 

This is one of the Class
E Certificates referred to in the Trust and Servicing Agreement.

 

Dated: _______________

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	     Name:
	 	 	     Title:

 

     A-6-13

     

    

 

SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES 

 

The following exchanges of a part of this
Global Certificate have been made: 

 

     A-6-14

     

    

 

EXHIBIT A-7

 

FORM OF CLASS R CERTIFICATE

 

THIS CERTIFICATE DOES NOT REPRESENT AN
OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).
A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS
ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02 OF THE TRUST AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT
TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT IT IS A PERMITTED TRANSFEREE AND, AMONG OTHER THINGS, (A)
IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER,
NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT WILL NOT CAUSE INCOME
WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN
APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON, (C) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME
DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH
HOLDING THIS CERTIFICATE AS THEY BECOME DUE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT
A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS
IN ANY PURPORTED TRANSFEREE. BECAUSE THIS CERTIFICATE REPRESENTS A “NON-ECONOMIC RESIDUAL INTEREST,” AS DEFINED IN
TREASURY REGULATIONS SECTION 1.860E-1(c), CERTAIN TRANSFERS OF THIS CERTIFICATE WILL BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES.
IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED,
AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO PAY A SPECIFIED AMOUNT
TO THE PROPOSED TRANSFEREE OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.

 

     A-7-1

     

    

 

THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE AGREED (A) TO CONSENT TO ACT AS “TAX MATTERS PERSON” OF THE [UPPER-TIER REMIC] [LOWER-TIER
REMIC] AND TO THE APPOINTMENT OF THE CERTIFICATE ADMINISTRATOR AS ATTORNEY-IN-FACT AND AGENT FOR THE “TAX MATTERS PERSON”
TO PERFORM THE FUNCTIONS OF THE “TAX MATTERS PERSON” OR AS OTHERWISE PROVIDED IN THE TRUST AND SERVICING AGREEMENT
FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE, AND (B) TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR
AS “PARTNERSHIP REPRESENTATIVE” (WITHIN THE MEANING OF SECTION 6223 OF THE CODE TO THE EXTENT SUCH PROVISION IS APPLICABLE
TO THE [UPPER-TIER REMIC] [LOWER-TIER REMIC]) OF THE [UPPER-TIER REMIC] [LOWER-TIER REMIC] OR AS OTHERWISE PROVIDED IN THE TRUST
AND SERVICING AGREEMENT FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.

  

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT
IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

     A-7-2

     

    

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT
ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND IN WHICH
SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF SUCH
PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF SUCH PLANS) OR OTHER PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL
BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED TO THE TRUST AND SERVICING AGREEMENT TO SUCH EFFECT.

 

TRANSFERS AND EXCHANGES OF THIS CERTIFICATE
ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT
FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

  

     A-7-3

     

    

 

HUDSON YARDS 2016-10HY MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS R

 

	No.: R-[__]	Percentage Interest: ___%
	 	 
	 	
        CUSIP:   [44421LAN2]1

                        [U44357AG3]2

         

        ISIN:       [US44421LAN29]3

                [USU44357AG36]4

 

This certifies that [              ]
is the registered owner of the Percentage Interest evidenced by this Certificate in the Trust Fund. The Class R Certificateholder
is not entitled to interest or principal distributions. The Class R Certificateholder will be entitled to receive the proceeds
of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution Date for the Certificates, after distributions
in respect of any accrued but unpaid interest on the Certificates and after distributions in reduction of principal balance have
reduced the principal balances of the Certificates to zero. It is not anticipated that there will be any assets remaining in the
Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following the distributions on the Regular Certificates.
The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by, among other things, a first priority
mortgage in the fee simple interest in a 52-story Class A office building located at 10 Hudson Yards, New York, New York, and held
in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Trust Loan is to be serviced,
pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The Trust and Servicing
Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche Mortgage &
Asset Receiving Corporation, as depositor (the “Depositor”), Wells Fargo Bank, National Association, as master
servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), custodian
and paying agent, evidences the issuance of the Class A, Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates
(the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Trust and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Trust and Servicing Agreement.

 

 

 

1
For Rule 144A Certificates.

 

2
For Regulation S Certificates.

 

3
For Rule 144A Certificates.

 

4 For
Regulation S Certificates. 

 

     A-7-4

     

    

 

This Class R Certificate
represents the sole “residual interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income. The Holder of the largest Percentage Interest in the Class R Certificates shall be the
“tax matters person” and “partnership representative” within the meaning of Section 6223 of the Code, to
the extent such provision is applicable to the Trust REMIC, of the Upper-Tier REMIC pursuant to Treasury Regulations Section 1.860F-4(d),
and the Certificate Administrator is hereby irrevocably designated and shall serve as attorney-in-fact and agent for any such Person
that is the “tax matters person”.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Trust and
Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final
distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice
of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after the
second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their
Certificates. The costs and expenses of holding such funds in trust

 

     A-7-5

     

    

 

and of contacting such Certificateholders shall be paid out
of such funds. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to such Holders in accordance with the Trust and
Servicing Agreement. No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust and Servicing Agreement. Such funds
held by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.

 

As provided in the Trust
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein) (i) the
Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Trust Loan due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security
interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts
on deposit in the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts,
the Interest Reserve Account or the REO Account, including any reinvestment income, as applicable; (viii) a security interest
in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a security interest in all insurance policies
with respect to the Trust Loan and the Mortgaged Property; (x) the rights and remedies under the Trust Loan Purchase Agreements
relating to document delivery requirements with respect to the Trust Loan and the representations and warranties of the Trust Loan
Sellers regarding the Trust Loan; (xi)  the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other
than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts,
to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals may be made
from certain of the above-accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Certificate Administrator.

 

As provided in the Trust
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in

 

     A-7-6

     

    

 

Article V of the Trust and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Trust and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Trust and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate
is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice
or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Trust and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator and the Trustee without the consent of any of the Certificateholders or the Companion Loan Holders, (i) to
cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and Servicing Agreement to conform or
be consistent with or in furtherance of the statements made in the Offering Circular with respect to the Certificates, the Trust
or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and Servicing Agreement or herein
which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement or herein; (iii) to
amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable to maintain the rating or ratings
assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency (provided that such amendment
does not adversely affect in any material respect (x) the rights or interests of any Certificateholder or Companion Loan Holder
not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement a provision, or to supplement
any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or any other change that
will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Holder not consenting
thereto (as evidenced in writing by an Opinion of Counsel or, if solely

 

     A-7-7

     

    

 

affecting any Certificateholder of a rated Class or a Companion
Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation has been obtained relating
to the Certificates or the Companion Loan Securities, if applicable); and (v) to modify the procedures in the Trust and Servicing
Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification would not materially
increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such parties’ consent; and provided, further,
that such amendment shall not adversely affect in any material respect the interests of any Certificateholders or Companion Loan
Holders not consenting thereto, as evidenced by in the case of clauses (iii) through (v) above by (x) an Opinion of Counsel
or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation from each Rating Agency
and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event shall any such amendment cause the Lower-Tier
REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.

 

The Trust and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates representing not less
than 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by
the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan Sellers) and the Companion Loan Holders
affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided, however,
that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Whole Loan
which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of
the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan
Holder without the consent of such Companion Loan Holder;

 

		(ii)	change the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
are required to consent to any action or inaction under the Trust and Servicing Agreement without the consent of the Holders of
Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of any affected
Companion Loan Holder;

 

		(iii)	alter the Servicing Standard or obligations of the Master Servicer or the Trustee to make a P&I
Advance, Administrative Advance or a Property Advance, without the consent of the Holders of Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby and the consent of any affected Companion Loan Holder; or

 

		(iv)	amend any section of the Trust and Servicing Agreement which relates to the amendment of the Trust
and Servicing Agreement without the consent 

 

     A-7-8

     

    

 

	 	 	of the Holders of all Certificates representing all of the Percentage Interests of
the Class or Classes affected thereby and the consent of any affected Companion Loan Holder.

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without
the consent of the Certificateholders, may amend the Trust and Servicing Agreement to modify, eliminate or add to any of its provisions
to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect
in any material respect the interest of any Certificateholder or the Companion Loan Holders or (ii) to comply with the Investment
Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The Directing Holder,
and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer does not exercise
such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of a majority
Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any
time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal Balance of the Trust Loan
is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying the Anticipated Final Termination
Date, by purchasing on such date all, but not less than all, of the Trust Loan then included in the Trust Fund, and all, but not
less than all, of the Trust’s interest in all property acquired in respect of the Trust Loan, at a purchase price, payable
in cash, equal to the greater of,

 

(i)            the sum of, without
duplication:

 

		(A)	the outstanding principal balance of the Trust Loan as of the last day of the month preceding such
Anticipated Final Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Final Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

     A-7-9

     

    

 

		(C)	all unpaid interest accrued on the unpaid balance of the Trust Loan (including if title to the
Mortgaged Property has been acquired) at the Trust Loan Rate to the last day of the Whole Loan Interest Accrual Period preceding
such Anticipated Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate, and unpaid
Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator Fees, the CREFC® License
Fee and Trust Fund expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In addition, the Trust
and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its Certificates (other
than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii)
of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with the purchase of the
Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement shall be
borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to
rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing
Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee
created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator
to make certain payments and to send certain notices to Certificateholders as set forth in the Trust and Servicing Agreement) shall
terminate upon payment (or provision for payment) to the Certificateholders and Companion Loan Holders of all amounts held by or
on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Trust and
Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Trust Loan
and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust and Servicing Agreement; (ii) the
exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance with Section 9.01(g) of the Trust and
Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on the Trust Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust and Servicing Agreement of the last asset
held

 

     A-7-10

     

    

 

by the Trust Fund; provided, however, that in no event shall the trust created by the Trust and Servicing Agreement
continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust
and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by
virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between terms specified
in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall
govern.

 

     A-7-11

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class R Certificate to be duly executed.

 

Dated: _______________

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	     Name:
	 	 	     Title:

 

Certificate of Authentication

 

This is one of the Class
R Certificates referred to in the Trust and Servicing Agreement.

 

Dated: _______________

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	     Name:
	 	 	     Title:

  

     A-7-12

     

    

 

EXHIBIT A-8

 

FORM OF CLASS LR CERTIFICATE

 

THIS CERTIFICATE DOES NOT REPRESENT AN
OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).
A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS
ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02 OF THE TRUST AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT
TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT IT IS A PERMITTED TRANSFEREE AND, AMONG OTHER THINGS, (A)
IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER,
NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT WILL NOT CAUSE INCOME
WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN
APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON, (C) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME
DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH
HOLDING THIS CERTIFICATE AS THEY BECOME DUE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT
A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS
IN ANY PURPORTED TRANSFEREE. BECAUSE THIS CERTIFICATE REPRESENTS A “NON-ECONOMIC RESIDUAL INTEREST,” AS DEFINED IN
TREASURY REGULATIONS SECTION 1.860E-1(c), CERTAIN TRANSFERS OF THIS CERTIFICATE WILL BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES.
IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED,
AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO PAY A SPECIFIED AMOUNT
TO THE PROPOSED TRANSFEREE OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.

 

     A-8-1

     

    

 

THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE AGREED (A) TO CONSENT TO ACT AS “TAX MATTERS PERSON” OF THE [UPPER-TIER REMIC] [LOWER-TIER
REMIC] AND TO THE APPOINTMENT OF THE CERTIFICATE ADMINISTRATOR AS ATTORNEY-IN-FACT AND AGENT FOR THE “TAX MATTERS PERSON”
TO PERFORM THE FUNCTIONS OF THE “TAX MATTERS PERSON” OR AS OTHERWISE PROVIDED IN THE TRUST AND SERVICING AGREEMENT
FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE, AND (B) TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR
AS “PARTNERSHIP REPRESENTATIVE” (WITHIN THE MEANING OF SECTION 6223 OF THE CODE TO THE EXTENT SUCH PROVISION IS APPLICABLE
TO THE [UPPER-TIER REMIC] [LOWER-TIER REMIC]) OF THE [UPPER-TIER REMIC] [LOWER-TIER REMIC] OR AS OTHERWISE PROVIDED IN THE TRUST
AND SERVICING AGREEMENT FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.

  

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT
IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

     A-8-2

     

    

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT
ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND IN WHICH
SUCH PLANS ARE INVESTED, AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF SUCH
PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF SUCH PLANS) OR OTHER PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL
BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED TO THE TRUST AND SERVICING AGREEMENT TO SUCH EFFECT.

 

TRANSFERS AND EXCHANGES OF THIS CERTIFICATE
ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR AGAINST ANY LIABILITY THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT
FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

     A-8-3

     

    

 

HUDSON YARDS 2016-10HY MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS LR

 

	No.: LR-[__]	Percentage Interest: ___%
	 	 
	 	
        CUSIP:   [44421LAQ5]1

                        [U44357AH1]2

         

        ISIN:       [US44421LAQ59]3

                [USU44357AH19]4

 

This certifies that [              ]
is the registered owner of the Percentage Interest evidenced by this Certificate in the Trust Fund. The Class LR Certificateholder
is not entitled to interest or principal distributions. The Class LR Certificateholder will be entitled to receive the proceeds
of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution Date for the Certificates, after distributions
in respect of any accrued but unpaid interest on the Certificates and after distributions in reduction of principal balance have
reduced the principal balances of the Certificates to zero. It is not anticipated that there will be any assets remaining in the
Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following the distributions on the Regular Certificates.
The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by, among other things, a first priority
mortgage in the fee simple interest in a 52-story Class A office building located at 10 Hudson Yards, New York, New York, and held
in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Trust Loan is to be serviced,
pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.

 

The Trust and Servicing
Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”), between Deutsche Mortgage &
Asset Receiving Corporation, as depositor (the “Depositor”), Wells Fargo Bank, National Association, as master
servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), custodian
and paying agent, evidences the issuance of the Class A, Class X-A, Class B, Class C, Class D, Class E, Class R and Class LR Certificates
(the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Trust and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Trust and Servicing Agreement.

  

 

 

1
For Rule 144A Certificates.

 

2
For Regulation S Certificates.

 

3
For Rule 144A Certificates.

 

4 For
Regulation S Certificates.

 

     A-8-4

     

    

 

This Class LR Certificate
represents the sole “residual interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income. The Holder of the largest Percentage Interest in the Class LR Certificates shall be the
“tax matters person” and “partnership representative” within the meaning of Section 6223 of the Code, to
the extent such provision is applicable to the Trust REMIC, of the Lower-Tier REMIC pursuant to Treasury Regulations Section 1.860F-4(d),
and the Certificate Administrator is hereby irrevocably designated and shall serve as attorney-in-fact and agent for any such Person
that is the “tax matters person”.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Trust and
Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire instructions in
writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class mail to the
address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final
distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held in trust for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice
of the Termination Date has been given pursuant to the Trust and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for
cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one year after the
second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly
or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their
Certificates. The costs and expenses of holding such funds in trust

 

     A-8-5

     

    

 

and of contacting such Certificateholders shall be paid out
of such funds. If within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Trust and Servicing Agreement and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to such Holders in accordance with the Trust and
Servicing Agreement. No interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with the Trust and Servicing Agreement. Such funds
held by the Certificate Administrator may be invested under certain circumstances, and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.

 

As provided in the Trust
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein) (i) the
Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections
in respect of the Trust Loan due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security
interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts
on deposit in the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts,
the Interest Reserve Account or the REO Account, including any reinvestment income, as applicable; (viii) a security interest
in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a security interest in all insurance policies
with respect to the Trust Loan and the Mortgaged Property; (x) the rights and remedies under the Trust Loan Purchase Agreements
relating to document delivery requirements with respect to the Trust Loan and the representations and warranties of the Trust Loan
Sellers regarding the Trust Loan; (xi)  the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other
than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts,
to the extent such interest belongs to the Borrower). As provided in the Trust and Servicing Agreement, withdrawals may be made
from certain of the above-accounts for purposes other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Certificate Administrator.

 

As provided in the Trust
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in

 

     A-8-6

     

    

 

Article V of the Trust and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of the Trust and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Trust and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate
is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice
or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Trust and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Trust and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Trust and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar
may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection
with any such transfer.

 

The Trust and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator and the Trustee without the consent of any of the Certificateholders or the Companion Loan Holders, (i) to
cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and Servicing Agreement to conform or
be consistent with or in furtherance of the statements made in the Offering Circular with respect to the Certificates, the Trust
or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and Servicing Agreement or herein
which may be defective or inconsistent with any other provisions of the Trust and Servicing Agreement or herein; (iii) to
amend any provision of the Trust and Servicing Agreement to the extent necessary or desirable to maintain the rating or ratings
assigned to each of the Classes of Certificates or Companion Loan Securities by each Rating Agency (provided that such amendment
does not adversely affect in any material respect (x) the rights or interests of any Certificateholder or Companion Loan Holder
not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Controlling Class); (iv) to amend or supplement a provision, or to supplement
any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing Agreement, or any other change that
will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Holder not consenting
thereto (as evidenced in writing by an Opinion of Counsel or, if solely

 

     A-8-7

     

    

 

affecting any Certificateholder of a rated Class or a Companion
Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation has been obtained relating
to the Certificates or the Companion Loan Securities, if applicable); and (v) to modify the procedures in the Trust and Servicing
Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification would not materially
increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the 17g-5 Information
Provider, the Master Servicer or the Special Servicer without such parties’ consent; and provided, further,
that such amendment shall not adversely affect in any material respect the interests of any Certificateholders or Companion Loan
Holders not consenting thereto, as evidenced by in the case of clauses (iii) through (v) above by (x) an Opinion of Counsel
or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation from each Rating Agency
and a No Downgrade Confirmation with respect to any Companion Loan Securities. In no event shall any such amendment cause the Lower-Tier
REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or subject either REMIC to tax.

 

The Trust and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates representing not less
than 66-2/3% of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by
the Depositor, any of the Depositor’s Affiliates and/or agents or the Trust Loan Sellers) and the Companion Loan Holders
affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
the Trust and Servicing Agreement or modifying in any manner the rights of the Certificateholders; provided, however,
that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Whole Loan
which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of
the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan
Holder without the consent of such Companion Loan Holder;

 

		(ii)	change the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
are required to consent to any action or inaction under the Trust and Servicing Agreement without the consent of the Holders of
Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of any affected
Companion Loan Holder;

 

		(iii)	alter the Servicing Standard or obligations of the Master Servicer or the Trustee to make a P&I
Advance, Administrative Advance or a Property Advance, without the consent of the Holders of Certificates representing all of the
Percentage Interests of the Class or Classes affected thereby and the consent of any affected Companion Loan Holder; or

 

		(iv)	amend any section of the Trust and Servicing Agreement which relates to the amendment of the Trust
and Servicing Agreement without the consent 

 

     A-8-8

     

    

 

	 	 	of the Holders of all Certificates representing all of the Percentage Interests of
the Class or Classes affected thereby and the consent of any affected Companion Loan Holder.

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without
the consent of the Certificateholders, may amend the Trust and Servicing Agreement to modify, eliminate or add to any of its provisions
to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC,
or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding;
provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is
necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect
in any material respect the interest of any Certificateholder or the Companion Loan Holders or (ii) to comply with the Investment
Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The Directing Holder,
and if the Directing Holder does not exercise such option, then the Special Servicer, and if the Special Servicer does not exercise
such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of a majority
Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided
that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties
with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’
prior Notice of Termination given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any
time on or after the Early Termination Notice Date (defined as any date as of which the Stated Principal Balance of the Trust Loan
is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date) specifying the Anticipated Final Termination
Date, by purchasing on such date all, but not less than all, of the Trust Loan then included in the Trust Fund, and all, but not
less than all, of the Trust’s interest in all property acquired in respect of the Trust Loan, at a purchase price, payable
in cash, equal to the greater of,

 

(i)           the sum of, without
duplication:

 

		(A)	the outstanding principal balance of the Trust Loan as of the last day of the month preceding such
Anticipated Final Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Final Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

     A-8-9

     

    

 

		(C)	all unpaid interest accrued on the unpaid balance of the Trust Loan (including if title to the
Mortgaged Property has been acquired) at the Trust Loan Rate to the last day of the Whole Loan Interest Accrual Period preceding
such Anticipated Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate, and unpaid
Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator Fees, the CREFC® License
Fee and Trust Fund expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In addition, the Trust
and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its Certificates (other
than the Class R and Class LR Certificates) for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii)
of Section 9.01(a) of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with the purchase of the
Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement shall be
borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled to
rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and Servicing
Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee
created by the Trust and Servicing Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator
to make certain payments and to send certain notices to Certificateholders as set forth in the Trust and Servicing Agreement) shall
terminate upon payment (or provision for payment) to the Certificateholders and Companion Loan Holders of all amounts held by or
on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Trust and
Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Trust Loan
and all other property held by the Trust Fund in accordance with Section 9.01(c) of the Trust and Servicing Agreement; (ii) the
exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance with Section 9.01(g) of the Trust and
Servicing Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on the Trust Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust and Servicing Agreement of the last asset
held

 

     A-8-10

     

    

 

by the Trust Fund; provided, however, that in no event shall the trust created by the Trust and Servicing Agreement
continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

  

This Certificate does
not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information with respect
to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and obligations of
the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust
and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate by
virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between terms specified
in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall
govern.

 

     A-8-11

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class LR Certificate to be duly executed.

 

Dated: _______________

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	     Name:
	 	 	     Title:

  

Certificate of Authentication

 

This is one of the Class
LR Certificates referred to in the Trust and Servicing Agreement.

 

Dated: _______________

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	     Name:
	 	 	     Title:

 

     A-8-12

     

    

 

 

EXECUTION VERSION

  

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

     

     

    

 

	Hudson
    Yards 2016-10HY Mortgage Loan Schedule	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Trust
    Loan Name	 	Address	 	City	 	County	 	State	 	Zip
    Code	 	Whole
    Loan Rate	 	Trust
    Loan Rate	 	Original
    Whole Loan Balance	 	Cut-off
    Whole Loan Balance	 	Original
    Trust Loan Balance	 	Cut-off
    Trust Loan Balance	 	Whole
    Loan Maturity Date	 	Payment
    Due Date	 	First
    Mortgage Loan Monthly Debt Service Payment	 	Master
    Servicing Fee Rate	 	Primary
    Servicing Fee Rate	 	Trustee/Administrator
    Fee	 	CREFC
    Fee	 	Total
    Admin Fee Rate	 	Letter
    of Credit
	10
    Hudson Yards	 	10
    Hudson Yards	 	New
    York	 	New
    York	 	NY	 	10001	 	2.98333%	 	2.98333%	 	$900,000,000	 	$900,000,000	 	$600,000,000	 	$600,000,000	 	8/6/2026	 	6	 	$2,280,410.93	 	0.00125%	 	0.00125%	 	0.0037%	 	0.0005%	 	0.0067%	 	None
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     

     

    

 

EXHIBIT C-1

 

FORM OF TRANSFEREE AFFIDAVIT

 

AFFIDAVIT PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED

 

	STATE OF NEW YORK	)
	 	) ss.:
	COUNTY OF NEW YORK	)

  

____________, being first
duly sworn, deposes and says:

 

1.     That he/she
is a ____________ of ____________ (the “Purchaser”), a ____________ duly organized and existing under the
laws of the State of_________ on behalf of which he/she makes this affidavit.

 

2.      That
the Purchaser’s Taxpayer Identification Number is _________.

 

3.     That the Purchaser
of the Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates, Class [R][LR] (the “Class
[R][LR] Certificate”) is a Permitted Transferee (as defined in Article I of the Trust and Servicing Agreement, dated
as of August 6, 2016 (the “Trust and Servicing Agreement”), entered into in connection with the Hudson Yards
2016-10HY Mortgage Trust securitization transaction) or is acquiring the Class [R][LR] Certificate for the account of, or as agent
(including as a broker, nominee, or other middleman) for, a Permitted Transferee and has received from such person or entity an
affidavit substantially in the form of this affidavit.

 

4.     That the Purchaser
historically has paid its debts as they have come due and intends to pay its debts as they come due in the future and the Purchaser
intends to pay taxes associated with holding the Class [R][LR] Certificate as they become due.

 

5.     That the Purchaser
understands that it may incur tax liabilities with respect to the Class [R][LR] Certificate in excess of any cash flow generated
by the Class [R][LR] Certificate.

 

6.     That the Purchaser
will not transfer the Class [R][LR] Certificate to any person or entity from which the Purchaser has not received an affidavit
substantially in the form of this affidavit or as to which the Purchaser has actual knowledge that the requirements set forth in
paragraph 3, paragraph 4 or paragraph 7 hereof are not satisfied or that the Purchaser has reason to know does not satisfy the
requirements set forth in paragraph 4 hereof.

 

7.     That the Purchaser
is not a Disqualified Non-U.S. Person and is not purchasing the Class [R][LR] Certificate for the account of, or as an agent (including
as a broker, nominee or other middleman) for, a Disqualified Non-U.S. Person and is otherwise a Permitted Transferee.

 

    	 	C-1-1 	 

     

    

 

8.     That the Purchaser
agrees to such amendments of the Trust and Servicing Agreement as may be required to further effectuate the restrictions on transfer
of the Class [R][LR] Certificate to a “disqualified organization,” an agent thereof, or a person that does not satisfy
the requirements of paragraph 4, paragraph 7 and paragraph 11 hereof.

 

9.     That, if a “tax
matters person” is required to be designated with respect to the [Upper-Tier REMIC] [Lower-Tier REMIC], the Purchaser agrees
to act as “tax matters person” and to perform the functions of “tax matters partner” of the [Upper-Tier
REMIC][Lower-Tier REMIC] pursuant to Section 4.04 of the Trust and Servicing Agreement, and agrees to the irrevocable designation
of the Certificate Administrator as the Purchaser’s agent in performing the function of “tax matters person”
and “tax matters partner”. In addition, the Purchaser agrees to the irrevocable designation of the Certificate Administrator
as the “partnership representative” within the meaning of Section 6223 of the Code of the [Upper-Tier REMIC][Lower-Tier
REMIC] to the extent such provision is applicable to the Trust REMICs.

 

10.   The Purchaser
agrees to be bound by and to abide by the provisions of Section 5.02 of the Trust and Servicing Agreement concerning registration
of the transfer and exchange of the Class [R][LR] Certificate.

 

11.    The Purchaser
will not cause income from the Class [R][LR] Certificate to be attributable to a foreign permanent establishment or fixed base,
within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Person.

 

12.    Check the applicable
paragraph:

 

☐           The present value
of the anticipated tax liabilities associated with holding the Class [R][LR] Certificate, as applicable, does not exceed the sum
of:

 

		(i)	the present value of any consideration given to the Purchaser to acquire such Class [R][LR] Certificate;

 

		(ii)	the present value of the expected future distributions on such Certificate; and

 

		(iii)	the present value of the anticipated tax savings associated with holding such Class [R][LR] Certificate
as the related REMIC generates losses.

 

For purposes of this
calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Code Section 11(b) (but the tax
rate in Code Section 55(b)(1)(B) may be used in lieu of the highest rate specified in Code Section 11(b) if the Purchaser has been
subject to the alternative minimum tax under Code Section 55 in the preceding two years and will compute its taxable income in
the current taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount rate equal
to the short-term Federal rate prescribed by Code Section 1274(d) for the month of the transfer and the compounding period used
by the Purchaser.

 

☐           The transfer of
the Class [R][LR] Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,

 

    	 	C-1-2 	 

     

    

 

		(i)	the Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section
1.860E-1(c)(6)(i), as to which income from the Class [R][LR] Certificate will only be taxed in the United States;

 

		(ii)	at the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding
the year of the transfer, the Purchaser had gross assets for financial reporting purposes (excluding any obligation of a person
related to the Purchaser within the meaning of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million
and net assets in excess of $10 million;

 

		(iii)	the Purchaser will transfer the Class [R][LR] Certificate only to another “eligible corporation,”
as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Section
1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and

 

		(iv)	the Purchaser determined the consideration paid to it to acquire the Class [R][LR] Certificate based
on reasonable market assumptions (including, but not limited to, borrowing and investment rates, prepayment and loss assumptions,
expense and reinvestment assumptions, tax rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐           None of the above.

 

Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Trust and Servicing Agreement.

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be executed on its behalf by its __________ this day of _____, _______.

 

	 	[The Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	 	C-1-3 	 

     

    

 

Personally appeared before
me the above named [_____], known or proved to me to be the same person who executed the foregoing instrument and to be the of
the Purchaser, and acknowledged to me that he/she executed the same as his/her free act and deed and the free act and deed of the
Purchaser.

 

Subscribed and sworn
before me this ___ day of __________, 20 ___.

 

	 	 
	NOTARY PUBLIC	 

	COUNTY OF	 	 

	STATE OF	 	 

 

My commission expires the ___ day of
____________, 20 ____.

 

    	 	C-1-4 	 

     

    

 

EXHIBIT C-2

 

FORM OF TRANSFEROR CERTIFICATE

 

[Date]

 

Wells Fargo Bank, National
Association

Sixth Street & Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Hudson Yards 2016-10HY Mortgage Trust

Re:          Hudson Yards 2016-10HY Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Class [R][LR]

 

Ladies and Gentlemen:

 

[Transferor] has reviewed
the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee] is not
a Permitted Transferee (as defined in the Trust and Servicing Agreement defined in the attached affidavit) and has no actual knowledge
or reason to know that the information contained in the attached affidavit is not true. No purpose of [Transferor]’s transfer
of the Class [R][LR] Certificate[s] to [Transferee] is or will be to impede the assessment of any tax.

 

	 	Very truly yours,
	 	 	 
	 	[Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	 	C-2-1 	 

     

    

 

EXHIBIT D-1

 

FORM OF INVESTMENT REPRESENTATION LETTER 

 

Wells Fargo Bank, National Association

Sixth Street & Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Hudson Yards 2016-10HY Mortgage Trust

 

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan

 

		Re:	Transfer of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates:
Class [__]

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 5.02 of the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”),
entered into in connection with the Hudson Yards 2016-10HY securitization transaction and the issuance of Hudson Yards 2016-10HY
Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”) in connection with the transfer
by [_______] (the “Seller”) to the undersigned (the “Purchaser”) of [$_____ aggregate [Certificate
Balance][_____% Percentage Interest]] of Class [__] Certificates, in certificated fully registered form (such registered interest,
the “Certificate”). Capitalized terms used but not defined herein have the respective meanings set forth in
the Trust and Servicing Agreement.

 

In connection with such
transfer, the undersigned hereby represents and warrants to you as follows:

 

[For Institutional Accredited
Investors only]

 

		(i)	The Purchaser is an “institutional accredited investor” (i.e., an entity meeting
the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act of 1933, as amended (the
“Securities Act”), or an entity in which all of the equity owners are institutional investors that are an “accredited
investor” meeting the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act)
and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
the investment in the Certificate, and the Purchaser and any accounts for which the Purchaser is acting are each able to bear the
economic risk of our or its investment. The Purchaser is acquiring the Certificate for its own account or for one or more accounts
(each of which is an “institutional accredited investor”) as to each of which the Purchaser exercises sole investment
discretion. The Purchaser hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.

 

    	 	D-1-1 	 

     

    

 

[For Qualified Institutional
Buyers only]

 

		(i)	The Purchaser is a “qualified institutional buyer” within the meaning of Rule 144A (“Rule
144A”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The Purchaser
is aware that the transfer is being made in reliance on Rule 144A, and the Purchaser has had the opportunity to obtain the information
required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.

 

		(ii)	The Purchaser’s intention is to acquire the certificate (A) for investment for the Purchaser’s
own account or (B) for resale to (1) “qualified institutional buyers” in transactions under Rule 144A, (2) “institutional
accredited investors” meeting the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities
Act of 1933, as amended (the “Securities Act”), or an entity in which all of the equity owners are institutional
investors that are an “accredited investor” meeting the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation
D promulgated under the Securities Act, or (3) pursuant to any other exemption from the registration requirements of the Securities
Act, subject in the case of this clause (ii) to (a) the receipt by the Certificate Registrar of a letter substantially in the form
hereof, (b) in the case of a transfer to an Affiliated Person, the receipt by the Certificate Registrar of an opinion of counsel
acceptable to the Certificate Registrar that such reoffer, resale, pledge or other transfer is in compliance with the Securities
Act, (c) the receipt by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer,
resale, pledge or other transfer is in compliance with the Securities Act and other applicable laws (including applicable state
and foreign securities laws), and (d) a written undertaking to reimburse the Trust for any costs incurred by it in connection with
the proposed transfer. It understands that the Certificate (and any subsequent Individual Certificate) has not been registered
under the Securities Act, by reason of a specified exemption from the registration provisions of the Securities Act which depends
upon, among other things, the bona fide nature of the Purchaser’s investment intent (or intent to resell to only certain
investors in certain exempted transactions) as expressed herein.

 

		(iii)	The Purchaser acknowledges that the Certificate (and any Certificate issued on transfer or exchange
thereof) has not been registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction,
and that the Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder
or unless an exemption from such registration or qualification is available.

 

		(iv)	The Purchaser has reviewed the applicable Offering Circular, dated July 25, 2016, relating to the
Certificates (the “Offering Circular”) and the agreements and other materials referred to therein and has had
the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions contemplated by the
Offering Circular.

 

		(v)	The Purchaser hereby undertakes to be bound by the terms and conditions of the Trust and Servicing
Agreement in its capacity as an owner of an Individual Certificate or Certificates, as the case may be (each, a “Certificateholder”),
in all respects as if it 

 

    	 	D-1-2 	 

     

    

 

	 	 	were a signatory thereto. This undertaking is made for the benefit of the Trust, the Trustee, the Certificate
Administrator, the Certificate Registrar and all Certificateholders present and future.

 

		(vi)	The Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance
with Section 5.02 of the Trust and Servicing Agreement.

 

		(vii)	Check one of the following:

 

☐           The Purchaser
is a “U.S. Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9 (or successor
form).

 

☐           The Purchaser
is not a “U.S. Person” and under applicable law in effect on the date hereof, no taxes will be required to be withheld
by the Certificate Registrar (or its agent) with respect to Distributions to be made on the Certificate(s). The Purchaser has attached
hereto [(i) in the case of an individual, a duly executed IRS Form W-8BEN (or successor form), which identifies such Purchaser
as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S. Person, (ii) in the case of an entity,
a duly executed IRS Form W-8BEN-E (or successor form), which identifies such Purchaser as the beneficial owner of the certificate(s)
and states that such Purchaser is not a U.S. Person, (iii) two duly executed copies of IRS Form W-8IMY (and all appropriate attachment
or (iv)]* two duly executed copies of IRS Form W-8ECI (or successor form), which identify such Purchaser as the beneficial owner
of the Certificate(s) and state that interest and original issue discount on the U.S. Securities is, or is expected to be, effectively
connected with a U.S. trade or business. The Purchaser agrees to provide to the Certificate Registrar updated [IRS Forms W-8BEN,
IRS Forms, W-8BEN-E, IRS Forms W-8IMY or]* IRS Forms W-8ECI[, as the case may be]*, any applicable successor IRS forms, or such
other certifications as the Certificate Registrar may reasonably request, on or before the date that any such IRS form or certification
expires or becomes obsolete, or promptly after the occurrence of any event requiring a change in the most recent IRS form of certification
furnished by it to the Certificate Registrar.

 

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

 

Please make all payments
due on the Certificates:**

 

(a) by
wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

 

    	 	D-1-3 	 

     

    

 

	Account
number:	 	 

 

	Institution:	 	 

 

(b) by
mailing a check or draft to the following address:

 

	 	 	 
	 	 	 
	 	 	 

 

	 	Very truly yours,
	 	 	 
	 	 
	 	[The Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

  

Dated: ________________, 20___

_____________________

 

		*	Delete
                                         for Class R and Class LR.

 

		**	Only
                                         to be filled out by Purchasers of Individual Certificates. Please select (a) or (b).

 

    	 	D-1-4 	 

     

    

 

EXHIBIT D-2

 

FORM OF ERISA REPRESENTATION LETTER

 

[Date]

 

Wells Fargo Bank, National
Association

Sixth Street & Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Hudson Yards 2016-10HY Mortgage Trust

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan

 

		Re:	Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Class [ ]

 

Ladies and Gentlemen:

 

[_____] (the “Purchaser”)
intends to purchase from [______] (the “Seller”) [$[_] initial Certificate Balance][[ ]% Percentage Interest]
of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates, Class [ ], CUSIP No. [_____] (the “Certificates”),
issued pursuant to the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”),
entered into in connection with the Hudson Yards 2016-10HY securitization transaction. Capitalized terms used but not defined herein
have the respective meanings set forth in the Trust and Servicing Agreement. The Purchaser hereby certifies, represents and warrants
to, and covenants with, the Depositor, the Certificate Administrator, the Certificate Registrar and the Trustee that:

 

1.            The Purchaser is
not and will not become (a) an employee benefit plan or other retirement arrangement, including an individual retirement account
or a Keogh plan, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Code Section 4975, a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal, state or local
law (“Similar Law”) which is to a material extent similar to the foregoing provisions of ERISA or the Code (each,
a “Plan”), or (b) a collective investment fund in which such Plans are invested, an insurance company using
assets of separate accounts or general accounts which include assets of Plans (or which are deemed pursuant to ERISA or any Similar
Law to include assets of Plans) or other person acting on behalf of any such Plan or using the assets of any such Plan, other than
(except in the case of the Class R and Class LR Certificates) an insurance company using the assets of its general account under
circumstances whereby such purchase and the subsequent holding of such Certificate by such insurance company would be exempt from
the prohibited transaction provisions of Section 406 and 407 of ERISA and Code Section 4975 under Sections I and III of PTCE 95-60,
or a substantially similar exemption under Similar Law; and

 

    	 	D-2-1 	 

     

    

 

2.            The Purchaser understands
that if the Purchaser is a person referred to in clause (a) or (b) above, except in the case of the Class R or Class LR Certificate,
which may not be transferred unless the transferee represents it is not such a person, such Purchaser is required to provide to
the Depositor, the Certificate Administrator, the Trustee and the Certificate Registrar any opinions of counsel, officers’
certificates or agreements as may be required by such persons, and which establishes to the satisfaction of the Depositor, the
Certificate Administrator, the Trustee and the Certificate Registrar that the purchase and holding of the Certificates by or on
behalf of a Plan will not constitute or result in a non-exempt prohibited transaction within the meaning of Section 406 and Section
407 of ERISA or Code Section 4975 or any corresponding provision of any Similar Law, and will not subject the Depositor, the Certificate
Administrator, the Trustee, the Master Servicer, the Special Servicer, any Initial Purchaser or the Certificate Registrar to any
obligation or liability (including obligations or liabilities under ERISA, Code Section 4975 or Similar Law), which opinions of
counsel, officers’ certificates or agreements shall not be at the expense of the Master Servicer, the Special Servicer, the
Depositor, the Certificate Administrator, the Trustee, any Initial Purchaser or the Certificate Registrar.

 

IN WITNESS WHEREOF, the
Purchaser hereby executes this ERISA Representation Letter on this ___ day of __________, 20__.

 

	 	Very truly yours,
	 	 	 
	 	[Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	 	D-2-2 	 

     

    

 

EXHIBIT E

 

FORM OF REQUEST FOR RELEASE

 

	Loan Information	 	 
	Name of Borrower:	 	
        Legacy
        Yards Tenant LP
	[Master Servicer][Special Servicer] Loan No.:	 	
 
	Custodian	 	 
	Name: 	 	Wells Fargo Bank, National Association

	 	 	 
	Address: 	 	Wells Fargo Bank, National Association

1055 10th Avenue SE 

Minneapolis, Minnesota 55479-0113

Attention: Hudson Yards 2016-10HY Mortgage Trust
	Custodian Mortgage File No.:	 	
 
	Depositor	 	 
	Name: 	 	Deutsche Mortgage & Asset Receiving Corporation
	 	 	 
	Address: 	 	Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005
	 	 	 
	Certificates:	 	Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

The undersigned
[Master Servicer][Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as Custodian for the
Holders of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates, the documents (the “Documents”)
specified below. All capitalized terms not otherwise defined in this Request for Release shall have the meanings given them in
the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”) and executed
in connection with the Hudson Yards 2016-10HY securitization transaction.

 

	 	(  )	 
	 	(  )	 
	 	(  )	 
	 	(  )	 

 

    	 	E-1 	 

     

    

 

The undersigned
[Master Servicer][Special Servicer] hereby acknowledges and agrees as follows:

 

(i)            The
[Master Servicer][Special Servicer] shall hold and retain possession of the Documents in trust for the benefit of the Trustee,
solely for the purposes provided in the Trust and Servicing Agreement.

 

(ii)           The
[Master Servicer][Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claim,
liens, security interest, charges, writs of attachment or other impositions nor shall the [Master Servicer][Special Servicer] assert
or seek to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as otherwise provided
in the Trust and Servicing Agreement.

 

(iii)          The
[Master Servicer][Special Servicer] shall return the Documents to the Custodian when the need therefor no longer exists, unless
the Whole Loan has been liquidated or the Whole Loan has been paid in full and the proceeds thereof have been remitted to the Collection
Account, except as expressly provided in the Trust and Servicing Agreement.

 

(iv)          The
Documents coming into the possession or control of the [Master Servicer][Special Servicer] shall at all times be held for the account
of the Trustee, and the [Master Servicer][Special Servicer] shall keep the Documents and any proceeds separate and distinct from
all other property in the [Master Servicer][Special Servicer]’s possession, custody or control.

 

	 	[MASTER SERVICER/SPECIAL SERVICER]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

	Dated:	 	 

 

    	 	E-2 	 

     

    

 

EXHIBIT F

 

SECURITIES LEGEND

 

THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “Securities
Act”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE Securities
Act AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER
THE Securities Act, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT
TO RULE 144A UNDER THE Securities Act (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE Securities
Act OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS
SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF
THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS
SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE
WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR
IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS
DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. A TRANSFEREE
IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST AND SERVICING
AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A.

 

    	 	F-1 	 

     

    

 

EXHIBIT G

 

FORM OF REGULATION S TRANSFER CERTIFICATE 

Wells Fargo Bank, National Association

Sixth Street & Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Hudson Yards
2016-10HY Mortgage Trust

 

		Re:	Transfer of Hudson Yards 2016-10HY Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Class [ ]

 

Ladies and Gentlemen:

 

This certificate is delivered
pursuant to Section 5.02 of the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”)
and executed in connection with the Hudson Yards 2016-10HY securitization transaction, on behalf of the holders of the Hudson Yards
2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates, Class [ ] (the “Certificates”)
in connection with the transfer by the undersigned (the “Transferor”) to [_____] (the “Transferee”)
of $[_____] Certificate Balance of Certificates, in fully registered form (each, an “Individual Certificate”),
or a beneficial interest of such aggregate Certificate Balance in the Regulation S Global Certificate (the “Global Certificate”)
maintained by The Depository Trust Company or its successor as Depositary under the Trust and Servicing Agreement (such transferred
interest, in either form, being the “Transferred Interest”).

 

In connection with such
transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions
set forth in the Trust and Servicing Agreement and the Certificates and (i) with respect to transfers made in accordance with Regulation
S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”),
the Transferor does hereby certify that:

 

(1)          the offer of the
Transferred Interest was not made to a person in the United States;

 

[(2)         at the time the
buy order was originated, the Transferee was outside the United States or the Transferor and any person acting on its behalf reasonably
believed that the Transferee was outside the United States;]*

 

[(2)         the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither there undersigned nor any
person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]*

 

(3)          no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

  

    	 	G-1 	 

     

    

 

(4)          the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20__

 

    	 	G-2 	 

     

    

 

EXHIBIT H

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchanges or transfers pursuant to
Section 5.02(c)(ii)(A) of 

the Trust and Servicing Agreement) 

Wells Fargo Bank, National Association

Sixth Street & Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Hudson Yards
2016-10HY Mortgage Trust

 

		Re:	Transfer of Hudson Yards 2016-10HY Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Class [ ]

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”) and executed
in connection with the Hudson Yards 2016-10HY securitization transaction. Capitalized terms used but not defined herein shall have
the meanings given to them in the Trust and Servicing Agreement.

 

This letter relates to
US $[_____] aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of
a Rule 144A Global Certificate (CUSIP No. [_____]) with the Depository in the name of [insert name of transferor] (the “Transferor”).
The Transferor has requested a transfer of such beneficial interest for an interest in the Regulation S Global Certificate (CUSIP
No. [_____]) to be held with [Euroclear] [Clearstream]* (Common Code) through the Depositary.

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the Transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with Regulation
S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby
certify that:

 

(1)          the offer of the
Certificates was not made to a person in the United States,

 

[(2)        at the time the
buy order was originated, the transferee was outside the United States or the Transferor and any persons acting on its behalf reasonably
believed that the Transferee was outside the United States,]**

 

 

 

*
Select appropriate depository.

 

**
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	 	H-1 	 

     

    

 

[(2)         the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)          no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)          the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20__

 

    	 	H-2 	 

     

    

 

EXHIBIT I

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE AFTER THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to

Section 5.02(c)(ii)(B) of the Trust and Servicing Agreement) 

Wells Fargo Bank, National Association

Sixth Street & Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Hudson Yards
2016-10HY Mortgage Trust

 

		Re:	Transfer of Hudson Yards 2016-10HY Mortgage Trust Commercial
Mortgage Pass-Through Certificates Class [ ]

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”) and executed
in connection with the Hudson Yards 2016-10HY securitization transaction. Capitalized terms used but not defined herein shall have
the meanings given to them in the Trust and Servicing Agreement.

 

The letter relates to
U.S. $[_____] aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form
of the Rule 144A Global Certificate (CUSIP No. [_____]) with the Depository in the name of [insert name of transferor] (the “Transferor”).
The Transferor has requested a transfer of such beneficial interest in the Certificates for an interest in the Regulation S Global
Certificate (Common Code No. [_____]).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the transfer restrictions set forth in the Trust and Servicing Agreement and, (i) with respect to transfers made in reliance
on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), the Transferor does hereby
certify that:

 

(1)          the offer of the
Certificates was not made to a person in the United States,

 

[(2)        at the time the
buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably
believed that the transferee was outside the United States,]*

 

[(2)  
     the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the
Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United
States,]*

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    	 	I-1 	 

     

    

 

(3)          no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)          the transaction
is not part of a plan or scheme to evade the registration requirements of the Securities Act;

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Dated: _______________, 20___

 

    	 	I-2 	 

     

    

 

EXHIBIT J

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM REGULATION S GLOBAL

CERTIFICATE TO RULE 144A GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to Section
5.02(c)(ii)(C)

of the Trust and Servicing Agreement) 

Wells Fargo Bank, National Association

Sixth Street & Marquette Avenue

Minneapolis, Minnesota 55479-0113

Attention: Hudson Yards 2016-10HY Mortgage Trust

 

		Re:	Transfer of Hudson Yards 2016-10HY Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Class [ ]

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”) and executed
in connection with the Hudson Yards 2016-10HY securitization transaction. Capitalized terms used but not defined herein shall have
the meanings given to them in the Trust and Servicing Agreement.

 

This letter relates to
U.S. $[_____] aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form
of the Regulation S Global Certificate (CUSIP No. [_____]) with [Euroclear] [Clearstream]* (Common Code [_____]) through
the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested a
transfer of such beneficial interest in the Certificates for an interest in the Regulation 144A Global Certificate (CUSIP No. [_____]).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Trust and Servicing Agreement and (ii) Rule 144A under the Securities
Act to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account with respect to
which the transferee exercises sole investment discretion and the transferee and any such account is “qualified institutional
buyer” within the meaning of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance
with any applicable securities laws of any state of the United States or an jurisdiction.

 

 

 

*
Select appropriate depositary.

 

    	 	J-1 	 

     

    

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Dated: ______________, 20__

 

    	 	J-2 	 

     

    

 

EXHIBIT K

 

FORM OF DISTRIBUTION DATE STATEMENT

 

    	 	K-1 	 

     

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

    Commercial Mortgage Pass-Through Certificates

    Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 
	 	 	 	 DISTRIBUTION DATE STATEMENT	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 Table of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Ratings Detail	7	 	 	 
	 	 	 	 	Loan Detail	8	 	 	 
	 	 	 	 	NOI Detail	9	 	 	 
	 	 	 	 	Principal Prepayment Detail	10	 	 	 
	 	 	 	 	Historical Detail	11	 	 	 
	 	 	 	 	Delinquency Loan Detail	12	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	13 - 14	 	 	 
	 	 	 	 	Advance Summary	15	 	 	 
	 	 	 	 	Modified Loan Detail	16	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	17	 	 	 
	 	 	 	 	Historical Bond / Collateral Realized Loss Reconciliation	18	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	19 - 20	 	 	 
	 	 	 	 	Supplemental Reporting	21	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	  
	 	 	Depositor	 	 	 	Master
    Servicer	 	 	 	Special
    Servicer	 	 
	 	 	Deutsche
    Mortgage & Asset Receiving Corporation

    60 Wall Street

New York, NY 10005

Contact:     Helaine M. Kaplan

Phone Number:    (212) 250-5270	 	 	 	Wells
Fargo Bank, National Association
550 S. Tryon
Street, 14th Floor
Charlotte, NC 28202

Contact:    REAM_InvestorRelations@wellsfargo.com
 Phone Number:    (866) 898-1615
	 	 	 	AEGON USA Realty Advisors, LLC
4333 Edgewood Road, NE
Cedar Rapids, IA 52499

                                         
 Contact:    gdryden@aegonusa.com
 Phone Number:    (319) 369-2017
		 
	 	 	 	 	 	 	 	 	 	 	 	 	 	  
	 	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the information.	 	  
	 	 	 	  
	 	Please visit www.ctslink.com
    for additional information and special notices. In addition, certificateholders may register online for email notification
    when special notices are posted. For information or assistance please call 866-846-4526.	 	   
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

    

    	Page 1 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Distribution
    Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/

    Additional Trust

    Fund Expenses	 	Total

    Distribution	 	Ending

    Balance	 	Current

     Subordination

    Level (1)	 	 
	 	 	A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	LR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	 	Original

    Notional

    Amount	 	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	 	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1) Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A).

 

 

 

	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 2 of 21 

    	 

    

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

Balance
	Principal

Distribution
	Interest

Distribution
	Prepayment

Premium
	Realized
Loss/

Additional Trust

Fund Expenses
	Ending

Balance
	 
	 	 
	 	 
	 	A	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	LR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	Page 3 of 21 

    	 

    

 

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation Detail	 	 
	 	 	Principal Reconciliation	 	 
	 	 	 	 	Stated Beginning 
 Principal Balance	Unpaid Beginning
 Principal Balance	Scheduled
    

    Principal	 	Unscheduled

    Principal	 	Principal

    Adjustments	 	Realized
    Loss	 	Stated Ending
 Principal Balance	Unpaid Ending
 Principal Balance	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
    Certificate Interest Reconciliation
    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual
 Days	 	Accrued
 Certificate
 Interest	Net Aggregate
 Prepayment
 Interest Shortfall	Distributable
 Certificate
 Interest	Distributable
 Certificate Interest
 Adjustment	Additional Interest

    Distribution Amount	 	Additional

    Trust Fund

    Expenses	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

 Certificate Interest	 	 
	 	 	A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 4 of 21 

    	 

    

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount (1)	 	    0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 		 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App. Red.	 	 	 
	 	 		 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
    Class Information	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
    Class:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Effective
    as of: mm/dd/yyyy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
    Class Representative:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Effective
                                         as of: mm/dd/yyyy

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	(1)
        The Available Distribution Amount includes any Prepayment Premiums.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 5 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 
	 	Cash
    Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Interest paid or advanced	0.00	 	 	Master Servicing Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Interest reductions due to Non-Recoverability
    Determinations	0.00	 	 	Trustee Fee - Wilmington Trust N.A	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administrator Fee- Wells Fargo Bank
    N.A	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC® License Fee	0.00	 	 
	 	Net Prepayment Interest Shortfall	0.00	 	 	 	 	 	 
	 	Net Prepayment Interest Excess	0.00	 	 	Total Fees	 	0.00	 
	 	 	 	 	 	 	 	 	 
	 	Total Interest Collected	 	0.00	 	 	 	 	 
	 	 	 	 	 	Additional Trust Fund Expenses:	 	 	 
	 	 	 	 	 	Reimbursement for Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 		 	 	 	Special Servicing Fee	0.00	 	 
	 	Principal:	 	 	 	Rating Agency Expenses	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Attorney Fees & Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Taxes Imposed on Trust Fund	0.00	 	 
	 	Collection of Principal after Maturity Date	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Recoveries from Liquidation and Insurance Proceeds	0.00	 	 	Other Expenses	0.00	 	 
	 	Excess of Prior Principal Amounts paid	0.00	 	 	 		 	 
	 	Curtailments	0.00	 	 	Total Additional Trust Fund Expenses	 	0.00	 
	 	Negative Amortization	0.00	 	 	 	 	 	 
	 	Principal Adjustments	0.00	 	 	 	 	 	 
	 	Total Principal Collected	 	0.00	 	 	 	 	 
	 	 	 	 	 	Payments to Certificateholders & Others:	 	 	 
	 	Other:	 	 	 	Interest Distribution	0.00	 	 
	 	Yield Maintenance Premium	0.00	 	 	Principal Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Yield Maintenance Premium	0.00	 	 
	 	Borrower Option Extension Fees	0.00	 	 	Borrower Option Extension Fees	0.00	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Other Collected	 	0.00	 	Total Payments to Certificateholders &
    Others	 	0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	Page 6 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 
	 	Ratings
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	CUSIP	Original
    Ratings	Current
    Ratings (1)	 
	 	 		Morningstar	Moody’s 		Morningstar	Moody’s 	 
	 	 	A	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	 	 	 	 	 
	 	 	B	 	 	 	 	 	 	 	 
	 	 	C	 	 	 	 	 	 	 	 
	 	 	D	 	 	 	 	 	 	 	 
	 	 	E	 	 	 	 	 	 	 	 
	 	 	 	      
	 	 	NR  - Designates that the class was not rated by the above agency
at the time of original issuance.   
	 	 	 X   -
 Designates that the above rating agency did not rate any classes in this transaction at the time of original issuance.  
	 	 	N/A - Data not available this period.   
	 	 	   	 
	 	1)
    For any class not rated at the time of original issuance by any particular rating agency, no request has been made subsequent
    to issuance to obtain rating information, if any, from such rating agency. The current ratings were obtained directly from
    the applicable rating agency within 30 days of the payment date listed above. The ratings may have changed since they were
    obtained. Because the ratings may have changed, you may want to obtain current ratings directly from the rating agencies.
	 	 

	 	 	  Morningstar
    Credit Ratings, LLC	Moody’s
    Investors Service, Inc.
	 	 	  220 Gibraltar
    Road	7 World
    Trade Center
	 	 	  Suite
    300	at 250 Greenwich
    Street
	 	 	  Horsham,
    PA 19044	New York,
    NY 10007
	 	 	 	(212) 553-1653
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

    	Page 7 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon
    	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	OF	-	Office	1	-	Modification	6	-	DPO	10	-	Deed in Lieu Of	1	-	Maturity Date Extension	 
	 	RT 	-	Retail	MU	-	Mixed Use	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	2	-	Amortization Change	 
	 	HC	-	Health Care	LO	-	Lodging	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	3	-	Principal Write-Off	 
	 	IN  	-	Industrial	SS	-	Self Storage	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	4	-	Combination	 
	 	WH	-	Warehouse	OT	-	Other	5	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	 	 	 	 
	 	MH 	-	Mobile Home Park	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 8 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI	Most

    Recent

    NOI	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 9 of 21 

    	 

    

 

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 
	 	Principal Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan Number	Loan Group, if applicable	Offering
    Document	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Cross-Reference	Payoff
    Amount	Curtailment
    Amount	Yield Maintenance
Default Premium	Yield Maintenance Charge	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	Page 10 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Yield Maintenance Charges	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	WAM	 
	 	Date	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	Coupon	Remit	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals are excluded from the
    delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 11 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Assumed Scheduled Payment	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 	 
	 	 	 	 	But Still in Grace Period	1	- One Month Delinquent	 	 	(Performing Matured Balloon)	2 	-	Foreclosure	7	-	REO	 	 	     Foreclosure	 	 
	 	 	 	 	Or Not Yet Due	2	- Two Months Delinquent	5	-	Non Performing Matured Balloon	3 	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 	 
	 	 	B	-	Late Payment But Less	3	- Three or More Months Delinquent	 	 	 	4 	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 	 
	 	 	 	 	Than 1 Month Delinquent	 	 	 	 	 	5 	-	Note Sale	 	 	     to Master Servicer	13	-	Other or TBD	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	** Outstanding
    P & I Advances include the current period advance.	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 12 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	NOI

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	6	-	DPO	10	-	Deed In Lieu Of	MF	-	 Multi-Family	OF	-	Office	 
	 	2	-  Foreclosure	7	-	REO	 	 	Foreclosure	RT	-	 Retail	MU	-	Mixed use	 
	 	3	-  Bankruptcy	8	-	Resolved	11	-	Full Payoff	HC	-	 Health Care	LO	-	Lodging	 
	 	4	-  Extension	9	-	Pending Return	12	-	Reps and Warranties	IN	-	 Industrial	SS	-	Self Storage	 
	 	5	-  Note Sale	 	 	to Master Servicer	13	-	Other or TBD	WH	-	 Warehouse	OT	-	Other	 
	 	 	 	 	 	 	 	 	 	MH	-	 Mobile Home Park	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 13 of 21 

    	 

    

 

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

     Cross-Reference 	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	Phase 1 Date	Appraisal
Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code
	 	 	 	 	 	 	 	 	 	 	 
	 	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 
	 	2	-	Foreclosure	7	-	REO	 	 	Foreclosure	 
	 	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 
	 	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 
	 	5	-	Note Sale	 	 	to Master Servicer	13	-	Other or TBD	 
	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 14 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing & Administrative Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	Page 15 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 
	 	Modified Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	Page 16 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Liquidated
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 17 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Bond/Collateral
    Loss Reconciliation Detail	 
	 	 	 
	 	Distribution
Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 18 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	 	Work
    Out 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Page 19 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	Other
    (Shortfalls)/

    Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total Interest
    Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	Page 20 of 21 

    	 

    

 

	 	 	 	 
		Hudson Yards 2016-10HY Mortgage Trust

Commercial Mortgage Pass-Through Certificates

Series 2016-10HY	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Payment Date:	9/12/16
	8480 Stagecoach Circle	Record Date:	8/31/16
	Frederick, MD 21701-4747	Determination  Date:	9/6/16

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	

 

	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	Page 21 of 21 

    	 

    

 

EXHIBIT L-1-A

 

Form
of Investor Certification for Non-Borrower Related Parties 

 

[Date]

 

	
        Wells Fargo
Bank, National Association

        Commercial Mortgage
Servicing

        550 South Tryon
Street, 14th Floor

        MAC D1086

        Charlotte, North
Carolina 28202

        Attention: Hudson Yards 2016-10HY - Asset Manager

         
	
        AEGON USA Realty Advisors, LLC

4333 Edgewood Road NE

        Cedar Rapids, IA 52499

        Attention: Greg Dryden, Senior Vice President

         

	
        

        Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Hudson Yards 2016-10HY
	Wilmington Trust, National Association

Rodney Square North 

1100 North Market Street

Wilmington, Delaware 19890

 

		Re:	Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage
Pass-Through Certificates

 

In accordance with the
requirements for obtaining certain information under the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Agreement”)
and executed in connection with the Hudson Yards 2016-10HY securitization transaction, with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.            The undersigned
is a [certificateholder][Directing Holder][beneficial owner][prospective purchaser] of the Class [_] Certificates.

 

2.
           The undersigned is not a Borrower Related Party.

 

3.            The undersigned
is requesting access pursuant to the Agreement to certain information (the “Information”) on the [Master Servicer’s
Website][Certificate Administrator’s Website] and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Agreement.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned
or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

    	 	L-1-A-1 	 

     

    

 

The undersigned will
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.            The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor,
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, each Initial Purchaser and the Trust Fund
for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

5.            The undersigned
agrees that each time it accesses the [Master Servicer’s Website][Certificate Administrator’s Website], the undersigned
is deemed to have recertified that the representations and covenants contained herein remain true and correct.

 

6.            Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

 

	 	[Certificateholder][Directing
Holder][Beneficial Owner][Prospective Purchaser]
	 	 	 
	 	By: 	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    	 	L-1-A-2 	 

     

    

 

EXHIBIT L-1-B

 

FORM OF INVESTOR CERTIFICATION FOR BORROWER
RELATED PARTIES 

 

[Date] 

 

	
        Wells Fargo
Bank, National Association 

        Commercial Mortgage
Servicing 

        550 South Tryon
Street, 14th Floor 

        MAC D1086 

        Charlotte, North
Carolina 28202 

        Attention: Hudson Yards 2016-10HY - Asset Manager

         
	
        AEGON USA Realty Advisors, LLC

4333 Edgewood Road NE 

        Cedar Rapids, IA  52499 

        Attention: Greg Dryden, Senior Vice President

         

	Wells Fargo Bank, National Association 

    9062 Old Annapolis Road 

    Columbia, Maryland 21045

    Attention: Corporate Trust Services – Hudson Yards 2016-10HY	Wilmington Trust, National
    Association

    Rodney Square North 

    1100 North Market Street

    Wilmington, Delaware 19890

 

		Re:	Hudson
                                         Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In
accordance with the requirements for obtaining certain information under the Trust and Servicing Agreement, dated as of August
6, 2016 (the “Agreement”) and executed in connection with the Hudson Yards 2016-10HY securitization
transaction, with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby
certifies and agrees as follows:

 

1.          The undersigned
is a [certificateholder][Directing Holder][Initial Consulting Holder][beneficial owner][prospective purchaser] of the Class [_]
Certificates.

 

2           The undersigned
is a Borrower Related Party.

 

3.          The undersigned
is requesting access pursuant to the Agreement to certain information (the “Information”) on the Certificate
Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

     L-1-B-1

     

    

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.          The undersigned
hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as defined in the
Agreement) to the extent the undersigned receives access to such Excluded Information on the Certificate Administrator’s
website or otherwise receives access to such Excluded Information in connection with its duties, or exercise of its rights pursuant
to the Agreement.

 

5.          The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify each party to
the Agreement, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

6.          To the extent the
undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise receives
access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or indirectly
provide such Excluded Information to the Borrower or (A) any employees or personnel of the undersigned or any Affiliate involved
in the management of any investment in the Borrower or the Mortgaged Property or (B) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the Borrower, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

7.          The undersigned
agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have recertified
that the representations and covenants contained herein remain true and correct.

 

8.          The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

9.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

 

     L-1-B-2

     

    

 

	 	[certificateholder][Directing
Holder][Initial Consulting Holder][beneficial owner][prospective purchaser]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

  

     L-1-B-3

     

    

 

EXHIBIT L-1-C

 

Form
of Certification of the DIRECTING HOLDER

 

[Date]

 

	
        Wells Fargo
Bank, National Association 

        Commercial Mortgage
Servicing 

        550 South Tryon
Street, 14th Floor 

        MAC D1086 

        Charlotte, North
Carolina 28202 

        Attention: Hudson Yards 2016-10HY - Asset Manager 
	
        AEGON USA Realty Advisors, LLC

4333 Edgewood Road NE 

        Cedar Rapids, IA  52499 

        Attention: Greg Dryden, Senior Vice President 

	
         

        

        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – Hudson Yards 2016-10HY

         
	Wilmington Trust, National Association

Rodney Square North 

1100 North Market Street

Wilmington, Delaware 19890

		Re:	Trust
                                         and Servicing Agreement (“Trust and Servicing Agreement”) relating to Hudson
                                         Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In accordance with Section
6.07(e) of the Trust and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned
has been appointed to act as the Directing Holder.

 

2.          The undersigned
is not a Borrower Related Party.

 

3.          If the undersigned
becomes a Borrower Related Party, the undersigned agrees to and shall deliver the certification attached as Exhibit L-1-B to the
Trust and Servicing Agreement.

 

4.          The undersigned
shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify each party to
the Trust and Servicing Agreement, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby
with respect to any such breach by the undersigned or any of its Representatives.

 

5.          The undersigned
hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions
of the Trust and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

6.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

     L-1-C-1

     

    

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

 

	 	[The Directing Holder][a Controlling
Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

     L-1-C-2

     

    

 

EXHIBIT L-1-D 

 

FORM OF NOTICE OF CONFLICTED CONTROLLING
CLASS HOLDER OR INITIAL CONSULTING HOLDER WHO BECOMES A BORROWER RELATED PARTY

 

[Date]

	
         

        Wells Fargo
Bank, National Association 

        Commercial Mortgage
Servicing 

        550 South Tryon
Street, 14th Floor 

        MAC D1086 

        Charlotte, North
Carolina 28202 

        Attention: Hudson Yards 2016-10HY - Asset Manager 
	
          

        AEGON USA Realty Advisors, LLC

4333 Edgewood Road NE 

        Cedar Rapids, IA  52499 

        Attention: Greg Dryden, Senior Vice President 

	
         

        

        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – Hudson Yards 2016-10HY

         
	Wilmington Trust, National Association

Rodney Square North 

1100 North Market Street

Wilmington, Delaware 19890
	
        with a copy to: 

        Wells Fargo Bank, National Association,

        8480 Stagecoach Circle

        Frederick, Maryland 21701-4747

        Attention: Hudson Yards 2016-10HY

         
	 

		Re:	Trust
                                         and Servicing Agreement (“Trust and Servicing Agreement”) relating to Hudson
                                         Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates

  

THIS NOTICE IDENTIFIES
A “CONFLICTED CONTROLLING CLASS HOLDER” RELATING TO THE CERTIFICATEHOLDER OF THE HUDSON YARDS 2016-10HY COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO ARTICLE IX OF THE TRUST AND SERVICING
AGREEMENT.

 

In accordance with
Section 4.02 of the Trust and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Conflicted Controlling Class Holder”) hereby certifies and agrees as follows:

 

     L-1-C-1

     

    

 

1.         The undersigned is [the Directing Holder][an Initial Consulting Holder][a Controlling Class Certificateholder] as of the
date hereof.

 

2.         The undersigned has become a Borrower Related Party with respect to the Trust Loan and has become a Conflicted Controlling
Class Holder.

 

3.         As of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below
information to the addressees hereto for purposes of their compliance with the Trust and Servicing Agreement:

 

	CUSIP	Class	Outstanding Certificate Balance	Initial Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

4.          The undersigned hereby acknowledges and agrees that it is no longer a Privileged Person and shall only be entitled to access
the Distribution Date Statements, and the following items to the extent that they are made available to the general public on the
Certificate Administrator’s Website: the Trust and Servicing Agreement, the Trust Loan Purchase Agreements and any SEC filings.

 

5.          The
following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate Administrator’s
Website with respect to the Hudson Yards Trust 2016-10HY securitization should be revoked as to such users:

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

6.          The undersigned shall be fully liable for any breach of the Trust and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Initial
Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned
or any of its Representatives.

 

7.          The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance
with the notice provisions of the Trust and

 

     L-1-C-2

     

    

 

Servicing Agreement to each of the addressees listed above (a) by overnight courier
or (b) mailed by registered mail, postage prepaid.

 

8.          The undersigned is simultaneously providing an investor certification to the Certificate Administrator in the form of Exhibit
L-1-B to the Trust and Servicing Agreement, requesting access to the Certificate Administrator’s site as a Borrower Related
Party. The undersigned acknowledges that it is no longer a Privileged Person and shall only be entitled to access the Distribution
Date Statements, and the following items to the extent that they are made available to the general public on the Certificate Administrator’s
Website: the Trust and Servicing Agreement, the Trust Loan Purchase Agreements and any SEC filings unless and until it has (i)
delivered notice of the termination of the related Conflicted Controlling Class Holder status and (ii) submitted a new investor
certification in accordance with Section Section 4.02 of the Trust and Servicing Agreement.

 

9.          The undersigned agrees to indemnify and hold harmless each party to the Trust and Servicing Agreement, the Initial Purchasers
and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing this indemnity)
arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative or person acting
on its behalf of any such information relating to the Whole Loan.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Trust and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Directing Holder] [Controlling
Class Certificateholder][Initial Consulting Holder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Dated: _______

 

cc: Deutsche Mortgage & Asset Receiving Corporation 

 

     L-1-C-3

     

    

 

EXHIBIT L-2

 

FORM OF INVESTOR CERTIFICATION

 

[Date]

 

Wells Fargo Bank, National
Association 

Commercial Mortgage
Servicing 

550 South Tryon Street,
14th Floor 

MAC D1086 

Charlotte, North Carolina
28202 

Attention: Hudson Yards 2016-10HY - Asset Manager

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Hudson Yards 2016-10HY

 

		Re:	Hudson Yards 2016-10HY
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates

  

In accordance with the
requirements for the exercise of Voting Rights pursuant to the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Agreement”)
and executed in connection with the Hudson Yards 2016-10HY securitization transaction, with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The undersigned
is a beneficial certificateholder of the Class [_] Certificates in the original principal amount of $[_____], CUSIP number [_].

 

2.          The undersigned
is duly authorized to deliver this certification to the Certificate Administrator, such power has not been granted or assigned
to any other Person and the Certificate Administrator may conclusively rely on this certification.

 

3.          The undersigned
intends to exercise Voting Rights under the Agreement, and certifies that the undersigned is not the Depositor, the Certificate
Administrator, the Trustee, a Borrower, a Manager, a Restricted Holder, an Affiliate of any of the foregoing or an agent of any
of the foregoing.

 

4.          The undersigned
shall be fully liable for any breach of this agreement by itself or any of its officers, directors, partners, employees, agents
or representatives, and shall indemnify the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special
Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned
or any of its Representatives.

 

5.          Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

     L-2-1

     

    

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

 

	 	[Certificate holder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

	 	DTC Participant Name_____________________________________________
	 	 
	 	DTC Participant No.    _____________________________________________

   

     L-2-2

     

    

 

EXHIBIT L-3

 

FORM OF ONLINE VENDOR CERTIFICATION

 

This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.

 

In connection with
the Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”)
issued pursuant to the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”)
and executed in connection with the Hudson Yards 2016-10HY securitization transaction, the undersigned hereby certifies and agrees
as follows:

 

		1.	The undersigned is an employee or agent of of BlackRock Financial Management, Inc., Bloomberg,
L.P., Trepp, LLC, Intex Solutions, Inc., Thomson Reuters Corporation, Interactive Data Corporation or Markit LLC, a market data
provider that has been given access to the Distribution Date Statements, CREFC reports and supplemental notices delivered or made
available pursuant to Section 4.02 of the Trust and Servicing Agreement to Privileged Persons on https://www.ctslink.com (the “Website”)
by request of the Depositor.

 

		2.	The undersigned agrees that each time it accesses the Website, the undersigned is deemed to have
recertified that the representation above remains true and correct.

 

		3.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the agreement pursuant to which the Certificates were issued.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by
its duly authorized signatory, as of the date certified. 

	 	 	 
	 	[______________________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	Phone:
	 	 	E-mail:

 

Dated:

  

     L-3-1

     

    

 

EXHIBIT L-4

 

FORM
OF CREFC® Certification 

 

This Certification has been prepared
for provision of information to the CRE Finance Council®. 

 

In connection with the
Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”), the
undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is an employee or agent of the CRE Finance Council® that has been
given access to the Distribution Date Statements and CREFC® reports on https://www.ctslink.com.

 

		2.	The undersigned agrees that each time it accesses https:// www.ctslink.com, the undersigned
is deemed to have recertified that the representation above remains true and correct.

 

		3.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the agreement pursuant to which the Certificates were issued.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and has caused, or shall be deemed to have caused, its name to be signed
hereto by its duly authorized signatory, as of the date certified. 

	 	 	 
	 	[______________________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	Phone:
	 	 	E-mail:

 

Dated:

 

     L-4-1

     

    

 

EXHIBIT M

 

FORM OF NOTIFICATION FROM CUSTODIAN

 

[DATE]

 

To the Persons Listed on the attached Schedule A

 

		Re:	Hudson Yards
                                         2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

Ladies and Gentlemen:

 

In accordance with Section
2.02 of the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”)
and executed in connection with the Hudson Yards 2016-10HY securitization transaction, the undersigned, as Custodian, hereby notifies
you that, based upon the review required under the Trust and Servicing Agreement, the Mortgage File for the Whole Loan set forth
on the attached defect schedule contains a document or documents which (i) has not been executed or received, (ii) has not been
recorded or filed (if required), (iii) is unrelated to the Whole Loan, (iv) appears not to be what they purport to be or has been
torn in any materially adverse manner or (v) is mutilated or otherwise defaced, in each case as more fully described on the attached
defect schedule.

 

The Custodian has no
responsibility to determine, and expresses no opinion with respect thereto, whether any document or opinion is legal, valid, binding
or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine
if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any
applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing
any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Trust and Servicing Agreement.

 

	 	wells
fargo bank, national association, as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    M-1

     

    

 

SCHEDULE A

TO

FORM OF NOTIFICATION FROM CUSTODIAN

 

Deutsche Mortgage &
Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan

Email: lainie.kaye@db.com 

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road 

Columbia, Maryland 21045

Attention: Corporate Trust Services – Hudson Yards 2016-10HY

 

Wilmington Trust, National Association

Rodney Square North 

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee Hudson Yards 2016-10HY

Fax Number: (302) 630-4140

Email: cmbstrustee@wilmingtontrust.com 

 

To the Master Servicer: 

 

Wells Fargo Bank, National
Association 

Commercial Mortgage
Servicing 

550 South Tryon Street,
14th Floor 

MAC D1086 

Charlotte, North Carolina
28202 

Attention: Hudson Yards 2016-10HY - Asset Manager

 

with a copy to:

Wells Fargo Bank, National Association

Legal Department

301 South College Street

D1053 300

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

Fax Number: (704) 383-0353

 

    M-2

     

    

 

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

  

To the Special Servicer: 

 

AEGON USA Realty Advisors, LLC 

4333 Edgewood Road NE 

Cedar Rapids, IA  52499 

Attention: Greg Dryden, Senior Vice President 

Telephone: 319-355-8734

Email: gdryden@aegonusa.com

  

with a copy to: 

 

Specialservicing@aegonusa.com

 

To the Trust Loan Sellers: 

 

German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan

 

Goldman Sachs Mortgage Company

200 West Street

New York, New York 10282

Attention: Leah Nivison 

 

with a copy to: 

 

Cleary Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York, NY 10006-1470

Attention: Kimberly Brown Blacklow, Esq.

 

    M-3

     

    

 

DEFECT SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN

 

    M-4

     

    

 

EXHIBIT N-1

 

FORM OF CLOSING DATE CUSTODIAN CERTIFICATION

 

[Date]

 

	Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York  10005

Attention: Helaine M. Kaplan	 	German American Capital Corporation

60 Wall Street

New York, New York  10005

Attention:  Helaine M. Kaplan 
	 	 	 
	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – Hudson Yards 2016-10HY	 	
        Goldman Sachs Mortgage Company

200 West Street

New York, New York 10282

Attention: Leah Nivison  

	 	 	 
	
        Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        MAC D1086

        550 South Tryon Street, 14th Floor

        Charlotte, North Carolina 28202

        Attention: Hudson Yards 2016-10HY Asset Manager

        Fax Number: (704) 715-0036

        Email: commercial.servicing@wellsfargo.com

         

        K&L Gates LLP

Hearst Tower

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Fax Number: (704) 353-3190 

         
	 	
        AEGON USA Realty Advisors, LLC 

        4333 Edgewood Road NE 

        Cedar Rapids, IA  52499 

        Attention: Greg Dryden, Senior Vice President 

        Telephone: 319-355-8734

        Email: gdryden@aegonusa.com

         

         

         

        Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee Hudson Yards 2016-10HY

Fax Number: (302) 630-4140

Email: cmbstrustee@wilmingtontrust.com 

 

		Re:	Hudson
                                         Yards 2016-10HY Mortgage
                                         Trust Commercial Mortgage Pass-Through Certificates

 

In accordance with Section 2.02
of the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Agreement”) and executed in connection
with the Hudson Yards 2016-10HY securitization transaction, the Custodian hereby certifies that, with respect to the Trust Loan
listed on the Mortgage Loan Schedule attached hereto as Schedule A, (a) the Custodian has in its possession each Note, and (b)
the foregoing documents delivered or caused to be delivered by the Trust Loan Sellers as described in clause (a) above have
been reviewed by it and appear regular on their face, appear to be executed and purport to relate to the Whole Loan, except as

 

    N-1-1

     

    

 

identified
on the schedule attached hereto, and each of the documents specified in Section 2.01(a)(ii), Section 2.01(a)(vii)
and, to the extent delivered, Section 2.01(a)(xix) of the Agreement have been received, have been executed, appear to be
what they purport to be, purport to be recorded or filed (as applicable) and have not been torn or mutilated or otherwise defaced,
and that such documents relate to the Whole Loan identified in the Mortgage Loan Schedule.

 

Capitalized terms used but not
defined herein shall the respective meanings set forth in the Agreement.

 

    N-1-2

     

    

 

	 	 	wells
fargo bank, national association,

not in its individual capacity

but solely as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    N-1-3

     

    

 

SCHEDULE A 

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

    N-1-4

     

    

 

SCHEDULE 

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

Exceptions to the Mortgage File Delivery and
Review

 

    N-1-5

     

    

 

EXHIBIT N-2

 

FORM OF POST-CLOSING CUSTODIAN CERTIFICATION

 

[Date]

 

	Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York  10005

Attention: Helaine M. Kaplan	 	German American Capital Corporation

60 Wall Street

New York, New York  10005

Attention:  Helaine M. Kaplan 
	 	 	 
	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – Hudson Yards 2016-10HY	 	
        Goldman Sachs Mortgage Company

200 West Street

New York, New York 10282

Attention: Leah Nivison 

	 	 	 
	
        Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        MAC D1086

        550 South Tryon Street, 14th Floor

        Charlotte, North Carolina 28202

        Attention: Hudson Yards 2016-10HY Asset Manager

        Fax Number: (704) 715-0036

        Email: commercial.servicing@wellsfargo.com

         

        K&L Gates LLP

Hearst Tower

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Fax Number: (704) 353-3190

       	 	
        AEGON USA Realty Advisors, LLC 

        4333 Edgewood Road NE 

        Cedar Rapids, IA  52499 

        Attention: Greg Dryden, Senior Vice President 

        Telephone: 319-355-8734

Email: gdryden@aegonusa.com 

         

         

        Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee Hudson Yards 2016-10HY

Fax Number: (302) 630-4140

Email: cmbstrustee@wilmingtontrust.com

 

		Re:	Hudson
                                         Yards 2016-10HY Mortgage
                                         Trust Commercial Mortgage Pass-Through Certificates

 

In accordance with Section 2.02
of the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Agreement”) and executed in connection
with the Hudson Yards 2016-10HY securitization transaction, the Custodian hereby certifies, subject to the terms of the Agreement,
that, with respect to the Trust Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, all documents (other than
documents referred to in clauses (xix) and (xx) of Section 2.01(a) of the Agreement, the documents referred
to in clauses (iii), (v)(B) and (viii)

 

    N-2-1

     

    

 

of
Section 2.01(a) of the Agreement and the assignments of financing statements referred to in clause (xiv) of Section
2.01(a) of the Agreement) referred to in Section 2.01(a) of the Agreement (in the case of the documents referred to
in Section 2.01(a)(iv), (v), (vi), (vii) (in the case of any endorsement thereto), (viii)
and (ix) through (xxi) of the Agreement, as identified to it in writing as a document required to be delivered by
the Trust Loan Sellers) and any original recorded documents included in the delivery of the Mortgage File have been received,
have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn
in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the Whole Loan identified
in the Mortgage Loan Schedule, in each case, except as set forth on the attached schedule hereto.

 

Capitalized terms used but not
defined herein shall the respective meanings set forth in the Agreement.

 

	 	wells
fargo bank, national association,

not in its individual capacity

but solely as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    N-2-2

     

    

 

SCHEDULE A 

TO POST-CLOSING CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

    N-2-3

     

    

 

EXHIBIT O

 

FORM OF NRSRO CERTIFICATION

 

[Date]

 

Wells Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Hudson Yards 2016-10HY

 

		Attention:	Deutsche Mortgage & Asset Receiving Corporation, Hudson
Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In accordance with the requirements
for obtaining certain information pursuant to the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust
and Servicing Agreement”) and executed in connection with the Hudson Yards 2016-10HY securitization transaction, with
respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

		1.	The undersigned is either:

 

(a)          a
Rating Agency under the Trust and Servicing Agreement, or

 

(b)          a
nationally recognized statistical rating organization and either (x) has provided the Depositor with the appropriate certifications
under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date, is requesting access
pursuant to the Trust and Servicing Agreement to certain information (the “Information”) on such 17g-5 website
pursuant to the provisions of the Trust and Servicing Agreement, and agrees that any confidentiality agreement applicable to the
undersigned with respect to the information obtained from the Depositor’s 17g-5 website prior to the Closing Date shall
also be applicable to information obtained from the 17g-5 Information Provider’s Website (including without limitation,
to any information received by the Depositor for posting on the 17g-5 Information Provider’s Website), or (y), if the undersigned
did not have access to the Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound
by the provisions of the confidentiality agreement attached hereto as Annex A which shall be applicable to it with respect
to any information obtained from the 17g-5 Information Provider’s Website, including any information that is obtained from
the section of the 17g-5 Information Provider’s Website that hosts the Depositor’s 17g-5 website after the Closing
Date.

 

		2.	[The undersigned either (a) has not accessed information pursuant to Rule 17g–5(a)(3) ten
(10) or more times during the most recently ended calendar year, or (b) has determined and maintained credit ratings for at least
10% of the issued securities and money market instruments for which it accessed information pursuant to Rule 17g–

 

    O-1

     

    

 

			5(a)(3)(iii)
in the calendar year prior to the year covered by the SEC Certification, if it accessed such information for 10 or more issued
securities or money market instruments.]

 

		3.	The undersigned agrees that each time it accesses the 17g-5 Information Provider’s Website,
it shall be deemed to have recertified that the representations above remain true and correct.

 

Capitalized terms used but not
defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

    O-2

     

    

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified. 

 

	 	[Nationally Recognized Statistical Rating Organization]

 

		Name:	 

 

		Title:	 

 

		Company:	 

 

		Phone:	 

 

		Email:	 

 

    O-3

     

    

 

Annex A

 

CONFIDENTIALITY AGREEMENT

 

This Confidentiality Agreement (the “Confidentiality
Agreement”) is made in connection with the [Depositor] together with its affiliates, the “Furnishing Entities”
and each a “Furnishing Entity”) furnishing certain financial, operational, structural and other information
relating to the issuance of the [________________] (the “Certificates”) pursuant to the Trust and Servicing
Agreement, dated as of [__________] (the “Trust and Servicing Agreement”), by and among [____________________]
and the assets underlying or referenced by the Certificates, including the identity of, and financial information with respect
to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”)
to you (the “NRSRO”) through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider
under the Trust and Servicing Agreement, including the [section of the 17g-5 Information Provider’s website that hosts the
Depositor’s 17g-5 website after the Closing Date (as defined in the Trust and Servicing Agreement)]. Information provided
by each Furnishing Entity is labeled as provided by the specific Furnishing Entity.

 

Definition of Confidential Information.
For purposes of this Confidentiality Agreement, the term “Confidential Information” shall include the following
information (irrespective of its source or form of communication, including information obtained by you through access to this
site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance or monitoring of a rating
with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements, legal documents
and other information (such information, the “Evaluation Material”) and (y)  any of the terms, conditions
or other facts with respect to the transactions contemplated by the Trust and Servicing Agreement, including the status thereof;
provided, however, that the term Confidential Information shall not include information which: 

 

was or becomes generally available
to the public (including through filing with the Securities and Exchange Commission or disclosure in an offering document) other
than as a result of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i) below) in violation of
this Confidentiality Agreement;

 

was or is lawfully obtained
by you from a source other than a Furnishing Entity or its representatives that (i) is reasonably believed by you to be under
no obligation to maintain the information as confidential and (ii) provides it to you without any obligation to maintain
the information as confidential; or is independently developed by the NRSRO without reference to any Confidential Information.

 

Information to Be Held in Confidence.

 

You will use the Confidential
Information solely for the purpose of determining or monitoring a credit rating on the Certificates and, to the extent that any
information used is derived from but does not reveal any Confidential Information, for benchmarking, modeling or research purposes
(the “Intended Purpose”).

 

    O-4

     

    

 

You acknowledge that you are
aware that the United States and state securities laws impose restrictions on trading in securities when in possession of material,
non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative who is informed
of the matters that are the subject of this Confidentiality Agreement to that effect.

 

You will treat the Confidential
Information as private and confidential. Subject to Section 4, without the prior written consent of the applicable Furnishing
Entity, you will not disclose to any person any Confidential Information, whether such Confidential Information was furnished
to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing, you may:

 

disclose the Confidential Information
to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents and advisors (each, a “NRSRO
Representative”) who, in the reasonable judgment of the NRSRO, need to know such Confidential Information in connection
with the Intended Purpose; provided, that, prior to disclosure of the Confidential Information to a NRSRO Representative,
the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that such NRSRO Representative will act in
accordance with this Confidentiality Agreement; 

 

solely to the extent required for compliance
with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5), post the Confidential Information to the NRSRO’s password protected
website; and

 

use information derived from the Confidential
Information in connection with an Intended Purpose, if such derived information does not reveal any Confidential Information.

 

Disclosures Required by Law. If you
or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena, civil investigatory demand,
request for information or documents, deposition or similar process relating to any legal proceeding, investigation, hearing or
otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity with notice as soon as
practicable (except in the case of regulatory or other governmental inquiry, examination or investigation, and otherwise to the
extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request to disclose the
Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective order or other
reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses. Unless otherwise
required by a court or other governmental or regulatory authority to do so, and provided that you been informed by written notice
that the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential treatment with
respect to the requested Confidential Information, you agree not to disclose the Confidential Information while the Furnishing
Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment is pending. You
agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other reasonable assurance
that confidential treatment

 

    O-5

     

    

 

will be accorded to the portion of the Confidential
Information that is being disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no
event shall the NRSRO be required to take a position that such information should be entitled to receive such a protective order
or reasonable assurance as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other
remedy, you agree to comply with its terms with respect to the disclosure of the Confidential Information, at the sole expense
of such Furnishing Entity. If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance
with the provisions of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally
required to disclose, at the sole expense of the relevant Furnishing Entity.

 

Obligation to Return Evaluation Material. Promptly upon written request by or on behalf of the relevant Furnishing Entity, all material or documents, including copies
thereof, that contain Evaluation Material will be destroyed or, in your sole discretion, returned to the relevant Furnishing Entity.
Notwithstanding the foregoing, (a) the NRSRO may retain one or more copies of any document or other material containing Evaluation
Material to the extent necessary for legal or regulatory compliance (or compliance with the NRSRO’s internal policies and
procedures designed to ensure legal or regulatory compliance) and (b) the NRSRO may retain any portion of the Evaluation
Material that may be found in backup tapes or other archive or electronic media or other documents prepared by the NRSRO and any
Evaluation Material obtained in an oral communication; provided, that any Evaluation Material so retained by the NRSRO
will remain subject to this Confidentiality Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

 

Violations of this Confidentiality Agreement. The NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO Representative.

 

You agree promptly to advise each relevant Furnishing
Entity in writing of any misappropriation or unauthorized disclosure or use by any person of the Confidential Information which
may come to your attention and to take all steps reasonably requested by such Furnishing Entity to limit, stop or otherwise remedy
such misappropriation, or unauthorized disclosure or use. 

 

You acknowledge and agree that the Furnishing
Entities would not have an adequate remedy at law and would be irreparably harmed in the event that any of the provisions of this
Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly
agreed that each Furnishing Entity shall be entitled to specific performance and injunctive relief to prevent breaches of this
Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition to any other remedy to which
a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed that no failure to or delay in exercising
any right, power or privilege hereunder shall preclude any other or further exercise of any right, power or privilege. 

 

Term. Notwithstanding the
termination or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided a credit rating
on a Security, your obligations under this Confidentiality Agreement will survive indefinitely. 

 

    O-6

     

    

 

Governing Law. This Confidentiality
Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the relationships of the parties
and/or the interpretation and enforcement of the rights and duties of the parties shall be governed by and construed in accordance
with the laws of the State of New York applicable to agreements made and to be performed within such State.

 

Amendments. This Confidentiality
Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

Entire Agreement. This Confidentiality
Agreement represents the entire agreement between you and the Furnishing Entities relating to the treatment of Confidential Information
heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other understandings and agreements between
us relating to such matters; provided, however, that, if the terms of this Confidentiality Agreement conflict with
another agreement relating to the Confidential Information that specifically states that the terms of such agreement shall supersede,
modify or amend the terms of this Confidentiality Agreement, then to the extent the terms of this Confidentiality Agreement conflict
with such agreement, the terms of such agreement shall control notwithstanding acceptance by you of the terms hereof by entry
into this website.

 

Contact Information. Notices
for each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

[_____________]

 

    O-7

     

    

 

EXHIBIT P-1

 

FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Deutsche Mortgage & Asset Receiving
Corporation

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan

 

		Re:	Deutsche Mortgage & Asset Receiving Corporation,
Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

Ladies and Gentlemen:

 

This letter is delivered to
you in connection with the transfer by [_____] (the “Transferor”) to [_____] (the “Transferee”)
of the Excess Servicing Fee Right established under the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust
and Servicing Agreement”) and executed in connection with the Hudson Yards 2016-10HY securitization transaction. All
capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to you, as Depositor, that:

 

1.          The Transferor is the
lawful owner of the right to receive the Excess Servicing Fees with respect to the Whole Loan for which [_____] is the Master Servicer
(the “Excess Servicing Fee Right”), with the full right to transfer the Excess Servicing Fee Right free from
any and all claims and encumbrances whatsoever.

 

2.          Neither the Transferor
nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any person in any
manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action,
which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution of the Excess
Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would render the
disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities laws, or would
require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state securities
laws.

 

    P-1-1

     

    

  

	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    P-1-2

     

    

 

EXHIBIT P-2

 

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Deutsche Mortgage & Asset Receiving
Corporation

60 Wall Street

New York, New York 10005

Attention: Helaine M. Kaplan

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: Hudson Yards 2016-10HY Asset Manager

 

		Re:	Deutsche Mortgage & Asset Receiving Corporation, Hudson
Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

Ladies and Gentlemen:

 

This letter is delivered to
you in connection with the transfer by [_____] (the “Transferor”) to [_____] (the “Transferee”)
of the Excess Servicing Fee Right established under the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust
and Servicing Agreement”) and executed in connection with the Hudson Yards 2016-10HY securitization transaction. All
capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to you, as the Depositor and the Master Servicer, that:

 

1.          The Transferee is acquiring
the right to receive Excess Servicing Fees with respect to the Whole Loan as to which [_____] is the applicable Master Servicer
(the “Excess Servicing Fee Right”) for its own account for investment and not with a view to or for sale or
transfer in connection with any distribution thereof, in whole or in part, in any manner which would violate the Securities Act
of 1933, as amended (the “Securities Act”), or any applicable state securities laws.

 

2.          The Transferee understands
that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act or registered or qualified
under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator or the Certificate
Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing Fee Right may not
be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified pursuant to any
applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration and qualification
and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached as Exhibit
P-1 to the Trust and Servicing Agreement, and (B)

 

    P-2-1

     

    

 

each
of the Master Servicer and the Depositor have received a certificate from the prospective transferee substantially in the form
attached as Exhibit P-2 to the Trust and Servicing Agreement.

 

3.          The Transferee understands
that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except in compliance with the
provisions of Section 3.12 of the Trust and Servicing Agreement, which provisions it has carefully reviewed.

 

4.          Neither the Transferee
nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess Servicing Fee Right,
any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner, (b) solicited any offer
to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to the
Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with any person in any
manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any other action with
respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security, which
(in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of the Excess Servicing
Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation of Section 5 of
the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing Fee Right
pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any manner set
forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.

 

5.          The Transferee has been
furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments thereon, (c) the
Trust and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing of the Whole
Loan, and (e) all related matters that it has requested.

 

6.          The Transferee is (a)
a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b) an “accredited
investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities Act or an entity in which
all of the equity owners are “accredited investors” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a)
under the Securities Act. The Transferee has such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of an investment in the Excess Servicing Fee Right; the Transferee has sought such accounting,
legal and tax advice as it has considered necessary to make an informed investment decision; and the Transferee is able to bear
the economic risks of such investment and can afford a complete loss of such investment.

 

7.          The Transferee agrees
(i) to keep all information relating to the Trust, the Trust Fund and the parties to the Trust and Servicing Agreement, and made
available to it, confidential, (ii) not to use or disclose such information in any manner which could result in a violation of
any provision of the Securities Act or would require registration of the Excess

 

    P-2-2

     

    

 

Servicing
Fee Right or any Certificate pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers,
directors, partners, employees, agents or representatives not to disclose such information, in any manner whatsoever, in whole
or in part, to any other Person other than such holder’s auditors, legal counsel and regulators, except to the extent such
disclosure is required by law, court order or other legal requirement or to the extent such information is of public knowledge
at the time of disclosure by such holder or has become generally available to the public other than as a result of disclosure
by such holder; provided, however, that such holder may provide all or any part of such information to any other Person who is
contemplating an acquisition of the Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective
acquisition and (y) agrees in writing to keep such information confidential, not to use or disclose such information in any manner
which could result in a violation of any provision of the Securities Act or would require registration of the Excess Servicing
Fee Right or any Certificates pursuant to the Securities Act and not to disclose such information, and to cause its officers,
directors, partners, employees, agents or representatives not to disclose such information, in any manner whatsoever, in whole
or in part, to any other Person other than such Persons’ auditors, legal counsel and regulators.

 

8.          The Transferee acknowledges
that the holder of the Excess Servicing Fee Right shall not have any rights under the Trust and Servicing Agreement except as set
forth in Section 3.12(a) of the Trust and Servicing Agreement, and that the Excess Servicing Fee Rate may be reduced to the extent
provided in the Trust and Servicing Agreement.

 

	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    P-2-3

     

    

 

EXHIBIT Q

 

FORM OF POWER OF ATTORNEY BY TRUSTEE

FOR MASTER SERVICER AND SPECIAL SERVICER

 

RECORDING REQUESTED BY: 

{insert address} 

 

SPACE ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS, that Wilmington Trust, National Association,
a national banking association, incorporated and existing under the laws of the United States, having its usual place of business
at 1100 North Market Street, Wilmington, Delaware 19890, as Trustee (the “Trustee”) pursuant to that Trust
and Servicing Agreement, dated as of August 6, 2016 (the “Agreement”) by and among Deutsche Mortgage &
Asset Receiving Corporation, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, AEGON USA Realty Advisors,
LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate
Administrator, Paying Agent and Custodian, and the Trustee hereby constitutes and appoints the [Master Servicer] [Special Servicer],
by and through the [Master Servicer] [Special Servicer] officers, the Trustee’s true and lawful Attorney-in-Fact, in the
Trustee’s name, place and stead and for the Trustee’s benefit, in connection with the portion of a mortgage loan (the
“Trust Loan”) serviced by the Servicer and the property (“[REO ]Property”) administered
by the [Master Servicer] [Special Servicer] pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp
all documents customarily and reasonably necessary and appropriate to effectuate the enumerated transactions described in items
1 through 12 below with respect to the Trust Loan and [REO ]Property; provided however, that the documents described below may
only be executed and delivered by such Attorneys-in-Fact if such documents are required or permitted under the Agreement. Capitalized
terms used herein and not otherwise defined herein have the meanings set forth in the Agreement.

 

		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing the Trust Loan.

 

		2.	The modification or re-recording of the Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting the Mortgage or deed of trust to conform same to the original intent of the parties thereto or to correct
title errors discovered after such title insurance was issued; provided that said modification or re-recording, in either instance,
(i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions
of the Agreement.

 

		3.	The subordination of the lien of the Mortgage or deed of trust to an easement in favor of a public utility company of a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial 

 

    Q-1

     

    

 

			 reconveyances or the execution or requests to trustees to accomplish same.

 

		4.	The conveyance of the property to the mortgage insurer, or the closing of the title to the property to be acquired as real
estate owned, or conveyance of title to real estate owned.

 

		5.	The completion of loan assumption agreements.

 

		6.	The full satisfaction/release of the Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of a Note.

 

		7.	The assignment of the Mortgage or deed of trust and a Note, in connection with the repurchase of the mortgage loan secured
and evidenced thereby.

 

		8.	The full assignment of the Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction
with the refinancing thereof, including, without limitation, the assignment of a Note.

 

		9.	The full enforcement of and preservation of the Trustee’s interests in the Notes, the Mortgage or the deed of trust,
and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed in lieu of foreclosure,
or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any such foreclosure,
the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and claims in bankruptcy
proceedings, including, without limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and the deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the taking of deed in lieu of foreclosure;

 

		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy cases affecting Notes,
the Mortgage or the deed of trust;

 

		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction
actions or proceedings;

 

		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but
not limited to appearing on behalf of the Trustee 

 

    Q-2

     

    

 

			 in quiet title actions; and

 

		i.	the preparation and execution of such other documents and performance of such other actions as may be necessary under the terms
of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.

 

		10.	With respect to the sale of property acquired through a foreclosure or deed-in-lieu of foreclosure, including, without limitation,
the execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase same;

 

		d.	escrow instructions; and

 

		e.	any and all documents necessary to effect the transfer of property.

  

		11.	The modification or amendment of escrow agreements established for repairs to the mortgaged property or reserves for replacement
of personal property.

 

		12.	The execution and delivery of the following:

 

		a.	any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien
created by the Mortgage, deed of trust or other security document in the Mortgage File or the Mortgaged Property and other related
collateral;

 

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, or of partial or full
defeasance, and all other comparable instruments; and

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to transfers of interests
in borrowers, consents to any subordinate financings to be secured by the Mortgaged Property, consents to any mezzanine financing
to be secured by the ownership interests in a borrower, consents to and monitoring of the application of any proceeds of insurance
policies or condemnation awards to the restoration of the Mortgaged Property, [REO ]Property or otherwise, documents relating to
the management, operation, maintenance, repair, leasing and marketing of the Mortgaged Property (including agreements and requests
by any borrower with respect to modifications of the standards of operation and management of the Mortgaged Property or the replacement
of asset managers) or the [REO ]Property, documents exercising any or all of the rights, powers and privileges granted or provided
to the holder of the Trust Loan under the related loan documents, lease subordination agreements, non-disturbance and attornment
agreements or other 

 

    Q-3

     

    

 

			 leasing or rental arrangements, any easements, covenants, conditions, restrictions, equitable servitudes, or
land use or zoning requirements with respect to the Mortgaged Property or [REO ]Property, instruments relating to the custody of
any collateral that now secures or hereafter may secure the Trust Loan and any other consents.

 

The undersigned gives said Attorney-in-Fact full power and authority
to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect the power
or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do, and hereby does ratify
and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth below.

 

This appointment is to be construed and interpreted as a limited power
of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give rise to, and
it is not to be construed as a general power of attorney.

 

Solely to the extent that the [Master Servicer] [Special Servicer] has
the power to delegate its rights or obligations under the Agreement, the [Master Servicer] [Special Servicer] also has the power
to delegate the authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney,
for purposes of performing its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact
as are necessary for such purpose. The [Master Servicer] [Special Servicer]’s attorneys-in-fact shall have no greater authority
than that held by the [Master Servicer] [Special Servicer].

 

Nothing contained herein shall: (i) limit in any manner any indemnification
provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections afforded the Trustee under the
Agreement, or (iii) be construed to grant the [Master Servicer] [Special Servicer] the power to initiate or defend any suit, litigation
or proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein. If the [Master
Servicer] [Special Servicer] receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association,
then the [Master Servicer] [Special Servicer] shall promptly forward a copy of same to the Trustee.

 

This limited power of attorney is not intended to extend the powers
granted to the [Master Servicer] [Special Servicer] under the Agreement or to allow the [Master Servicer] [Special Servicer] to
take any action with respect to Mortgages, deeds of trust or Notes not authorized by the Agreement.

 

The [Master Servicer] [Special Servicer] hereby agrees to indemnify
and hold the Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred
by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney by the [Master Servicer]
[Special Servicer]. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or
the earlier resignation or removal of the Trustee under the Agreement.

 

    Q-4

     

    

 

This Limited Power of Attorney is entered into and shall be governed
by the laws of the State of New York, without regard to conflicts of law principles of such state.

 

Third parties without actual notice may rely upon the exercise of the
power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power of Attorney shall continue in
full force and effect and has not been revoked unless an instrument of revocation has been made in writing by the undersigned.

 

IN WITNESS WHEREOF, Wilmington Trust, National Association, as Trustee
for the registered holders of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates has caused its
corporate seal to be hereto affixed and these presents to be signed and acknowledged in its name and behalf by a duly elected and
authorized signatory this ___________ day of ____________.

 

	 	Wilmington
Trust, National Association,

as
Trustee for the registered holders of Hudson Yards 2016-10HY Mortgage Trust Commercial Mortgage Pass-Through Certificates

	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

Witness: 

____________________

 

Witness: 

_____________________

 

    Q-5

     

    

 

State of Delaware}

 

County of ____}

 

On ________________________, before me, ______________________________
Notary Public, personally appeared ______________________, who proved to me on the basis of satisfactory evidence to be the
person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized
capacity and that by his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed
the instrument.

 

I certify under PENALTY OF PERJURY under the laws
of the State of Delaware that the foregoing paragraph is true and correct. 

Witness my hand and official seal. 

_________________________________ 

Notary signature

 

    Q-6

     

    

 

EXHIBIT R

 

FORM OF NOTICE OF MEZZANINE COLLATERAL FORECLOSURE

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045 

Attention: Corporate Trust Services – Hudson Yards 2016-10HY 

 

Wilmington Trust, National Association

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: Hudson Yards 2016-10HY Asset Manager

Fax Number: (704) 715-0036

Email: commercial.servicing@wellsfargo.com 

 

AEGON USA Realty Advisors, LLC 

4333 Edgewood Road NE 

Cedar Rapids, IA  52499 

Attention: Greg Dryden, Senior Vice President 

Telephone: 319-355-8734

Email: gdryden@aegonusa.com

 

In accordance with Section
3.23(h) of the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Agreement”), by and among
Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
AEGON USA Realty Advisors, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, and Wells Fargo Bank,
National Association, as Certificate Administrator, Paying Agent and Custodian, with respect to the above-referenced certificates,
the undersigned hereby notifies you that the following Mezzanine Lenders have accelerated the Mezzanine Loan and/or have commenced
foreclosure proceedings against the related mezzanine collateral:

 

[INSERT NAME]

 

As set forth in the Agreement,
you are required to cause such Mezzanine Lender to re-submit any Investor Certification previously delivered by such Mezzanine
Lender, prior to allowing it access to the information on the Certificate Administrator’s website, to the extent such information
is accessible only to Privileged Persons.

 

    R-1

     

    

 

Capitalized terms used but
not defined herein shall have the meanings ascribed thereto in the Agreement.

 

	 	[Master
Servicer] [Special Servicer] [Certificate Administrator] [Trustee]
	 	 	 
	 	Name:	 
	 	Title:	 

 

    R-2

     

    

 

EXHIBIT S

 

ADDITIONAL FORM 10-D DISCLOSURE

 

For so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, the parties identified in the “Party Responsible”
column (with each Servicing Function Participant deemed to be responsible for the following items for which the party that retained
such Servicing Function Participant is responsible) are obligated pursuant to Section 11.04 of the Trust and Servicing
Agreement to disclose to each Other Exchange Act Reporting Party and the Other Depositor any information described in the corresponding
Form 10-D Item described in the “Item on Form 10-D” column to the extent such party has actual knowledge (and in the
case of financial statements required to be provided in connection with Item 6 below, possession) of such information (other than
information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special
Servicer (in its capacity as such), each Other Exchange Act Reporting Party and the Other Depositor shall be entitled to rely
on the accuracy of the Offering Circular and the offering materials with respect to any related Other Securitization Trust (other
than information with respect to itself that is set forth in or omitted from such offering materials or the Offering Circular),
in the absence of specific written notice to the contrary from the Depositor, Other Depositor or Trust Loan Sellers. Each of the
Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as such),
each Other Exchange Act Reporting Party and the Other Depositor shall be entitled to conclusively assume that there is no “significant
obligor” other than a party identified as such in the prospectus supplement relating to the Other Securitization. For this
Hudson Yards 2016-10HY Trust and Servicing Agreement and any Other Securitization Trust, each of the Certificate Administrator, the Paying
Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other Exchange Act Reporting Party
and the Other Depositor shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Offering Circular and the
offering materials with respect to any related Other Securitization Trust. 

 

	Item on Form 10-D	Party Responsible
	Item 1: Distribution and Pool Performance Information: Only with respect to any information required by 1121 which is NOT included on the Distribution Date Statement	
        ·     Each
Master Servicer (only with respect to 1121(a)(12) as to non Specially Serviced Loans) 

        ·     Special
Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans) 

        ·     Depositor 

        ·     Certificate
Administrator 

        ·     Each
Trust Loan Seller (only with respect to 1121(c)(2)) 

	Item
2: Legal Proceedings:

Item 1117 of Regulation AB (to the extent material
to Certificateholders)	
        ·     Master
Servicer (as to itself) 

        ·     Special
Servicer (as to itself) 

        ·     Trustee
(as to itself) 

        ·     Certificate
Administrator (as to itself) 

        ·     Depositor
(as to itself) 

 

    S-1

     

    

 

	 	
        

        ·     Any
other Reporting Servicer (as to itself) 

        ·     Trustee/Certificate
Administrator/Master Servicer/ Depositor/Special Servicer as to the Trust 

        ·     Each
Trust Loan Seller 

        ·     Originators
under Item 1110 of Regulation AB (to be provided by the Depositor) 

        ·     Party
under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor) 

	Item 3: Sale of Securities and Use of Proceeds	·     Depositor
	Item 4: Defaults Upon Senior Securities	
        ·     Certificate
Administrator 

        ·     Trustee 

	Item 5: Submission of Matters to a Vote of Security Holders	·     Certificate Administrator
	Item 6: Significant Obligors of Pool Assets	·     Master Servicer
	Item 7: Significant Enhancement Provider Information	·     N/A
	Item 8: Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	·     Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item 9: Exhibits	
        ·     Depositor
(exhibits required by Item 601 of Regulation S-K, such as material agreements)

        ·     Certificate
Administrator (Monthly Statement to Certificateholders) 

 

    S-2

     

    

 

EXHIBIT T

 

ADDITIONAL FORM 10-K DISCLOSURE

 

For so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, the parties identified in the “Party Responsible”
column (with each Servicing Function Participant deemed to be responsible for the following items for which the party that retained
such Servicing Function Participant is responsible) are obligated pursuant to Section 11.05 of the Trust and Servicing
Agreement to disclose to each Other Exchange Act Reporting Party and the Other Depositor any information described in the corresponding
Form 10-K Item described in the “Item on Form 10-K” column to the extent such party has actual knowledge (and in the
case of financial statements required to be provided in connection with 1112(b) below, possession) of such information (other
than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer, the
Special Servicer (in its capacity as such), each Other Exchange Act Reporting Party and the Other Depositor shall be entitled
to rely on the accuracy of the Offering Circular and the offering materials with respect to any related Other Securitization Trust
(other than information with respect to itself that is set forth in or omitted from such offering materials or the Offering Circular),
in the absence of specific written notice to the contrary from the Depositor, the Other Depositor or Trust Loan Sellers. Each
of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as
such), each Other Exchange Act Reporting Party and the Other Depositor shall be entitled to conclusively assume that there is
no “significant obligor” other than a party identified as such in the prospectus supplement relating to the Other
Securitization. For this Hudson Yards 2016-10HY Trust and Servicing Agreement and any Other Securitization, each of the Certificate Administrator,
the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other Exchange Act Reporting
Party and the Other Depositor shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative
instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Offering Circular
and the offering materials with respect to any related Other Securitization Trust.

 

	Item on Form 10-K	Party Responsible
	Item 1B: Unresolved Staff Comments	·      Depositor
	Item 9B: Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	·     Any party responsible for disclosure items on Form 8-K to the extent of such items
	Item 15: Exhibits, Financial Statement Schedules	
        ·     Certificate
Administrator 

        ·     Depositor 

	Additional Item:

Disclosure per Item 1112(b)(1) of Regulation AB	·     Master Servicer
	Additional Item:

Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB	·     N/A

 

    T-1

     

    

 

	Additional Item:

Disclosure per Item 1117 of Regulation AB (to the extent material to Certificateholders)	
        ·   Master
Servicer (as to itself) 

        ·   Special
Servicer (as to itself) 

        ·   Certificate
Administrator (as to itself) 

        ·   Trustee
(as to itself) 

        ·   Depositor
(as to itself) 

        ·   Any
other Reporting Servicer (as to itself) 

        ·   Trustee/Certificate
Administrator/Master Servicer/Depositor/Special Servicer as to the Trust 

        ·   Each
Trust Loan Seller 

        ·   Originators
under Item 1110 of Regulation AB (to be provided by the Depositor) 

        ·   Party
under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor) 

	Additional Item:

Disclosure per Item 1119 of Regulation AB	
        ·   Master
Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
Certificate Administrator, Special Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3)) 

        ·   Special
Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
Certificate Administrator, Master Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3)) 

        ·   Certificate
Administrator (as to itself) (to the extent material to Certificateholders) 

        ·   Trustee
(as to itself) (to the extent material to Certificateholders) 

        ·   Depositor
(as to itself) 

        ·   Depositor
(as to the Trust) 

        ·   Each
Trust Loan Seller 

        ·   Originators
under Item 1110 of Regulation AB (to be provided by the Depositor) 

        ·   Party
under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor) 

 

    T-2

     

    
 

EXHIBIT U

 

FORM 8-K DISCLOSURE INFORMATION

 

For so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, the parties identified in the “Party Responsible”
column (with each Servicing Function Participant deemed to be responsible for the following items for which the party that retained
such Servicing Function Participant is responsible) are obligated pursuant to Section 11.06 of the Trust and Servicing
Agreement to disclose to each Other Exchange Act Reporting Party and the Other Depositor the occurrence of any event described
in the corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent such party has actual
knowledge of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent,
the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other Exchange Act Reporting Party and
the Other Depositor shall be entitled to rely on the accuracy of the Offering Circular and the offering materials with respect
to any related Other Securitization Trust (other than information with respect to itself that is set forth in or omitted from
such offering materials or the Offering Circular), in the absence of specific written notice to the contrary from the Depositor,
the Other Depositor or Trust Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer,
the Special Servicer (in its capacity as such), each Other Exchange Act Reporting Party and the Other Depositor shall be entitled
to conclusively assume that there is no “significant obligor” other than a party identified as such in the prospectus
supplement relating to the Other Securitization. For this Hudson Yards 2016-10HY Trust and Servicing Agreement and any Other Securitization,
each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity
as such), each Other Exchange Act Reporting Party and the Other Depositor shall be entitled to assume that there is no provider
of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than
a party identified as such in the Offering Circular and the offering materials with respect to any related Other Securitization
Trust.

 

	Item on Form 8-K	Party Responsible 
	Item 1.01- Entry into a Material Definitive Agreement

Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party. 

Examples: servicing agreement, custodial agreement.	·    Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)
	Item
1.02- Termination of a Material Definitive Agreement

Disclosure is required regarding termination of any definitive agreement that is material to the securitization
(other than expiration in accordance with its terms), even if depositor is not a party. 

Examples: servicing agreement, custodial agreement.	·    Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)
	Item 1.03- Bankruptcy or Receivership	
        ·    Depositor

        

        ·    Each
Trust Loan Seller 

 

    U-1

     

    

 

	Item on Form 8-K	Party Responsible 

	Item 2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.

Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.	
        ·    Depositor

        

        ·    Certificate
        Administrator

         

	Item 3.03- Material Modification to Rights of Security Holders

Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the Trust and Servicing Agreement.	·    Certificate Administrator
	Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

Disclosure is required of any amendment “to the governing documents of the issuing entity”.	·    Depositor
	Item 5.06 – Change in Shell Company Status	·    Depositor
	Item 5.07 – Submission of Matters to a Vote of Security Holders	·    Depositor
	Item 5.08 – Shareholder Director Nomination	·    Depositor
	Item 6.01- ABS Informational and Computational Material	·    Depositor
	Item
6.02- Change of Servicer or Trustee 

Requires disclosure of any removal, replacement, substitution or addition of any master servicer,
affiliated servicer, other servicer servicing 10% or
more of pool assets at time of report, other material servicers or trustee.	
        ·    Master
        Servicer (as to itself or a servicer retained by it)

        

        ·    Special
        Servicer (as to itself or a servicer retained by it)

        

        ·    Certificate
Administrator (as to itself or an entity retained by it)

        ·    Trustee

        ·    Depositor

	Reg AB disclosure about any new servicer or master servicer is also required.	·    Master Servicer or Special Servicer, as applicable
	Reg AB disclosure about any new Trustee is also required.	·    Trustee
	Reg AB disclosure about any new Certificate Administrator is also required.	·    Certificate Administrator
	Item 6.03- Change in Credit Enhancement or Other External Support	      N/A
	Item 6.04- Failure to Make a Required Distribution	·    Certificate Administrator
	Item 6.05- Securities Act Updating Disclosure	·    Depositor
	Item 7.01- Regulation FD Disclosure	·    Depositor
	Item 8.01 – Other Events

Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to certificateholders.	·    Depositor
	Item 9.01 – Financial Statements and Exhibits	·    Responsible party for reporting/disclosing the financial statement or exhibit

 

    U-2

     

    

 

EXHIBIT V

 

ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO (410)715-2380 AND VIA
EMAIL TO cts.sec.notifications@wellsfargo.com AND VIA OVERNIGHT MAIL TO THE ADDRESSES IMMEDIATELY BELOW**

 

[Other Depositor Address]

 

[Each Other Exchange Act Reporting Party Address]

 

		Re:	**Additional Form [10-D][10-K][8-K] Disclosure Required **

 

Ladies and Gentlemen:

 

In accordance with Section [11.04][11.05][11.06]
of the Trust and Servicing Agreement, dated as of August 6, 2016 (the “Trust and Servicing Agreement”), entered
into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master
servicer (the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), paying agent and custodian, the undersigned,
as _____________, hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

    V-1

     

    

 

List of any Attachments hereto to be included
in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this notification
should be directed to _____________, phone number: _____________; email address: _____________.

	 	 	 
	 	[NAME OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    V-2

     

    

 

EXHIBIT W

 

INITIAL SUB-SERVICERS

 

NONE

 

    W-1

     

    

 

EXHIBIT X

 

FORM OF BACKUP CERTIFICATION

 

Hudson Yards 2016-10HY Mortgage Trust
(the “Trust”)

 

I, [identify the certifying
individual], a [identify position] of [identify party], as [identify role] under
that certain Trust and Servicing Agreement dated as of August 6, 2016 (the “Trust and Servicing Agreement”),
entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association,
as master servicer (in such capacity, the “Master Servicer”), AEGON USA Realty Advisors, LLC, as special servicer
(the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”)
and Wells Fargo Bank, National Association, certificate administrator (in such capacity, the “Certificate Administrator”),
paying agent and custodian, on behalf of the [identify role], certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification],
the Depositor, and its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification,
that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all required reports required to be submitted by the [identify role] to the applicable
Other Exchange Act Reporting Party pursuant to the Trust and Servicing Agreement for inclusion in the annual report on Form 10-K
for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Reports”) have been submitted
by the [identify role] to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as applicable, for
inclusion in these reports;

 

		2.	Based on my knowledge, the [identify role] information contained in the Reports, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made
therein, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by these reports;

 

		3.	I am, or an officer under my supervision is, responsible for reviewing the activities performed
by the [identify role] under the Trust and Servicing Agreement and based upon my knowledge and the annual compliance reviews conducted
in preparing the servicer compliance statements required in this report under Item 1123 of Regulation AB with respect to the [identify
role], and except as disclosed in the compliance certificate delivered by the [identify role] under Section 11.07 of the
Trust and Servicing Agreement, the [identify role] has fulfilled its obligations under the Trust and Servicing Agreement in all
material respects in the year to which such report applies;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the [identify role] with respect to the Trust’s fiscal year _____ have been
provided all information relating to the [identify role] assessment of compliance with the Relevant Servicing Criteria, in order
to 

 

    X-1

     

    

 

	 	 	enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB;
and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the [identify role]
for asset-backed securities with respect to the [identify role] or any Servicing Function Participant retained by the [identify
role] and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Trust and Servicing Agreement.

 

		Date:	 	 

 

	 	[IDENTIFY
PARTY]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    X-2

     

    

 

SCHEDULE I

 

SERVICING CRITERIA TO BE ADDRESSED IN
ASSESSMENT OF COMPLIANCE

 

The assessment of compliance
to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing Criteria” (with each
Servicing Function Participant deemed to be responsible for the items applicable to the functions it is performing and for which
the party that retained such Servicing Function Participant is responsible):

 

	Relevant Servicing Criteria	Applicable

 Party(ies)
	Reference	Criteria	 
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	Master Servicer

Special Servicer

Cert. Admin.
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	Master Servicer

Special Servicer

Cert. Admin.
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master Servicer

Special Servicer
	1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	
        Cert. Admin.

        Master Servicer

        Special Servicer

	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	Master Servicer

Special Servicer
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Cert. Admin.

 

    Sch. I-1

     

    

 

	Relevant Servicing Criteria	Applicable

 Party(ies)
	Reference	Criteria	 

	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	Trustee

Master Servicer 

Special Servicer
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Master Servicer

Special Servicer

Cert. Admin.
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Master Servicer

Special Servicer

Cert. Admin.
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	Master Servicer

Special Servicer

Cert. Admin.
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	Master Servicer

Special Servicer

Cert. Admin.
	 	Investor Remittances and Reporting	 

 

    Sch. I-2

     

    

 

	Relevant Servicing Criteria	Applicable

 Party(ies)
	Reference	Criteria	 

	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced by the Master Servicer.	Cert. Admin.
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	Cert. Admin.
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Master Servicer’s investor records or Certificate Administrator’s investor records, or such other number of days specified in the transaction agreements.	Cert. Admin.
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Cert. Admin.
	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Master Servicer

Special Servicer

Custodian
	1122(d)(4)(ii)	Mortgage loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	Master Servicer

Special Servicer
	1122(d)(4)(iv)	Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents.	Master Servicer

 

    Sch. I-3

     

    

 

	Relevant Servicing Criteria	Applicable

 Party(ies)
	Reference	Criteria	 

	1122(d)(4)(v)	The Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to an obligor’s unpaid principal balance.	Master Servicer
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master Servicer

Special Servicer
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	Special Servicer
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master Servicer

Special Servicer
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.	Master Servicer
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements.	Master Servicer

 

    Sch. I-4

     

    

 

	Relevant Servicing Criteria	Applicable

 Party(ies)
	Reference	Criteria	 

	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master Servicer
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master Servicer
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	N/A

 

    Sch. I-5

     

    

 

SCHEDULE II

 

INITIAL COMPANION LOAN HOLDERS

 

	Initial Companion Loan Holder	Address
	
        Deutsche Bank AG, New York Branch

        (Note A-1-C1, Note A-1-C2, Note A-1-C3,
        

Note A-1-C4, Note A-1-C5 and Note A-1-C6 

Holder)

         
	
        Deutsche Bank AG, New York Branch

        60 Wall Street, 10th Floor

        New York, NY 10005

        Attention: Robert W. Pettinato,
Jr.

        Facsimile No.: (212) 797-4489

	
        Goldman Sachs Mortgage Company

        (Note A-2-C1, Note A-2-C2
        and Note A-2-C3 

Holder)

         
	
        Goldman Sachs Mortgage Company

        200 West Street

        New York, New York 10282

        Attention: Leah Nivison

 

    Sch. II-1

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