Document:

Exhibit
10.1

MASTER REPURCHASE AGREEMENT

COLUMN FINANCIAL, INC., as administrative
agent (the “Administrative Agent”),

CREDIT SUISSE AG, a company incorporated
in Switzerland, acting through its CAYMAN ISLANDS BRANCH and ALPINE SECURITIZATION LTD, an exempted company organized under the
laws of the Cayman Islands, as buyers (the “Buyers”)

and

InPoint CS Loan, LLC, as seller (“Seller”)

Dated: February 15, 2018

 

    	 

    	 

    

TABLE OF CONTENTS

Page

	1.   Applicability	1
	2.   Definitions	1
	3.   Program; Initiation of Transactions	17
	4.   Repurchase	18
	5.   Price Differential	19
	6.   Margin Maintenance	19
	7.   Income Payments	20
	8.   Security Interest	22
	9.   Payment and Transfer	23
	10.   Conditions Precedent	23
	11.   Program; Costs; Taxes	26
	12.   Servicing	30
	13.   Representations and Warranties	31
	14.   Covenants	35
	15.   Events of Default	40
	16.   Remedies Upon Default	42
	17.   Reports	45
	18.   Repurchase Transactions	47
	19.   Single Agreement	48
	20.   Notices and Other Communications	48
	21.   Entire Agreement; Severability	49
	22.   Non assignability	49
	23.   Set-off	50
	24.   Binding Effect; Governing Law; Jurisdiction	51
	25.   No Waivers, Etc.	51
	26.   Intent	51
	27.   Disclosure Relating to Certain Federal Protections	52
	28.   Power of Attorney	53
	29.   Buyers May Act Through Administrative Agent	53
	30.   Indemnification; Obligations; Recourse	53
	31.   Counterparts	54
	32.   Confidentiality	54
	33.   Recording of Communications	55
	34.   Periodic Due Diligence Review	55
	35.   Authorizations	55
	36.   Acknowledgment of Assignment and Administration of Repurchase Agreement.	56
	37.   Documents Mutually Drafted	56
	38.   General Interpretive Principles	56
	39.   Specific Performance	57
	40.   Conflicts	57
	41.   Bankruptcy Non-Petition	57
	42.   Limited Recourse	58

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		SCHEDULES	

Schedule 1 –Representations
and Warranties with Respect to Purchased Assets

Schedule 2 –Authorized
Representatives

 

		EXHIBITS	

Exhibit A –Form of
Transaction Request and Confirmation

Annex 1 – Purchased
Asset Schedule

Annex 2 – Form of Purchase
Closing Statement

Annex 3 – Summary Diligence
Materials

Exhibit B –Form of
Closing Data Tape

Exhibit C –Form of
Power of Attorney (Seller)

Exhibit D –Reserved

Exhibit E –Form of
Distribution Worksheet

Exhibit F –Form of
U.S. Tax Compliance Certificate

Exhibit G –Form of
Notice to Mortgagor

Exhibit H –Form of
Request for Repurchase and Confirmation

Exhibit I –Form of Escrow
Instruction Letter for Table-Funded Assets

 

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This is a MASTER
REPURCHASE AGREEMENT (the “Agreement”), dated as of February 15, 2018, by and among COLUMN FINANCIAL, INC.,
(the “Administrative Agent”) on behalf of buyers, including but not limited to Credit Suisse AG, a company incorporated
in Switzerland, acting through its Cayman Islands Branch (“CS Cayman” and a “Buyer”) and
Alpine Securitization LTD, an exempted company organized under the laws of the Cayman Islands (“Alpine” and
a “Buyer”, and collectively, with CS Cayman, the “Buyers”) and InPoint CS Loan, LLC, a Delaware
limited liability company (the “Seller”).

 

1.                 
Applicability

From time to time
the parties hereto may enter into transactions in which Seller agrees to transfer to Administrative Agent on behalf of Buyers,
Purchased Assets (as hereinafter defined) against the transfer of funds by Administrative Agent on behalf of Buyers to Seller or
Seller’s designee, with a simultaneous agreement by Administrative Agent on behalf of Buyers to transfer to Seller such Purchased
Assets at a date certain or, if permitted hereunder, on demand, against the transfer of funds by Seller to Administrative Agent.
Each such transaction shall be referred to herein as a “Transaction” and, unless otherwise agreed in writing,
shall be governed by this Agreement, including any supplemental terms or conditions contained in any annexes identified herein,
as applicable hereunder. For the avoidance of doubt, and for administrative and tracking purposes, the purchase and sale of each
Purchased Asset shall be deemed a separate Transaction.

After the initial
Purchase Date, as part of separate Transactions, Seller may request, and Buyers may fund in their sole and absolute discretion,
subject to the terms and conditions of this Agreement, an increase to the Purchase Price for a Purchased Asset based on an increase
in Asset Value resulting from the satisfaction, in whole, or in part, of a Future Funding Obligation (as hereinafter defined),
which has been advanced by the Seller to the related Mortgagor.

2.                 
Definitions

Whenever used in this
Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:

“1934 Act”
means the Securities Exchange Act of 1934, as amended from time to time.

“A-1 Note”
means the original promissory note, if any, that was executed and delivered in connection with the pari passu senior position
of a Commercial Mortgage Loan.

“A-2 Note”
means the original promissory note, if any, that was executed and delivered in connection with the pari passu senior position
of a Commercial Mortgage Loan.

“Accepted
Servicing Practices” means, with respect to any Purchased Asset, those servicing practices of prudent institutions that
service assets of the same type as such Purchased Asset in accordance with applicable law in the jurisdiction where the related
Mortgaged Property is located.

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“Act of Insolvency”
means, with respect to any Person or its Affiliates, (i) the filing of a petition, commencing, or authorizing the commencement
of any case or proceeding, or the voluntary joining of any case or proceeding under any bankruptcy, insolvency, reorganization,
liquidation, dissolution, or similar law relating to the protection of creditors, or suffering any such petition or proceeding
to be commenced by another which is consented to, not timely contested or results in entry of an order for relief; (ii) the
seeking of the appointment of a receiver, trustee, custodian or similar official for such Person or an Affiliate or any substantial
part of the property of either; (iii) the appointment of a receiver, conservator, or manager for such Person or an Affiliate
by any governmental agency or authority having the jurisdiction to do so; (iv) the making or offering by such Person or an
Affiliate of a composition with its creditors or a general assignment for the benefit of creditors; (v) the admission by such
Person or an Affiliate of such Person of its inability to pay its debts or discharge its obligations as they become due or mature;
or (vi) that any governmental authority or agency or any person, agency, or entity acting or purporting to act under governmental
authority (A) shall have taken any action to condemn, seize, or appropriate, or to assume custody or control of, all or any substantial
part of the property of such Person or of any of its Affiliates, or (B) shall have taken any action to displace the management
of such Person or of any of its Affiliates or to curtail its authority in the conduct of the business of such Person or of any
of its Affiliates.

“Additional
Buyers” has the meaning set forth in Section 36 hereof.

“Administration
Agreement” means that certain Repo Administration and Allocation Agreement, dated as of the date hereof, by and among
Seller, Guarantor, Administrative Agent and certain Buyers identified therein, as amended, restated, supplemented, or otherwise
modified from time to time.

“Administrative
Agent” means Column Financial, Inc. or any successor thereto under the Administration Agreement.

“Affiliate”
means, with respect to any Person, any “affiliate” of such Person, as such term is defined in the Bankruptcy Code.
For the avoidance of doubt, with respect to Administrative Agent, Affiliate shall mean any CP Conduit.

“Affiliated
Hedge Counterparty” means Administrative Agent or an Affiliate of Administrative Agent in its capacity as a party to
an Interest Rate Protection Agreement with Seller or an Affiliate of Seller.

“Agreement”
means this Master Repurchase Agreement, as it may be amended, restated, supplemented, or otherwise modified from time to time.

“ALTA”
means the American Land Title Association or any successor in interest thereto.

“Appraised
Value” means, with respect to any Mortgaged Property, the as-is value set forth in an appraisal made in connection with
the origination of the related Mortgage Loan as the as-is value of such Mortgaged Property.

“Asset File”
means, the documents specified on an exhibit to the Custodial Agreement, together with any additional documents and information
required to be delivered to Administrative Agent or its designee (including the Custodian) pursuant to this Agreement.

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“Asset Value”
has the meaning specified in the Pricing Side Letter.

“Assignment
and Acceptance” has the meaning set forth in Section 22 hereof.

“Assignment
of Leases” or “Assignment of Leases and Rents” means, with respect to any Mortgage, an assignment
of leases thereunder, notice of transfer, or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction
wherein the Mortgaged Property is located to reflect the assignment of leases.

“Assignment
of Mortgage” means an assignment of the Mortgage, notice of transfer, or equivalent instrument in recordable form, sufficient
under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the sale of the Mortgage to the
assignee.

“ASTM”
has the meaning set forth in paragraph (aa) of Schedule 1(a) hereof.

“Balloon
Payment” means, for any Purchased Asset for which the final principal payment is substantially greater than periodic
scheduled principal payments due thereunder, the payment due on its maturity date.

“Bank”
means Wells Fargo Bank, N.A.

“Bankruptcy
Code” means the United States Bankruptcy Code of 1978, as amended from time to time.

“Breakage
Costs” has the meaning specified in Section 4(e) hereof.

“Business
Day” means any day other than (i) a Saturday or Sunday; (ii) a public or bank holiday in New York City; or
(iii) any day on which the New York Stock Exchange is closed.

“Buyer”
means CS Cayman, Alpine, and each Buyer identified by the Administrative Agent from time to time pursuant to the Administration
Agreement and their successors in interest and assigns pursuant to Section 22 hereof.

“Capital
Lease Obligations” means, for any Person, all obligations of such Person to pay rent or other amounts under a lease of
(or other agreement conveying the right to use) Property to the extent such obligations are required to be classified and accounted
for as a capital lease on a balance sheet of such Person under GAAP, and, for purposes of this Agreement, the amount of such obligations
shall be the capitalized amount thereof, determined in accordance with GAAP.

“Change in
Control” means any of the following events shall have occurred:

(A)             
any transaction or event as a result of which Guarantor ceases to own, directly or indirectly, 51% or more of the membership
interests of Seller;

(B)             
the sale, transfer, or other disposition of all or substantially all of Seller’s or Guarantor’s assets (excluding
any such action taken in connection with any securitization transaction); or

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(C)             
the consummation of a merger or consolidation of the Guarantor with or into another entity or any other corporate reorganization,
if more than 20% of the combined voting power of the continuing or surviving entity’s stock outstanding immediately after
such merger, consolidation or such other reorganization is owned by Persons who were not stockholders of the Guarantor immediately
prior to such merger, consolidation or other reorganization;

“Closed Asset”
means an asset as to which (a) the related Mortgage Note and any applicable security instrument have been delivered to the
Seller and (b) funds have been disbursed to the mortgagor, in each case, prior to the related Purchase Date.

“Closing
Data Tape” means, with respect to any Transaction as of any Purchase Date, a computer tape or other electronic medium
generated by Seller or any Affiliate and delivered to Administrative Agent and Custodian, which provides, with respect to each
Purchased Asset that is the subject of such Transaction, each of the data fields set forth on Exhibit B attached hereto
and the information responsive to each such field, as well as any and all new, modified, or updated information with respect to
such Purchased Asset that has been provided to Administrative Agent prior to the applicable Purchase Date and as to which the Purchase
Price or any other information set forth in the Transaction Request and Confirmation for such Transaction has been based, in each
case in a format that has previously been approved by Administrative Agent and is otherwise acceptable to Administrative Agent.

“CLTA”
means California Land Title Association, or any successor thereto.

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

“Commercial
Mortgage Loan” means an adjustable rate first lien Mortgage Loan secured by a first mortgage lien on an office building,
a retail property, a self-storage property, a manufactured housing community, a Hotel, a Multi-Family Property, an industrial or
warehouse property, or other types of Mortgaged Property approved by Administrative Agent in its sole discretion.

“Complete
Submission” means with respect to any Transaction, the Summary Diligence Materials together with a Preliminary Data Tape.

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by Net Income (however denominated) or that
are franchise Taxes or branch profits Taxes.

“Control
Account Agreement” means that certain Deposit Account Control Agreement, dated as of the date hereof, among Administrative
Agent, Seller, and Bank, as the same may be amended, restated, supplemented, or otherwise modified from time to time.

“CP Conduit”
means a commercial paper conduit, including, but not limited to, Alpine Securitization LTD, administered, managed or supported
by Administrative Agent or an Affiliate of Administrative Agent.

“Custodial
Agreement” means the custodial agreement dated as of the date hereof, among Seller, Administrative Agent, Buyers, and
Custodian, as the same may be amended, restated, supplemented, or otherwise modified from time to time.

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“Custodial
Asset Transmission” has the meaning assigned to such term in the Custodial Agreement.

“Custodian”
means Wells Fargo Bank, N.A. or such other party specified by Administrative Agent and agreed to by Seller, which approval shall
not be unreasonably withheld.

“Default”
means an Event of Default or an event that with notice or lapse of time or both would become an Event of Default.

“Deposit
Account” means the account established by the Servicer for the benefit of Administrative Agent for the benefit of Buyers,
into which all collections and proceeds on or in respect of the Purchased Assets shall be deposited by Servicer, and which is subject
to the Control Account Agreement.

“Distribution
Worksheet” means a worksheet setting forth the amounts and recipients of remittances to be made on the next succeeding
Price Differential Payment Date, substantially in the form of Exhibit E.

“Dollars”
or “$” means dollars in lawful currency of the United States of America.

“Effective
Advance Rate” means the quotient of the outstanding Purchase Price divided by the outstanding principal balance of the
Commercial Mortgage Loan.

“Effective
Date” means the date hereof.

“Eligible
Asset” means (a) any Commercial Mortgage Loan (including a Commercial Mortgage Loan that is an A-1/A-2 structure where
the A-1 Note and A-2 Note are pari passu) that is a Closed Asset (other than with respect to a Table Funded Asset as approved
by the Administrative Agent in its sole discretion) and conforms with the applicable representations and warranties on Schedule
1 hereof, or (b) a senior Participation Interest, which in each case of clause (a) and (b) is acceptable to Administrative
Agent on behalf of Buyer in its sole discretion.

“Embargoed
Person” has the meaning set forth in paragraph (rrr) of Schedule 1(a) hereof.

“Environmental
Condition” means recognized environmental conditions (as such term is defined in ASTM E1527-13 or its successor).

“Environmental Law”
means any federal, state, foreign or local statute, law, rule, regulation, ordinance, code, guideline, written policy and rule
of common law now or hereafter in effect and in each case as amended, and any judicial or administrative interpretation thereof,
including any judicial or administrative order, consent decree or judgment, relating to the environment, employee health and safety,
or hazardous substances, materials or other pollutants, including, without limitation, the Comprehensive Environmental Response,
Compensation and Liability Act (“CERCLA”); 42 U.S.C. 9601 et seq.; the Solid Waste Disposal Act, as amended
by the Resource Conservation and Recovery Act (“RCRA”), 42 U.S.C. § 6901 et seq.; the Federal Water
Pollution Control Act, 33 U.S.C. § 1251 et seq.; the Toxic Substances Control Act, 15 U.S.C.
§ 2601 et seq.; the Clean Air Act, 42 U.S.C. § 7401 et seq.; the
Safe Drinking Water Act, 42 U.S.C. § 3803 et seq.; the Oil Pollution Act of 1990, 33 U.S.C. § 2701
et seq.; the Emergency Planning and the Community Right-to-Know Act of 1986, 42 U.S.C. § 11001
et seq.; the Hazardous Material Transportation Act, 49 U.S.C. § 1801 et seq.
and the Occupational Safety and Health Act, 29 U.S.C. § 651 et seq.; and any state and local
or foreign analogues, counterparts or equivalents, in each case as amended from time to time.

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“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time and any successor thereto, and the regulations
promulgated and rulings issued thereunder.

“ERISA Affiliate”
means any corporation or trade or business that, together with Seller or Guarantor, is treated as a single employer under Section 414(b)
or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

“Escrow Instruction
Letter” means, with respect to a Table-Funded Asset, an instruction letter delivered to applicable title insurance company
substantially in the form of Exhibit I hereto or as otherwise approved by Administrative Agent in its sole discretion.

“Event of
Default” has the meaning specified in Section 15 hereof.

“Event of
Termination” means with respect to Seller or Guarantor (i) with respect to any Plan, a reportable event, as defined
in Section 4043 of ERISA, as to which the PBGC has not by regulation waived the requirement of Section 4043(a) of ERISA
that it be notified within 30 days of the occurrence of such event; (ii) the withdrawal of Seller, Guarantor or any ERISA
Affiliate thereof from a Plan during a plan year in which it is a substantial employer, as defined in Section 4001(a)(2) of
ERISA; (iii) the failure by Seller, Guarantor or any ERISA Affiliate thereof to meet the minimum funding standard of Section 412
of the Code or Section 302 of ERISA with respect to any Plan, including, without limitation, the failure to make on or before
its due date a required installment under Section 430(j) of the Code or Section 303(j) of ERISA; (iv) the distribution
under Section 4041 of ERISA of a notice of intent to terminate any Plan or any action taken by Seller, Guarantor or any ERISA
Affiliate thereof to terminate any plan; (v) the failure to meet the requirements of Section 436 of the Code resulting
in the loss of qualified status under Section 401(a)(29) of the Code; (vi) the institution by the PBGC of proceedings
under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan; (vii) the
receipt by Seller, Guarantor or any ERISA Affiliate thereof of a notice from a Multiemployer Plan that action of the type described
in the previous clause (vi) has been taken by the PBGC with respect to such Multiemployer Plan; or (viii) any event or
circumstance exists which may reasonably be expected to constitute grounds for Seller, Guarantor or any ERISA Affiliate thereof
to incur liability under Title IV of ERISA or under Section 430(k) of the Code with respect to any Plan.

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Buyer or required to be withheld or deducted
from a payment to a Buyer (a) Taxes imposed on or measured by Net Income (however denominated), franchise Taxes, and branch profits
Taxes, in each case, (i) imposed as a result of such Buyer being organized under the laws of, or having its principal office or
its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that
are Other Connection Taxes; (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Buyer pursuant
to a law in effect on the date on which (i) such Buyer becomes a party to this Agreement or (ii) such Buyer changes the office
from which it books the Transactions, except in each case to the extent that, pursuant to Section 11(e), amounts with respect
to such Taxes were payable either to such Buyer’s assignor immediately before such Buyer became a party hereto or to such
Buyer immediately before it changed the office from which it books the Transactions; (c) Taxes attributable to such Buyer’s
failure to comply with Section 11(e)(6); and (d) any U.S. federal withholding Taxes imposed under FATCA.

“Extension
Fee” has the meaning assigned to such term in the Pricing Side Letter.

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“Facility
Fee” has the meaning assigned to such term in the Pricing Side Letter.

“Fannie Mae”
means Fannie Mae, the government sponsored enterprise formerly known as the Federal National Mortgage Association or any successor
thereto.

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any law or agreement implementing an intergovernmental
approach thereto.

“FDIA”
has the meaning specified in Section 26(c) hereof.

“FDICIA”
has the meaning specified in Section 26(d) hereof.

“Fidelity
Insurance” means insurance coverage with respect to employee errors, omissions,
dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities)
and computer fraud in an aggregate amount acceptable to Administrative Agent.

“Fitch”
means Fitch Ratings, Inc. or any successor thereto.

“Foreign
Buyer” means (a) if the Seller is a U.S. Person, a Buyer that is not a U.S. Person, and (b) if the Seller is not a U.S.
Person, a Buyer that is resident or organized under the laws of a jurisdiction other than that in which the Seller is resident
for tax purposes.

“Future Funding
Obligation” means, with respect to a Purchased Asset any amount to be advanced by the holder after the first disbursement
under such Purchased Asset and which as of the date of determination has not yet been advanced.

“GAAP”
means generally accepted accounting principles in effect from time to time in the United States of America and applied on a consistent
basis.

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, or any entity exercising
executive, legislative, judicial, regulatory, or administrative functions over Seller, Servicer, Guarantor, Administrative Agent,
or any Buyer, as applicable.

“Ground Lease”
means a lease for all or any portion of the real property comprising the Mortgaged Property, the lessee’s interest in which
is held by the Mortgagor of the related Mortgage Loan.

“Ground Lessee”
means the ground lessee under a Ground Lease.

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“Guarantee”
means, as to any Person, any obligation of such Person directly or indirectly guaranteeing any Indebtedness of any other Person
or in any manner providing for the payment of any Indebtedness of any other Person or otherwise protecting the holder of such Indebtedness
against loss (whether by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or
services, or to take-or-pay or otherwise); provided that the term “Guarantee” shall not include (i) endorsements
for collection or deposit in the ordinary course of business, or (ii) obligations to make servicing advances for delinquent
taxes and insurance or other obligations in respect of a Mortgaged Property, to the extent required by Administrative Agent. The
amount of any Guarantee of a Person shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation
in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by such Person in good faith. The terms “Guarantee” and “Guaranteed”
used as verbs shall have correlative meanings.

“Guarantor”
means InPoint Commercial Real Estate Income, Inc., in its capacity as guarantor under the Guaranty.

“Guaranty”
means the guaranty of the Guarantor dated as of the date hereof in favor of the Administrative Agent for the benefit of Buyers,
as the same may be amended, restated, supplemented, or otherwise modified from time to time.

“Income”
means with respect to any Purchased Asset at any time until repurchased by the Seller, any principal payments received thereon
or in respect thereof and all interest, dividends, or other distributions thereon (less any portions thereof that are required
to be deposited into and held in escrow or reserve under the terms of the Purchased Asset).

“Indebtedness”
has the meaning assigned to such term in the Pricing Side Letter.

“Indemnified
Party” has the meaning specified in Section 30(a) hereof.

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of the Seller or Guarantor hereunder or under any Program Agreement, and (b) to the extent not otherwise described
in (a), Other Taxes.

“Insurance
Rating Requirements” means, with respect to an insurer meeting the requirements of the related Mortgage, a claims-paying
or financial strength rating of at least “A-:VIII” from A.M. Best Company or “A3” (or the equivalent) from
Moody’s or “A-” from S&P.

“Interest
Rate Protection Agreement” means, with respect to any or all of the Purchased Assets, any short sale of a U.S. Treasury
Security, or futures contract, or mortgage related security, or Eurodollar futures contract, or options related contract, or interest
rate swap, cap or collar agreement, or similar arrangement providing for protection against fluctuations in interest rates or the
exchange of nominal interest obligations, either generally or under specific contingencies, entered into by Seller and an Interest
Rate Protection Agreement Counterparty, which agreement is acceptable to Administrative Agent in its sole discretion.

“Interest
Rate Protection Agreement Counterparty” means:

(a)               
the Administrative Agent or its Affiliates;

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(b)              
a person which has entered into an Interest Rate Protection Agreement with the Seller for the purpose of hedging interest
rate liabilities and/or currency exchange rates in relation to the Purchased Assets, and which at the time it enters into such
Interest Rate Protection Agreement rated at least A-1 by S&P and Aa3 by Moody’s; or

(c)               
a derivatives clearing organization (as such term is defined in Section 1a(15) of the Commodity Exchange Act) registered
with the Commodity Futures Trading Commission, if the Interest Rate Protection Agreement is a cleared swap (as such term is defined
in Section 1a(7) of the Commodity Exchange Act) entered into for the purpose of hedging interest rate liabilities and/or currency
exchange rates in relation to the Purchased Assets.

For the avoidance
of doubt, the counterparty on any Interest Rate Protection Agreement submitted to a derivatives clearing organization for clearing
but not accepted by such derivatives clearing organization shall be an Interest Rate Protection Agreement Counterparty only if
it meets the qualifications in clause (b).

“Interest
Rate Protection Agreement Transaction” means any forward contract, futures contract, swap, option, or other financial
agreement or arrangement, including, without limitation, caps, floors, collars and similar agreements, relating thereto, or the
value of which is dependent upon, interest rates or currency exchange rates or indices; provided that, other than as approved by
the Administrative Agent, the Seller and Interest Rate Protection Agreement Counterparty have entered into an intercreditor agreement
in respect of the relevant Interest Rate Protection Agreement Transaction and the Interest Rate Protection Agreement Counterparty
has agreed to waive any right of set-off or netting arrangements whether arising by contract, general terms and conditions or law
that it may have against the Seller.

“LIBOR”
means, with respect to each day during the applicable Pricing Period, the rate per annum equal to the one month London Inter-Bank
Offered Rate (or any successor institution or replacement institution used to administer LIBOR) for United States Dollar deposits
as reported on the Official ICE LIBOR Fixings page by Bloomberg or in the Wall Street Journal as of the date of determination,
as of 8:00 a.m., New York City time, on the date two Business Days prior to the commencement of such Pricing Period (or, for the
avoidance of doubt, if not reported on such Business Day, the most immediately preceding Business Day on which such rate was reported),
and if such rate shall not be so quoted, or if the related Pricing Period shall be less than one month, the rate per annum at which
the Administrative Agent or its Affiliate is offered dollar deposits at or about 8:00 a.m., New York City time, on the date two
(2) Business Days prior to the commencement of the such Pricing Period, by prime banks in the interbank eurodollar market where
the eurodollar and foreign currency exchange operations in respect of its transactions are then being conducted for delivery on
such day for a period of one month or such other period as agreed upon in writing by Administrative Agent and Seller and in an
amount comparable to the amount of the Transactions outstanding on such day.

“Lien”
means any mortgage, lien, pledge, charge, security interest or similar encumbrance.

“Loan-to-Value
Ratio” or “LTV” means with respect to any Eligible Asset, the ratio of the current outstanding principal
amount of the Eligible Asset to the lesser of (a) the Appraised Value of the related Mortgaged Property at origination or
(b) if the related Mortgaged Property was purchased within twelve (12) months of the origination of the Eligible Asset, the
purchase price of the Mortgaged Property.

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“Margin Call”
has the meaning specified in Section 6(a) hereof.

“Margin Deadline”
has the meaning specified in Section 6(b) hereof.

“Margin Deficit”
has the meaning specified in Section 6(a) hereof.

“Market Value”
has the meaning assigned to such term in the Pricing Side Letter.

“Material
Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business,
properties, or financial condition of Seller or Guarantor taken as a whole; (b) a material impairment of the ability of Seller
or Guarantor, to perform under any Program Agreement and to avoid any Event of Default; or (c) a material adverse effect upon
the legality, validity, binding effect or enforceability of any Program Agreement against Seller or Guarantor, in each case as
determined by Administrative Agent in its sole good faith discretion.

“Maximum
Aggregate Purchase Price” has the meaning assigned to such term in the Pricing Side Letter.

“Moody’s”
means Moody’s Investors Service, Inc. or any successors thereto.

“Mortgage”
means, with respect to each Mortgage Loan, each mortgage, assignment of rents, security agreement and fixture filing, or deed of
trust, assignment of rents, security agreement and fixture filing, deed to secure debt, assignment of rents, security agreement
and fixture filing, or similar instrument creating and evidencing a lien on real property and other property and rights incidental
thereto.

“Mortgage
Loan” means a commercial loan secured by a Mortgage.

“Mortgage
Note” means the promissory note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage, including
an A-1 Note or an A-2 Note.

“Mortgaged
Property” means the real property securing repayment of the debt evidenced by a Mortgage Note.

“Mortgagor”
means the obligor or obligors on a Mortgage Note, including any person who has assumed or guaranteed the obligations of the obligor
thereunder.

“Multiemployer
Plan” means a multiemployer plan defined as such in Section 3(37) of ERISA to which contributions have been or are
required to be made by Seller or any ERISA Affiliate and that is covered by Title IV of ERISA.

“Multi-Family
Property” means a five or more family residential property, including all land, amenities and improvements, with individual
units principally for lease to residential tenants occupying the same.

“Net Income”
has the meaning assigned to such term in the Pricing Side Letter.

“Net Worth”
means, with respect to any Person and its consolidated Subsidiaries, an amount equal to, on a consolidated basis, such Person’s
stockholder equity (determined in accordance with GAAP).

    10 

     

    

 

“Non-Performing
Asset” means (i) any Eligible Asset for which any payment of principal or interest is (or has been in the preceding
twelve (12) months) more than twenty-nine (29) days past due or the actual net cash flow from the underlying property is insufficient
to pay debt service; (ii) any Eligible Asset with respect to which the related obligor is in bankruptcy; or (iii) any
Eligible Asset with respect to which the related Mortgaged Property is in foreclosure.

“Notice Date”
has the meaning specified in Section 3(b) hereof.

“Notice to
Mortgagor” means a notice, substantially in the form of Exhibit G hereto, which the Administrative Agent
may instruct the Custodian to send to each borrower of a Purchased Asset subject to a Transaction after the occurrence and continuance
of an Event of Default.

“Obligations”
means (a) all of Seller’s obligations to pay the Repurchase Price on the Repurchase Date, the Price Differential on
each Price Differential Payment Date, and other obligations and liabilities, to Administrative Agent, Buyers, and Custodian arising
under, or in connection with, the Program Agreements, whether now existing or hereafter arising; (b)  any and all sums paid
by Administrative Agent, Buyers, or Administrative Agent on behalf of Buyers in order to preserve any Purchased Asset or its interest
therein; (c) in the event of any proceeding for the collection or enforcement of any of Seller’s indebtedness, obligations
or liabilities referred to in clause (a), the reasonable expenses of retaking, holding, collecting, preparing for sale, selling
or otherwise disposing of or realizing on any Purchased Asset, or of any exercise by Administrative Agent or Buyers of their rights
under the Program Agreements, including, without limitation, attorneys’ fees and disbursements and court costs; and (d) all
of Seller’s indemnity obligations to Administrative Agent, Buyers and Custodian pursuant to the Program Agreements.

“OFAC”
has the meaning specified in Section 13(a)(24) hereof.

“Other Connection
Taxes” means, with respect to Administrative Agent or any Buyer, Taxes imposed as a result of a present or former connection
between Administrative Agent or such Buyer and the jurisdiction imposing such Tax (other than connections arising from Administrative
Agent or such Buyer having executed, delivered, become a party to, performed its obligations under, received payments under, received
or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Program Agreement, or sold
or assigned an interest in any Transaction or Program Agreement).

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Program Agreement or the Purchased Assets.

“Participation
Certificate” means the original participation certificate, if any, that was executed and delivered in connection with
a Participation Interest.

“Participation
Interest” means a performing senior participation interest in a performing Commercial Mortgage Loan evidenced by a Participation
Certificate.

“PBGC”
means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA.

    11 

     

    

 

“Permitted
Amount” has the meaning assigned to such term in the Pricing Side Letter.

“Person”
means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust,
unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.

“Plan”
means an employee benefit or other plan established or maintained by Seller, Guarantor, or any ERISA Affiliate and covered by Title IV
of ERISA, other than a Multiemployer Plan.

“PML”
has the meaning specified in paragraph (v) of Schedule 1(a).

“Post Default
Rate” has the meaning assigned to such term in the Pricing Side Letter.

“Power of
Attorney” means a Power of Attorney substantially in the form of Exhibit C hereto.

“Preliminary
Data Tape” means a preliminary version of the Closing Data Tape, which shall be attached to the Summary Diligence Materials
as part of the Complete Submission.

“Price Differential”
means with respect to any Transaction as of any date of determination, an amount equal to the product of (A) the Pricing Rate
for such Transaction and (B) the Purchase Price for such Transaction, calculated daily on the basis of a 360-day year for
the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending on
(but excluding) the Repurchase Date. For the avoidance of doubt, Price Differential accrues from the Price Differential Payment
Date (or, with respect to the first Price Differential Payment Date for each Transaction, from and including the related Purchase
Date) through but excluding the next Price Differential Payment Date.

“Price Differential
Payment Date” means the eighteenth (18th) day of the month following the Purchase Date and each succeeding
eighteenth (18th) day of each month thereafter; provided that the final Price Differential Payment Date shall be the
related Repurchase Date; and provided, further, that if any Price Differential Payment Date would fall on a day which is not a
Business Day, such Price Differential Payment Date shall be the next succeeding Business Day.

“Pricing
Period” means, with respect to each Price Differential Payment Date, the period from and including the immediately preceding
Price Differential Payment Date (or, with respect to the first Pricing Period for the Transaction, from and including the Purchase
Date) to but excluding such Price Differential Payment Date, unless otherwise agreed to by the Administrative Agent and the Seller
in writing.

“Pricing
Rate” has the meaning assigned to such term in the Pricing Side Letter.

“Pricing
Side Letter” means, the letter agreement dated as of the date hereof, among Administrative Agent, Buyers, Seller, and
the Guarantor, as the same may be amended, restated, supplemented, or otherwise modified from time to time.

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“Principal
Prepayment” means, for any Purchased Asset, any amount applied to reduce the principal or other invested amount of such
Purchased Asset, other than a scheduled principal payment, including (i) principal prepayments from any source and of any
nature whatsoever; (ii) net insurance or net condemnation proceeds, to the extent applied to reduce the principal amount or
other invested amount of the related Purchased Asset; and (iii) any net proceeds from any sale, refinancing, liquidation or
other disposition of the underlying real property or interest relating to such Purchased Asset to the extent applied to reduce
the principal amount or the invested amount of the related Purchased Asset.

“Program
Agreements” means, collectively, this Agreement, the Pricing Side Letter, the Power of Attorney, the Servicing Agreement,
the Servicer Notice and Acknowledgement, the Custodial Agreement, the Guaranty, the Control Account Agreement, the Administration
Agreement, and all executed Transaction Requests and Confirmations.

“Prohibited
Person” has the meaning specified in Section 13(a)(24) hereof.

“Property”
means any right or interest in or to property of any kind whatsoever, whether real, personal, or mixed and whether tangible or
intangible.

“Purchase
Date” means the date on which Purchased Assets are to be transferred by Seller to Administrative Agent for the benefit
of Buyers.

“Purchase
Price” means:

(a)               
on the Purchase Date, the price at which each Purchased Asset is transferred by Seller to Administrative Agent for the benefit
of Buyers, which price shall equal the Asset Value of such Purchased Asset on such Purchase Date; and

(b)              
on any day after the Purchase Date, except where Administrative Agent and the Seller agree otherwise, the amount determined
under the immediately preceding clause (a) decreased or increased by the amount of any cash transferred by the Seller to Administrative
Agent pursuant to Section 4(d) hereof or applied to reduce Seller’s obligations under clause (ii) of Section 4(c)
hereof, under Section 6 hereof, or under Section 7(d) hereof.

“Purchase
Price Percentage” has the meaning assigned to such term in the Pricing Side Letter.

“Purchase
Price Reset” means the decrease in the Purchase Price Percentage as contemplated by the reduction thereof over time as
reflected in the definition thereof.

“Purchased
Asset Documents” means the documentation governing a Purchased Asset and all ancillary documents related thereto.

“Purchased
Asset Schedule” means with respect to any Transaction as of any date, a schedule substantially in the form of Annex 1
to Exhibit A attached hereto. The Purchased Asset Schedule shall be attached to each Trust Receipt and Custodial Asset
Transmission.

    13 

     

    

 

“Purchased
Assets” means the collective reference to Mortgage Loans and Participation Interests, together with the Repurchase Assets
related to such Mortgage Loans and Participation Interests transferred by Seller to Administrative Agent for the benefit of Buyers
in a Transaction hereunder, listed on the related Closing Data Tape attached to the related Transaction Request and Confirmation.

“Qualified
Appraisal” has the meaning specified in paragraph (t) of Schedule 1(a) hereof.

“Rating Agency”
means any of S&P, Moody’s, or Fitch.

“Records”
means all instruments, agreements and other books, records, reports, and data stored in other media for the storage of information
maintained by Seller, Guarantor, Servicer, or any other person or entity with respect to a Purchased Asset. Records shall include
the Mortgage Notes, any Mortgages, the Asset Files, the credit files related to the Purchased Asset, and any other instruments
necessary to document or service a Purchased Asset.

“Register”
has the meaning specified in Section 22 hereof.

“Repledge
Transaction” has the meaning set forth in Section 18 hereof.

“Repledgee”
means each Repledgee identified by the Administrative Agent from time to time pursuant to the Administration Agreement.

“Reporting
Date” means the Business Day prior to the Price Differential Payment Date.

“Repurchase
Assets” has the meaning specified in Section 8 hereof.

“Repurchase
Date” means the earlier of (i) the Termination Date, (ii) the date requested pursuant to Sections 4(a) and 4(d),
(iii) the date set forth in the applicable Transaction Request and Confirmation executed by Administrative Agent, or (iv) the date
determined by application of Section 16 hereof.

“Repurchase
Price” means the price at which Purchased Assets are to be transferred from the Administrative Agent for the benefit
of Buyers to Seller upon termination of a Transaction, which will be determined in each case (including Transactions terminable
upon demand) as the sum of (i) the Purchase Price and (ii) the accrued but unpaid Price Differential with respect to such Purchased
Asset as of the date of such determination.

“Request
for Repurchase and Confirmation” means a request from Seller to Administrative Agent, in the form attached as Exhibit H
hereto, to repurchase Purchased Assets subject to a Transaction, which shall not be binding upon Administrative Agent unless and
until countersigned by Administrative Agent and delivered to Seller.

“Requirement
of Law” means, with respect to any Person, any law, treaty, rule or regulation or determination of an arbitrator, a court
or other Governmental Authority, applicable to or binding upon such Person or any of its Property or to which such Person or any
of its Property is subject.

“Reset Payment”
has the meaning specified in Section 6(d) hereof.

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“Responsible
Officer” means as to any Person, the chief executive officer or, with respect to financial matters, the chief financial
officer of such Person.

“S&P”
means Standard & Poor’s Ratings Services, and any successor thereto.

“SEC”
means the Securities and Exchange Commission, or any successor thereto.

“Securitization
Fee” has the meaning specified in the Pricing Side Letter.

“Seller”
means InPoint CS Loan, LLC or its permitted successors and assigns.

“Servicer”
means Wells Fargo Bank, N.A. or any other servicer approved by Administrative Agent in its sole discretion.

“Servicer
Account” means the account of and maintained by Servicer on behalf of Seller and pursuant to the terms of the Servicing
Agreement.

“Servicer
Notice and Acknowledgement” means that certain servicer notice and acknowledgement executed and delivered on the date
hereof by Servicer, as the same may be amended, restated, supplemented, or otherwise modified from time to time.

“Servicer
Remittance Date” has the meaning specified in the Servicing Agreement.

“Servicer
Termination Event” has the meaning specified in Section 12(b) hereof.

“Servicing
Agreement” means the servicing agreement dated November 13, 2017, entered into between InPoint REIT Operating Partnership,
LP and Servicer, and joined by Seller pursuant to that certain Joinder Agreement dated as of the date hereof, as the same may be
amended, restated, supplemented or otherwise modified from time to time.

“Servicing
Report” means a report remitted by the Servicer monthly, in form and substance acceptable to Administrative Agent.

“Servicing
Rights” means contractual, possessory or other rights of the Seller, the Servicer, or the Guarantor arising hereunder
or any other Person arising under a Servicing Agreement, or otherwise, to administer, service or sub-service, the Purchased Assets
or to possess related Records.

“SIPA”
means the Securities Investor Protection Act of 1970, as amended from time to time.

“Subsidiary”
means, with respect to any Person, any corporation, partnership or other entity of which at least a majority of the securities
or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or
other persons performing similar functions of such corporation, partnership or other entity (irrespective of whether or not at
the time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity
shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned
or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such
Person.

    15 

     

    

 

“Summary
Diligence Materials” means the items described on Annex 3 to Exhibit A hereto for each Eligible
Asset proposed to be sold to Administrative Agent on behalf of Buyers in accordance with, and subject to the terms and conditions
of, this Agreement.

“Table-Funded
Asset” means an Eligible Asset that has been approved by Administrative Agent in its sole discretion and for which Seller
delivered a Transaction Request and Confirmation pursuant to Section 3 hereof.

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

“Termination
Date” has the meaning specified in the Pricing Side Letter.

“Third Party
Servicer” means any servicer of the Purchased Assets or a portion thereof, other than the Servicer who is the primary
servicer and administrator of the Purchased Assets and approved by Administrative Agent.

“Title Exceptions”
has the meaning specified in paragraph (q) of Schedule 1(a).

“Title Policy”
has the meaning specified in paragraph (u) of Schedule 1(a) hereof.

“Transaction”
has the meaning specified in Section 1 hereof.

“Transaction
Request and Confirmation” means a request from Seller to Administrative Agent, in the form attached as Exhibit A
hereto, to enter into a Transaction, which shall not be binding upon Administrative Agent unless and until countersigned by Administrative
Agent and delivered to Seller. For the avoidance of doubt, a Transaction Request and Confirmation may refer to multiple Purchased
Assets; provided that each Purchased Asset shall be deemed to be subject to its own Transaction.

“TRIA”
has the meaning specified in paragraph (mmm) of Schedule 1(a) hereof.

“Trust Receipt”
means a trust receipt, substantially in the form attached as Exhibit D to the Custodial Agreement, issued by Custodian to
Administrative Agent confirming the Custodian’s possession of certain Asset Files which are the property of and held by Custodian
for the benefit of Administrative Agent (or any other holder of such trust receipt) or a bailment arrangement with counsel or other
third party acceptable to Administrative Agent in its sole and absolute discretion.

“Uniform
Commercial Code” or “UCC” means the Uniform Commercial Code as in effect on the date hereof in the
State of New York or the Uniform Commercial Code as in effect in the applicable jurisdiction.

“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

“U.S. Tax
Compliance Certificate” has the meaning set forth in Section 11(e)(6)(ii)(B)(iii) hereof.

“Withholding Agent”
means Seller and Guarantor.

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3.                 
Program; Initiation of Transactions

a.                  
From time to time, in the sole discretion of Buyers, Administrative Agent (for the benefit of Buyers) may purchase from
Seller certain Eligible Assets that have been purchased or originated by Seller and offered under the Program Agreements for such
purpose to Buyers. All Purchased Assets shall be serviced by Servicer subject to the Administrative Agent’s rights herein
or in the Servicing Agreement. The aggregate Purchase Price of Purchased Assets subject to outstanding Transactions shall not exceed
the Maximum Aggregate Purchase Price.

b.                 
With respect to each Transaction, Seller shall give Administrative Agent and Custodian at least five (5) Business Days’
prior notice of any proposed Purchase Date (the date on which such notice is given, the “Notice Date”). On the
Notice Date, Seller shall (i) request that Administrative Agent enter into a Transaction by furnishing to Administrative Agent
a Transaction Request and Confirmation (with respect to each Eligible Asset) accompanied by a Complete Submission and (ii) deliver
to Administrative Agent and Custodian a proposed Purchased Asset Schedule. In the event the Purchased Asset Schedule provided by
Seller contains erroneous computer data, is not formatted properly or the computer fields are otherwise improperly aligned, Administrative
Agent shall provide written or electronic notice to Seller describing such error and Seller shall correct the computer data, reformat
the Eligible Assets or properly align the computer fields.

c.                  
Following receipt of a Transaction Request and Confirmation and a Complete Submission, Administrative Agent shall, as hereinafter
provided, inform Seller of its election to purchase any Eligible Assets proposed to be sold to Administrative Agent on behalf of
Buyers by Seller hereunder. Administrative Agent on behalf of Buyers shall have the right to review all Eligible Assets proposed
to be sold to Administrative Agent on behalf of Buyers and conduct its own due diligence investigation of such Eligible Assets
as Administrative Agent determines necessary. Upon completion of its review, Administrative Agent shall in its sole discretion
determine whether to purchase any or all of such Eligible Assets and consistent with this Agreement, confirm the terms for each
such proposed Transaction, including the Purchase Price, Purchase Price Percentage, the Market Value, the Asset Value, the Pricing
Rate, and the Repurchase Date for such Transaction. The terms thereof shall be set forth in the Transaction Request and Confirmation
signed by the Seller, and countersigned by Administrative Agent, to be returned to Seller on or prior to the Purchase Date. To
the extent any term in the Transaction Request and Confirmation is incomplete, inconsistent with, or otherwise adds terms to the
agreement, or to the extent Administrative Agent chooses not to enter into a Transaction pursuant to Section 3(e) below,
the Administrative Agent shall have no obligation to execute and/or deliver the Transaction Request and Confirmation to the Seller.

d.                 
Upon the satisfaction of the applicable conditions precedent set forth in Section 10 hereof, all of Seller’s
interest in the Purchased Assets and related Repurchase Assets (other than Seller’s right to repurchase in accordance with
Section 4 hereof) shall pass to Administrative Agent on behalf of Buyers on the Purchase Date, against the transfer of the
Purchase Price to Seller. Upon transfer of the Purchased Assets to Administrative Agent on behalf of Buyers as set forth in this
Section and until termination of any related Transactions as set forth in Sections 4 or 16 of this Agreement,
ownership of each Purchased Asset, including each document in the related Asset File and Records, is vested in the Buyers identified
under the Administration Agreement; provided that, prior to the recordation by the Custodian as provided for in the Custodial Agreement,
record title in the name of Seller to each Purchased Asset shall be retained by Seller in trust, for the benefit of Administrative
Agent, for the sole purpose of facilitating the servicing and the supervision of the servicing of the Purchased Assets.

    17 

     

    

 

e.                  
This Agreement is not a commitment by Administrative Agent to enter into Transactions with Seller but rather sets forth
the procedures to be used in connection with periodic requests for Administrative Agent to enter into Transactions with Seller.
Seller hereby acknowledges that Administrative Agent is under no obligation to agree to enter into, or to enter into, any Transaction
pursuant to this Agreement.

4.                 
Repurchase

a.                  
Seller shall repurchase the related Purchased Assets from Administrative Agent on behalf of Buyers on each related Repurchase
Date. Such obligation to repurchase exists without regard to any prior or intervening liquidation or foreclosure with respect to
any Purchased Asset (but liquidation or foreclosure proceeds received by Administrative Agent shall be applied to reduce the Repurchase
Price for such Purchased Asset on each Price Differential Payment Date except as otherwise provided herein). Seller is obligated
to repurchase and take physical possession of the Purchased Assets from Administrative Agent or its designee (including the Custodian)
at Seller’s expense on the related Repurchase Date.

b.                 
Provided that no Default or Event of Default shall have occurred and be continuing or result therefrom, and Administrative
Agent has received the related Repurchase Price upon repurchase of the Purchased Assets, Administrative Agent and Buyers agree
to release their respective ownership interests hereunder in the Purchased Assets (including, the Repurchase Assets related thereto)
at the request of Seller.

c.                  
With respect to Principal Prepayments in full or part by the related Mortgagor or obligor of a Purchased Asset, Seller agrees
to (i) provide Administrative Agent with a copy of a report from the related Servicer indicating that such Purchased Asset
has been paid in full or part; (ii) cause to be paid to Administrative Agent from the Deposit Account such portion of the
Purchase Price as shall be payable on the date of receipt of such prepayment; and (iii) provide Administrative Agent a notice
specifying each Purchased Asset that has been so prepaid. With respect to Purchased Assets being serviced by Third Party Servicers,
the Seller and Servicer shall forward to the Deposit Account all payments of principal to the extent received from the underlying
obligor and Third Party Servicer. Administrative Agent and Buyers agree to release their respective ownership interests in Purchased
Assets which have been prepaid in full after receipt of evidence of compliance with clauses (i) through (iii) of the immediately
preceding sentence.

d.                 
The Seller may voluntarily repurchase Purchased Assets without penalty or premium on any Business Day by delivering to Administrative
Agent a Request for Repurchase and Confirmation no more than once per week unless consented to in writing by Administrative Agent
in its sole discretion. If the Seller intends to make such a repurchase, the Seller shall give at least two (2) Business Days’
prior written notice thereof to the Administrative Agent, designating the Purchased Assets to be repurchased, which notice is revocable.
If such notice is given and is not timely revoked, the amount specified in such notice shall be due and payable on the date specified
therein, and, on receipt, such amount shall be applied to the Repurchase Price for the designated Purchased Assets.

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e.                  
If the Seller repurchases, in whole or in part, Purchased Assets on any day that is not the Repurchase Date or a Price Differential
Payment Date for such Purchased Assets, the Seller shall indemnify the Administrative Agent and hold the Administrative Agent harmless
from any actual, out-of-pocket, and not imputed, losses, costs and/or expenses which the Administrative Agent sustains or incurs
arising from the reemployment of funds obtained by the Administrative Agent hereunder or from fees payable to terminate the deposits
from which such funds were obtained, in each case for the remainder of the applicable 30-day period (“Breakage Costs”).
The Administrative Agent shall deliver to the Seller a statement setting forth the amount and basis of determination of any Breakage
Costs in such detail as determined by the Administrative Agent to be adequate, it being agreed that such statement and the method
of its calculation shall be adequate and shall be conclusive and binding upon the Seller, absent manifest error.

5.                 
Price Differential

a.                  
On the beginning of each Pricing Period that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise
agreed between Administrative Agent and Seller, the accrued and unpaid Price Differential shall be settled in cash on each related
Price Differential Payment Date. Two (2) Business Days prior to the Price Differential Payment Date, Administrative Agent shall
give Seller written or electronic notice of the amount of the Price Differential due on such Price Differential Payment Date. On
the Price Differential Payment Date, Seller shall pay to Administrative Agent (to the extent not paid on such date through the
payments required pursuant to Sections 7(d) or 7(e) hereof) the accrued but unpaid Price Differential for the
benefit of Buyers for such Price Differential Payment Date (along with any other amounts to be paid pursuant to Section 7
and Section 34), by wire transfer in immediately available funds.

b.                 
If Seller fails to pay all or part of the Price Differential by 3:00 p.m. (New York City time) on the related Price Differential
Payment Date, with respect to any Purchased Asset, unless there exists sufficient funds in the Deposit Account, Seller shall be
obligated to pay to Administrative Agent for the benefit of Buyers (in addition to, and together with, the amount of such Price
Differential) interest on the unpaid Repurchase Price at a rate per annum equal to the Post Default Rate calculated from and after
such Price Differential Payment Date and until the Price Differential is received in full by Administrative Agent for the benefit
of Buyers or until such time that there are sufficient funds in the Deposit Account.

c.                  
If prior to any Pricing Period, Administrative Agent determines that, by reason of circumstances affecting the relevant
market, adequate and reasonable means do not exist for ascertaining LIBOR for such Pricing Period, Administrative Agent shall give
prompt notice thereof to Seller, whereupon if Administrative Agent is also then converting the pricing rates or interest rates
of similarly situated counterparties with similar assets in similar facilities, Pricing Rate for such Pricing Period, and for all
subsequent Pricing Periods until such notice has been withdrawn by Administrative Agent, shall be an alternative per annum rate
based on an index approximating the behavior of LIBOR, as determined by Administrative Agent.

6.                 
Margin Maintenance

a.                  
If at any time the Asset Value of any or all of the Purchased Assets subject to Transactions is less than the aggregate
Purchase Price for such Purchased Asset or for the then outstanding Transactions, as applicable (a “Margin Deficit”),
then, if such Margin Deficit is greater than the Permitted Amount, Administrative Agent may by notice to Seller require Seller
to transfer to Administrative Agent for the benefit of Buyers cash in an amount equal to the Margin Deficit (such requirement,
a “Margin Call”).

    19 

     

    

 

b.                 
Notice delivered pursuant to Section 6(a) may be given by any written means. Any notice given before 12:00 p.m.
(New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City
time) on such Business Day; notice given after 12:00 p.m. (New York City time) on a Business Day shall be met, and the related
Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements
for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). The failure of Administrative
Agent, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which
this Agreement is subject or limit the right of Administrative Agent to do so at a later date. Seller and Administrative Agent
each agree that a failure or delay by Administrative Agent to exercise its rights hereunder shall not limit or waive Administrative
Agent’s or Buyers’ rights under this Agreement or otherwise existing by law or in any way create additional rights
for Seller.

c.                  
In the event that a Margin Deficit exists with respect to any Purchased Asset, Administrative Agent may retain any funds
received by it to which the Seller would otherwise be entitled hereunder, which funds (i) shall be held by Administrative
Agent against the related Margin Deficit and (ii) shall be applied by Administrative Agent against the Purchase Price of any
Purchased Asset for which the related Margin Deficit remains otherwise unsatisfied. Notwithstanding the foregoing, the Administrative
Agent retains the right, in its sole discretion, to make a Margin Call in accordance with the provisions of this Section 6.

d.                 
Upon the occurrence of any Purchase Price Reset, Seller shall, unless waived in writing by Administrative Agent, on the
following Business Day, remit to Administrative Agent an amount, if any (the “Reset Payment”) such that the
then current Asset Value (calculated with the newly applicable Purchase Price Percentage) shall be greater than the Purchase Price
then outstanding after application of such payment. Any such amount shall be applied by Administrative Agent to the Repurchase
Price of each Purchased Asset pro-rata or as otherwise agreed by Administrative Agent and Seller. Such Reset Payment shall be deemed
a margin payment or settlement payment hereunder.

7.                 
Income Payments

a.                  
The Seller shall cause the Servicer to deposit all Income into the Servicer Account pursuant to the terms of the Servicing
Agreement.

b.                 
The Deposit Account shall be established by the Seller in accordance with the terms and conditions of the Control Account
Agreement concurrently with the execution and delivery of this Agreement by Seller and Administrative Agent. Administrative Agent
shall have sole dominion and control over the Deposit Account. On each Servicer Remittance Date, all Income (other than servicing
fees and expenses pursuant to the Servicing Agreement) shall be remitted by Servicer into the Deposit Account.

c.                  
All such Income held in the Servicer Account and Deposit Account shall be held in trust for Administrative Agent, shall
constitute the property of Administrative Agent and shall not be commingled with other property of Seller, any Affiliate of Seller
or Servicer.

d.                 
In addition, with respect to each Purchased Asset, Seller and Servicer shall deliver to the Custodian of such Purchased
Asset a Notice to Mortgagor. Upon the occurrence of an Event of Default, Administrative Agent may deliver such instruction letter
to the borrower or obligor under such Purchased Asset.

    20 

     

    

 

e.                  
Funds deposited in the Deposit Account during any Pricing Period shall be held therein until the next Price Differential
Payment Date. On or before 3:00 p.m. (New York time) on the Business Day prior to the Price Differential Payment Date, Seller or
Servicer shall deliver to Administrative Agent and the Bank a Distribution Worksheet. Subject to the terms of the Control Account
Agreement, on each Price Differential Payment Date, Seller or Servicer shall instruct the Bank to withdraw any funds on deposit
in the Deposit Account and distribute such funds as follows:

(1)              
first, to Administrative Agent in payment of any accrued and unpaid Price Differential to the extent not paid by Seller
to Administrative Agent pursuant to Section 5;

(2)              
second, without limiting the rights of Administrative Agent under Section 6 of this Agreement, to Administrative
Agent, in the amount of any unpaid Margin Deficit or Reset Payment;

(3)              
third, to Administrative Agent in reduction of the Purchase Price of each Purchased Asset, the full amount of any payments
of principal or other invested amount received on or with respect to such Purchased Asset multiplied by the Effective Advance Rate,
in each case only to the extent not previously paid pursuant to any other provision of this Agreement;

(4)              
fourth, to the payment of all other outstanding costs, fees, including, without limitation, the Facility Fee and Extension
Fee, if applicable, or other amounts payable to Administrative Agent pursuant to this Agreement; and

(5)              
fifth, any remainder shall be paid to Seller.

f.                  
Notwithstanding the preceding provisions, if an Event of Default shall have occurred and be continuing hereunder, all funds
in the Deposit Account shall be withdrawn and applied:

(1)              
first, in the same order of priority as Sections 7(e)(1) – (4) above;

(2)              
second, to reduction of the Repurchase Price until reduced to zero; and

(3)              
third, any remainder shall be paid to Seller.

g.                  
Administrative Agent shall offset against the accrued and outstanding Price Differential all Price Differential payments
actually received by Administrative Agent on behalf of Buyers pursuant to Section 5, excluding any amounts paid pursuant
to any Price Differential payments made at the Post Default Rate.

    21 

     

    

 

8.                 
Security Interest

On each Purchase Date,
Seller hereby sells, assigns, and conveys all rights and interests in the Purchased Assets on a servicing released basis identified
on the related Purchased Asset Schedule and the related Repurchase Assets to Administrative Agent for the benefit of Administrative
Agent on behalf of Buyers. Although the parties intend that all Transactions hereunder be sales and purchases and not loans (other
than for accounting and tax purposes), in the event any such Transactions are deemed to be loans and in any event, Seller hereby
pledges to Administrative Agent as security for the performance by Seller of its Obligations and hereby grants, assigns, and pledges
to Buyer a fully perfected first priority security interest in Seller’s rights, title, and interests in the Purchased Assets,
the Records, and all related servicing rights, the Program Agreements (to the extent such Program Agreements and Seller’s
right thereunder relate to the Purchased Assets), any Property relating to the Purchased Assets, all insurance policies and insurance
proceeds relating to any Purchased Asset or the related Mortgaged Property, including, but not limited to, any payments or proceeds
under any related primary insurance and hazard insurance, Income, the Deposit Account, Interest Rate Protection Agreements with
an Affiliated Hedge Counterparty, accounts (including any interest of Seller in escrow accounts and reserve accounts) relating
to the Purchased Assets and any other contract rights, instruments, accounts, payments, rights to payment (including payments of
interest or finance charges) general intangibles and other assets relating to the Purchased Assets (including, without limitation,
any other accounts) or any other interest in the Purchased Assets and any proceeds (including the related securitization proceeds)
and distributions with respect to any of the foregoing and any other property, rights, title or interests as are specified on a
Transaction Request and Confirmation and/or Trust Receipt with respect to the Purchased Assets, in all instances, whether now owned
or hereafter acquired, now existing or hereafter created (collectively, the “Repurchase Assets”). Seller agrees
to execute and/or deliver such documents and perform such acts as may be reasonably necessary to fully perfect Administrative Agent’s
security interest created hereby. Furthermore, Seller hereby authorizes Administrative Agent on behalf of Buyers to file such financing
statement or statements relating to the Repurchase Assets, as the Administrative Agent, at its option, may deem appropriate, describing
the collateral as “all assets of the Debtor” or words to that effect, and any limitations on such collateral description,
notwithstanding that such collateral description may be broader in scope than the Repurchase Assets described in this Agreement.
Seller shall pay the searching and filing costs for any financing statement or statements prepared or searched pursuant to this
Agreement.

The Seller acknowledges
that it does not have rights to service the Purchased Assets but only has rights as a party to the current Servicing Agreement.
Without limiting the generality of the foregoing and in the event that Seller or Guarantor is deemed to retain any residual Servicing
Rights, and for the avoidance of doubt, Seller grants, assigns, and pledges to Administrative Agent a security interest in the
Servicing Rights, as indicated in the paragraph above. The foregoing provision is intended to constitute a security agreement or
other arrangement or other credit enhancement related to the Agreement and transactions hereunder as defined under Sections 101(47)(A)(v)
and 741(7)(A)(xi) of the Bankruptcy Code.

    22 

     

    

 

9.                 
Payment and Transfer

Unless otherwise mutually
agreed in writing, all transfers of funds to be made by Seller hereunder shall be made in Dollars, in immediately available funds,
without deduction, set-off or counterclaim, to Administrative Agent at the following account maintained by Administrative Agent:
Account No. 890-1140-821, ABA No. 021000018, Name of Bank: Bank of New York, Bank City and State: New York, NY, Acct Name: Column
Financial, Inc., Attention: Credit Suisse CMBS Operations or such other account as Administrative Agent shall specify to Seller
in writing. Seller acknowledges that it has no rights of withdrawal from the foregoing account. All Purchased Assets transferred
by one party hereto to the other party shall be in the case of a purchase by Administrative Agent in suitable form for transfer
or shall be accompanied by duly executed instruments of transfer or assignment in blank and such other documentation as Administrative
Agent may reasonably request. All Purchased Assets shall be evidenced by a Trust Receipt. Any Repurchase Price received by Administrative
Agent after 2:00 p.m. (New York City time) shall be deemed received on the next succeeding Business Day.

10.             
Conditions Precedent

a.                  
Initial Transaction. As conditions precedent to the initial Transaction, Administrative Agent shall have received
on or before the day of such initial Transaction the following, in form and substance satisfactory to Administrative Agent and
duly executed by Seller, Guarantor and each other party thereto, as applicable:

(1)              
Program Agreements. The Program Agreements (including without limitation, the Guaranty and a Custodial Agreement
in a form acceptable to Administrative Agent) duly executed and delivered by the parties thereto and being in full force and effect,
free of any modification, breach, or waiver.

(2)              
Security Interest. Evidence that all other actions necessary or, in the opinion of Administrative Agent, desirable
to perfect and protect Administrative Agent’s and Buyers’ interest in the Purchased Assets and other Repurchase Assets
have been taken, including, without limitation, duly authorized and filed Uniform Commercial Code financing statements on Form
UCC-1.

(3)              
Organizational Documents. A certificate of the corporate secretary or member, as applicable, of each of Seller and
Guarantor, attaching certified copies of such party’s organizational documents and resolutions approving the Program Agreements
and transactions thereunder (either specifically or by general resolution) and all documents evidencing other necessary company
action or governmental approvals as may be required in connection with the Program Agreements.

(4)              
Good Standing Certificate. A certified copy of a good standing certificate from the jurisdiction of organization
of Seller and Guarantor dated as of no earlier than the date thirty (30) calendar days prior to the Purchase Date with respect
to the initial Transaction hereunder.

(5)              
Incumbency Certificate. An incumbency certificate of an officer of each of Seller and Guarantor, certifying the names,
true signatures, and titles of the representatives duly authorized to request transactions hereunder and to execute the Program
Agreements.

    23 

     

    

 

(6)              
Opinions of Counsel. An opinion of Seller’s and Guarantor’s counsel, in form and substance acceptable
to Administrative Agent in its sole good faith discretion, including, without limitation, with respect to (i) Administrative Agent’s
lien on and perfected security interest in the Purchased Assets and the Deposit Account; (ii) the non-contravention, enforceability
and corporate opinions with respect to Seller and Guarantor; (iii) the inapplicability of the Investment Company Act of 1940 to
Seller and Guarantor; and (iv) the applicability of Bankruptcy Code, “securities contract” and “master repurchase
agreement” safe harbors to this Agreement and the Guaranty.

(7)              
Fees. Payment of any fees due to Administrative Agent and Buyers hereunder, including the Facility Fee.

(8)              
Reserved.

b.                 
All Transactions. The obligation of Administrative Agent on behalf of Buyers to enter into each Transaction pursuant
to this Agreement is subject to the following conditions precedent:

(1)              
Due Diligence Review. Without limiting the generality of Sections 3(c) and 34 hereof, Administrative
Agent and Buyers shall have completed, to their satisfaction, their due diligence review of the related Eligible Assets, Seller,
Guarantor, and the Servicer.

(2)              
Reserved.

(3)              
Transaction Documents. Administrative Agent or its designee shall have received on or before the day of such Transaction
(unless otherwise specified in this Agreement) the following, in form and substance satisfactory to Administrative Agent and (if
applicable) duly executed:

(a)               
A Transaction Request and Confirmation delivered pursuant to Section 3(c) hereof;

(b)              
Except in the case of a Table-Funded Asset, a Trust Receipt;

(c)               
The Closing Data Tape; and

(d)              
Such certificates, opinions of counsel or other documents as Administrative Agent may reasonably request.

(4)              
Asset File. On or before each Purchase Date with respect to each Purchased Asset, Seller shall deliver or cause to
be delivered to Administrative Agent or its designee (initially, the Custodian) the Custodial Asset Transmission. In connection
with each sale, transfer, conveyance and assignment of a Purchased Asset, (A) on or prior to each Purchase Date with respect to
such Purchased Asset, or (B) on or prior to the Business Day following the Purchase Date with respect to a Table-Funded Asset,
Seller shall deliver or cause to be delivered and released to the Custodian the documents set forth in the Asset File, pertaining
to each of the Purchased Assets identified in the Custodial Asset Transmission delivered therewith.

    24 

     

    

 

(5)              
No Default. No Default or Event of Default shall have occurred and be continuing;

(6)              
Requirements of Law. Neither Administrative Agent nor Buyers shall have determined that no introduction of or a change
in any Requirement of Law or in the interpretation or administration of any Requirement of Law applicable to Administrative Agent
or any Buyer has made it unlawful, and no Governmental Authority shall have asserted that it is unlawful, for Administrative Agent
or any Buyer to enter into Transactions with a Pricing Rate based on LIBOR or any alternative rate chosen by Administrative Agent
pursuant to Section 5(c) hereof.

(7)              
Representations and Warranties. Both immediately prior to the related Transaction and also after giving effect thereto
and to the intended use thereof, the representations and warranties made by Seller in each Program Agreement shall be true, correct,
and complete in all material respects with the same force and effect as if made on and as of such Purchase Date (or, if any such
representation or warranty is expressly stated to have been made as of a specific date, as of such specific date).

(8)              
Reserved.

(9)              
Material Adverse Change. None of the following shall have occurred and be continuing:

(a)               
Credit Suisse AG, New York Branch’s corporate bond rating as calculated by S&P or Moody’s has been lowered
or downgraded to a rating below investment grade by S&P or Moody’s;

(b)              
an event or events shall have occurred in the good faith determination of a Buyer resulting in the effective absence of
a “repo market” or comparable “lending market” for financing debt obligations secured by mortgage loans
or securities or an event or events shall have occurred resulting in such Buyer not being able to finance Purchased Assets through
the “repo market” or “lending market” with traditional counterparties at rates which would have been reasonable
prior to the occurrence of such event or events;

(c)               
an event or events shall have occurred resulting in the effective absence of a “securities market” for securities
backed by mortgage loans or an event or events shall have occurred resulting in a Buyer not being able to sell securities backed
by mortgage loans at prices which would have been reasonable prior to such event or events; or

(d)              
there shall have occurred a material adverse change in the financial condition of a Buyer which affects (or can reasonably
be expected to affect) materially and adversely the ability of such Buyer to fund its obligations under this Agreement.

(10)          
Notice to Mortgagors. The Seller shall deliver to the Custodian a completed and signed Notice to Mortgagor with respect
to each Purchased Asset subject to a Transaction.

(11)          
Fees. Payment of any fees due to Administrative Agent hereunder, including, without limitation, any legal fees subject
to Section 11 hereof, any Facility Fee (if applicable) and any Extension Fee (if applicable).

    25 

     

    

 

(12)          
Future Funding Obligations. Seller may request that Administrative Agent advance additional Purchase Price with respect
to amounts funded by Seller in connection with Future Funding Obligation(s). Administrative Agent may advance such additional Purchase
Price in its sole and absolute discretion and upon a certification from the Servicer that the conditions to such Future Funding
Obligation have been satisfied and such amounts have been advanced. For the avoidance of doubt, in no event shall Administrative
Agent advance additional Purchase Price to the extent it would result in the aggregate outstanding Purchase Price to exceed the
Maximum Aggregate Purchase Price.

(13)          
Table-Funded Assets. Administrative Agent may, in its sole discretion, from
time to time, enter into Transactions the subject of which are Table-Funded Assets. In the event Administrative Agent agrees to
enter into a Transaction with a Table-Funded Asset, notwithstanding any of the foregoing provisions of this Section 10(b)
or any contrary provisions set forth in the Custodial Agreement, solely with respect to any Table-Funded Asset:

(a)               
by 11:00 a.m. New York time on the related Purchase Date, Approved Bailee shall deliver signed .pdf copies of the documents
constituting the Asset File to Custodian via electronic mail, and Seller shall deliver the appropriate written third-party wire
transfer instructions to Administrative Agent;

(b)              
not later than 11:00 a.m. New York time on the related Purchase Date, (i) Approved Bailee shall deliver an executed .pdf
copy of the Bailee Agreement to Seller, Administrative Agent and Custodian by electronic mail and (ii) Administrative Agent shall
fund the Purchase Price in accordance with the applicable Escrow Instruction Letter; and

(c)               
on (x) the Business Day following the applicable Purchase Date with respect to any Table-Funded Asset, Seller shall deliver,
or cause to be delivered to Custodian, the complete Asset File with respect to such Table-Funded Asset, pursuant to and in accordance
with the terms of the Custodial Agreement and (y) on the second (2nd) Business Day following the Purchase Date with
respect to any Table-Funded Asset, Custodian shall issue a Trust Receipt to Administrative Agent in respect thereof.

c.                  
Transaction Request and Confirmation. Each Transaction Request and Confirmation delivered by the Seller hereunder
shall constitute a certification by the Seller that all the conditions set forth in Section 10(b) (other than clause (9)
thereof) have been satisfied (both as of the date of such notice or request and as of the date of such purchase). Each Transaction
Request and Confirmation (after being executed by Administrative Agent), together with this Agreement, shall be evidence of the
terms of the Transaction(s) covered thereby.

11.             
Program; Costs; Taxes

a.                  
Seller shall reimburse Administrative Agent and Buyers for any of Administrative Agent’s and Buyers’ reasonable
costs, including due diligence review costs and reasonable attorneys’ fees, incurred by Administrative Agent in determining
the acceptability to Administrative Agent of any Eligible Assets. Seller shall also pay, or reimburse Administrative Agent and
Buyers if Administrative Agent or Buyers shall pay, any termination fee, which may be due any servicer. Seller shall pay the reasonable
fees and expenses of Administrative Agent’s and Buyers’ counsel in connection with the preparation, negotiation, and
execution of the Program Agreements. Reasonable legal fees for any subsequent amendments to this Agreement or related documents
shall be borne by Seller. Seller shall pay ongoing custodial and bank fees and expenses and any other ongoing fees and expenses
under any other Program Agreement.

    26 

     

    

 

b.                 
If any Buyer determines that due to the introduction of any change in, or the compliance by, such Buyer with (i) any
eurocurrency reserve requirement or (ii) the interpretation of any law, regulation or any guideline or request from any central
bank or other Governmental Authority (whether or not having the force of law), (A) there shall be an increase in the cost to such
Buyer in engaging in the present or any future Transactions, or (B) such Buyer shall be subject to any Taxes (other than (1) Indemnified
Taxes, (2) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (3) Connection Income Taxes) on its
loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto, then Seller agrees to pay to such Buyer, from time to time, upon demand by such Buyer (with a copy to Custodian)
the actual cost of additional amounts as specified by such Buyer to compensate such Buyer for such increased costs.

c.                  
With respect to any Transaction, Administrative Agent and Buyers may conclusively rely upon, and shall incur no liability
to Seller in acting upon, any request or other communication that Administrative Agent and Buyers reasonably believe to have been
given or made by a person authorized to enter into a Transaction on Seller’s behalf, whether or not such person is listed
on the certificate delivered pursuant to Section 10(a)(5) hereof. In each such case, Seller hereby waives the right
to dispute Administrative Agent’s record of the terms of the Transaction Request and Confirmation, request or other communication.

d.                 
Notwithstanding the assignment of the Program Agreements with respect to each Purchased Asset to Administrative Agent for
the benefit of Buyers, Seller agrees and covenants with Administrative Agent and Buyers to enforce diligently Seller’s rights
and remedies set forth in the Program Agreements.

e.                  
Taxes.

(1)              
Defined Terms. For purposes of this Section 11(e), the term “applicable law” includes FATCA.

 

(2)              
Payments Free of Taxes. Any and all payments by or on account of any obligation of Seller or Guarantor under the
Program Agreements shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable
law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any
Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction
or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
applicable law and, if such Tax is an Indemnified Tax, then the sum payable by Seller or Guarantor, as applicable, shall be increased
as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to
additional sums payable under this Section 11(e)) Administrative Agent receives an amount equal to the sum it would have
received had no such deduction or withholding been made.

(3)              
Payment of Other Taxes. Seller shall timely pay or cause Guarantor to timely pay to the relevant Governmental Authority
in accordance with applicable law any Other Taxes.

    27 

     

    

 

(4)              
Indemnification. Seller and Guarantor shall jointly and severally indemnify Administrative Agent or a Buyer, within
ten (10) Business Days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed
or asserted on or attributable to amounts payable under this Section 11(e)) payable or paid by Administrative Agent or such
Buyer or required to be withheld or deducted from a payment to Administrative Agent or such Buyer and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to Seller or Guarantor by Administrative
Agent shall be conclusive absent manifest error.

(5)              
Evidence of Payments. As soon as practicable after any payment of Taxes by Seller or Guarantor to a Governmental
Authority pursuant to this Section 11(e), Seller shall deliver or cause Guarantor to deliver to Administrative Agent the
original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting
such payment or other evidence of such payment reasonably satisfactory to Administrative Agent.

(6)              
Status of Administrative Agent or Any Buyer. (i) If any Buyer or Buyer assignee is entitled to an exemption from
or reduction of withholding Tax with respect to payments made under any Program Agreement, Administrative Agent shall cause each
Buyer or Buyer assignee to deliver to Seller, at the time or times reasonably requested by Seller, such properly completed and
executed documentation reasonably requested by Seller as will permit such payments to be made without withholding or at a reduced
rate of withholding. In addition, Administrative Agent shall cause each Buyer and Buyer assignee, if reasonably requested by Seller,
to deliver such other documentation prescribed by applicable law or reasonably requested by Seller as will enable Seller to determine
whether or not such Buyer or Buyer assignee is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in Section 11(e)(6)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required
if in such Buyer’s or such Buyer’s assignee’s reasonable judgment such completion, execution or submission would
subject such Buyer or such Buyer assignee to any material unreimbursed cost or expense or would materially prejudice the legal
or commercial position of such Buyer or such Buyer assignee.

(ii) Without limiting
the generality of the foregoing, in the event that the Seller is a U.S. Person,

 

(A) If any Buyer or
any Buyer assignee is a U.S. Person, such Buyer or such Buyer assignee shall deliver to Seller on or prior to the date on which
such Buyer or such Buyer assignee becomes a party under this Agreement (and from time to time thereafter upon the reasonable request
of Seller), executed originals of IRS Form W-9 certifying that such Buyer or such Buyer assignee is exempt from U.S. federal backup
withholding tax;

 

(B) Any Foreign Buyer
shall, to the extent it is legally entitled to do so, deliver to Seller (in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Foreign Buyer becomes a party under this Agreement (and from time to time thereafter
upon the reasonable request of Seller), whichever of the following is applicable:

 

    28 

     

    

 

(i) In the
case of a Foreign Buyer claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to
payments of interest under any Program Agreement, executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty
and (y) with respect to any other applicable payments under any Program Agreement, IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable)
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or
“other income” article of such tax treaty;

 

(ii) executed
originals of IRS Form W-8ECI;

 

(iii) In the
case of a Foreign Buyer claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate
substantially in the form of Exhibit F-1 to the effect that such Foreign Buyer is not a “bank” within the meaning
of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of Seller within the meaning of Section 881(c)(3)(B)
of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S.
Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable); or

 

(iv) to the
extent a Foreign Buyer is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-2 or Exhibit
F-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if
the Foreign Buyer is a partnership and one or more direct or indirect partners of such Foreign Buyer are claiming the portfolio
interest exemption, such Foreign Buyer may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-4
on behalf of each such direct and indirect partner;

 

(C) Any Foreign Buyer
shall, to the extent it is legally entitled to do so, deliver to Seller (in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Foreign Buyer becomes a party under this Agreement (and from time to time thereafter
upon the reasonable request of Seller), executed originals of any other form prescribed by applicable law as a basis for claiming
exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as
may be prescribed by applicable law to permit Seller to determine the withholding or deduction required to be made; and

 

(D) If a payment made
to any Buyer or Buyer assignee under any Program Agreement would be subject to U.S. federal withholding Tax imposed by FATCA if
such Buyer or Buyer assignee were to fail to comply with the applicable reporting requirements of FATCA (including those contained
in Section 1471(b) or 1472(b) of the Code, as applicable), Administrative Agent on behalf of such Buyer or such Buyer assignee
shall deliver to Seller at the time or times prescribed by law and at such time or times reasonably requested by Seller such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by Seller as may be necessary for Seller to comply with their obligations under FATCA and to determine that
such Buyer or such Buyer assignee has complied with such Buyer’s or such Buyer’s assignee’s obligations under
FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

    29 

     

    

 

Each Buyer or each
Buyer assignee agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any
respect, it shall update such form or certification or promptly notify Seller in writing of its legal inability to do so.

 

(7)              
Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 11(e) (including by the payment
of additional amounts pursuant to this Section 11(e)), it shall pay to the indemnifying party an amount equal to such refund
(but only to the extent of indemnity payments made under this Section 11(e) with respect to the Taxes giving rise to such
refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified
party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (7) (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay
such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (7), in no event
will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (7) the payment
of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been
in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and
the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed
to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems
confidential) to the indemnifying party or any other Person.

f.                  
Each party’s obligations under this Section 11 shall survive any assignment of rights by, or the replacement
of, a Buyer or a Buyer assignee, the termination of the Transactions and the repayment, satisfaction or discharge of all obligations
under any Program Agreement.

g.                  
Each party to this Agreement acknowledges that it is its intent for purposes of U.S. federal, state, and local income and
franchise taxes to treat each Transaction as indebtedness of Seller that is secured by the Purchased Assets, and the Purchased
Assets as owned by Seller in the absence of an Event of Default by Seller. Buyers and Seller agree that they will treat and report
for all tax purposes the Transactions entered into hereunder as one or more loans from any Buyer to Seller secured by the Purchased
Assets, unless otherwise prohibited by law or upon a final determination by any taxing authority that the Transactions are not
loans for tax purposes.

12.             
Servicing

a.                  
Seller, on Administrative Agent’s and Buyers’ behalf, shall contract with Servicer to, or if Seller is the Servicer,
Seller shall, service the Purchased Assets pursuant to the Servicing Agreement, consistent with the degree of skill and care that
Servicer customarily requires with respect to similar Purchased Assets owned or managed by it and in accordance with Accepted Servicing
Practices. The Servicing Agreement shall require, inter alia, that Servicer (i) comply with all applicable federal,
state and local laws and regulations; (ii) maintain all state and federal licenses necessary for it to perform its servicing
responsibilities hereunder; and (iii) not impair the rights of Administrative Agent or Buyers in any Purchased Assets or any
payment thereunder. In addition, the Servicing Agreement shall require that the Servicer deposit all collections of Income (other
than amounts deposited in escrow accounts pursuant to the Servicing Agreement) received by Servicer on account of the Purchased
Assets in the Deposit Account no later than two (2) Business Days following receipt.

    30 

     

    

 

b.                 
Upon the occurrence of any of (i) an Event of Default hereunder or (ii) an event of default by Servicer under
the Servicing Agreement (each a “Servicer Termination Event”), Administrative Agent shall have the right to
immediately terminate the Servicer’s right to service the Purchased Assets without payment of any penalty or termination
fee. Seller and Servicer shall cooperate in transferring the servicing of the Purchased Assets to a successor servicer appointed
by Administrative Agent in its sole discretion.

c.                  
If Seller should discover that, for any reason whatsoever, Servicer or any entity responsible for managing or servicing
any Purchased Assets has failed to perform in all material respects any of the obligations of such entities with respect to the
Purchased Assets, or that an event of default under the Servicing Agreement has occurred, Seller shall promptly notify Administrative
Agent.

d.                 
In the event that the Servicer is a master servicer of a Purchased Asset which is serviced by a Third Party Servicer, the
Seller shall provide promptly to Administrative Agent a Servicer Notice and Acknowledgement addressed to and agreed to by the Third
Party Servicer of the related Purchased Assets, advising such Third Party Servicer of such matters as Administrative Agent may
reasonably request, including, without limitation, recognition by the master servicer of Administrative Agent’s and Buyers’
interest in such Purchased Assets and the Third Party Servicer’s agreement that upon receipt of notice of an Event of Default
from Administrative Agent, it will follow the instructions of Administrative Agent with respect to the Purchased Assets and any
related Income with respect thereto.

e.                  
Seller shall not employ sub-servicers (other than the Servicer or Affiliates thereof or Third Party Servicers) to service
the Purchased Assets without the prior written approval of Administrative Agent, which such approval shall not be unreasonably
withheld. If the Purchased Assets are serviced, in whole or in part, by a sub-servicer (i) Servicer shall nevertheless remain
primarily liable to Administrative Agent for the servicing of the Purchased Assets under the Servicing Agreement; and (ii) any
agreement with a sub-servicer shall entitle Administrative Agent to terminate such sub-servicer without fee or penalty in the event
that Servicer is replaced subject to the terms of the applicable sub-servicing agreement.

f.                  
Seller shall cause Servicer to provide to Administrative Agent, electronically, in a format mutually acceptable to Administrative
Agent and Seller, by no later than the Reporting Date, the Servicing Report.

g.                  
For the avoidance of doubt, Seller retains no rights to the servicing other than Seller’s rights under the Servicing
Agreement. As such, Seller expressly acknowledges that the Purchased Assets are sold to Administrative Agent for the benefit of
Buyers on a “servicing released” basis with such servicing retained by the Servicer.

13.             
Representations and Warranties

a.                  
Seller represents and warrants to Administrative Agent and Buyers as of the date hereof and as of each Purchase Date for
any Transaction and at all times while the Program Agreements are in full force and effect and/or any Transaction under the Agreement
is outstanding that:

(1)              
Seller Existence. Seller has been duly organized and is validly existing as a limited liability company in good standing
under the laws of the State of Delaware.

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(2)              
Licenses. Seller is duly licensed or is otherwise qualified in each jurisdiction in which it transacts business for
the business which it conducts and is not in default of any federal, state or local laws, rules and regulations unless, in any
instance, the failure to take such action or to so comply or such default is not reasonably likely (either individually or in the
aggregate) to cause a Material Adverse Effect. Seller has the requisite power and authority and legal right to originate and purchase
Eligible Assets (as applicable) and to own, sell and grant a lien on all of its right, title and interest in and to the Eligible
Assets, and to execute and deliver, engage in the transactions contemplated by, and perform and observe the terms and conditions
of, this Agreement, each Program Agreement and any Transaction Request and Confirmation.

(3)              
Power. Seller has all requisite corporate or other power, and has all governmental licenses, authorizations, consents
and approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted, except where the
lack of such licenses, authorizations, consents, and approvals would not be reasonably likely to have a Material Adverse Effect.

(4)              
Due Authorization. Seller has all necessary corporate or other power, authority and legal right to execute, deliver,
and perform its obligations under each of the Program Agreements, as applicable. This Agreement, any Transaction Request and Confirmation
and the Program Agreements have been (or, in the case of Program Agreements and any Transaction Request and Confirmation not yet
executed, will be) duly authorized, executed and delivered by Seller, all requisite or other corporate action having been taken,
and each is valid, binding and enforceable against Seller in accordance with its terms except as such enforcement may be affected
by bankruptcy, by other insolvency laws, or by general principles of equity.

(5)              
Reserved.

(6)              
Event of Default. There exists no Event of Default under Section 15(b) hereof, which default gives rise
to a right to accelerate indebtedness as referenced in Section 15(b) hereof, under any mortgage, borrowing agreement
or other instrument or agreement pertaining to indebtedness for borrowed money or to the repurchase of mortgage loans or securities.

(7)              
Solvency. Seller is solvent and will not be rendered insolvent by any Transaction and, after giving effect to such
Transaction, will not be left with an unreasonably small amount of capital with which to engage in its business. Seller neither
intends to incur, nor believes that it has incurred, debts beyond its ability to pay such debts as they mature and is not contemplating
the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator,
conservator, trustee or similar official in respect of such entity or any of its assets. The amount of consideration being received
by Seller upon the sale of the Purchased Assets to Administrative Agent for the benefit of Buyers constitutes reasonably equivalent
value and fair consideration for such Purchased Assets. Seller is not transferring any Purchased Assets with any intent to hinder,
delay, or defraud any of its creditors.

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(8)              
No Conflicts. The execution, delivery, and performance by Seller of this Agreement, any Transaction Request and Confirmation
hereunder, and the Program Agreements do not conflict with any term or provision of the organizational documents of Seller or any
law, rule, regulation, order, judgment, writ, injunction, or decree applicable to Seller of any court, regulatory body, administrative
agency, or governmental body having jurisdiction over Seller, which conflict would have a Material Adverse Effect and will not
result in any violation of any such mortgage, instrument, agreement, or obligation to which Seller is a party.

(9)              
True and Complete Disclosure. All information, reports, exhibits, schedules, financial statements, or certificates
of Seller or any Affiliate thereof or any of their officers furnished or to be furnished to Administrative Agent or Buyers in connection
with the initial or any ongoing due diligence of Seller or any Affiliate or officer thereof, or the negotiation, preparation, or
delivery of the Program Agreements are true and complete and do not omit to disclose any material facts necessary to make the statements
herein or therein, in light of the circumstances in which they are made, not misleading. All financial statements have been prepared
in accordance with GAAP.

(10)          
Approvals. No consent, approval, authorization or order of, registration or filing with, or notice to any governmental
authority or court is required under applicable law in connection with the execution, delivery and performance by Seller of this
Agreement, any Transaction Request and Confirmation and the Program Agreements.

(11)          
Litigation. There is no action, proceeding or investigation pending with respect to which Seller has received service
of process or, to the best of Seller’s knowledge, threatened against it before any court, administrative agency, or other
tribunal (A) asserting the invalidity of this Agreement, any Transaction, Transaction Request and Confirmation, or any Program
Agreement, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, any Transaction
Request and Confirmation or any Program Agreement, (C) makes a claim individually in an amount greater than $500,000 or in
an aggregate amount greater than $500,000, (D) which requires filing with the Securities and Exchange Commission in accordance
with the 1934 Act or any rules thereunder, or (E) which might materially and adversely affect the validity of the Mortgage
Loans or the performance by it of its obligations under, or the validity or enforceability of, this Agreement, any Transaction
Request and Confirmation or any Program Agreement.

(12)          
Material Adverse Change. There has been no change having a Material Adverse Effect.

(13)          
Ownership. Upon payment of the Purchase Price and the filing of the financing statement and delivery of the Asset
Files to the Custodian and the Custodian’s receipt of the related Purchased Asset Schedule, Administrative Agent shall become
the sole owner of the Purchased Assets and related Repurchase Assets, free and clear of all liens and encumbrances.

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(14)          
Taxes. Seller is a U.S. Person. Seller has timely filed all income and other material tax returns required to be
filed by it, and has timely paid all income and other material Taxes required to be paid by it (whether or not such Taxes are shown
as due on such returns), other than Taxes that are being contested in good faith by appropriate proceedings and for which adequate
reserves have been made in accordance with GAAP. There are no Liens for Taxes on any of Seller’s assets or income, other
than statutory Liens for Taxes not yet due and payable and with respect to which adequate reserves have been made in accordance
with GAAP.

(15)          
Investment Company. Seller is not required to register as an “investment company”, or a company “controlled”
by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended.

(16)          
Chief Executive Office; Jurisdiction of Organization. On the Effective Date, Seller’s chief executive office,
is, and has been, located at c/o InPoint Commercial Real Estate Income, Inc., 375 Park Avenue, 25th Floor, New York, New York 10152.
On the Effective Date, Seller’s jurisdiction of organization is Delaware. Seller shall provide Administrative Agent with
thirty (30) days’ advance notice of any change in Seller’s principal office or place of business or jurisdiction. Seller
has no trade name. During the preceding five years, Seller has not been known by or done business under any other name, corporate
or fictitious, and has not filed or had filed against it any bankruptcy receivership or similar petitions nor has it made any assignments
for the benefit of creditors.

(17)          
Location of Books and Records. The location where Seller keeps its books and records, including all computer tapes
and records relating to the Purchased Assets and the related Repurchase Assets is its chief executive office.

(18)          
ERISA. Each Plan to which Seller or its Subsidiaries make direct contributions, and, to the knowledge of Seller,
each other Plan and each Multiemployer Plan, is in compliance in all material respects with, and has been administered in all material
respects in compliance with, the applicable provisions of ERISA, the Code and any other federal or state law.

(19)          
Reserved.

(20)          
Agreements. Seller is not a party to any agreement, instrument, or indenture or subject to any restriction materially
and adversely affecting its business, operations, assets or financial condition, except as disclosed in its financial statements.
Seller is not in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained
in any agreement, instrument, or indenture which default could have a material adverse effect on the business, operations, properties,
or financial condition of Seller as a whole. No holder of any indebtedness of Seller has given notice of any asserted default thereunder.

(21)          
Other Indebtedness. Seller has no Indebtedness other than Indebtedness evidenced by this Agreement.

    34 

     

    

 

(22)          
No Reliance. Seller has made its own independent decisions to enter into the Program Agreements and each Transaction
and as to whether such Transaction is appropriate and proper for it based upon its own judgment and upon advice from such advisors
(including without limitation, legal counsel and accountants) as it has deemed necessary. Seller is not relying upon any advice
from Administrative Agent or Buyers as to any aspect of the Transactions, including without limitation, the legal, accounting or
tax treatment of such Transactions.

(23)          
Plan Assets. Seller is not an employee benefit plan as defined in Section 3 of Title I of ERISA, or a plan
described in Section 4975(e)(1) of the Code, the Purchased Assets are not “plan assets” within the meaning of
29 CFR §2510.3-101 as amended by Section 3(42) of ERISA in the Seller’s hands, and transactions by or with Seller
are not subject to any state or local statute regulating investments, or fiduciary obligations with respect to governmental plans
within the meaning of Section 3(32) of ERISA.

(24)          
No Prohibited Persons. Neither Seller nor, to Seller’s knowledge, any of its respective Affiliates, officers,
directors, partners or members, is an entity or person (or to the Seller’s knowledge, fifty (50) percent or greater owned
by an entity or person): (i)  whose name appears on the United States Treasury Department’s Office of Foreign Assets
Control (“OFAC”) most current list of “Specifically Designated National and Blocked Persons” (which
list may be published from time to time in various mediums including, but not limited to, the OFAC website, http:www.treas.gov/ofac/t11sdn.pdf);
or (ii) is otherwise the target of sanctions administered by OFAC (any and all parties or persons described in clauses (i)
and (ii) above are herein referred to as a “Prohibited Person”).

(25)          
Asset File. Each Asset File delivered by Seller represents a true and correct copy of the documents contained therein
and each Purchased Asset Schedule and Closing Data Tape, together with all other information contained therein prepared by Seller
or its Affiliates and delivered by Seller to Administrative Agent immediately prior to the Purchase Date, is true and correct in
all material respects and conforms in all material respects to the Summary Diligence Materials and Preliminary Data Tape previously
provided to Administrative Agent and pursuant to which Administrative Agent has elected to enter into the Transaction.

b.                 
With respect to every Purchased Asset, Seller represents and warrants to Administrative Agent and Buyers as of the applicable
Purchase Date for any Transaction and each date thereafter that each representation and warranty set forth on Schedule 1
is true and correct in all material respects.

c.                  
The representations and warranties set forth in this Agreement shall survive transfer of the Purchased Assets to Administrative
Agent for the benefit of Buyers and to each Buyer and shall continue for so long as the Purchased Assets are subject to this Agreement.
Upon discovery by Seller, Servicer, or Administrative Agent of any breach of any of the representations or warranties set forth
in this Agreement, the party discovering such breach shall promptly give notice of such discovery to the others.

14.             
Covenants

Seller covenants with
Administrative Agent and Buyers that at all times, during the term of this Agreement:

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a.                  
Litigation. Seller will promptly, and in any event within ten (10) days after service of process on any of the following,
give to Administrative Agent notice of all litigation, actions, suits, arbitrations, investigations (including, without limitation,
any of the foregoing which are threatened or pending) or other legal or arbitrable proceedings affecting Seller or affecting any
of the Property of Seller before any Governmental Authority that (i) questions or challenges the validity or enforceability
of any of the Program Agreements or any action to be taken in connection with the transactions contemplated hereby, (ii) makes
a claim individually in an amount greater than (A) $500,000 with respect to Seller and (B) $1,000,000 with respect to Guarantor,
or (iii) which, individually or in the aggregate, if adversely determined, could be reasonably likely to have a Material Adverse
Effect. Seller will promptly provide notice of any judgment, which with the passage of time, could cause an Event of Default hereunder.

b.                 
Prohibition of Fundamental Changes. Seller shall not enter into any transaction of merger, consolidation, amalgamation,
liquidation, winding up, or dissolution of itself (or suffer any liquidation, winding up, or dissolution) or sell all or substantially
all of its assets.

c.                  
Servicer. Upon the occurrence of any of the following: (a) the occurrence and continuation of an Event of Default,
(b) the fifth (5th) Business Day of each month, or (c) upon the request of Administrative Agent, Seller shall
use best efforts to cause Servicer to provide to Administrative Agent, electronically, in a format mutually acceptable to Administrative
Agent and Seller, by no later than the Reporting Date, the Servicing Report. Seller shall not cause the Purchased Assets to be
serviced by any servicer other than a servicer expressly approved in writing by Administrative Agent on behalf of Buyers, which
approval shall be deemed granted by Administrative Agent on behalf of Buyers with respect to Seller with the execution of this
Agreement.

d.                 
Reserved.

e.                  
No Adverse Claims. Seller warrants and will defend, and shall cause any Servicer to defend, the right, title and
interest of Administrative Agent and Buyers in and to all Purchased Assets and the related Repurchase Assets against all adverse
claims and demands.

f.                  
Assignment. Except as permitted herein, Seller shall not sell, assign, transfer, or otherwise dispose of, or grant
any option with respect to, or pledge, hypothecate, or grant a security interest in or lien on or otherwise encumber (except pursuant
to the Program Agreements), any of the Purchased Assets or any interest therein, provided that this Section shall not prevent any
transfer of Purchased Assets in accordance with the Program Agreements.

g.                  
Security Interest. Seller shall do all things necessary to preserve the Purchased Assets and the related Repurchase
Assets so that they remain subject to a first priority perfected security interest hereunder. Without limiting the foregoing, Seller
will comply with all rules, regulations and other laws of any Governmental Authority and cause the Purchased Assets and the related
Repurchase Assets to comply with all applicable rules, regulations and other laws.

    36 

     

    

 

h.                 
Records.

(1)              
Seller shall collect and maintain or cause to be collected and maintained all Records relating to the Purchased Assets in
accordance with industry custom and practice for assets similar to the Purchased Assets, including those maintained pursuant to
the succeeding subparagraph, and all such Records shall be in Custodian’s possession unless Administrative Agent otherwise
approves. Seller will not allow any such papers, records, or files that are an original or an only copy to leave Custodian’s
possession, except for individual items removed in connection with servicing a specific Mortgage Loan, in which event Seller will
obtain or cause to be obtained a receipt from a financially responsible person for any such paper, record, or file. Seller or the
Servicer of the Purchased Assets will maintain all such Records not in the possession of Custodian in good and complete condition
in accordance with industry practices for assets similar to the Purchased Assets and preserve them against loss.

(2)              
For so long as Administrative Agent has an interest in or lien on any Purchased Asset, Seller will hold or cause to be held
all related Records in trust for Administrative Agent. Seller shall notify, or cause to be notified, every other party holding
any such Records of the interests and liens in favor of Administrative Agent granted hereby.

(3)              
Upon reasonable advance notice from Custodian or Administrative Agent, Seller shall (x) make any and all such Records
available to Custodian, Administrative Agent or any Buyer to examine any such Records, either by its own officers or employees,
or by agents or contractors, or both, and make copies of all or any portion thereof, and (y) permit Administrative Agent or
any Buyer or its authorized agents to discuss the affairs, finances and accounts of Seller with its chief operating officer and
chief financial officer and to discuss the affairs, finances and accounts of Seller with its independent certified public accountants.

i.                   
Books. Seller shall keep or cause to be kept in reasonable detail books and records of account of its assets and
business and shall clearly reflect therein the transfer of Purchased Assets to Administrative Agent for the benefit of Buyers.

j.                   
Approvals. Seller shall maintain all licenses, permits, or other approvals necessary for Seller to conduct its business
and to perform its obligations under the Program Agreements and Seller shall conduct its business strictly in accordance with applicable
law.

k.                 
Material Change in Business. Seller shall not make any material change in the nature of its business as carried on
at the date hereof.

l.                   
Distributions. If an Event of Default has occurred and is continuing, Seller shall not pay any dividends with respect
to any capital stock or other equity interests in such entity, whether now or hereafter outstanding, or make any other distribution
in respect thereof, either directly or indirectly, whether in cash or property or in obligations of Seller. Notwithstanding the
foregoing, Seller shall be permitted to make, at any time, distributions necessary under applicable law for Guarantor to maintain
its status as a real estate investment trust.

m.               
Applicable Law. Seller shall comply with the requirements of all applicable laws, rules, regulations, and orders
of any Governmental Authority.

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n.                 
Existence. Seller shall preserve and maintain its legal existence and all of its material rights, privileges, licenses,
and franchises.

o.                 
Chief Executive Office; Jurisdiction of Organization. Seller shall not move its chief executive office from the address
referred to in Section 13(a)(16) or change its jurisdiction of organization from the jurisdiction referred to in Section 13(a)(16)
unless it shall have provided Administrative Agent thirty (30) days’ prior written notice of such change.

p.                 
Taxes. Seller will remain a U.S. Person. Seller will timely file all income and other material tax returns required
to be filed by it, and will timely pay all income and other material Taxes required to be paid by it (whether or not such Taxes
are shown as due on such returns), other than Taxes that are being contested in good faith by appropriate proceedings and for which
adequate reserves are made in accordance with GAAP. Seller will not suffer the creation of any Liens for Taxes on any of its assets
or income, other than statutory Liens for Taxes not yet due and payable and with respect to which adequate reserves are made in
accordance with GAAP.

q.                 
Transactions with Affiliates. Seller will not enter into any transaction, including, without limitation, any purchase,
sale, lease, or exchange of property or the rendering of any service, with any Affiliate unless such transaction is (a) otherwise
permitted under the Program Agreements, (b) in the ordinary course of Seller’s business, or (c) upon fair and reasonable
terms no less favorable to Seller than it would obtain in a comparable arm’s length transaction with a Person that is not
an Affiliate.

r.                   
Guarantees. Seller shall not create, incur, assume, or suffer to exist any Guarantees.

s.                  
Indebtedness. Seller shall not incur any additional Indebtedness without the prior written consent of Administrative
Agent.

t.                   
True and Correct Information. All information, reports, exhibits, schedules, financial statements, or certificates
provided by or on behalf of Seller, any Affiliate thereof, or any of their officers furnished to Administrative Agent and/or Buyers
hereunder and during Administrative Agent’s and/or Buyers’ diligence of Seller is and will be true and complete in
all material respects and do not omit to disclose any material facts necessary to make the statements herein or therein, in light
of the circumstances in which they are made, not misleading. All required financial statements, information, and reports delivered
by Seller to Administrative Agent and/or Buyers pursuant to this Agreement shall be prepared in accordance with U.S. GAAP, or,
if applicable, to SEC filings, the appropriate SEC accounting regulations.

u.                 
Plan Assets. Seller shall not be an employee benefit plan as defined in Section 3 of Title I of ERISA,
or a plan described in Section 4975(e)(1) of the Code and the Seller shall not use “plan assets” within the meaning
of 29 CFR §2510.3-101 as amended by Section 3(42) of ERISA to engage in this Agreement or any Transaction hereunder,
and transactions by or with Seller or Guarantor shall not be subject to any state or local statute regulating investments of, or
fiduciary obligations with respect to governmental plans within the meaning of Section 3(32) of ERISA.

v.                 
Hedging. The Seller shall enter or cause to be entered into and maintain Interest Rate Protection Agreement Transactions
in an amount and in accordance with Seller’s written policy.

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w.                
Reserved.

x.                 
Amendments. Seller shall not materially amend, modify, or waive any Purchased Asset Documents relating to the Mortgage
Loan without the prior written consent of Administrative Agent, which consent shall not be unreasonably withheld, conditioned,
or delayed. Without limiting the foregoing, Seller shall provide prompt written notice to Administrative Agent of any amendments,
modifications, or waivers relating to the Mortgage Loan, together with a copy thereof. For the avoidance of doubt and without limiting
the generality of Section 6 hereof or the definitions of “Market Value” or “Asset Value” hereof,
Administrative Agent’s approval of any amendment, modification, or waiver shall not preclude Administrative Agent’s
ability to re-determine Market Value of any Purchased Asset as a result of such amendment, modification, or waiver; provided that
any such approval and re-determination of Market Value shall in no way limit the Administrative Agent’s right to determine
Market Value in the manner and at the times otherwise permitted under the Program Agreements.

y.                 
Seller Separateness Covenant. Seller shall (a) own no assets, and will not engage in any business, other than the
assets and transactions consistent with those specifically contemplated by this Agreement; (b) not incur any Indebtedness or obligation,
secured or unsecured, direct or indirect, absolute or contingent (including guaranteeing any obligation), other than pursuant hereto;
(c) not make any loans or advances to any third party other than in connection with the acquisition or holding of any Purchased
Assets or the other Eligible Assets acquired after the date hereof, and shall not acquire obligations or securities of its affiliates;
(d) pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) only from its own assets (with
no obligation to make capital contributions); (e) comply with the provisions of its organizational documents; (f) do all things
necessary to observe organizational formalities and to preserve its existence, and will not amend, modify or otherwise change its
organizational documents, or suffer same to be amended, modified or otherwise changed, without the prior written consent of Administrative
Agent on behalf of Buyers; (g) maintain all of its books, records, financial statements and bank accounts separate from those
of its Affiliates (except that such financial statements may be consolidated to the extent consolidation is required under GAAP
or as a matter of law); (h) be, and at all times will hold itself out to the public as, a legal entity separate and distinct from
any other entity (including any Affiliate), shall correct any known misunderstanding regarding its status as a separate entity,
shall conduct business in its own name, shall not identify itself or any of its affiliates as a division or part of the other and,
where necessary, shall maintain separate stationery, invoices and checks; (i) maintain adequate capital for the normal obligations
reasonably foreseeable in a business of its size and character and in light of its contemplated business operations (with no obligation
to make capital contributions); (j) not engage in or suffer any Change in Control, dissolution, winding up, liquidation, consolidation
or merger in whole or in part unless permitted under this Agreement or a Program Agreement; (k) not commingle its funds or other
assets with those of any Affiliate or any other Person, except as contemplated by this Agreement; (l) maintain its assets
in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of
any affiliate or any other person; (m) not and will not hold itself out to be responsible for the debts or obligations of any other
Person (other than as contemplated hereunder); and (n) cause each of its direct and indirect owners to agree not to (i) file or
consent to the filing of any bankruptcy, insolvency or reorganization case or proceeding with respect to Seller; institute any
proceedings under any applicable insolvency law or otherwise seek any relief under any laws relating to the relief from debts or
the protection of debtors generally with respect to Seller; (ii) seek or consent to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator, custodian or any similar official for Seller or a substantial portion of its properties; or (iii)
make any assignment for the benefit of Seller’s creditors.

    39 

     

    

 

z.                  
No Pledge. Seller shall not pledge, transfer or convey any security interest in the Deposit Account to any Person
without the express written consent of Administrative Agent.

15.             
Events of Default

Each of the following
shall constitute an “Event of Default” hereunder:

a.                  
Payment Failure. Failure of Seller to pay any of the following, whether by acceleration or otherwise, under the terms
of this Agreement, the Pricing Side Letter, or any other Program Agreement:

i.       
make any payment of the Price Differential on a Price Differential Payment Date within one (1) Business Day after the due date
therefor;

ii.       make
any payment of the Repurchase Price on a Repurchase Date;

iii.       make
any payment of the Facility Fee or the Extension Fee (if applicable) when that sum has become due;

iv.       make
any payment of any other sum that has become due or within five (5) Business Days after the date thereof; or

v.       cure
any Margin Deficit or pay any Reset Payment when due pursuant to Section 6 hereof.

b.                 
Cross Default. Seller or Guarantor shall be in default under (i) any Indebtedness, in the aggregate, in excess
of (A) $500,000 with respect to Seller and (B) $1,000,000 with respect to Guarantor, which default (1) involves the failure
to pay a matured obligation, or (2) permits the acceleration of the maturity of obligations by any other party to or beneficiary
with respect to such Indebtedness, or (ii) any other contract or contracts, in the aggregate in excess of (A) $500,000 with
respect to Seller and (B) $1,000,000 with respect to Guarantor, which default (1) involves the failure to pay a matured obligation,
or (2) permits the acceleration of the maturity of obligations by any other party to or beneficiary of such contract.

c.                  
Assignment. Assignment or attempted assignment by (i) Seller of this Agreement or any rights hereunder or
(ii) Guarantor of the Guaranty or any rights thereunder, in each case, without first
obtaining the specific written consent of Administrative Agent, or the granting by Seller of any security interest, lien or other
encumbrances on any Purchased Assets to any person other than Administrative Agent.

d.                 
Insolvency. An Act of Insolvency shall have occurred with respect to Seller or Guarantor.

e.                  
Material Adverse Change. Any Material Adverse Effect shall have occurred as determined by Administrative Agent in
its good faith discretion.

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f.                  
Breach of Identified Representation or Covenant or Obligation. A breach by:

i.                   
Seller of any of the representations, warranties or covenants or obligations set forth in Sections 13(a)(1)
(Seller and Guarantor Existence), 13(a)(7) (Solvency), 13(a)(12) (Material Adverse Change),
13(a)(21) (Other Indebtedness), 14(b) (Prohibition of Fundamental Changes), 14(l) (Distributions),
14(n) (Existence), 14(r) (Guarantees), 14(s) (Indebtedness), 14(u) (Plan Assets),
14(x) (Amendments), or 14(z) (No Pledge) of this Agreement; or

ii.                 
Guarantor of any of the representations, warranties or covenants or obligations set forth in the Guaranty, including, but
limited to, Sections 9(a) (Guarantor Existence), 9(f) (Solvency), 9(k) (Material Adverse
Change), 10(a) (Prohibition of Fundamental Changes), 10(d) (Distributions), 10(f) (Existence),
10(i) (Plan Assets), or 10(j) (Financial Covenants).

g.                  
Breach of Non-Identified Representation or Covenant. A breach by Seller or Guarantor of any other material representation,
warranty, or covenant set forth in this Agreement, the Guaranty, or any other Program Agreement (and not otherwise specified in
Section 15(f) above), if such breach is not cured within ten (10) Business Days (other than the representations and
warranties set forth in Schedule 1, which shall be considered solely for the purpose of determining the Asset Value,
the existence of a Margin Deficit and the obligation to repurchase such Purchased Asset) unless (i) such party shall have
made any such representations and warranties with knowledge that they were materially false or misleading at the time made, (ii) any
such representations and warranties have been determined by Administrative Agent in its sole discretion to be materially false
or misleading on a regular basis, or (iii) Administrative Agent, in its sole discretion, determines that such breach of a
material representation, warranty or covenant materially and adversely affects (A) the financial condition of such party or
(B) Administrative Agent’s determination to enter into this Agreement or Transactions with such party, in which event
such breach shall constitute an immediate Event of Default and Seller shall have no cure right hereunder).

h.                 
Guarantor Breach. Any repudiation of the Guaranty by Guarantor or if the Guaranty is not enforceable against Guarantor.

i.                   
Change of Control. The occurrence of a Change in Control.

j.                   
Failure to Transfer. Seller fails to transfer the Purchased Assets to Administrative Agent for the benefit of the
applicable Buyer on the applicable Purchase Date (provided Administrative Agent, on behalf of the applicable Buyer, has tendered
the related Purchase Price).

k.                 
Judgment. A final judgment or judgments for the payment of money in excess of (i) $500,000 individually or in the
aggregate shall be rendered against the Seller or (ii) $1,000,000 individually or in the aggregate shall be rendered against the
Guarantor, in each case, by one or more courts, administrative tribunals or other bodies having jurisdiction and the same shall
not be satisfied, discharged (or provision shall not be made for such discharge) or bonded, or a stay of execution thereof shall
not be procured, within thirty (30) days from the date of entry thereof.

    41 

     

    

 

l.                   
Government Action. Any Governmental Authority or any person, agency or entity acting or purporting to act under governmental
authority shall have taken any action to condemn, seize or appropriate, or to assume custody or control of, all or any substantial
part of the Property of Seller or Guarantor, or shall have taken any action to displace the management of Seller or Guarantor or
to curtail its authority in the conduct of the business of Seller or Guarantor, or takes any action in the nature of enforcement
to remove, limit or restrict the approval of Seller or Guarantor as an issuer, buyer or a seller/servicer of mortgage loans or
securities backed thereby, and such action provided for in this subparagraph shall not have been discontinued or stayed within
thirty (30) days.

m.               
Inability to Perform. An officer of Seller or Guarantor shall admit, in writing, its inability to, or its intention
not to, perform any of Seller’s Obligations or Guarantor’s obligations hereunder or under the Guaranty.

n.                 
Security Interest. This Agreement shall for any reason other than the actions or inactions of Administrative Agent
or any Buyer to cease to create a valid, first priority security interest in any material portion of the Purchased Assets or other
Repurchase Assets purported to be covered hereby.

o.                 
Financial Statements. Seller’s or Guarantor’s audited annual financial statements or the notes thereto
or other opinions or conclusions stated therein shall be qualified or limited by reference to the status of Seller or Guarantor
as a “going concern” or a reference of similar import.

p.                 
Servicer Termination Event. A Servicer Termination Event shall have occurred and Seller shall not have (i) appointed
a successor servicer acceptable to Administrative Agent, (ii) transferred the servicing of the Purchased Assets to such successor
servicer, or (iii) delivered a fully executed Servicer Notice and Acknowledgement with such successor servicer in each case, within
thirty (30) days following the occurrence of such Servicer Termination Event.

An Event of Default
shall be deemed to be continuing unless expressly waived by Administrative Agent in writing.

16.             
Remedies Upon Default

In the event that
an Event of Default shall have occurred and is continuing:

a.                  
Administrative Agent may, at its option (which option shall be deemed to have been exercised immediately upon the occurrence
of an Act of Insolvency of Seller, Guarantor, or any of their respective Affiliates), declare an Event of Default to have occurred
hereunder and, upon the exercise or deemed exercise of such option, the Repurchase Date for each Transaction hereunder shall, if
it has not already occurred, be deemed immediately to occur (except that, in the event that the Purchase Date for any Transaction
has not yet occurred as of the date of such exercise or deemed exercise, such Transaction shall be deemed immediately canceled).
Administrative Agent shall (except upon the occurrence of an Act of Insolvency of Seller, Guarantor or any of their respective
Affiliates) give notice to Seller of the exercise of such option as promptly as practicable.

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b.                 
If Administrative Agent exercises or is deemed to have exercised the option referred to in subparagraph (a) of this
Section, (i) Seller’s obligations in such Transactions to repurchase all Purchased Assets, at the Repurchase Price therefor
on the Repurchase Date determined in accordance with subparagraph (a) of this Section, shall thereupon become immediately
due and payable, (ii) all Income paid after such exercise or deemed exercise shall be retained by Administrative Agent and
applied, in Administrative Agent’s sole discretion, to the aggregate unpaid Repurchase Prices for all outstanding Transactions
and any other amounts owing by Seller hereunder, and (iii) Seller shall immediately deliver to Administrative Agent the Asset
Files relating to any Purchased Assets subject to such Transactions then in Seller’s possession or control.

c.                  
Administrative Agent also shall have the right to obtain physical possession, and to commence an action to obtain physical
possession, of all Records and files of Seller relating to the Purchased Assets and all documents relating to the Purchased Assets
(including, without limitation, any legal, credit or servicing files with respect to the Purchased Assets) which are then or may
thereafter come in to the possession of Seller or any third party acting for Seller. To obtain physical possession of any Purchased
Assets held by Custodian, Administrative Agent shall present to Custodian a Trust Receipt. Without limiting the rights of Administrative
Agent hereto to pursue all other legal and equitable rights available to Administrative Agent for Seller’s or Guarantor’s
failure to perform its obligations under this Agreement, Seller acknowledges and agrees that the remedy at law for any failure
to perform obligations hereunder would be inadequate and Administrative Agent shall be entitled to specific performance, injunctive
relief, or other equitable remedies in the event of any such failure. The availability of these remedies shall not prohibit Administrative
Agent from pursuing any other remedies for such breach, including the recovery of monetary damages.

d.                 
Administrative Agent shall have the right to direct all servicers then servicing any Purchased Assets to remit all collections
thereon to Administrative Agent, and if any such payments are received by Seller, Seller shall not commingle the amounts received
with other funds of Seller and shall promptly pay them over to Administrative Agent. Administrative Agent shall also have the right
to terminate any one or all of the servicers then servicing any Purchased Assets with or without cause. In addition, Administrative
Agent shall have the right to immediately sell the Purchased Assets and liquidate all Repurchase Assets. Such disposition of Purchased
Assets may be, at Administrative Agent’s option, on either a servicing-released or a servicing-retained basis. Administrative
Agent shall not be required to give any warranties as to the Purchased Assets with respect to any such disposition thereof. Administrative
Agent may specifically disclaim or modify any warranties of title or the like relating to the Purchased Assets. The foregoing procedure
for disposition of the Purchased Assets and liquidation of the Repurchase Assets shall not be considered to adversely affect the
commercial reasonableness of any sale thereof. Seller agrees that it would not be commercially unreasonable for Administrative
Agent to dispose of the Purchased Assets or the Repurchase Assets or any portion thereof by using Internet sites that provide for
the auction of assets similar to the Purchased Assets or the Repurchase Assets, or that have the reasonable capability of doing
so, or that match buyers and sellers of assets. Administrative Agent shall be entitled to place the Purchased Assets in a pool
for issuance of mortgage-backed securities at the then-prevailing price for such securities and to sell such securities for such
prevailing price in the open market. Administrative Agent shall also be entitled to sell any or all of such Purchased Assets individually
for the prevailing price. Administrative Agent shall also be entitled, in its sole discretion to elect, in lieu of selling all
or a portion of such Purchased Assets, to give the Seller credit for such Purchased Assets and the Repurchase Assets in an amount
equal to the Market Value of the Purchased Assets against the aggregate unpaid Repurchase Price and any other amounts owing by
the Seller hereunder.

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e.                  
Upon the happening of one or more Events of Default, Administrative Agent may apply any proceeds from the liquidation of
the Purchased Assets and Repurchase Assets to the Repurchase Prices hereunder and all other Obligations in the manner Administrative
Agent deems appropriate in its sole discretion and subject to the Administration Agreement.

f.                  
Seller shall be liable to Administrative Agent and each Buyer for (i) the amount of all reasonable legal or other expenses
(including, without limitation, all costs and expenses of Administrative Agent and each Buyer in connection with the enforcement
of this Agreement or any other agreement evidencing a Transaction, whether in action, suit or litigation or bankruptcy, insolvency,
or other similar proceeding affecting creditors’ rights generally, further including, without limitation, the reasonable
fees and expenses of counsel (including the costs of internal counsel of Administrative Agent and Buyers) incurred in connection
with or as a result of an Event of Default, (ii) damages in an amount equal to the cost (including all fees, expenses and
commissions) of entering into replacement transactions and entering into or terminating hedge transactions in connection with or
as a result of an Event of Default, and (iii) any other loss, damage, cost or expense directly arising or resulting from the
occurrence of an Event of Default in respect of a Transaction.

g.                  
To the extent permitted by applicable law, Seller shall be liable to Administrative Agent and each Buyer for interest on
any amounts owing by Seller hereunder, from the date Seller becomes liable for such amounts hereunder until such amounts are (i) paid
in full by Seller or (ii) satisfied in full by the exercise of Administrative Agent’s and Buyers’ rights hereunder.
Interest on any sum payable by Seller under this Section 16(g) shall be at a rate equal to the Post Default Rate.

h.                 
Administrative Agent shall have, in addition to its rights hereunder, any rights otherwise available to it under any other
agreement or applicable law.

i.                   
Administrative Agent may exercise one or more of the remedies available to Administrative Agent immediately upon the occurrence
of an Event of Default and, except to the extent provided in subsections (a) and (d) of this Section, at any time thereafter
without notice to Seller. All rights and remedies arising under this Agreement as amended from time to time hereunder are cumulative
and not exclusive of any other rights or remedies which Administrative Agent may have.

j.                   
Administrative Agent may enforce its rights and remedies hereunder without prior judicial process or hearing, and Seller
hereby expressly waives any defenses Seller might otherwise have to require Administrative Agent to enforce its rights by judicial
process. Seller also waives any defense (other than a defense of payment or performance) Seller might otherwise have arising from
the use of nonjudicial process, enforcement and sale of all or any portion of the Repurchase Assets, or from any other election
of remedies. Seller recognizes that nonjudicial remedies are consistent with the usages of the trade, are responsive to commercial
necessity and are the result of a bargain at arm’s length.

k.                 
Administrative Agent shall have the right to perform due diligence with respect to Seller and the Purchased Assets, which
review shall be at the expense of Seller.

l.                   
The Seller recognizes that the Administrative Agent may be unable to effect a public sale of any or all of the Purchased
Assets. The Seller acknowledges and agrees that any such private sale may result in prices and other terms less favorable to the
Administrative Agent than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private
sale shall be deemed to have been made in a commercially reasonable manner.

    44 

     

    

 

m.               
Nothing contained in the Agreement shall obligate Administrative Agent to segregate any Purchased Assets delivered to Administrative
Agent by Seller. Notwithstanding anything to the contrary set forth in the Agreement, in no event shall the Purchased Assets remain
in the custody of Seller or any Affiliate of Seller.

17.             
Reports

a.                  
Notices. Seller shall furnish or shall cause the Guarantor to furnish to Administrative Agent (x) promptly,
copies of any material and adverse notices (including, without limitation, notices of defaults, breaches, potential defaults or
potential breaches) and any material financial information that is not otherwise required to be provided by Seller hereunder which
is given to Seller’s or Guarantor’s lenders, (y) immediately, notice of the occurrence of any Event of Default
hereunder or default or breach by Seller or Guarantor of any obligation under any Program Agreement or any material contract or
agreement of Seller or Guarantor or the occurrence of any event or circumstance that such party reasonably expects has resulted
in, or will, with the passage of time, result in, a Material Adverse Effect or an Event of Default or such a default or breach
by such party, and (z) the following:

(1)              
as soon as available and in any event within forty-five (45) calendar days after the end of each fiscal quarter, the unaudited
consolidated balance sheets of Guarantor and its consolidated Subsidiaries as at the end of such period and the related unaudited
consolidated statements of income and retained earnings and of cash flows for the Guarantor and its consolidated Subsidiaries for
such period and the portion of the fiscal year through the end of such period, accompanied by a certificate of a Responsible Officer
of Guarantor, which certificate shall state that said consolidated financial statements fairly present in all material respects
the consolidated financial condition and results of operations of Guarantor and its consolidated Subsidiaries in accordance with
GAAP, consistently applied, as at the end of, and for, such period (subject to normal year-end adjustments);

(2)              
as soon as available and in any event within ninety (90) days after the end of each fiscal year of Guarantor, the consolidated
balance sheets of Guarantor and its consolidated Subsidiaries as at the end of such fiscal year and the related consolidated statements
of income and retained earnings and of cash flows for the Guarantor and its consolidated Subsidiaries for such year, setting forth
in each case in comparative form the figures for the previous year, accompanied by an opinion thereon of independent certified
public accountants of recognized national standing, which opinion and the scope of audit shall be acceptable to Administrative
Agent in its sole discretion, shall have no “going concern” qualification and shall state that said consolidated financial
statements fairly present the consolidated financial condition and results of operations of Guarantor and its respective consolidated
Subsidiaries as at the end of, and for, such fiscal year in accordance with GAAP;

(3)              
such other information that Administrative Agent may reasonably request;

    45 

     

    

 

(4)              
if applicable, copies of any 10-Ks, 10-Qs, registration statements and other “corporate finance” SEC
filings (other than 8-Ks) by Seller or Guarantor, within five (5) Business Days of their filing with the SEC; provided, that, Seller,
Guarantor or any Affiliate will provide Administrative Agent and Credit Suisse First Boston Corporation with a copy of the annual
10-K filed with the SEC by Seller, Guarantor or their Affiliates, no later than 90 days after the end of the year;

(5)              
as soon as available, and in any event within thirty (30) days of receipt, copies of relevant portions of all final written
Governmental Authority and investor audits, examinations, evaluations, monitoring reviews and reports of its operations (including
those prepared on a contract basis) which provide for or relate to (i) material corrective action required, (ii) material
sanctions proposed, imposed or required, including without limitation notices of defaults, notices of termination of approved status,
notices of imposition of supervisory agreements or interim servicing agreements, and notices of probation, suspension, or non-renewal,
or (iii) “report cards,” “grades” or other classifications of the quality of Seller’s operations;

(6)              
promptly upon request, a total loan production volume by Guarantor and its Affiliates;

(7)              
monthly, financial statements and any other reports (to the extent received) with respect to the underlying property related
to the Purchased Assets;

(8)              
from time to time such other information regarding the financial condition, operations, or business of the Guarantor or
Seller as Administrative Agent may reasonably request;

(9)              
as soon as reasonably possible, and in any event within thirty (30) days after a Responsible Officer of the Guarantor or
Seller has knowledge of the occurrence of any Event of Termination, stating the particulars of such Event of Termination in reasonable
detail; and

(10)          
As soon as reasonably possible, notice of any of the following events:

(a)               
change in the insurance coverage required of Seller or Guarantor, pursuant to any Program Agreement, with a copy of evidence
of same attached;

(b)              
any material dispute, litigation, investigation, proceeding or suspension between Seller or Guarantor, on the one hand,
and any Governmental Authority or any Person including, without limitation, any licensing issues;

(c)               
any material change in accounting policies or financial reporting practices of Seller or Guarantor;

(d)              
with respect to any Purchased Asset, promptly upon receipt of notice or knowledge thereof, that the Mortgaged Property has
been damaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty, or otherwise damaged so
as to adversely affect the value of such Purchased Asset;

    46 

     

    

 

(e)               
any material issues raised upon examination of Seller or facilities of Seller by any Governmental Authority;

(f)               
any material change in the Indebtedness of the Guarantor, including, without limitation, any default, renewal, non-renewal,
termination, increase in available amount or decrease in available amount related thereto;

(g)               
promptly upon receipt of notice or knowledge of (i) any default related to any Purchased Asset, (ii) any lien
or security interest (other than security interests created hereby or by the other Program Agreements) on, or claim asserted against,
any of the Purchased Assets; or

(h)              
any other event, circumstance or condition that has resulted, or has a reasonable possibility of resulting, in a Material
Adverse Effect with respect to Seller.

b.                 
Officer’s Certificates. Seller shall furnish to Administrative Agent, at the time the Seller furnishes each
set of financial statements pursuant to Section 17(a)(1) or (2) above, a certificate of a Responsible Officer
of Seller in the form of Exhibit A to the Pricing Side Letter.

c.                  
Servicing Reports. Seller shall furnish or cause the Servicer to furnish to Administrative Agent a Servicing Report
by no later than the Reporting Date.

d.                 
Distribution Worksheet. Seller shall provide to Administrative Agent, electronically, in a format mutually acceptable
to Administrative Agent and Seller, a Distribution Worksheet by no later than the Reporting Date.

e.                  
Other. Seller shall deliver to Administrative Agent any other reports or information reasonably requested by Administrative
Agent or as otherwise required pursuant to this Agreement.

18.             
Repurchase Transactions

A Buyer may, in its
sole election, engage in repurchase transactions (as “seller” thereunder) with any or all of the Purchased Assets and/or
Repurchase Assets or pledge, hypothecate, assign, transfer or otherwise convey any or all of the Purchased Assets and/or Repurchase
Assets with a counterparty of such Buyer’s choice (such transaction, a “Repledge Transaction”). Any Repledge
Transaction shall be effected by notice to the Administrative Agent, and shall be reflected on the books and records of the Administrative
Agent. No such Repledge Transaction shall relieve such Buyer of its obligations to transfer Purchased Assets and Repurchase Assets
to Seller (and not substitutions thereof) pursuant to the terms hereof. In the event such Buyer engages in a repurchase transaction
with any of the Purchased Assets or otherwise pledges or hypothecates any of the Purchased Assets, such Buyer shall have the right
to assign to such Buyer’s counterparty any of the applicable representations or warranties herein and the remedies for breach
thereof, as they relate to the Purchased Assets that are subject to such repurchase transaction. In furtherance, and not by limitation
of, the foregoing, it is acknowledged that each counterparty under a Repledge Transaction (a “Repledgee”), is
a repledgee as contemplated by Sections 9-207 and 9-623 of the UCC (and the relevant Official Comments thereunder). Administrative
Agent and Buyers are each hereby authorized to share any information delivered hereunder with the Repledgee.

    47 

     

    

 

19.             
Single Agreement

Administrative Agent,
Buyers, and Seller acknowledge that, and have entered hereunto, and will enter into each Transaction hereunder, in consideration
of and in reliance upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and
have been made in consideration of each other. Accordingly, each of Administrative Agent, Buyers, and Seller agrees (i) to
perform all of its obligations in respect of each Transaction hereunder, and that a default in the performance of any such obligations
shall constitute a default by it in respect of all Transactions hereunder and (ii) that payments, deliveries and other transfers
made by either of them in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries,
and other transfers in respect of any other Transactions hereunder, and the obligations to make any such payments, deliveries and
other transfers may be applied against each other and netted.

20.             
Notices and Other Communications

Any and all notices
(with the exception of Margin Calls and amounts on account of a Purchase Price Reset, which shall be given in accordance with Section 6
and Transaction Request and Confirmations, which shall be delivered via electronic mail or other electronic medium agreed to by
the Administrative Agent and the Seller), statements, demands or other communications hereunder may be given by a party to the
other by mail, facsimile, messenger or otherwise (including without limitation by electronic transmission) to the address specified
below, or so sent to such party at any other place specified in a notice of change of address hereafter received by the other.
All notices, demands and requests hereunder may be made orally, to be confirmed promptly in writing, or by other communication
as specified in the preceding sentence. In all cases, to the extent that the related individual set forth in the respective “Attention”
line is no longer employed by the respective Person, such notice may be given to the attention of a Responsible Officer of the
respective Person or to the attention of such individual or individuals as subsequently notified in writing by a Responsible Officer
of the respective Person. Except as otherwise provided in this Agreement and except for notices given under Section 3 (which
shall be effective only on receipt), all such communications shall be deemed to have been duly given when transmitted electronically
or personally delivered or, in the case of a mailed notice, upon receipt, in each case given or addressed as aforesaid.

If to Seller:

InPoint CS Loan, LLC

c/o InPoint Commercial Real Estate Income Inc.

375 Park Avenue, 25th Floor

New York, New York 10152

Attention: Jason Fruchtman

Phone Number: 212-468-5764

E-mail: jfruchtman@soundpointcap.com

 

with a copy to:

Jones Day

250 Vesey Street

New York, New York 10281

Attention: Robert J. Grados, Esq.

Phone Number: 212-326-3843

Email: rgrados@jonesday.com

If to Administrative Agent:

Column Financial, Inc.

Eleven Madison Avenue

New York, New York 10010

Attention: Chuck Lee

Phone Number: 212-538-1262

Email: Chuck.Lee@credit-suisse.com

    48 

     

    

with a copy to:

Column Financial, Inc.

One Madison Avenue

New York, New York 10010

Attention: Sarah Nelson

Phone Number: 212-325-2525

Email: Sarah.Nelson@credit-suisse.com

		and	

Email to: Dante.LaRocca@credit-suisse.com,
Jack.Hempling@credit-suisse.com, Michael.J.Brunner@credit-suisse.com

21.             
Entire Agreement; Severability

This Agreement and
the Administration Agreement shall supersede any existing agreements between the parties containing general terms and conditions
for repurchase transactions. Each provision and agreement herein shall be treated as separate and independent from any other provision
or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement.

22.             
Non assignability

The Program Agreements are
not assignable by Seller or Guarantor. Subject to Section 36 (Acknowledgement of Assignment and Administration of Repurchase
Agreement) hereof, Administrative Agent and Buyers may from time to time assign all or a portion of their rights and obligations
under this Agreement and the Program Agreements pursuant to the Administration Agreement; provided, however that Administrative
Agent shall maintain, solely for this purpose as a non-fiduciary agent of Seller, for review by Seller upon written request, a
register of assignees (the “Register”) and a copy of an executed assignment and acceptance by Administrative
Agent and assignee (“Assignment and Acceptance”), specifying the percentage or portion of such rights and obligations
assigned.  The entries in the Register shall be conclusive absent manifest error, and the Seller, Guarantor, Administrative
Agent and Buyers shall treat each Person whose name is recorded in the Register pursuant to the preceding sentence as a Buyer hereunder.
Upon such assignment and recordation in the Register, (a) such assignee shall be a party hereto and to each Program Agreement
to the extent of the percentage or portion set forth in the Assignment and Acceptance, and shall succeed to the applicable rights
and obligations of Administrative Agent and Buyers hereunder, as applicable, and (b) Administrative Agent and Buyers, as applicable,
shall be released from its obligations hereunder and under the Program Agreements. Any assignment hereunder shall be deemed a joinder
of such assignee as a Buyer hereto. Unless otherwise stated in the Assignment and Acceptance, Seller shall continue to take directions
solely from Administrative Agent unless otherwise notified by Administrative Agent in writing. Administrative Agent and Buyers
may distribute to any prospective or actual assignee any document or other information delivered to Administrative Agent and/or
Buyers by Seller.

    49 

     

    

 

Any Buyer may sell
participations to one or more Persons in or to all or a portion of its rights and obligations under the Agreement; provided, however,
(i) such Buyer’s obligations under this Agreement shall remain unchanged; (ii) such Buyer shall remain solely responsible
to the other parties hereto for the performance of such obligations; and (iii) the Seller shall continue to deal solely and directly
with the Administrative Agent and Buyers in connection with such Buyer’s rights and obligations under this Agreement and
the other Program Agreements, and whereby any such participant shall be subject to the obligations of Section 11(e) hereof.

Seller and Guarantor
agree that each participant shall be entitled to the benefits of Section 4(e), Section 11(b), and Section 11(e)
(subject to the requirements and limitations therein, including the requirements under Section 11(e) (it being understood
that the documentation required under Section 11(e)(6) shall be delivered to the participating Buyer)) to the same extent
as if it were a Buyer and had acquired its interest by assignment pursuant to this Section 22; provided that such
participant shall not be entitled to receive any greater payment under Section 11(b) or Section 11(e), with respect
to any participation, than its participating Buyer would have been entitled to receive, except to the extent such entitlement to
receive a greater payment results from a change in any applicable law or in the interpretation or application thereof by a Governmental
Authority that occurs after the participant acquired the applicable participation. To the extent permitted by applicable law, each
Participant shall also be entitled to the benefits of Section 23 to the same extent as if it had acquired its interest by
assignment pursuant to this Section 22.

The Administrative
Agent and each Buyer may, in connection with any assignment or participation or proposed assignment or participation pursuant to
this Section 22, disclose to the assignee or participant or proposed assignee or participant, as the case may be, any
information relating to Seller, Guarantor or to any aspect of the Transactions that has been furnished to Administrative Agent
and Buyers by or on behalf of Seller; provided that such assignee or participant agrees to hold such information subject to the
confidentiality provisions of this Agreement.

23.             
Set-off

In addition to any
rights and remedies of Administrative Agent and Buyers hereunder and by law, Administrative Agent and Buyers shall have the right,
without prior notice to Seller or Guarantor, any such notice being expressly waived by Seller or Guarantor to the extent permitted
by applicable law, upon any amount becoming due and payable by Seller or Guarantor hereunder (whether at the stated maturity, by
acceleration or otherwise) to set-off and appropriate and apply against such amount from Seller, Guarantor or any Affiliate thereof
to a Buyer or any of its Affiliates any and all deposits (general or special, time or demand, provisional or final), in any currency,
and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent,
matured or unmatured, at any time held or owing by a Buyer or any Affiliate thereof to or for the credit or the account of Seller
or Guarantor or any Affiliate thereof. Administrative Agent agrees promptly to notify Seller and Guarantor after any such set-off
and application made by Administrative Agent; provided, that the failure to give such notice shall not affect the validity of such
set-off and application.

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24.             
Binding Effect; Governing Law; Jurisdiction

a.                  
This Agreement shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted
assigns. Seller acknowledges that the obligations of Administrative Agent and Buyers hereunder or otherwise are not the subject
of any guaranty by, or recourse to, any direct or indirect parent or other Affiliate of Administrative Agent and Buyers. THIS AGREEMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT
OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

b.                 
 EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY. EACH PARTY HERETO HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION
OF ANY COURT IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
YORK, ARISING OUT OF OR RELATING TO THE PROGRAM AGREEMENTS IN ANY ACTION OR PROCEEDING. EACH PARTY HERETO HEREBY SUBMITS TO, AND
WAIVES ANY OBJECTION THEY MAY HAVE TO, EXCLUSIVE PERSONAL JURISDICTION AND VENUE IN ANY COURT IN THE BOROUGH OF MANHATTAN IN NEW
YORK CITY OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, WITH RESPECT TO ANY DISPUTES ARISING OUT
OF OR RELATING TO THE PROGRAM AGREEMENTS.

25.             
No Waivers, Etc.

No express or implied
waiver of any Event of Default by either party shall constitute a waiver of any other Event of Default and no exercise of any remedy
hereunder by any party shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver
of any provision of this Agreement and no consent by any party to a departure herefrom shall be effective unless and until such
shall be in writing and duly executed by both of the parties hereto. Without limitation on any of the foregoing, the failure to
give a notice pursuant to Section 6(a), 6(b), 16(a) or otherwise, will not constitute a waiver of any
right to do so at a later date.

26.             
Intent

a.                  
The parties recognize that each Transaction is a “repurchase agreement” as that term is defined in Section 101
of Title 11 of the United States Code, as amended, a “securities contract” as that term is defined in Section 741
of Title 11 of the United States Code, as amended, and a “master netting agreement” as that term is defined
in Section 101(38A)(A) of the Bankruptcy Code, that all payments hereunder are deemed “margin payments” or “settlement
payments” as defined in Title 11 of the United States Code, and that the pledge of the Repurchase Assets constitutes
“a security agreement or other arrangement or other credit enhancement” that is “related to” the Agreement
and Transactions hereunder within the meaning of Sections 101(38A)(A), 101(47)(A)(v) and 741(7)(A)(xi) of the Bankruptcy Code.
Seller, Administrative Agent and Buyers further recognize and intend that this Agreement is an agreement to provide financial accommodations
and is not subject to assumption pursuant to Bankruptcy Code Section 365(a).

    51 

     

    

 

b.                 
Administrative Agent’s or a Buyer’s right to liquidate the Purchased Assets delivered to it in connection with
the Transactions hereunder or to accelerate or terminate this Agreement or otherwise exercise any other remedies pursuant to Section 16
hereof is a contractual right to liquidate, accelerate or terminate such Transaction as described in Bankruptcy Code Sections 555,
559 and 561; any payments or transfers of property made with respect to this Agreement or any Transaction to satisfy a Margin Deficit
or Purchase Price Reset shall be considered a “margin payment” as such term is defined in Bankruptcy Code Section 741(5).

c.                  
The parties agree and acknowledge that if a party hereto is an “insured depository institution,” as such term
is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then each Transaction hereunder is a “qualified
financial contract,” as that term is defined in FDIA and any rules, orders or policy statements thereunder (except insofar
as the type of assets subject to such Transaction would render such definition inapplicable).

d.                 
It is understood that this Agreement constitutes a “netting contract” as defined in and subject to Title IV
of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement
and payment obligation under any Transaction hereunder shall constitute a “covered contractual payment entitlement”
or “covered contractual payment obligation”, respectively, as defined in and subject to FDICIA (except insofar as one
or both of the parties is not a “financial institution” as that term is defined in FDICIA).

e.                  
This Agreement is intended to be a “repurchase agreement” and a “securities contract,” within the
meaning of Section 101(47), Section 555, Section 559 and Section 741 under the Bankruptcy Code.

f.                  
Each party agrees that this Agreement is intended to create mutuality of obligations among the parties, and as such, the
Agreement constitutes a contract which (i) is between all of the parties and (ii) places each party in the same right
and capacity.

27.             
Disclosure Relating to Certain Federal Protections

The parties acknowledge
that they have been advised that:

a.                  
in the case of Transactions in which one of the parties is a broker or dealer registered with the SEC under Section 15
of the 1934 Act, the Securities Investor Protection Corporation has taken the position that the provisions of the SIPA do not protect
the other party with respect to any Transaction hereunder;

b.                 
in the case of Transactions in which one of the parties is a government securities broker or a government securities dealer
registered with the SEC under Section 15C of the 1934 Act, SIPA will not provide protection to the other party with respect
to any Transaction hereunder; and

c.                  
in the case of Transactions in which one of the parties is a financial institution, funds held by the financial institution
pursuant to a Transaction hereunder are not a deposit and therefore are not insured by the FDIC or the National Credit Union Share
Insurance Fund, as applicable.

    52 

     

    

 

28.             
Power of Attorney

Seller hereby authorizes
Administrative Agent to file such financing statement or statements relating to the Repurchase Assets without Seller’s signature
thereon as Administrative Agent, at its option, may deem appropriate. Seller hereby appoints Administrative Agent as Seller’s
agent and attorney-in-fact to (i) execute any such financing statement or statements in Seller’s name and to perform
all other acts which Administrative Agent deems appropriate to perfect and continue its ownership interest in and/or the security
interest granted hereby, if applicable, and to protect, preserve and realize upon the Repurchase Assets, including, but not limited
to, the right to endorse notes, complete blanks in documents, transfer servicing, and sign assignments on behalf of Seller as its
agent and attorney-in-fact and (ii) to pay or discharge Taxes and Liens levied or placed on or threatened against the Repurchase
Assets. This agency and power of attorney is coupled with an interest and is irrevocable without Administrative Agent’s consent.
Notwithstanding the foregoing, the power of attorney hereby granted may be exercised only during the occurrence and continuance
of any Event of Default hereunder. Seller shall pay the filing costs for any financing statement or statements prepared pursuant
to this Section 28. In addition the foregoing, the Seller agrees to execute a Power of Attorney, in the form of Exhibit C
hereto, to be delivered on the date hereof.

29.             
Buyers May Act Through Administrative Agent

Each Buyer has designated
the Administrative Agent under the Administration Agreement for the purpose of performing any action hereunder.

30.             
Indemnification; Obligations; Recourse

a.                  
Each of Seller and Guarantor agrees to hold Administrative Agent, Buyers and each of their respective Affiliates and their
officers, directors, employees, agents and advisors (each, an “Indemnified Party”) harmless from and indemnify
each Indemnified Party (and will reimburse each Indemnified Party as the same is incurred) against all actual, out-of-pocket, and
not imputed, liabilities, losses, damages (other than consequential, special, or punitive damages), judgments, costs, and expenses
(including, without limitation, reasonable fees, and expenses of counsel) of any kind which may be imposed on, incurred by, or
asserted against any Indemnified Party relating to or arising out of this Agreement, any Transaction Request and Confirmation,
any Program Agreement or any transaction contemplated hereby or thereby resulting from anything other than the Indemnified Party’s
gross negligence or willful misconduct. Seller and Guarantor also agree to reimburse each Indemnified Party for all reasonable
expenses in connection with the enforcement of this Agreement and the exercise of any right or remedy provided for herein, any
Transaction Request and Confirmation and any Program Agreement, including, without limitation, the reasonable fees and disbursements
of counsel. Seller’s and Guarantor’s agreements in this Section 30 shall survive the payment in full of
the Repurchase Price and the expiration or termination of this Agreement. Each of Seller and Guarantor hereby acknowledges that
its obligations hereunder are recourse obligations of Seller and Guarantor are not limited to recoveries each Indemnified Party
may have with respect to the Purchased Assets. Seller and Guarantor also agrees not to assert any claim against Administrative
Agent, each Buyer or any of its Affiliates, or any of their respective officers, directors, employees, attorneys, and agents, on
any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to the facility
established hereunder, the actual or proposed use of the proceeds of the Transactions, this Agreement or any of the transactions
contemplated thereby. This Section 30(a) shall not apply with respect to Taxes other than any Taxes that represent liabilities,
losses, damages, costs, or expenses arising from any non-Tax claim. THE FOREGOING INDEMNITY AND AGREEMENT NOT TO ASSERT CLAIMS
EXPRESSLY APPLIES, WITHOUT LIMITATION, TO THE NEGLIGENCE (BUT NOT GROSS NEGLIGENCE OR WILLFUL MISCONDUCT) OF THE INDEMNIFIED PARTIES.

    53 

     

    

 

b.                 
Without limitation to the provisions of Section 4, if any payment of the Repurchase Price of any Transaction
is made by Seller other than on the then scheduled Repurchase Date thereto as a result of an acceleration of the Repurchase Date
pursuant to Section 16 or for any other reason, Seller shall, upon demand by Administrative Agent, pay to Administrative
Agent on behalf of Buyers an amount sufficient to compensate Buyers for any actual, out-of-pocket, and not imputed, losses, costs
or expenses that they may reasonably incur as of a result of such payment.

c.                  
Without limiting the provisions of Section 30(a) hereof, if Seller fails to pay when due any costs, expenses
or other amounts payable by it under this Agreement, including, without limitation, fees and expenses of counsel and indemnities,
such amount may be paid on behalf of Seller by Administrative Agent (subject to reimbursement by Seller), in its sole discretion.

d.                 
 The obligations of the Seller from time to time to pay the Repurchase Price, the Price Differential, and all other amounts
due and Obligations owing under this Repurchase Agreement shall be full recourse obligations of the Seller.

31.             
Counterparts

This Agreement may
be executed in one or more counterparts, each of which shall be deemed to be an original, and all such counterparts shall together
constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document
Format (PDF) or by facsimile shall be effective as delivery of a manually executed original counterpart of this Agreement.

32.             
Confidentiality

This Agreement and
its terms, provisions, supplements and amendments, and notices hereunder, are proprietary to Administrative Agent and Buyers and
shall be held by Seller and Guarantor in strict confidence and shall not be disclosed to any third party without the written consent
of Administrative Agent except for (i) disclosure to Administrative Agent’s and Buyers’, Seller’s or Guarantor’s
direct and indirect Affiliates and Subsidiaries, attorneys or accountants, but only to the extent such disclosure is necessary
and such parties agree to hold all information in strict confidence, (ii) disclosure required by law, rule, regulation or
order of a court or other regulatory body. Notwithstanding the foregoing or anything to the contrary contained herein or in any
other Program Agreement, the parties hereto may disclose to any and all Persons, without limitation of any kind, the federal, state
and local tax treatment of the Transactions, any fact relevant to understanding the federal, state and local tax treatment of the
Transactions, and all materials of any kind (including opinions or other tax analyses) relating to such federal, state and local
tax treatment and that may be relevant to understanding such tax treatment; provided that Seller may not disclose the name of or
identifying information with respect to Administrative Agent and Buyers or any pricing terms (including, without limitation, the
Pricing Rate, Facility Fee, Extension Fee, Securitization Fee, Purchase Price Percentage and Purchase Price) or other nonpublic
business or financial information (including any sublimits and financial covenants) that is unrelated to the federal, state, and
local tax treatment of the Transactions and is not relevant to understanding the federal, state and local tax treatment of the
Transactions, without the prior written consent of the Administrative Agent.

    54 

     

    

 

33.             
Recording of Communications

Administrative Agent,
Buyers, Seller and Guarantor shall have the right (but not the obligation) from time to time to make or cause to be made tape recordings
of communications between its employees and those of the other party with respect to Transactions. Administrative Agent, Buyers,
Seller and Guarantor consent to the admissibility of such tape recordings in any court, arbitration, or other proceedings. The
parties agree that a duly authenticated transcript of such a tape recording shall be deemed to be a writing conclusively evidencing
the parties’ agreement.

34.             
Periodic Due Diligence Review

Seller acknowledges
that Administrative Agent and Buyers have the right to perform continuing due diligence reviews with respect to the Seller and
the Purchased Assets, for purposes of verifying compliance with the representations, warranties, and specifications and updating
Market Value determinations, made hereunder, or otherwise, and Seller agrees that upon reasonable (but no less than one (1) Business
Day) prior notice unless an Event of Default shall have occurred, in which case no notice is required, to Seller, Administrative
Agent, Buyers, or their authorized representatives will be permitted during normal business hours to examine, inspect, and make
copies and extracts of, the Asset Files and any and all documents, data, records, agreements, instruments or information relating
to such Purchased Assets in the possession or under the control of Seller, Guarantor, and/or the Custodian. Seller also shall make
available to Administrative Agent and Buyers a knowledgeable financial or accounting officer for the purpose of answering questions
respecting the Asset Files and the Purchased Assets. Without limiting the generality of the foregoing, Seller acknowledges that
Administrative Agent and Buyers may purchase Purchased Assets from Seller based solely upon the information provided by Seller
to Administrative Agent and Buyers in the Purchased Asset Schedule and the representations, warranties and covenants contained
herein, and that Administrative Agent or Buyers, at their option, have the right at any time to conduct a partial or complete due
diligence review on some or all of the Purchased Assets purchased in a Transaction, including, without limitation, ordering broker’s
price opinions, new credit reports and new appraisals on the related Mortgaged Properties and otherwise re-generating the information
used to originate such Purchased Asset and reviewing intercreditor agreements, property management agreements, formation documents
of the property owners and their direct and indirect owners, financial statements, environmental and engineering reports, underlying
title policies including owner’s and UCC-9 title insurance policies, legal opinions and other documents as may be mutually
agreed between Seller and Administrative Agent. Administrative Agent or Buyers may underwrite such Purchased Assets itself or engage
a mutually agreed upon third party underwriter to perform such underwriting. Seller agrees to cooperate with Administrative Agent,
Buyers and any third party underwriter in connection with such underwriting, including, but not limited to, providing Administrative
Agent, Buyers and any third party underwriter with access to any and all documents, records, agreements, instruments or information
relating to such Purchased Assets in the possession, or under the control, of Seller. Seller further agrees that Seller shall pay
all out-of-pocket costs and expenses incurred by Administrative Agent and Buyers in connection with Administrative Agent’s
and Buyers’ activities pursuant to this Section 34.

35.             
Authorizations

Any of the persons
whose signatures and titles appear on Schedule 2 are authorized, acting singly, to act for Seller or Administrative
Agent to the extent set forth therein, as the case may be, under this Agreement. The Seller may amend Schedule 2 from time
to time by delivering a revised Schedule 2 to Administrative Agent and expressly stating that such revised Schedule 2
shall replace the existing Schedule 2.

    55 

     

    

 

36.             
Acknowledgment of Assignment and Administration of Repurchase Agreement.

Pursuant to Section
22 (Non assignability) of this Agreement, Administrative Agent may sell, transfer and convey or allocate certain Purchased
Assets and the related Repurchase Assets and related Transactions to certain affiliates of Administrative Agent and/or one or more
CP Conduits (the “Additional Buyers”). Seller hereby acknowledges and agrees to the joinder of such Additional
Buyers and the assignments and the terms and provisions set forth in the Administration Agreement. The Administrative Agent shall
administer the provisions of this Agreement, subject to the terms of the Administration Agreement for the benefit of the Buyers
and any Repledgees, as applicable. For the avoidance of doubt, all payments, notices, communications and agreements pursuant to
this Agreement shall be delivered to, and entered into by, the Administrative Agent for the benefit of the Buyers and/or the Repledgees,
as applicable. Furthermore, to the extent that the Administrative Agent exercises remedies pursuant to this Agreement, any of the
Administrative Agent and/or any Buyer will have the right to bid on and/or purchase any of the Repurchase Assets pursuant to Section
16 (Remedies Upon Default). The benefit of all representations, rights, remedies and covenants set forth in the Agreement
shall inure to the benefit of the Administrative Agent and each Buyer and Repledgee, as applicable. All provisions of the Agreement
shall survive the transfers contemplated herein (including any Repledge Transactions) and in the Administration Agreement, except
to the extent such provisions are modified by the Administration Agreement. In the event of a conflict between the Administration
Agreement and this Agreement, the terms of the Administration Agreement shall control. Notwithstanding that multiple Buyers may
purchase individual Mortgage Loans subject to Transactions entered into under this Agreement, all Transactions shall continue to
be deemed a single Transaction and all of the Repurchase Assets shall be security for all of the Obligations hereunder, subject
to the priority of payments provisions set forth in the Administration Agreement.

37.             
Documents Mutually Drafted

The Seller, the Administrative
Agent, and the Buyers agree that this Agreement and each other Program Agreement prepared in connection with the Transactions set
forth herein have been mutually drafted and negotiated by each party, and consequently such documents shall not be construed against
either party as the drafter thereof.

38.             
General Interpretive Principles

For purposes of this
Agreement, except as otherwise expressly provided or unless the context otherwise requires:

a.                  
the terms defined in this Agreement have the meanings assigned to them in this Agreement and include the plural as well
as the singular, and the use of any gender herein shall be deemed to include the other gender;

b.                 
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles;

c.                  
references herein to “Articles”, “Sections”, “Subsections”, “Paragraphs”,
and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other
subdivisions of this Agreement;

d.                 
a reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the
same Section in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions;

    56 

     

    

 

e.                  
the words “herein”, “hereof”, “hereunder” and other words of similar import refer to
this Agreement as a whole and not to any particular provision;

f.                  
the term “include” or “including” shall mean without limitation by reason of enumeration;

g.                  
all times specified herein or in any other Program Agreement (unless expressly specified otherwise) are local times in New
York, New York unless otherwise stated; and

h.                 
all references herein or in any Program Agreement to “good faith” means good faith as defined in Section 5-102(7)
of the UCC as in effect in the State of New York.

39.             
Specific Performance

Without limiting the
rights of Administrative Agent hereto to pursue all other legal and equitable rights available to Administrative Agent for Seller’s
or Guarantor’s failure to perform its obligations under this Agreement, Seller and Guarantor acknowledge and agree that the
remedy at law for any failure to perform obligations hereunder would be inadequate and Administrative Agent shall be entitled to
specific performance, injunctive relief, or other equitable remedies in the event of any such failure. The availability of these
remedies shall not prohibit Administrative Agent from pursuing any other remedies for such breach, including the recovery of monetary
damages.

40.             
Conflicts

In the event of any
conflict between the terms of this Agreement and any other Program Agreement, the documents shall control in the following order
of priority: first, the terms of the Pricing Side Letter shall prevail, then the terms of the Administration Agreement,
then the terms of this Agreement shall prevail, and then the terms of the other Program Agreements shall prevail.

41.             
Bankruptcy Non-Petition

The parties hereby
agree that they shall not institute against, or join any other person in instituting against, any Buyer that is a CP Conduit any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy
or similar law, for one year and one day after the latest maturing commercial paper note issued by the applicable CP Conduit is
paid in full.

    57 

     

    

 

42.             
Limited Recourse

The obligations of
each Buyer under this Agreement or any other Program Agreement are solely the corporate obligations of such Buyer. No recourse
shall be had for the payment of any amount owing by any Buyer under this Agreement, or for the payment by any Buyer of any fee
in respect hereof or any other obligation or claim of or against such Buyer arising out of or based on this Agreement, against
any stockholder, partner, member, employee, officer, director or incorporator or other authorized person of such Buyer. In addition,
notwithstanding any other provision of this Agreement, the Parties agree that all payment obligations of any Buyer that is a CP
Conduit under this Agreement shall be limited recourse obligations of such Buyer, payable solely from the funds of such Buyer available
for such purpose in accordance with its commercial paper program documents. Each party waives payment of any amount which such
Buyer does not pay pursuant to the operation of the preceding sentence until the day which is at least one year and one day after
the payment in full of the latest maturing commercial paper note (and waives any “claim” against such Buyer within
the meaning of Section 101(5) of the Bankruptcy Code or any other debtor relief law for any such insufficiency until such date).

 

 

[Signature Page Follows]

58

    	 

    	 

    

IN WITNESS WHEREOF,
the undersigned have caused this Agreement to be duly executed as of the date first above written.

 

	
        COLUMN FINANCIAL, INC.,

        as Administrative Agent

	 	 	 	 	 	 
	By:	 	/s/ Charles Y. Lee	 
	 	 	Name:	 	Charles Y. Lee	 
	 	 	Title:	 	Vice President	 

 

 

	
        CREDIT SUISSE AG, 

        CAYMAN ISLANDS BRANCH, as a Buyer

	 	 	 	 	 	 
	By:	 	/s/
    Jack Hempling	 
	 	 	Name:	 	Jack Hempling	 
	 	 	Title:	 	Authorized Signatory	 
	 	 	 	 	 	 
	By:	 	/s/ Patrick Duggan	 
	 	 	Name:	 	Patrick Duggan	 
	 	 	Title:	 	Authorized Signatory	 
	 	 	 	 	 	 

 

 

	
        ALPINE SECURITIZATION LTD, as a Buyer,

        by Credit Suisse AG, New York Branch as

        Attorney-in-Fact

	 	 	 	 	 	 
	By:	 	/s/ Elie Chau	 
	 	 	Name:	 	Elie Chau	 
	 	 	Title:	 	Authorized Signatory	 
	 	 	 	 	 	 
	By:	 	/s/ Patrick Duggan	 
	 	 	Name:	 	Patrick Duggan	 
	 	 	Title:	 	Vice President	 
	 	 	 	 	 	 

 

 

 

Signature
Page to Master Repurchase Agreement

    	 

    	 

    

	INPOINT CS LOAN, LLC, as Seller
	 	 	 	 	 	 
	By:	 	/s/ Donald MacKinnon	 
	 	 	Name:	 	Donald MacKinnon	 
	 	 	Title:	 	President	 

 

 

 

Signature
Page to Master Repurchase Agreement

    	 

    	 

    

SCHEDULE 1(a)

REPRESENTATIONS AND WARRANTIES

RE: PURCHASED ASSETS CONSISTING OF COMMERCIAL
MORTGAGE LOANS

 

Seller represents
and warrants to Administrative Agent, with respect to each Purchased Asset which is a Commercial Mortgage Loan, that as of the
Purchase Date and as of each date while the Program Agreements and the related Transaction hereunder is in full force and effect,
the following are true and correct in all material respects. With respect to those representations and warranties which are made
to the knowledge of Seller or to the best of Seller’s knowledge or if there is any limitation as to the scope any representation
by a knowledge qualifier, if it is discovered by either Seller or Administrative Agent that the substance of such representation
and warranty is inaccurate, notwithstanding the lack of knowledge with respect to the substance of such representation and warranty,
such inaccuracy shall be deemed a breach of the applicable representation and warranty.

(a)               
The Commercial Mortgage Loan is a performing mortgage loan, and is secured by a first priority
security interest in the Mortgaged Property.

(b)              
Such Commercial Mortgage Loan is secured by a Mortgaged Property that is a commercial (including
retail, office or industrial) and/or multifamily property that is an Income Producing Property.

(c)               
Such Commercial Mortgage Loan complies in all material respects with, or is exempt from, all
requirements of federal, state or local law relating to such Commercial Mortgage Loan.

(d)              
Immediately prior to the sale, transfer and assignment to Administrative Agent thereof, Seller
had good and marketable title to, and was the sole owner and holder of, such Commercial Mortgage Loan, and Seller is transferring
such Commercial Mortgage Loan free and clear of any and all liens, pledges, encumbrances, charges, security interests or any other
ownership interests of any nature encumbering such Commercial Mortgage Loan, and no Mortgage Note or Mortgage is subject to any
assignment, participation, or pledge. Upon consummation of the transfers to the Administrative Agent that are contemplated to occur
in respect of such Commercial Mortgage Loan on the Purchase Date therefor, Seller will have validly and effectively conveyed to
the Administrative Agent all legal and beneficial interest in and to such Commercial Mortgage Loan free and clear of any pledge,
lien, encumbrance or security interest.

(e)               
No fraudulent acts were committed by Seller in connection with the Seller’s acquisition
or origination of such Commercial Mortgage Loan nor were any fraudulent acts committed by any other Person in connection with the
origination of such Commercial Mortgage Loan nor were any fraudulent acts committed by any other Person after the date of origination
with respect to any Commercial Mortgage Loan.

(f)               
The information pertaining to each Commercial Mortgage Loan contained in each of the Complete
Submission is true and correct in all material respects as of the Purchase Date and contains all information required by this Agreement
to be contained therein. 

(g)               
Seller is not a party to any document, instrument or agreement, and there is no document that
by its terms modifies or affects the rights and obligations of any holder of such Commercial Mortgage Loan and Seller has not consented
to any material change or waiver to any term or provision of any such document, instrument or agreement and no such change or waiver
exists.

    Schedule 1(a)-1 

     

    

 

(h)              
Such Commercial Mortgage Loan is presently outstanding, the proceeds thereof have been fully
and properly disbursed and there is no requirement for any future advances thereunder (except (x) with respect to a Commercial
Mortgage Loan with a Future Funding Obligation and (y) in those cases where the full amount of the Commercial Mortgage Loan has
been disbursed but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions
relating to leasing, repairs or other matters with respect to the related Mortgaged Property, the Mortgagor or other considerations
determined by Seller or originator to merit such holdback). 

(i)                
Seller has full right, power and authority to sell and assign such Commercial Mortgage Loan
and such Commercial Mortgage Loan and any related Mortgage Note has not been cancelled, satisfied or rescinded in whole or part
nor has any instrument been executed that would effect a cancellation, satisfaction or rescission thereof.

(j)                
Other than consents and approvals obtained as of the related Purchase Date or those already
granted in the related Mortgage and/or Mortgage Note, no consent or approval by any Person is required in connection with (i) Seller’s
sale, and Administrative Agent’s acquisition of, such Commercial Mortgage Loan, (ii) Administrative Agent’s exercise
of any rights or remedies in respect of such Commercial Mortgage Loan or (iii) Administrative Agent’s sale, pledge or other
disposition of such Commercial Mortgage Loan. No third party holds any “right of first refusal”, “right of first
negotiation”, “right of first offer”, purchase option, or other similar rights of any kind with respect to the
Commercial Mortgage Loan, and no other impediment exists to any such transfer or exercise of rights or remedies.

(k)              
No consent, approval, authorization or order of, or registration or filing with, or notice
to, any court or governmental agency or body having jurisdiction or regulatory authority (other than those that have been obtained
or made) is required for any transfer, pledge, or assignment by the holder of such Commercial Mortgage Loan. 

(l)                
Seller does not have notice or knowledge of any outstanding liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind related to such Commercial Mortgage
Loan, for which the holder of such Commercial Mortgage Loan is or may become obligated, or with respect to which such Commercial
Mortgage Loan is or may become subject. 

(m)            
Each related Mortgage Note, Mortgage, Assignment of Leases (if a document separate from the
Mortgage) and other agreement executed by the related Mortgagor in connection with such Commercial Mortgage Loan is the legal,
valid and binding obligation of the related Mortgagor (subject to any non-recourse provisions therein and any applicable state
anti-deficiency, one action or market value limit deficiency legislation), enforceable in accordance with its terms, except (i)
that certain provisions contained in such Commercial Mortgage Loan documents are or may be unenforceable in whole or in part under
any applicable state or federal laws, but neither the application of any such laws to any such provision nor the inclusion of any
such provisions renders any of the Commercial Mortgage Loan documents invalid as a whole and such Commercial Mortgage Loan documents
taken as a whole are enforceable to the extent necessary and customary for the practical realization of the rights and benefits
afforded thereby and (ii) as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium,
redemption, liquidation or other laws relating to or affecting the enforcement of creditors’ rights generally, or by general
principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). The related Mortgage
Note and Mortgage contain no provision limiting the right or ability of Seller to assign, transfer and convey the related Commercial
Mortgage Loan to any other Person. With respect to any Mortgaged Property that has tenants, there exists as either part of the
Mortgage or as a separate document, an assignment of leases. 

    Schedule 1(a)-2 

     

    

 

(n)              
There is no offset, defense, counterclaim, abatement or right to rescission with respect to
any related Mortgage Note, Mortgage or other agreements executed in connection therewith.

(o)              
Seller has delivered to Administrative Agent or its designee the original Mortgage Note(s)
made in respect of such Commercial Mortgage Loan, together with an original endorsement thereof executed by Seller in blank and
the related Asset File.

(p)              
Each related Assignment of Mortgage and assignment of Assignment of Leases from Seller in
blank constitutes the legal, valid and binding first priority assignment from Seller (assuming the insertion of the Administrative
Agent’s name), except as such enforcement may be limited by bankruptcy, insolvency, receivership, reorganization, moratorium,
redemption, liquidation or other laws relating to or affecting the enforcement of creditors’ rights generally, or by general
principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law). Each Mortgage
and Assignment of Leases is freely assignable without the consent of any Person.

(q)              
Such Commercial Mortgage Loan is secured by one or more Mortgages and each such Mortgage with
respect to a Commercial Mortgage Loan is a valid and enforceable first priority lien on the related Mortgaged Property subject
only to the exceptions set forth in paragraph (m) above and the following title exceptions (each such title exception, a “Title
Exception”, and collectively, the “Title Exceptions”): (i) the lien of current real property taxes,
water charges, sewer rents and assessments not yet due and payable, (ii) covenants, conditions and restrictions, rights of way,
easements and other matters of public record, none of which, individually or in the aggregate, materially and adversely interferes
with the current use of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor’s
ability to pay its obligations under the Commercial Mortgage Loan when they become due or materially and adversely affects the
value of the Mortgaged Property, (iii) the exceptions (general and specific) and exclusions set forth in the applicable policy
described in paragraph (u) below or appearing of record, none of which, individually or in the aggregate, materially and adversely
interferes with the current use of the Mortgaged Property or the security intended to be provided by such Mortgage or with the
Mortgagor’s ability to pay its obligations under the Commercial Mortgage Loan when they become due or materially and adversely
affects the value of the Mortgaged Property, (iv) other matters to which like properties are commonly subject, none of which, individually
or in the aggregate, materially and adversely interferes with the current use of the Mortgaged Property or the security intended
to be provided by such Mortgage or with the Mortgagor’s ability to pay its obligations under the Commercial Mortgage Loan
when they become due or materially and adversely affects the value of the Mortgaged Property, (v) the rights of tenants (as tenants
only) under leases (including subleases) pertaining to the related Mortgaged Property, and (vi) if such Commercial Mortgage Loan
is cross-collateralized with any other Commercial Mortgage Loan, the lien of the Mortgage for such Commercial Mortgage Loan, none
of which, individually or in the aggregate, materially and adversely interferes with the current use of the Mortgaged Property
or the security intended to be provided by such Mortgage or with the Mortgagor’s ability to pay its obligations under the
Commercial Mortgage Loan when they become due or materially and adversely affects the value of the Mortgaged Property. Except with
respect to cross-collateralized and cross-defaulted Commercial Mortgage Loans that are sold to Administrative Agent pursuant to
this Agreement and disclosed to Administrative Agent in writing, and as provided below, there are no mortgage loans that are senior
or pari passu with respect to the related Mortgaged Property or such Commercial Mortgage Loan. 

    Schedule 1(a)-3 

     

    

 

(r)                
Uniform Commercial Code financing statements have been filed and/or recorded (or, if not filed
and/or recorded, have been submitted in proper form for filing and recording), in all public places to the extent necessary, to
perfect a valid first priority security interest in all items of personal property located on the Mortgaged Property that are owned
by the Mortgagor and either (i) are reasonably necessary to operate the Mortgaged Property or (ii) are (as indicated in the appraisal
obtained in connection with the origination of the related Commercial Mortgage Loan) material to the value of the Mortgaged Property
(other than any personal property subject to a purchase money security interest or a sale and leaseback financing arrangement permitted
under the terms of such Commercial Mortgage Loan or any other personal property leases applicable to such personal property), to
the extent perfection may be effected pursuant to applicable law by recording or filing, and the Mortgages, security agreements,
chattel mortgages or equivalent documents related to and delivered in connection with the related Commercial Mortgage Loan establish
and create a valid and enforceable lien and priority security interest on such items of personalty except as such enforcement may
be limited by bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating
to or affecting the enforcement of creditor’s rights generally, or by general principles of equity (regardless of whether
such enforcement is considered in a proceeding in equity or at law). Notwithstanding the foregoing, no representation is made as
to perfection of security interests in personal property to the extent action, possession or control beyond the filing of the Uniform
Commercial Code financing statements is required in order to effect such perfection. 

(s)               
All real estate taxes and governmental assessments, or installments thereof, which would be
a lien on the Mortgaged Property and that have become delinquent in respect of the Mortgaged Property have been paid, or an escrow
of funds in an amount sufficient to cover such payments and reasonably estimated interest and penalties, if any, has been established
in connection with the Mortgage Loan. For purposes of this representation and warranty, real estate taxes and governmental assessments
and installments thereof shall not be considered delinquent until the earlier of (i) the date on which interest and/or penalties
would first be payable thereon and (ii) the date on which enforcement action is entitled to be taken by the related taxing authority.

(t)                
(i) An engineering report or property condition assessment and (ii) an appraisal (each such
appraisal, a “Qualified Appraisal”) of the related Mortgaged Property signed by a qualified appraiser who had
no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof; and whose compensation
was and is not affected by the approval or disapproval of the Commercial Mortgage Loan, and such appraisal and appraiser both satisfied
either (A) the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal
Standards Board of the Appraisal Foundation, or (B) the guidelines in Title XI of the Financial Institutions Reform, Recovery and
Enforcement Act or 1989, in either case as in effect on the date such Commercial Mortgage Loan was originated, were prepared in
connection with the origination of each Commercial Mortgage Loan no more than twelve months prior to the origination date of such
Commercial Mortgage Loan. The related Mortgaged Property is free and clear of any material damage (other than deferred maintenance
for which adequate escrows were established at origination) that would affect materially and adversely the value of such Mortgaged
Property as security for the Commercial Mortgage Loan and there is no proceeding pending or threatened for the total or partial
condemnation of such Mortgaged Property.

    Schedule 1(a)-4 

     

    

 

(u)              
The lien of each related Mortgage as a first priority lien in the original principal amount
of such Commercial Mortgage Loan after all advances of principal is insured by an ALTA lender’s title insurance policy (or
a binding, irrevocable and unconditional commitment therefor), or with respect to any Commercial Mortgage Loan for which the related
Mortgaged Property is located in California a CLTA lender’s title insurance policy (or a binding, irrevocable and unconditional
commitment therefor), or its equivalent as adopted in the applicable jurisdiction (the “Title Policy”) in the
original principal amount of such Commercial Mortgage Loan (or with respect to a Commercial Mortgage Loan secured by multiple properties,
an amount equal to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances
of principal (including any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness
secured by the Mortgage, the first priority lien of the Mortgage, which lien is subject only to Title Exceptions; the mortgagee
or its successors or assigns is the sole named insured of such Title Policy; such Title Policy is assignable without consent of
the insurer and will inure to the benefit of the mortgagee of record; such Title Policy is in full force and effect upon the consummation
of the transactions contemplated by this Agreement; all premiums thereon have been paid; no claims have been made under such Title
Policy and no circumstance exists which would impair or diminish the coverage of such Title Policy. The insurer issuing such Title
Policy is (x) a nationally recognized title insurance company and (y) qualified to do business in the jurisdiction in which the
related Mortgaged Property is located to the extent required; such Title Policy contains no material exclusions for, or affirmatively
insures (except for any Mortgaged Property located in a jurisdiction where such insurance is not available) (i) access to a public
road or (ii) against any loss due to encroachments of any material portion of the improvements thereon. Neither Seller nor any
other holder of the Commercial Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage
under such Title Policy. 

(v)              
Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be,
insured by a property insurance policy providing coverage for loss in accordance with coverage found under a “special cause
of loss form” or “all risk form” that includes replacement cost valuation issued by an insurer meeting the requirements
of the related Mortgage and meeting the Insurance Rating Requirements, is in an amount (subject to a customary deductible) at least
equal to the lesser of (i) the replacement cost of improvements, furniture, fixtures, furnishings and equipment owned by Mortgagor
and located on such Mortgaged Property, or (ii) the outstanding principal balance of the Commercial Mortgage Loan, and in any event,
the amount necessary to prevent operation of any co-insurance provisions; and is also covered by business interruption or rental
loss insurance, in an amount (subject to the customary deductible and except where an applicable tenant lease does not permit the
tenant to abate rent under any circumstances) at least equal to twelve (12) months of operations of the related Mortgaged Property,
all of which was in full force and effect with respect to the related Mortgaged Property; and all insurance coverage required under
the related Commercial Mortgage Loan documents, which insurance covers such risks and is in such amounts as are customarily acceptable
to prudent commercial and multifamily mortgage lending institutions lending on the security of property comparable to the related
Mortgaged Property in the jurisdiction in which such Mortgaged Property is located, is in full force and effect with respect to
the related Mortgaged Property; all premiums due and payable are current and have been paid (or have been financed or are being
paid currently in installments); and no notice of termination or cancellation with respect to any such insurance policy has been
received by Seller; and except for certain amounts not greater than amounts which would be considered prudent by an institutional
commercial and/or multifamily mortgage lender with respect to a similar Commercial Mortgage Loan and which are set forth in the
related Commercial Mortgage Loan documents, any insurance proceeds in respect of a casualty loss or condemnation awards, will be
applied either (i) to the repair or restoration of all or part of the related Mortgaged Property, with respect to all property
losses (and, with respect to all insurance proceeds, all property losses in excess of 5% (or such other fixed 

    Schedule 1(a)-5 

     

    

 

percentage as shall
be expressly indicated in the Commercial Mortgage Loan documents for the related Mortgaged Property) of the then outstanding principal
amount of the related Commercial Mortgage Loan, the mortgagee (or a trustee appointed by it) having the right to hold and disburse
such proceeds as the repair or restoration progresses, or (ii) the reduction of the outstanding principal balance of the Commercial
Mortgage Loan, subject in either case to requirements with respect to leases at the related Mortgaged Property and to other exceptions
customarily provided for by prudent institutional lenders for similar loans. The Mortgaged Property is also covered by comprehensive
general liability insurance against claims for personal and bodily injury, death or property damage occurring on, in or about the
related Mortgaged Property, in an amount customarily required by prudent institutional lenders. An architectural or engineering
consultant has performed an analysis of the Mortgaged Properties located in seismic zone 3 or 4 in order to evaluate the structural
and seismic condition of such property, for the sole purpose of assessing the probable maximum loss (“PML”)
for the Mortgaged Property in the event of an earthquake. In such instance, the PML was based on a 475 year lookback with a 10%
probability of exceedance in a fifty (50) year period. If the resulting report concluded that the PML would exceed 20% of the amount
of the replacement costs of the improvements, earthquake insurance on such Mortgaged Property was obtained by an insurer meeting
the Insurance Rating Requirements. If the Mortgaged Property is located in Florida or within twenty-five (25) miles of the coast
of Texas, Louisiana, Mississippi, Alabama, Georgia, North Carolina or South Carolina such Mortgaged Property is insured by windstorm
and/or windstorm related perils and/or “named storms” insurance issued by an insurer meeting the Insurance Rating Requirements
or endorsement covering damage from windstorm and/or windstorm related perils and/or named storms in an amount at least equal to
the lesser of (i) the outstanding principal balance of such Commercial Mortgage Loan, (ii) 100% of the full insurable value, or
100% of the replacement cost, of the improvements located on the related Mortgaged Property, or (iii) such other amounts (expressly
indicated in the Commercial Mortgage Loan documents) as shall not be less than limits which would be considered prudent by an institutional
commercial and/or multifamily mortgage lender with respect to a Commercial Mortgage Loan in the amount of the Commercial Mortgage
Loan and secured by property similar to the Mortgaged Property.

The insurance policies
contain a standard mortgagee clause naming the mortgagee of the Commercial Mortgage Loan, its successors and assigns as loss payee,
in the case of a property insurance policy, and additional insured in the case of a liability insurance policy and provide that
they are not terminable without thirty (30) days prior written notice to such mortgagee (or, with respect to non-payment, ten (10)
days prior written notice to such mortgagee) or such lesser period as prescribed by applicable law. Each Mortgage requires that
the Mortgagor maintain insurance as described above or permits the mortgagee of the Commercial Mortgage Loan to require insurance
as substantially described above, and permits such mortgagee to purchase such insurance at the Mortgagor’s expense if Mortgagor
fails to do so.

(w)             
(i) Other than payments due but not yet thirty (30) days or more delinquent, there is no material
default, breach, violation or event of acceleration existing under the related Mortgage or the related Mortgage Note or the related
Commercial Mortgage Loan documents, and no event has occurred (other than payments due but not yet delinquent) which, with the
passage of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation
or event of acceleration, and (ii) Seller has not waived any material default, breach, violation or event of acceleration under
such Mortgage or Mortgage Note or the related Commercial Mortgage Loan documents, which in the case of either (i) or (ii), materially
and adversely affects the value of the Commercial Mortgage Loan or the value, use or operation of the related Mortgaged Property.
Pursuant to the terms of the related Mortgage or the related Mortgage Note and other documents in the related Commercial Mortgage
Loan documents no Person or party other than the holder or Servicer of such Mortgage Note may declare any event of default or accelerate
the related indebtedness under such Mortgage, Mortgage Note or Commercial Mortgage Loan documents. 

    Schedule 1(a)-6 

     

    

 

(x)              
The Commercial Mortgage Loan is not past due in respect of any scheduled payment or part thereof
and such Commercial Mortgage Loan has not, since origination, been 30 days or more past due in respect of any scheduled payment
or part thereof, and the Commercial Mortgage Loan documents do not provide for any grace period in excess of ten (10) calendar
days with respect to delinquent scheduled payments.

(y)              
No related Mortgage provides for or permits, without the prior written consent of the holder
of the Mortgage Note, the related Mortgaged Property to secure any other promissory note or obligation except as expressly described
in such Mortgage.

(z)               
The Commercial Mortgage Loan is a “qualified mortgage” within the meaning of Section
860G(a)(3)(A) of the Code (but determined without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats
certain defective mortgage loans as qualified mortgages), and, accordingly, either: (A) such Commercial Mortgage Loan is secured
by an interest in real property (within the meaning of Treasury Regulations Sections 1.856-3(c) and 1.856-3(d)) having a fair market
value (1) at the date the Commercial Mortgage Loan was originated at least equal to 80% of the adjusted issue price of the Commercial
Mortgage Loan on such date or (2) at the Purchase Date at least equal to 80% of the adjusted issue price of the Commercial Mortgage
Loan on such date, provided that for purposes hereof, the fair market value of the real property interest must first be reduced
by (x) the amount of any lien on the real property interest that is senior to the Commercial Mortgage Loan and (y) a proportionate
amount of any lien on the real property interest that is in parity with the Commercial Mortgage Loan; or (B) substantially
all of the proceeds of such Commercial Mortgage Loan were used to acquire, improve or protect the real property which served as
the only security for such Commercial Mortgage Loan (other than a recourse feature or other third-party credit enhancement within
the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If the Commercial Mortgage Loan was “significantly modified”
prior to the Purchase Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was so modified
as a result of the default or reasonably foreseeable default of such Commercial Mortgage Loan or (y) meets the requirements described
in sub-clause (A)(1) above (substituting the date of the last such modification for the date the Commercial Mortgage Loan was originated)
or sub-clause (A)(2) above. Any prepayment premium and yield maintenance charges applicable to the Commercial Mortgage Loan constitute
“customary prepayment penalties” within the meaning of Treasury Regulations Section 1.860G-1(b)(2). All terms used
in this paragraph shall have the same meanings as set forth in the related Treasury Regulations.

(aa)           
Except as set forth on the Phase I Environmental Report with respect to the Mortgaged Property
delivered to Administrative Agent, (i) there is no material and adverse environmental condition or circumstance affecting the Mortgaged
Property; (ii) Seller has no knowledge of any material violation of any applicable Environmental Law with respect to the Mortgaged
Property; (iii) neither Seller nor the Mortgagor has taken any actions which would cause the Mortgaged Property not to be in compliance
with all applicable Environmental Laws; (iv) the Mortgage Loan documents require the Mortgagor to comply with all Environmental
Laws; and (v) each Mortgagor has agreed to indemnify the mortgagee for any losses resulting from any material, adverse environmental
condition or failure of the Mortgagor to abide by such Environmental Laws or has provided environmental insurance. A Phase I environmental
site assessment (or update of a previous Phase I and/or Phase II site assessment) and, with respect to certain Commercial Mortgage
Loans, a Phase II environmental site assessment (collectively, an “Environmental Site Assessment”) meeting the
American Society for Testing and Materials (“ASTM”) 

    Schedule 1(a)-7 

     

    

 

requirements conducted
by a reputable environmental consultant in connection with such Commercial Mortgage Loan within twelve (12) months prior to its
origination date (or an update of a previous Environmental Site Assessment was prepared), and such Environmental Site Assessment
(i) did not identify the existence of recognized Environmental Conditions at the related Mortgaged Property or the need for further
investigation, or (ii) if the existence of an Environmental Condition or need for further investigation was indicated in any
such Environmental Site Assessment, then at least one of the following statements is true: (A) 100% or more of the funds reasonably
estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance
with applicable Environmental Laws or the Environmental Condition has been escrowed by the related Mortgagor and is held or controlled
by the related mortgagee; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon
in indoor air, lead based paint or lead in drinking water, the only recommended action in the Environmental Site Assessment is
the institution of an operations or maintenance plan, and such a plan has been required to be instituted by the related Mortgagor
that, based on the Environmental Site Assessment, can reasonably be expected to mitigate the identified risk; (C) the Environmental
Condition identified in the related environmental report was remediated or abated in all material respects prior to the Purchase
Date, and, if and as appropriate, a no further action or closure letter was obtained from the applicable governmental regulatory
authority (or the environmental issue affecting the related Mortgaged Property was otherwise listed by such governmental authority
as “closed” or a reputable environmental consultant has concluded that no further action is required); (D) an
environmental policy or a lender’s pollution legal liability insurance policy meeting the requirements set forth below that
covers liability for the identified circumstance or condition was obtained from an insurer meeting the Insurance Rating Requirements;
(E) a party not related to the Mortgagor was identified as the responsible party for such condition or circumstance and such
responsible party has financial resources reasonably estimated to be adequate to address the situation; or (F) a party related
to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation is required to take action.
Except as set forth in the Environmental Site Assessment, there is no Environmental Condition (as such term is defined in ASTM
E1527-13 or its successor) at the related Mortgaged Property.

(bb)          
Each related Mortgage and Assignment of Leases, together with applicable state law, contains
customary and enforceable provisions for comparable mortgage loan documents encumbering comparable mortgaged properties similarly
situated such as to render the rights and remedies of the holder thereof adequate for the practical realization against the Mortgaged
Property of the benefits of the security, including realization by judicial or, if applicable, non-judicial foreclosure, subject
to the effects of bankruptcy, insolvency, receivership, reorganization, moratorium, redemption, liquidation or other laws relating
to or affecting the enforcement of creditors’ rights generally, or by general principles of equity (regardless of whether
such enforcement is considered in a proceeding in equity or at law).

(cc)           
Neither the Mortgaged Property nor any portion thereof, is the subject of, and no Mortgagor
is a debtor in any state or federal bankruptcy or insolvency proceeding.

(dd)          
Such Commercial Mortgage Loan is a whole loan and contains no equity participation by the
lender or shared appreciation feature and does not provide for any contingent or additional interest in the form of participation
in the cash flow of the related Mortgaged Property or provide for negative amortization. Seller does not hold an equity interest
in the direct or any indirect owner in such related Mortgagor.

    Schedule 1(a)-8 

     

    

 

(ee)           
Subject to certain exceptions, which are customarily acceptable to prudent commercial and
multifamily mortgage lending institutions lending on the security of property comparable to the related Mortgaged Property, the
related Commercial Mortgage Loan documents contain provisions for the acceleration of the payment of the unpaid principal balance
of such Commercial Mortgage Loan if, without complying with the requirements of the Commercial Mortgage Loan documents, (i) the
related Mortgaged Property, or any controlling equity interest (as such term is defined in the related Commercial Mortgage Loan
documents) in the related Mortgagor, is directly or indirectly transferred or sold (other than by reason of family and estate planning
transfers, transfers by devise, descent or operation of law upon the death of a member, general partner or shareholder of the related
borrower and transfers of less than a controlling equity interest (as such term is defined in the related Commercial Mortgage Loan
documents) in a Mortgagor, issuance of non-controlling new equity interests, transfers to certain affiliates, a specific Person,
or a Person satisfying specific criteria, as expressly permitted in the related Commercial Mortgage Loan documents, transfers in
connection with any mezzanine debt that existed at origination of the related Commercial Mortgage Loan or is permitted under the
related Commercial Mortgage Loan documents, transfers among existing members, partners or shareholders in the Mortgagor or affiliates
thereof, transfers among affiliated Mortgagors with respect to Commercial Mortgage Loans which are cross-collateralized or cross-defaulted
with other mortgage loans or multi-property Commercial Mortgage Loans or transfers of a nature similar to the foregoing meeting
the requirements of the Commercial Mortgage Loan (such as pledges of ownership interests that do not result in a change of control)
or a substitution or release of collateral within the parameters of paragraph (hh) below), or (ii) the related Mortgaged Property
or controlling equity interest (as such term is defined in the related Commercial Mortgage Loan documents) in the Mortgagor is
encumbered in connection with subordinate financing by a lien or security interest against the related Mortgaged Property. The
Commercial Mortgage Loan documents require the Mortgagor to pay all reasonable out-of-pocket expenses incurred by the Mortgagor
with respect to any transfer, assumption or encumbrance requiring lender’s approval.

(ff)            
Except as set forth in the related Complete Submission, the terms of the related Commercial
Mortgage Loan documents have not been waived, modified, altered, satisfied, impaired, canceled, subordinated or rescinded in any
manner which materially interferes with the security intended to be provided by such Commercial Mortgage Loan documents, and no
such waiver, modification, alteration, satisfaction, impairment, cancellation, subordination or rescission has occurred since the
date upon which the Complete Submission for such Commercial Mortgage Loan were delivered to Administrative Agent or its designee.

(gg)           
Each related Mortgaged Property was inspected
(i) by or on behalf of the related originator during the twelve (12) month period prior to the related origination date or (ii)
if Seller or an Affiliate did not originate the Commercial Mortgage Loan, by or on behalf of Seller or an Affiliate on or after
the date that is six (6) months prior to the date that Seller acquired the Commercial Mortgage Loan.

    Schedule 1(a)-9 

     

    

 

(hh)          
The terms of the related Mortgage or related Commercial Mortgage Loan documents do not provide
for release of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied
by principal repayment, or partial defeasance, of not less than a specified percentage at least equal to the lesser of (i) 110%
of the related allocated loan amount of such portion of the Mortgaged Property and (ii) the outstanding principal balance of the
Mortgage Loan, (b) upon payment in full of such Commercial Mortgage Loan, (c) upon a defeasance, (d) releases of out parcels that
are unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value
of the Mortgaged Property and which were not afforded any material value in the appraisal obtained at the origination of the Commercial
Mortgage Loan and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (e)
as required pursuant to an order of condemnation or taking by a state or any political subdivision or authority thereof. With respect
to any partial release under the preceding clauses (a) or (d), either: (x) such release of collateral (i) would not constitute
a “significant modification” of the subject Commercial Mortgage Loan within the meaning of Treasury Regulations Section
1.860G 2(b)(2) and (ii) would not cause the subject Commercial Mortgage Loan to fail to be a “qualified mortgage” within
the meaning of Section 860G(a)(3)(A) of the Code; or (y) the mortgagee or servicer can, in accordance with the related Commercial
Mortgage Loan documents, condition such release of collateral on the related Mortgagor’s delivery of an opinion of tax counsel
to the effect specified in the immediately preceding clause (x). 

No Commercial Mortgage
Loan that is secured by more than one Mortgaged Property or that is cross collateralized with another Commercial Mortgage Loan
permits the release of cross collateralization of the related Mortgaged Properties.

(ii)              
There are no material violations of any applicable zoning ordinances, building codes or land
laws applicable to the Mortgaged Property or the use and occupancy thereof which (i) are not insured by an ALTA lender’s
title insurance policy (or a binding, irrevocable and unconditional commitment therefor), or its equivalent as adopted in the applicable
jurisdiction, or a law and ordinance insurance policy or (ii) as determined by Seller at the time of origination and based upon
reasonable underwriting guidelines utilized by Seller in the ordinary course of business, would have a material adverse effect
on the value, operation or net operating income of the Mortgaged Property. The Commercial Mortgage Loan documents require the Mortgaged
Property to comply with all applicable laws and ordinances in all material respects.

(jj)              
None of the material improvements which were included for the purposes of determining the
Appraised Value of the related Mortgaged Property at the time of the origination of the Commercial Mortgage Loan lies outside of
the boundaries and building restriction lines of such property (except any encroachments to such boundaries and building restriction
lines which constitute legal non-conformities), to an extent which would have a material adverse effect on the value of the Mortgaged
Property or the related Mortgagor’s use and operation of such Mortgaged Property (unless affirmatively covered by title insurance)
and no improvements on adjoining properties encroach upon such Mortgaged Property except for encroachments that do not have any
material adverse effect on the Mortgagor, the Commercial Mortgage Loan or the Mortgaged Property, including, without limitation,
to the value or current use of such Mortgaged Property (unless affirmatively covered by title insurance) and no material improvements
encroach upon any easements except for encroachments that do not have any material adverse effect on the Mortgagor, the Commercial
Mortgage Loan or the Mortgaged Property, including, without limitation, to the value or current use of such Mortgaged Property
(unless affirmatively covered by title insurance). 

    Schedule 1(a)-10 

     

    

 

(kk)          
The related Mortgagor has covenanted in its organizational documents and/or the Commercial
Mortgage Loan documents that it was formed or organized solely for the purpose of owning and operating one or more of the Mortgaged
Properties securing the Commercial Mortgage Loans and prohibit it from engaging in any business unrelated to such Mortgaged Property
or Properties, and whose organizational documents further provide, or which entity represented in the related Mortgage, substantially
to the effect that it does not have any assets other than those related to its interest in and operation of such Mortgaged Property
or Properties, or any indebtedness other than as permitted by the related Mortgage(s), that it has its own books and records and
accounts separate and apart from those of any other person, and that it holds itself out as a legal entity, separate and apart
from any other person or entity. 

(ll)              
No advance of funds has been made other than pursuant to the loan documents, directly or indirectly,
by the mortgagee, Seller, the Servicer or any prior servicer to the Mortgagor and no funds have been received from any Person other
than the Mortgagor or its property manager, for or on account of payments due on the Mortgage Note or the Mortgage (other than
amounts paid by the tenant into a lender-controlled lockbox as specifically required under a related lease).

(mm)      
There is no pending or filed action, suit or proceeding, arbitration or governmental investigation
of which mortgagee, Seller, the Servicer or any prior Servicer, has received written notice or other written evidence, against
the Mortgagor, any guarantor or other party liable for all or a part of the obligations under the Commercial Mortgage Loan, or
the related Mortgaged Property the adverse outcome of which could reasonably be expected to materially and adversely affect (i)
such Mortgagor’s title to the related Mortgaged Property, (ii) the validity or enforceability of the related Commercial Mortgage
Loan documents, (iii) such Mortgagor’s ability to perform under the related Commercial Mortgage Loan documents, (iv) such
guarantor’s ability to perform under the related guaranty, (v) such Mortgagor’s ability to pay principal, interest
or any other amounts due under such Commercial Mortgage Loan documents, (vi) the security intended to be provided by the Commercial
Mortgage Loan documents, (vii) the current use of the related Mortgaged Property, (viii) such Mortgagor’s title to the Mortgaged
Property, or (ix) the validity or enforceability of the related Mortgage.

(nn)          
If the related Mortgage is a deed of trust, a trustee, duly qualified under applicable law
to serve as such, has either been properly designated and is currently serving under and is named in such Mortgage or has been
substituted in accordance with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable
law. 

(oo)          
The Commercial Mortgage Loan and the interest (exclusive of any default interest, late charges,
yield maintenance charges, or prepayment premiums) contracted for complies with, or is exempt from, applicable state or federal
laws, regulations and other requirements pertaining to usury.

(pp)          
Each Commercial Mortgage Loan that is cross-collateralized is cross-collateralized only with
other Commercial Mortgage Loans that (i) have been disclosed in writing to Administrative Agent, and (ii) are subject to Transactions
under this Agreement as of the Purchase Date and at all times.

    Schedule 1(a)-11 

     

    

 

(qq)          
The improvements located on the related Mortgaged Property are either not located in a federally
designated special flood hazard area or, if so located, the related Mortgagor is required to maintain or the mortgagee maintains,
flood insurance with respect to such improvements and such policy is in full force and effect in an amount no less than the lesser
of (i) the original principal balance of the Commercial Mortgage Loan, (ii) the value of such improvements on the related Mortgaged
Property located in such flood hazard area or (iii) the maximum allowed under the related federal flood insurance program.

(rr)             
All escrows required (if any) pursuant to the Commercial Mortgage Loan required to be currently
deposited with the Servicer or any prior Servicer, or by any Mortgagor or by any prior Mortgagor, in accordance with the Commercial
Mortgage Loan documents have been so deposited, are in the possession, or under the control of Seller or Servicer or its agent,
and there are no deficiencies in connection therewith. 

(ss)            
The related Mortgagor, the related lessees, trustee, franchisor or operators are in possession
of all material licenses, permits and authorizations then required for the use permitted by the Mortgage Loan documents of the
related Mortgaged Property by the related Mortgagor, related lessee, trustee, franchisor, and/or operator. The Commercial Mortgage
Loan documents require the Mortgagor to maintain or cause to be maintained all such licenses, permits, certificates of occupancy,
and authorizations. All such material licenses, permits, certificates of occupancy, and applicable governmental authorizations
are in effect. The Commercial Mortgage Loan documents require the related Mortgagor to be qualified to do business in the jurisdiction
in which the related Mortgaged Property is located.

(tt)              
The origination, servicing and collection practices used by Seller (and the related originator
if Seller was not the originator) with respect to each Commercial Mortgage Loan have been, in all material respects, legal and
as of the date of its origination and in accordance with Accepted Servicing Practices, such Commercial Mortgage Loan and the origination
thereof complied in all material respects with, or was exempt from, all requirements of federal, state or local law relating to
the origination of such Commercial Mortgage Loan. 

(uu)          
Except for Mortgagors under Commercial Mortgage Loans the Mortgaged Property with respect
to which includes a Ground Lease, the related Mortgagor (or its affiliate) has title in the fee simple interest in each related
Mortgaged Property.

(vv)          
The Commercial Mortgage Loan documents for each Commercial Mortgage Loan provide (or have
substantially similar language providing) that such Commercial Mortgage Loan (i) becomes full recourse to the Mortgagor and a guarantor
(which is a natural person or persons, or an entity or entities, distinct from the Mortgagor (but may be affiliated with the Mortgagor)
that has assets other than equity in the related Mortgaged Property that are not de minimis) in any of the following events: (A)
if any voluntary petition for bankruptcy, insolvency, dissolution or liquidation pursuant to federal bankruptcy law, or any similar
federal or state law, shall be filed by the Mortgagor; (B) Mortgagor or guarantor shall have colluded with (or, alternatively,
solicited or caused to be solicited) other creditors to cause an involuntary bankruptcy filing with respect to the Mortgagor; (C)
voluntary transfers of either the Mortgaged Property or equity interests in Mortgagor made in violation of the Commercial Mortgage
Loan documents; (D) any transfer in violation of transfer restrictions set forth in the related Commercial Mortgage Loan documents;
or (E) after an event of default under the underlying Mortgage Loan (after the expiration of any applicable notice or cure periods,
if any) that results in lender accelerating the indebtedness, and after exercising remedies against the Mortgaged Property, Mortgagor
or any guarantor 

    Schedule 1(a)-12 

     

    

 

intentionally interferes
for the sake of delay with lender’s exercise of remedies under the related Mortgage, except for such interference solely
related to compulsory counterclaims or colorable defenses brought in good faith; and (ii) contains provisions providing for recourse
against the Mortgagor and a guarantor (which is a natural person or persons, or an entity or entities distinct from the Mortgagor
(but may be affiliated with the Mortgagor) that has assets other than equity in the related Mortgaged Property that are not de
minimis), for losses and damages sustained by reason of Mortgagor’s: (A) misappropriation of rents after the occurrence of
an event of default under the Commercial Mortgage Loan; (B) misappropriation of (x) insurance proceeds or condemnation awards or
(y) security deposits or, alternatively, the failure of any security deposits to be delivered to mortgagee upon foreclosure
or action in lieu thereof (except to the extent applied in accordance with leases prior to a Commercial Mortgage Loan event of
default); (C) fraud or intentional material misrepresentation; (D) breaches of the environmental covenants in the Commercial
Mortgage Loan documents; or (E) commission of intentional material physical waste at the Mortgaged Property.

(ww)       
Subject to applicable law and the exceptions set forth in paragraph (m) and upon possession
of the Mortgaged Property as required under applicable state law, any Assignment of Leases set forth in the Mortgage or separate
from the related Mortgage and related to and delivered in connection with such Commercial Mortgage Loan establishes and creates
a valid, subsisting and enforceable lien and security interest in the related Mortgagor’s interest in all leases, subleases,
licenses or other agreements with Mortgagor pursuant to which any Person is entitled to occupy, use or possess all or any portion
of the real property.

(xx)          
If such Commercial Mortgage Loan contains a provision for any defeasance of mortgage collateral,
such Commercial Mortgage Loan (A) permits defeasance (1) no earlier than the later of two years after (x) the date of origination
of such Commercial Mortgage Loan or (y) the “startup day” (within the meaning of Section 860(G)(a)(9) of the Code)
of the REMIC holding such Commercial Mortgage Loan and (2) only with substitute collateral constituting “government securities”
within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii)(A) in an amount sufficient to make all scheduled payments
under the Mortgage Note through the related maturity date (or first day of the open period) and (B) provides that such Commercial
Mortgage Loan was not originated with the intent to collateralize a REMIC offering with obligations that are not real estate mortgages.
In addition, if such Mortgage contains such a defeasance provision, it provides (or otherwise contains provisions pursuant to which
the holder can require) that an opinion be provided to the effect that such holder has a first priority security interest in the
defeasance collateral. The related Commercial Mortgage Loan documents permit the lender to charge all of its expenses (subject
in certain cases to a cap on such expenses) associated with a defeasance to the Mortgagor (including rating agencies’ fees,
accounting fees and attorneys’ fees), and provide that the related Mortgagor must deliver (or otherwise, the Commercial Mortgage
Loan documents contain certain provisions pursuant to which the lender can require) (a) an accountant’s certification as
to the adequacy of the defeasance collateral to make payments under the related Commercial Mortgage Loan through the related maturity
date (or first day of the open period), (b) an opinion of tax counsel of nationally recognized standing in the United States experienced
in such matters that the defeasance complies with all applicable REMIC Provisions, and (c) assurances from each applicable rating
agency that the defeasance will not result in the withdrawal, downgrade or qualification of the ratings assigned to any certificates
backed by the related Commercial Mortgage Loan. Notwithstanding the foregoing, some of the Commercial Mortgage Loan documents may
not affirmatively contain all such requirements, but such requirements are effectively present in such documents due to the general
obligation to comply with the REMIC Provisions and/or deliver a REMIC opinion of tax counsel.

    Schedule 1(a)-13 

     

    

 

(yy)          
The originator of such Commercial Mortgage Loan was authorized to do business in the jurisdiction
in which the related Mortgaged Property is located at all times when it originated and held the Commercial Mortgage Loan, and as
of the date that such entity held the Mortgage Note, each holder of the Mortgage Note was authorized to originate, acquire and/or
hold (as applicable) the Mortgage Note in the jurisdiction in which each related Mortgaged Property is located, or the failure
to be so authorized does not materially and adversely affect the enforceability of such Commercial Mortgage Loan. 

(zz)           
Neither Seller nor any affiliate thereof has any obligation to make any capital contributions
to the Mortgagor under the Commercial Mortgage Loan.

(aaa)        
The related Mortgaged Property is not encumbered, and none of the Commercial Mortgage Loan
documents permits the related Mortgaged Property to be encumbered, without the prior written consent of the holder of such Commercial
Mortgage Loan, by any lien other than the lien of such Commercial Mortgage Loan, Title Exceptions and mechanics’ and materialmen’s
liens which are bonded over, escrowed for or insured against by the Title Policy referred to herein.

(bbb)      
 Each related Mortgaged Property constitutes one or more complete separate tax lots which
do not include any property which is not part of the Mortgaged Property (or the related Mortgagor has covenanted to obtain separate
tax lots and a Person has indemnified the mortgagee for any loss suffered in connection therewith or an escrow of funds in an amount
sufficient to pay taxes resulting from a breach thereof has been established), or is subject to an endorsement under the related
title insurance policy which insures against any loss resulting therefrom. 

(ccc)        
The related Commercial Mortgage Loan documents require the Mortgagor to provide the mortgagee
with certain financial information at regular intervals specified under the related Commercial Mortgage Loan documents, which in
all cases shall include at least the following: (i) annual operating statements; (ii) annual financial statements; and (iii) annual
rent rolls.

(ddd)      
Each Mortgaged Property (i) is located on or adjacent to a public road and has direct legal
access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from
a public road, and (ii) is served by or has uninhibited access rights to public or private water (or well) and sewer (or septic)
and all required utilities, all of which are appropriate for the current use of the Mortgaged Property.

(eee)        
Each Mortgaged Property is free and clear of any and all mechanics’ and materialmen’s
liens that are prior or equal to the lien of the related Mortgage, and no rights are outstanding that under law could give rise
to any such lien that would be prior or equal to the lien of the related Mortgage except, in each case, for liens which are bonded
over, escrowed for or insured against by the Title Policy referred to herein. 

(fff)         
The Mortgaged Property is a real property type that is an office building, a retail property,
a Multi-Family Property, a self-storage property, a manufactured housing community, a hotel, an industrial property or other type
of Mortgaged Property approved by Administrative Agent. 

    Schedule 1(a)-14 

     

    

 

(ggg)        
With respect to any Commercial Mortgage Loan where the Commercial Mortgage Loan is secured
by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does not also encumber the related lessor’s
fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received
from the ground lessor in favor of Seller, its successors and assigns, Seller represents and warrants that:

(i)    
The Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted
for recordation in a form that is acceptable for recording in the applicable jurisdiction. The Ground Lease or an estoppel or other
agreement received from the ground lessor permits the interest of the lessee to be encumbered by the related Mortgage (or, if consent
of the lessor thereunder is required, it has been obtained prior to the Purchase Date) and does not restrict the use of the related
Mortgaged Property by such lessee, its successors or assigns in a manner that would materially and adversely affect the security
provided by the related Mortgage. No material change in the terms of the Ground Lease has occurred since the origination of the
Commercial Mortgage Loan, except as reflected in any written instruments which are included in the related Asset File. 

(ii)  
The lessor under such Ground Lease has agreed in a writing included in the related Asset File
(or in such Ground Lease) that the Ground Lease may not be amended or modified, or canceled or terminated by agreement of lessor
and lessee, without the prior written consent of the holder of the Commercial Mortgage Loan, and any such action without such consent
is not binding on the holder of the Commercial Mortgage Loan, its successors or assigns, except termination or cancellation if
(i) an event of default occurs under the Ground Lease, (ii) notice thereof is provided to the holder of the Commercial Mortgage
Loan and (iii) such default is curable by the holder of the Commercial Mortgage Loan as provided in the Ground Lease but remains
uncured beyond the applicable cure period.

(iii) Such
Ground Lease is in full force and effect, there is no material default under such Ground Lease, and there is no event which, with
the passage of time or with notice and the expiration of any grace or cure period, would constitute a material default under such
Ground Lease.

(iv) The
Ground Lease or ancillary agreement between the lessor and the lessee requires the lessor to give notice of any default by the
lessee to the holder of the Commercial Mortgage Loan. The Ground Lease or ancillary agreement further provides that no notice given
is effective against the holder of the Commercial Mortgage Loan unless a copy has been given to the holder of the Commercial Mortgage
Loan in a manner described in the Ground Lease or ancillary agreement.

(v)  
The Ground Lease (i) is not subject to any liens or encumbrances superior to, or of equal
priority with, the Mortgage, subject, however, to only the ground lessor’s fee interest and the Title Exceptions or (ii)
is subject to a subordination, non-disturbance and attornment agreement to which the mortgagee of the lessor’s fee interest
in the Mortgaged Property is subject.

(vi) The holder
of the Commercial Mortgage Loan is permitted a reasonable opportunity (including, where necessary, sufficient time to gain possession
of the interest of the lessee under the Ground Lease) to cure any curable default under such Ground Lease after the holder of the
Commercial Mortgage Loan’s receipt of notice of any default before the lessor thereunder may terminate such Ground Lease.

    Schedule 1(a)-15 

     

    

 

(vii)       
Such Ground Lease has an original term (together with any extension options, whether or not
currently exercised, set forth therein all of which can be exercised by the holder of the Commercial Mortgage Loan if the holder
of the Commercial Mortgage Loan acquires the lessee’s rights under the Ground Lease) that extends not less than forty (40)
years beyond the loan closing date of such Commercial Mortgage Loan. 

(viii)     
Under the terms of such Ground Lease and/or in any writing included in the related Asset File,
including any estoppel or consent letter received by the holder of the Commercial Mortgage Loan from the lessor, and the related
Mortgage, taken together, any related insurance proceeds or condemnation award allocable to Ground Lessee’s interest (other
than a de minimis amount for minor casualties in respect of a total or substantially total loss or taking) will be applied either
to the repair or restoration of all or part of the related Mortgaged Property, with the holder of the Commercial Mortgage Loan
or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, or to the
payment or defeasance of the outstanding principal balance of the Commercial Mortgage Loan, together with any accrued interest
(except in cases where a different allocation would not be viewed as commercially unreasonable by any commercial mortgage lender,
taking into account the relative duration of the Ground Lease and the related Mortgage and the ratio of the market value of the
related Mortgaged Property to the outstanding principal balance of such Commercial Mortgage Loan).

(ix) Provided
that the holder of the Commercial Mortgage Loan cures any defaults which are susceptible to being cured, the ground lessor has
agreed to enter into a new lease with holder of the Commercial Mortgage Loan upon termination of the Ground Lease for any reason,
including rejection of the Ground Lease in a bankruptcy proceeding.

(x)  
The Ground Lease does not place commercially unreasonable restrictions on the identity of
the holder of the Commercial Mortgage Loan, and the Ground Lease is assignable to the holder of the Commercial Mortgage Loan and
its successors and assigns without the consent of the lessor thereunder (provided that proper notice is delivered to the extent
required in accordance with such Ground Lease), and in the event it is so assigned, it is further assignable by the holder of the
Commercial Mortgage Loan and its successors and assigns without the consent of (but with prior notice to) the lessor.

(xi) There
are no commercially unreasonable restrictions on the subletting of such Mortgaged Property in such Ground Lease.

(xii)       
In the case of a total or substantially total taking or loss, under the terms of such Ground
Lease and/or in any writing included in the related Asset File, including any estoppel or consent letter received by the holder
of the Commercial Mortgage Loan from the lessor, and the related Mortgage, taken together, any related insurance proceeds or condemnation
award allocable to Ground Lessee’s interest (other than a de minimis amount for minor casualties in respect of a total or
substantially total loss or taking) in respect of a total or substantially total taking or loss to the extent not applied to the
repair or restoration of all or part of the related Mortgaged Property, with the holder of the Commercial Mortgage Loan or a trustee
appointed by it having the right to hold and disburse such proceeds as repair or restoration progresses, will be applied first
to the payment or defeasance of the outstanding principal balance of the Commercial Mortgage Loan, together with any accrued interest
(except in cases where a different allocation would not be viewed as commercially unreasonable by any commercial mortgage lender,
taking into account the relative duration of the Ground Lease and the related Mortgage and the ratio of the market value of the
related Mortgaged Property to the outstanding principal balance of such Commercial Mortgage Loan).

    Schedule 1(a)-16 

     

    

 

(hhh)      
The Mortgagor under such Commercial Mortgage Loan is not an Affiliate of Seller.

(iii)            
Except as disclosed in the Summary Diligence Materials delivered to the Administrative Agent
and previous intercompany transfers, no Commercial Mortgage Loan has been acquired by an Affiliate of Seller other than a direct
parent of Seller.

(jjj)            
The Mortgagor is an entity organized under the laws of a state of the United States of America,
the District of Columbia or the Commonwealth of Puerto Rico. Except as disclosed in writing to Administrative Agent, no Commercial
Mortgage Loan has a Mortgagor that is an affiliate of another Mortgagor under another Commercial Mortgage Loan that is also a Purchased
Asset. 

(kkk)      
Seller has complied in all material respects with all applicable anti-money laundering laws
and regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination of the Commercial Mortgage
Loans. 

(lll)            
There exists as part of the related Asset File an Assignment of Leases (either as a separate
instrument or incorporated into the related Mortgage). Subject to the Title Exceptions, each related Assignment of Leases creates
a valid collateral assignment of, or a valid lien or security interest in, rents and certain rights under the related lease or
leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations
of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement
thereof may be limited by the exceptions in paragraph (m). The related Mortgage or related Assignment of Leases, subject to applicable
law, provides that, upon an event of default under the Commercial Mortgage Loan, a receiver is permitted to be appointed for the
collection of rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly
to the mortgagee. 

(mmm) The related
special-form all-risk insurance policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements)
do not specifically exclude Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism
Risk Insurance Program Reauthorization Act of 2007 (collectively referred to as “TRIA”), from coverage, or if
such coverage is excluded, it is covered by a separate terrorism insurance policy. With respect to each Commercial Mortgage Loan,
the related Commercial Mortgage Loan documents do not expressly waive or prohibit the mortgagee from requiring coverage for Acts
of Terrorism, as defined in TRIA, or damages related thereto; provided, however, that if TRIA or a similar or subsequent
statute is not in effect, then, provided that terrorism insurance is commercially available, the Mortgagor under each Commercial
Mortgage Loan is required to carry terrorism insurance, but in such event the Mortgagor shall not be required to spend on terrorism
insurance coverage more than 200% of the amount of the insurance premium that is payable at such time in respect of the property
and business interruption/rental loss insurance required under the related Asset File (without giving effect to the cost of terrorism
and earthquake components of such casualty and business interruption/rental loss insurance), and if the cost of terrorism insurance
exceeds such amount, the Mortgagor is required to purchase the maximum amount of terrorism insurance available with funds equal
to such amount.

(nnn)      
Pursuant to the terms of the Commercial Mortgage
Loan documents, Seller satisfied any transfer conditions or requirements (or such conditions or requirements were validly waived
by any requisite parties) in the Commercial Mortgage Loan documents with respect to the pledge of the Commercial Mortgage Loan
to the Administrative Agent and the
transfer of the Commercial Mortgage Loan to Administrative Agent.

    Schedule 1(a)-17 

     

    

 

(ooo)      
All post-closing obligations due under the Commercial Mortgage Loan have been satisfied.

(ppp)      
If the related Commercial Mortgage Loan is floating or adjustable rate, then Seller has obtained
an interest rate protection agreement in the form of a cap with respect to the related Commercial Mortgage Loan, in form and substance
acceptable to Administrative Agent.

(qqq)      
Reserved.

(rrr)           
At all times throughout the term of the Purchased Asset, including after giving effect to
any transfers permitted pursuant to the related Commercial Mortgage Loan documents, (a) none of the funds or other assets
of any Mortgagor, guarantor or other indemnitor shall constitute property of, or shall be beneficially owned, directly or indirectly,
by any Person subject to trade restrictions under United States law, including, but not limited to, the International Emergency
Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq.,
and any Executive Orders or regulations promulgated under any such United States laws (each, an “Embargoed Person”),
with the result that the Purchased Asset made by the related originator is or would be in violation of law, (b) no Embargoed
Person shall have any interest of any nature whatsoever in any Mortgagor, guarantor or other indemnitor, with the result that the
Purchased Asset is or would be in violation of law, and (c) none of the funds of any Mortgagor or guarantor or other indemnitor
shall be derived from any unlawful activity with the result that the Purchased Asset is or would be in violation of law. No Mortgagor,
guarantor or other indemnitor is (or will be) a Person with whom Seller is restricted from doing business under regulations of
the Office of Foreign Asset Control of the Department of the Treasury of the United States of America (“OFAC”)
(including those persons named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order
(including the September 24, 2001 #13224 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit,
Threaten to Commit, or Support Terrorism), or other governmental action and no such Mortgagor, guarantor or other indemnitor is
or shall knowingly engage in any dealings or transactions with such Persons.

(sss)         
The Asset File delivered by Seller with respect to such Commercial Mortgage Loan (i) represents
a true and correct copy of the documents contained therein and each Purchased Asset Schedule, together with all other information
contained therein prepared by Seller or its respective Affiliates and delivered by Seller to Administrative Agent immediately prior
to the Purchase Date, (ii) is true and correct, (iii) conforms in all material respects to the Summary Diligence Materials previously
provided to Administrative Agent and pursuant to which Administrative Agent has elected to enter into the Transaction, and (iv)
constitutes all material loan documents evidencing and/or securing the Commercial Mortgage Loan and the Commercial Mortgage Loan
documents have not been materially amended or modified except as set forth in the Commercial Mortgage Loan documents contained
in the Asset File delivered by Seller.

Schedule
1(a)-18 

    	 

    	 

    

SCHEDULE 1(b)

REPRESENTATIONS
AND WARRANTIES

RE: PURCHASED ASSETS CONSISTING OF PARTICIPATION INTERESTS

 

Seller represents
and warrants to Administrative Agent, with respect to each Purchased Asset which is a Participation Interest, that as of the Purchase
Date and as of each date while the Program Agreements and the related Transaction hereunder is in full force and effect, the following
are true and correct in all material respects. With respect to those representations and warranties which are made to the knowledge
of Seller or to the best of Seller’s knowledge or if there is any limitation as to the scope any representation by a knowledge
qualifier, if it is discovered by either Seller or Administrative Agent that the substance of such representation and warranty
is inaccurate, notwithstanding the lack of knowledge with respect to the substance of such representation and warranty, such inaccuracy
shall be deemed a breach of the applicable representation and warranty.

(a)               
The representations and warranties with respect to the related Commercial Mortgage Loan set forth on Schedule 1(a)
(other than those contained in subsections (d), (i), (j), (o), (p) and (nnn) thereof) are true and correct in all material respects.

(b)              
The Participation Interest is a performing senior or pari passu participation interest in a performing Commercial
Mortgage Loan evidenced by a Participation Certificate.

(c)               
Seller has good and marketable title to, and is the sole owner and holder of, such Participation Interest, Seller is transferring
such Participation Interest free and clear of any and all liens, pledges, encumbrances, charges, security interests or any other
ownership interests of any nature encumbering such Participation Interest, other than the first priority security interest of Administrative
Agent granted pursuant to this Agreement, and no Participation Interest document is subject to any assignment, participation, or
pledge.

(d)              
No default or event of default has occurred under any agreement pertaining to any lien or other interest that ranks senior
or pari passu to the interests of the holder of such Participation Interest in respect of the related Mortgaged Property
and Commercial Mortgage Loan (as applicable) and there is no provision in any such agreement which would provide for any increase
in the principal amount of any such lien or other interest.

(e)               
No (i) monetary default, breach or violation exists with respect to any agreement or other document governing or pertaining
to such Participation Interest, the related Commercial Mortgage Loan or any other obligation of the owner of the Mortgaged Property,
(ii) material non-monetary default, breach or violation exists with respect to such Participation Interest, the related Commercial
Mortgage Loan, or any other obligation of the owner of the Mortgaged Property, or (iii) event which, with the passage of time or
with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration.

(f)               
None of the Participation Interests (i) is dealt in or traded on a securities exchange or in a securities market, (ii) by
its terms expressly provides that it is a Security governed by Article 8 of the UCC, (iii) is Investment Property, (iv) is held
in a Deposit Account or (v) constitutes a Security or a Financial Asset. None of the Mortgage Loan documents for the Participation
Interest consists of Instruments. For purposes of this paragraph (f), capitalized terms undefined in this Agreement have the meaning
given to such term in the Uniform Commercial Code.

Schedule
1(b)-1

    	 

    	 

    

 

(g)               
No issuer of the Purchased Asset, no co-participant and no Mortgagor related to any Mortgage Loan, is a debtor in any state
or federal bankruptcy or insolvency proceeding.

(h)              
The Mortgagor under the related Mortgage Loan is not an Affiliate of Seller.

(i)                
There is no material default, breach, or violation existing under the related Participation Interest documents, and no event
has occurred (other than payments due but not yet delinquent) which, with the passage of time or with notice and the expiration
of any grace or cure period, would constitute a material default, breach, or violation, provided, however, that this representation
and warranty does not cover any default, breach, or violation that specifically pertains to or arises out of an exception scheduled
to any other representation and warranty made by Seller in this Schedule 1(b). Pursuant to the terms of the related Participation
Interest documents no Person or party other than the holder of such Participation Interest or an Affiliate of Seller may declare
any event of default under such Participation Interest documents.

(j)                
Seller has full right, power and authority to sell and assign such Participation Interest and such Participation Interest,
the related Commercial Mortgage Loan, and any related Mortgage Note has not been cancelled, satisfied or rescinded in whole or
part nor has any instrument been executed that would effect a cancellation, satisfaction or rescission thereof.

(k)              
Other than consents and approvals obtained as of the related Purchase Date or those already granted in the agreement related
to the Participation Interest, no consent or approval by any Person is required in connection with (i) Seller’s sale, and
Administrative Agent’s acquisition of, such Participation Interest, (ii) Administrative Agent’s exercise of any rights
or remedies in respect of such Participation Interest or (iii) Administrative Agent’s sale, pledge or other disposition of
such Participation Interest. No third party holds any “right of first refusal”, “right of first negotiation”,
“right of first offer”, purchase option, or other similar rights of any kind with respect to the Participation Interest,
and no other impediment exists to any such transfer or exercise of rights or remedies.

(l)                
The Asset File delivered by Seller with respect to such Participation Interest (i) represents a true and correct copy of
the documents contained therein and each Purchased Asset Schedule, together with all other information contained therein prepared
by Seller or its respective Affiliates and delivered by Seller to Administrative Agent immediately prior to the Purchase Date,
(ii) is true and correct, (iii) conforms in all material respects to the Summary Diligence Materials previously provided to Administrative
Agent and pursuant to which Administrative Agent has elected to enter into the Transaction, and (iv) constitutes all material documents
evidencing and/or securing such Participation Interest and such documents have not been materially amended or modified except as
set forth in the documents contained in the Asset File delivered by Seller.

 

Schedule
1(b)-2

    	 

    	 

    

SCHEDULE 2

AUTHORIZED REPRESENTATIVES

SELLER NOTICES

	
        Name:

        Telephone:

        E-mail:
	 	
        Jason Fruchtman

        212-468-5764

        jfruchtman@soundpointcap.com
	 	Address:	 	
        c/o InPoint Commercial Real Estate Income, Inc.

        375 Park Avenue, 25th Floor

        New York, New York 10152

 

 

SELLER AUTHORIZATIONS

Any of the persons whose signatures
and titles appear below are authorized, acting singly, to act for Seller under this Agreement:

	Name	Title	Email Address	Signature
	Mitchell A. Sabshon	Chief Executive Officer  	msabshon@inlandinvestments.com	/s/ Mitchell A. Sabshon
	Donald MacKinnon	President   	dmackinnon@soundpointcap.com	/s/ Donald MacKinnon
	Catherine L. Lynch  	Chief Financial Officer & Treasurer 	lynch@inland-investments.com	/s/ Catherine L. Lynch
	Andrew Winer  	Chief Investment Officer	awiner@soundpointcap.com	/s/ Andrew Winer
	Roderick S. Curtis  	Vice President and Secretary 	rod.curtis@inland-investments.com	/s/ Roderick S. Curtis
	Jason Fruchtman    	Head of Capital Markets   	jfruchtman@soundpointcap.com	/s/ Jason Fruchtman
	 	 	 	 

    	Schedule
                                         2-1

    	 

    

ADMINISTRATIVE AGENT AND BUYER NOTICES

	Name:       Column Financial, Inc.	Address:        Eleven Madison Avenue

New York, New York 10010
	Telephone:212-538-1807
	Email:       Chuck.Lee@credit-suisse.com

 

 

	Name:       Column Financial, Inc.	Address:        Eleven Madison Avenue

New York, New York 10010
	Telephone:(212) 538-1262
	Email:       jack.hempling@credit-suisse.com	 

 

	Name:       Column Financial, Inc.	Address:        Eleven Madison Avenue

New York, New York 10010
	Email:       michael.j.brunner@credit-suisse.com

 

 

ADMINISTRATIVE AGENT AND BUYER AUTHORIZATIONS

Any of the persons whose signatures
and titles appear below, including any other authorized officers, are authorized, acting singly, to act for Administrative Agent
and/or Buyers under this Agreement:

	
        Name
	
        Title
	
        Signature

	
        Jack Hempling

        Chuck Lee

        Dante LaRocca
	
        Vice President

        Vice President

        President
	
        /s/ Jack Hempling 

        /s/ Chuck Lee 

        /s/ Dante LaRocca

 

Schedule
2-2

    	 

    	 

    

EXHIBIT A

FORM OF
TRANSACTION REQUEST AND CONFIRMATION

______, 20[__]

Column Financial, Inc.

Eleven Madison Avenue

New York, New York 10010

Attention: Chuck Lee

Attention: Michael J. Brunner

Attention: Jack Hempling

 

		Re:	Master Repurchase Agreement dated as of February 15, 2018 (as amended, restated,
supplement, or otherwise modified from time to time, the “Agreement”) by and among Column Financial, Inc. (the
“Administrative Agent”), Credit Suisse AG, a company incorporated in Switzerland, acting through its Cayman
Islands Branch (“CS Cayman” and a “Buyer”), Alpine Securitization LTD, an exempted company
organized under the laws of the Cayman Islands (“Alpine” and a “Buyer”, and collectively
with CS Cayman, the “Buyers”) and InPoint CS Loan, LLC (the “Seller”).

	Eligible Asset:	 
	Original Principal Amount of Note:	 
	Purchase Price:	 
	 	 

Ladies and Gentlemen:

Pursuant to Section 3
of the Agreement, the Seller hereby requests that the Administrative Agent enter into a Transaction with the Administrative Agent
to purchase the Eligible Assets listed on the Purchased Asset Schedule attached hereto as Annex 1 in accordance with
the Agreement.

In connection with
this Transaction Request and Confirmation, the undersigned hereby certifies that: (i) each of the Transaction conditions precedent
set forth in Section 10 of the Agreement has been satisfied as of the date hereof, or will be satisfied at least one Business
Day prior to the proposed Purchase Date; (ii) attached hereto as Annex 2 is the Purchase Closing Statement for
the Eligible Asset; and (iii) attached hereto is (x) the Summary Diligence Materials relating to the Eligible Asset described
on Annex 3 hereto, and (y) with respect to the Eligible Asset, a Preliminary Date Tape containing the data fields
set forth in Exhibit B to the Agreement.

Seller hereby represents
and warrants to Administrative Agent that the Eligible Assets do not contain a Future Funding Obligation except as set forth in
the Purchased Asset Schedule.

Seller hereby acknowledges
that this Transaction Request and Confirmation shall not be binding upon Administrative Agent unless and until Administrative Agent
has countersigned this Transaction Request and Confirmation and delivered it to Seller.

Exhibit
A-1

    	 

    	 

    

 

All capitalized
terms used herein but not otherwise defined shall have the meanings specified in the Agreement. The Agreement is incorporated by
reference into this Transaction Request and Confirmation, and is made a part hereof as if it were fully set forth herein and as
evidenced hereby until all amounts due in connection with this Transaction are paid in full.

	 	[_____________]
	 	By:                                                         

Name:

Title:

Administrative Agent
hereby agrees to purchase the Eligible Assets set forth in this Transaction Request and Confirmation pursuant to the provisions
of the Agreement and the terms hereof.

	 	Agreed and Accepted:
	 	Column Financial, Inc.
	 	By:                                                       

    Name:

    Title:

 

 

 

Exhibit
A-2

    	 

    	 

    

Annex 1 to Exhibit A

PURCHASED
ASSET SCHEDULE[1]

 

	 	Property Name	Name of Borrower	Proposed Purchase Date	Asset Class[1]	Asset Type	Original Unpaid Principal Amount of Eligible Asset	Current Unpaid Principal Amount of Eligible Asset	Current Market Value	Maximum Purchase Price Percentage	Asset Value	Future Funding Obligation, if any	Effective Purchase Price Percentage	Purchase Price	Pricing Rate	Repurchase Date, if any
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

[1]  Any Purchased Asset Schedule attached electronically
to any Transaction Request and Confirmation shall be attached as a “pdf” file.

[2]  Commercial Mortgage Loan or Participation
Interest

Annex
1 to Exhibit A - Page 1

    	 

    	 

    

Annex 2 to Exhibit A

PURCHASE
CLOSING STATEMENT

Column Financial, Inc.

Date[_____]

SOURCES OF CASH:

	[ELIGIBLE ASSETS]	 	$[________]
	 	 	 
	Net proceeds to:	TOTAL:	$[________]

 

 

	Account Name:	[________]
	Bank Name:	[________]
	Bank City/State:	[________]
	ABA #:	[________]
	Beneficiary Acct #:	[________]
	Reference:	[________]
	Contact Name/Number:	[________]
	 	 

 

Annex 2 to Exhibit A - Page 1

    	 

    	 

    

Annex 3 to Exhibit A

SUMMARY
DUE DILIGENCE MATERIALS

For Commercial Mortgage Loans:

		1.	Underwriting

		2.	Appraisal

		3.	Engineering

		4.	Environmental

		5.	Current Financial Statements

		6.	Current Rent Roll

		7.	Closing Binder

For Participation Interests:

1. Underwriting

2. Appraisal

3. Engineering

4. Environmental

5. Current Financial Statements

6. Current Rent Roll

7. Closing Binder

8. Documents Evidencing Participation Agreement

9. Participation Certificate (if any)

Annex
3 to Exhibit A - Page 1

    	 

    	 

    

EXHIBIT B

FORM OF
CLOSING DATA TAPE

	Loan Number
	Project_Name
	Loan_Number
	Seller
	Property_Address
	City
	State
	Zip_Code
	Property_Type
	Year_Built
	#of Properties
	Year Renovated
	Occupancy
	Date_Occupancy
	Units/Pads/Rooms
	NRSF
	Appraisal Value
	Appraisal Date
	Cross Collateralized
	Cross_Defaulted
	Original_Balance
	Current_Balance (at cut-off)
	Current_Participated_Balance (at cut-off)
	Position in Capital Structure
	First Mortgage Balance Collateral
	Subordinate Balance Collateral
	Closed
	Funding_Date
	First_Pay_Date
	Rate
	Spread Index
	Monthly Debt Service
	Loan_Type
	Interest_Rate_Cap
	Future additional debt
	Remaining I/O Terms (months)
	Note Rate At Cut-off
	Interest Accrual Method Code
	Prepayment Terms Description
	First Rate Adjustment Date
	First Payment Adjustment Date
	Lifetime Rate Floor
	Periodic Rate Increase Limit
	Periodic Rate Decrease Limit
	Payment Frequency

    	Exhibit
                                         B-1

    	 

    

 

	Maturity Date At Cut-off
	Last Extended Maturity Date
	Ownership_Interest
	Ground Lease (Y/S/N)
	Cross-Collateralized Loan Grouping
	Lien_Position
	Fixed or Floating
	Subordinate Debt
	Loan_Purpose SPE
	Lockbox
	Escrows
	Actual_NOI
	Actual NOT Period (eg t-12 3/31/2013 etc)
	UW_NOI
	UW date based on
	UW_Resv
	UW_NCF
	UW_NDSC
	UW DY
	Lockout Expiration Date
	OriginalTerm
	AmortTerm
	Rem_Term
	Rem_AmTerm
	CLTV (Combined LTV all debt)
	BLTV (Senior debt LTV)
	Recourse Loan
	Recourse to:
	Recourse Provider Net Worth
	Sponsor (Current)
	Sponsor Net Worth
	Loan Revised//Amended YorN
	Property or loan transferred YorN
	Transfer Date(if applicable)
	Initial Funded Balance
	Current Funded Balance
	Future Funding Obligation (FFO)
	FFO Funding Requirement
	Total Debt Commitment
	Gross Margin
	Libor Floor
	Libor Cap
	Libor Cap Provider
	# of Extension Options
	1st Extension Option (term)
	2nd Extension Option (term)
	3rd Extension Option (term)
	Fully Extended Loan Term (Orig)
	Fully Extended MAT Date
	Duplicate UW Fields (59-64); have 1st as As Is “and 2nd set As Stabilized”

 

    	Exhibit
                                         B-2

    	 

    

EXHIBIT C

FORM OF POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE
PRESENTS, that InPoint CS Loan, LLC (“Seller”) hereby irrevocably constitutes and appoints Column Financial,
Inc. (“Administrative Agent”) and any officer or agent thereof, with full power of substitution, as its true
and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of Seller and in the name of Seller
or in its own name, from time to time in Administrative Agent’s discretion:

(a)               
in the name of Seller, or in its own name, or otherwise, to take possession of and
endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due with respect to any
assets purchased by Administrative Agent on behalf of certain Buyers under the Master Repurchase Agreement (as amended, restated,
supplemented, or otherwise modified) dated February 15, 2018 (the “Assets”) and to file any claim or to take
any other action or proceeding in any court of law or equity or otherwise deemed appropriate by Administrative Agent for the purpose
of collecting any and all such moneys due with respect to any other assets whenever payable;

(b)              
to pay or discharge taxes and liens levied or placed on or threatened against the Assets;

(c)               
to direct any party liable for any payment under any Assets to make payment of any and all moneys due or to become due thereunder
directly to Administrative Agent or as Administrative Agent shall direct; (ii) to ask or demand for, collect, receive payment
of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out
of any Assets; (iii) to sign and endorse any invoices, assignments, verifications, notices and other documents in connection
with any Assets; (iv) to commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent
jurisdiction to collect the Assets or any proceeds thereof and to enforce any other right in respect of any Assets; (v) to
defend any suit, action or proceeding brought against Seller with respect to any Assets; (vi) to settle, compromise or adjust
any suit, action or proceeding described in clause (iv) above and, in connection therewith, to give such discharges or releases
as Administrative Agent may deem appropriate; and (vii) generally, to sell, transfer, pledge and make any agreement with respect
to or otherwise deal with any Assets as fully and completely as though Administrative Agent were the absolute owner thereof for
all purposes, and to do, at Administrative Agent’s option and Seller’s expense, at any time, and from time to time,
all acts and things which Administrative Agent deems necessary to protect, preserve or realize upon the Assets and Administrative
Agent’s Liens thereon and to effect the intent of this Agreement, all as fully and effectively as Seller might do;

(d)              
for the purpose of carrying out the transfer of servicing with respect to the Assets from Seller to a successor servicer
appointed by Administrative Agent in its sole discretion and to take any and all appropriate action and to execute any and all
documents and instruments which may be necessary or desirable to accomplish such transfer of servicing, and, without limiting the
generality of the foregoing, Seller hereby gives Administrative Agent the power and right, on behalf of Seller, without assent
by Seller, to, in the name of Seller or its own name, or otherwise, prepare and send or cause to be sent “good-bye”
letters to all mortgagors under the Assets, transferring the servicing of the Assets to a successor servicer appointed by Administrative
Agent in its sole discretion;

Exhibit
C-1

    	 

    	 

    

 

(e)               
for the purpose of delivering any notices of sale to mortgagors or other third parties, including without limitation, those
required by law.

Seller hereby ratifies
all that said attorneys shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled with
an interest and shall be irrevocable.

Seller also authorizes
Administrative Agent, from time to time, to execute, in connection with any sale, any endorsements, assignments or other instruments
of conveyance or transfer with respect to the Assets.

TO INDUCE ANY THIRD
PARTY TO ACT HEREUNDER, SELLER HEREBY AGREES THAT ANY THIRD PARTY RECEIVING A DULY EXECUTED COPY OR FACSIMILE OF THIS INSTRUMENT
MAY ACT HEREUNDER, AND THAT REVOCATION OR TERMINATION HEREOF SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL ACTUAL
NOTICE OR KNOWLEDGE OF SUCH REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD PARTY, AND ADMINISTRATIVE AGENT ON
ITS OWN BEHALF AND ON BEHALF OF ADMINISTRATIVE AGENT’S ASSIGNS, HEREBY AGREES TO INDEMNIFY AND HOLD HARMLESS ANY SUCH THIRD
PARTY FROM AND AGAINST ANY AND ALL CLAIMS THAT MAY ARISE AGAINST SUCH THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING REASONABLY
RELIED ON THE PROVISIONS OF THIS INSTRUMENT.

[REMAINDER OF PAGE INTENTIONALLY BLANK.
SIGNATURES FOLLOW.]

 

Exhibit
C-2

    	 

    	 

    

IN WITNESS WHEREOF
Seller has caused this Power of Attorney to be executed and Seller’s seal to be affixed this ______ day of _____________,
201_.

 

InPoint
CS Loan, LLC, as Seller

 

 

By: ____________________________

Name:

Title:

 

 

 

Signature Page to
Power of Attorney

    	 

    	 

    

 

	STATE OF	)             	
	 	)	ss.:                                                                                                                   
	COUNTY OF	)	 

On the ____ day of ______________,
201_ before me, a Notary Public in and for said State, personally appeared ________________________________, known to me to be
_____________________________________ of INPOINT CS LOAN, LLC, the institution that executed the within instrument and also known
to me to be the person who executed it on behalf of said corporation, and acknowledged to me that such corporation executed the
within instrument.

IN WITNESS WHEREOF,
I have hereunto set my hand affixed my office seal the day and year in this certificate first above written.

_____________________________

Notary Public

My Commission expires ________________________________

 

 

Signature
Page to Power of Attorney

    	 

    	 

    

EXHIBIT D

RESERVED

 

 

 

 

Exhibit
D

    	 

    	 

    

EXHIBIT E

FORM OF
DISTRIBUTION WORKSHEET

		1.	Trading Account

		2.	Security Number

		3.	Loan #

		4.	Asset Name

		5.	Asset Type

		6.	Start Date

		7.	End Date

		8.	Days of Interest Applied

		9.	Pricing Rate

		10.	All-in Rate

		11.	Current Advanced Amount

		12.	Total Interest Due

		13.	Total Interest Received w/ Loan Payment

 

 

Exhibit
E

    	 

    	 

    

EXHIBIT F-1

FORM OF
U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Buyers That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to the Master Repurchase Agreement dated as of February 15, 2018 (as amended, restated, supplemented, or otherwise
modified from time to time, the “Agreement”), among InPoint CS Loan, LLC (the “Seller”), Column
Financial, Inc. (the “Administrative Agent”), Credit Suisse AG, a company incorporated in Switzerland, acting
through its Cayman Islands Branch (“CS Cayman” and a “Buyer”) and Alpine Securitization LTD,
an exempted company organized under the laws of the Cayman Islands (“Alpine” and a “Buyer”).

Pursuant
to the provisions of Section 11(e) of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the ownership interest in the Transaction(s) in respect of which it is providing this certificate, (ii) it is not a bank
within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Seller within the meaning
of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Seller as described in Section
881(c)(3)(C) of the Code.

The undersigned
has furnished the Seller with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable).
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform the Seller, and (2) the undersigned shall have at all times furnished the Seller with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.

 

 

 

	                                                                             	COLUMN FINANCIAL, INC.
	 	By:                                                                
	 	 	(i)     Name:  
	 	 	(ii)   Title:  

Date: ________ __, 20[ ]

 

Exhibit
F-1

    	 

    	 

    

 

EXHIBIT F-2

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to the Master Repurchase Agreement dated as of February 15, 2018 (as amended, restated, supplemented, or otherwise
modified from time to time, the “Agreement”), among InPoint CS Loan, LLC (the “Seller”),
Column Financial, Inc. (the “Administrative Agent”), Credit Suisse AG, a company incorporated in Switzerland,
acting through its Cayman Islands Branch (“CS Cayman” and a “Buyer”) and Alpine Securitization
LTD, an exempted company organized under the laws of the Cayman Islands (“Alpine” and a “Buyer”).

Pursuant
to the provisions of Section 11(e) of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section
881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Seller within the meaning of Section 871(h)(3)(B) of
the Code, and (iv) it is not a controlled foreign corporation related to the Seller as described in Section 881(c)(3)(C) of the
Code.

The undersigned has
furnished its participating Buyer with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E (as
applicable). By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform such Buyer in writing, and (2) the undersigned shall have at all times furnished such
Buyer with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.

 

 

	                                                                          	[NAME OF PARTICIPANT]
	 	By:                                                         
	 	 	(iii) Name:  
	 	 	(iv) Title:  

Date: ________ __, 20[ ]

 

Exhibit
F-2

    	 

    	 

    

 

EXHIBIT F-3

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to the Master Repurchase Agreement dated as of February 15, 2018 (as amended, restated, supplemented or otherwise
modified from time to time, the “Agreement”), among InPoint CS Loan, LLC (the “Seller”), Column
Financial, Inc. (the “Administrative Agent”), Credit Suisse AG, a company incorporated in Switzerland, acting
through its Cayman Islands Branch (“CS Cayman” and a “Buyer”) and Alpine Securitization LTD,
an exempted company organized under the laws of the Cayman Islands (“Alpine” and a “Buyer”).

Pursuant
to the provisions of Section 11(e) of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial
owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of the Seller within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is
a controlled foreign corporation related to the Seller as described in Section 881(c)(3)(C) of the Code.

The undersigned has
furnished its participating Buyer with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) or (ii) an IRS Form
W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Buyer and (2) the undersigned
shall have at all times furnished such Buyer with a properly completed and currently effective certificate in either the calendar
year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined
herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.

 

	                                                                             	[NAME OF PARTICIPANT]
	 	By:                                                          
	 	 	(v)   Name:  
	 	 	(vi) Title:  

Date: ________ __, 20[ ]

 

Exhibit
F-3

     

     

    

 

EXHIBIT F-4

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Buyers That Are Partnerships For
U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to the Master Repurchase Agreement dated as of February 15, 2018 (as amended, restated, supplemented, or otherwise
modified from time to time, the “Agreement”), among InPoint CS Loan, LLC (the “Seller”), Column
Financial, Inc. (the “Administrative Agent”), Credit Suisse AG, a company incorporated in Switzerland, acting
through its Cayman Islands Branch (“CS Cayman” and a “Buyer”) and Alpine Securitization LTD,
an exempted company organized under the laws of the Cayman
Islands (“Alpine” and a “Buyer”).

Pursuant
to the provisions of Section 11(e) of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
ownership interest in the Transaction(s) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members
are the sole beneficial owners of such interest, (iii) with respect to such interest, neither the undersigned nor any of its direct
or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of the Seller within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or
indirect partners/members is a controlled foreign corporation related to the Seller as described in Section 881(c)(3)(C) of the
Code.

The undersigned has
furnished the Seller with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming
the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) from each of such partner’s/member’s beneficial owners that
is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information
provided on this certificate changes, the undersigned shall promptly so inform the Seller, and (2) the undersigned shall have at
all times furnished the Seller with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.

 

	                                                                             	[NAME OF BUYER]
	 	By:                                                                 
	 	 	(vii)                        Name:  
	 	 	(viii)                      Title:  

Date: ________ __, 20[ ]

 

Exhibit
F-4

    	 

    	 

    

EXHIBIT G

FORM OF
NOTICE TO MORTGAGOR

NOTICE TO MORTGAGORS

[__________]

[Name of Mortgagor]

[Address]

[__________]

Fax:

Phone:

[Name of Mortgagor]

[Address]

[__________]

Fax:

Phone:

		Re:	Transfer of Loan

Ladies and Gentlemen:

We hereby notify
you that your loan has been transferred to Column Financial, Inc. and [________] will be the servicer of your loan. As such
all future payments shall be made to the following account:

	Wire Instructions:	[__________]
	 	Account #: [________]
	 	Account Name: [________]
	 	Attention: [_______]
	 	Reference: [Loan/Property Name]
	 	 

 

Exhibit G-1

    	 

    	 

    

Please send all questions and correspondence
to the following address:

	 	[__________]
	 	 

Very truly yours,

	                                                          	InPoint CS Loan, LLC, as Seller
	 	By:                                                               

    Name:                                                           

    Title:                                                             

    Date:                                                            
	 	 

Exhibit G-2

    	 

    	 

    

EXHIBIT H

REQUEST
FOR REPURCHASE AND CONFIRMATION

[DATE]

		To:	Column Financial, Inc.

Eleven Madison Avenue

New York, New York 10010

Attention: Jack Hempling

		Re:	Master Repurchase Agreement dated as of February 15, 2018, as amended, (the “Agreement”)
by and among Column Financial, Inc. (the “Administrative Agent”), Credit Suisse AG, a company incorporated in
Switzerland, acting through its Cayman Islands Branch (“CS Cayman” and a “Buyer”), Alpine
Securitization LTD, an exempted company organized under the laws of the Cayman Islands (“Alpine” and a “Buyer”)
and InPoint CS Loan, LLC (the “Seller”).

In connection with
the Purchased Assets currently subject to a Transaction under the Agreement, we request [the repurchase of] those
certain Purchased Asset(s) described on Schedule A attached hereto[and release of any and all liens placed by
Administrative Agent thereon].

Reason for Requesting
Repurchase (check one):

	1.	The underlying borrower with respect to the Purchased Asset has repaid/is repaying in full.
	 	 
	2.	The Seller will reconstitute/restructure the Purchased Asset.  Explain:
	 	
	 	 
	3.	The Purchased Asset is in foreclosure or UCC sale proceedings.
	 	 
	4.	The Seller is amending the underlying asset documents of the Purchased Asset.
	 	 
	5.	The Seller is selling the Purchased Asset to a third party and/or the Purchased Asset is being placed into a securitization transaction.
	 	 
	6.	Other. Explain:

	 	
	 	 

 

Exhibit H-1

    	 

    	 

    

Seller acknowledges
that this Request for Repurchase and Confirmation is not binding upon Administrative Agent unless and until Administrative Agent
has countersigned this Request for Repurchase and Confirmation and delivered it to Seller.

	                                                  	INPOINT CS LOAN, LLC

Seller
	 	By:                                                 

Name:                                            

Title:                                               

 

Exhibit H-2

    	 

    	 

    

Administrative Agent
hereby releases all right, interest, lien or claim of any kind with respect to the Purchased Asset(s) listed on the attached Schedule A,
such release to be effective [upon ______________________] [and upon receipt by Administrative Agent of immediately
available funds in an amount equal to $[___] (the “Proceeds”), in accordance with the following
wire instructions:

Column Financial

Bank of New York

New York, NY

Account No. 890-1140-821

ABA No. 021000018

Account Name: Column Financial, Inc.

Attention: Credit Suisse CMBS Operations

	 	 
	                                                                           	Accepted and Approved:
	 	COLUMN FINANCIAL, INC.,

Administrative Agent
	 	By:                                                   

    Name:                                            

    Title:                                              

 

Exhibit H-3

    	 

    	 

    

 

SCHEDULE
A

Seller requests to repurchase the following
Purchased Asset(s):

		1.	[__________]

 

Exhibit
H-4

    	 

    	 

    

EXHIBIT I

 

FORM OF ESCROW INSTRUCTION LETTER

 

[DATE]

[NAME OF TITLE COMPANY] (“Title Company”)

[TITLE COMPANY ADDRESS]

		Re:	$[______] Loan (the “Loan”) being made by [__________] (“Lender”)
to [______], a [_______] (“Borrower”), secured by property commonly known as [______] (the “Property”)

Ladies and Gentlemen:

On or promptly after
the date hereof, Title Company shall receive in one or more wire transfers (a) $[___________] from Lender (the “Lender
Proceeds”) and (b) $_________ from Column Financial, Inc. (the “CS Proceeds”; collectively with the
Lender Proceeds, the “Proceeds”). The total amount of the Proceeds is equal to $[___________]. The Lender Proceeds
shall be wired to Title Company by Lender, and the CS Proceeds shall be wired to Title Company by Column Financial, Inc. (herein,
“Administrative Agent”) pursuant to the wiring instructions of [_________] attached hereto as Exhibit A.

On or before the
date hereof, Title Company has received an executed counterpart of each of the following instruments with respect to the Property
(collectively, the “Assignment Documents”):

		(A)	[Assignment of Mortgage] by Lender to [Seller]); and

		(B)	[Assignment of Assignment of Leases and Rents from Lender to [Seller].]

By Title Company’s
acceptance of this letter (this “Side Letter”), Title Company hereby irrevocably agrees that:

(a)       Upon
receipt of the Proceeds, Title Company will advise Lender’s Counsel and Administrative Agent’s Counsel (as defined
below) in writing (which may be by e-mail transmission) of such receipt; and

(b)       Upon
written instruction (which may be by e-mail transmission) from both (i) [Jeffrey O’Neale (jeffrey.oneale@alston.com)] or
another attorney at Alston & Bird LLP (herein, “Administrative Agent’s Counsel”), on behalf of Administrative
Agent, and (ii) _____________________ or another attorney at _____________________ (herein, “Lender’s Counsel”),
on behalf of Lender and [Seller], Title Company will promptly disburse the Proceeds in accordance with the settlement statement
and disbursement instructions provided by Lender’s Counsel as signed by Borrower, in accordance with that certain Escrow
Letter dated as of the date hereof by and among Title Company, Borrower and Lender’s Counsel (the “Escrow Letter”);
and

Exhibit
I-1

    	 

    	 

    

 

(c)       Promptly
upon disbursement of the Proceeds as aforesaid, Title Company will cause the Assignment Documents to be recorded in the appropriate
jurisdiction of the Property (or otherwise deliver the Assignment Documents as directed by Administrative Agent’s Counsel.

Notwithstanding
anything to the contrary contained herein, Title Company hereby agrees not to disburse any of the Proceeds until written authorization
(which may be by e-mail transmission) has been provided to Title Company by both (i) Administrative Agent’s Counsel and (ii)
Lender’s Counsel.

In the event that
Title Company has not received written authorization from both (i) Administrative Agent’s Counsel and (ii) Lender’s
Counsel on or prior to 2:00 PM (EDT) on [DATE], Title Company hereby agrees to contact both Lender’s Counsel and Administrative
Agent’s Counsel for instructions as to the disposition of the Proceeds (and, in the absence of joint instructions, to comply
with the instructions of Lender’s Counsel as to the Lender Proceeds and the Assignment Documents and to comply with the instructions
of Administrative Agent’s Counsel as to the CS Proceeds).

This Side Letter
may be executed in counterparts, all of which when taken together shall constitute one and the same instrument. A signed counterpart
of this Side Letter which is telecopied or electronically transmitted shall constitute an original.

[Remainder of Page Intentionally Left
Blank; Signature Page Follows]

Exhibit
I-2

    	 

    	 

    

Please acknowledge
Title Company's receipt of the Assignment Documents and confirm Title Company's agreement to comply with the foregoing instructions
by signing below and emailing a counter-signed copy of this Side Letter to the attention of the undersigned at [__________].

Very truly yours,

[_____________]

By:                                                                                

[_________________]

cc:[___________]

 

 

Exhibit
I-3Exhibit
10.2

GUARANTY

GUARANTY, dated as
of February 15, 2018 (as amended, restated, supplemented, or otherwise modified from time to time, this “Guaranty”),
made by InPoint Commercial Real Estate Income, Inc., a Maryland corporation (the “Guarantor”), in favor of Column
Financial, Inc. (the “Administrative Agent”) for the benefit of Buyers.

RECITALS

Pursuant to the Master
Repurchase Agreement, dated as of February 15, 2018 (as amended, restated, supplemented, or otherwise modified from time to time,
the “Repurchase Agreement”), among InPoint CS Loan, LLC (the “Seller”) and the Administrative
Agent on behalf of Buyers and Repledgees, the Administrative Agent on behalf of certain Buyers and the Seller may, from time to
time, enter into transactions (each, a “Transaction”) in which the (i) Administrative Agent on behalf of Buyers
shall purchase from the Seller certain Purchased Assets and (ii) Seller will repurchase the Purchased Assets on the applicable
Repurchase Date. It is a condition precedent to the obligation of the Administrative Agent on behalf of Buyers to enter into Transactions
under the Repurchase Agreement that the Guarantor shall have executed and delivered this Guaranty to the Administrative Agent for
the benefit of Buyers.

NOW,
THEREFORE, in consideration of the foregoing premises, to induce the Administrative Agent and Buyers to enter into the Repurchase
Agreement and to enter into Transactions thereunder, the Guarantor hereby agrees with the Administrative Agent and Buyers, as follows:

1.                 
Defined Terms.

(a)               
Unless otherwise defined herein, terms which are defined in the Repurchase Agreement and used herein are so used as so defined.

(b)              
For purposes of this Guaranty, “Obligations” shall mean all obligations and liabilities of the Seller
to the Administrative Agent and Buyers, whether direct or indirect, absolute or contingent, due or to become due, or now existing
or hereafter incurred, which may arise under, or out of or in connection with the Repurchase Agreement and any other Program Agreements
and any other document made, delivered or given in connection therewith or herewith, whether on account of principal, interest,
reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees and disbursements of counsel
to the Administrative Agent and Buyers that are required to be paid by a party to the Transaction pursuant to the terms of the
Program Agreements and costs of enforcement of this Guaranty) or otherwise.

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2.                 
Guaranty.

(a)               
The Guarantor hereby unconditionally and irrevocably guarantees to the Administrative Agent for the benefit of Buyers the
prompt and complete payment and performance by the Seller when due (whether at the stated maturity, by acceleration or otherwise)
of the Obligations.

The Guarantor shall
pay additional amounts to, and indemnify, the Administrative Agent and Buyers (including for purposes of this Section 2,
any assignee, successor or participant) with respect to Taxes (as defined in the Repurchase Agreement) imposed on payments pursuant
to this Guaranty to the same extent as the Seller would have paid additional amounts and indemnified the Administrative Agent and
Buyers with respect to Taxes under Section 11(e) of the Repurchase Agreement if the Guarantor were the Seller under the Repurchase
Agreement. For the avoidance of doubt, any such payments are in addition to the Guarantor's obligation to pay any amounts required
to be paid by the Seller to the Administrative Agent and Buyers.

(b)              
The Guarantor further agrees to pay any and all expenses (including, without limitation, all fees and disbursements of counsel),
which may be paid or incurred by the Administrative Agent or Buyers in enforcing, or obtaining advice of counsel in respect of,
any rights with respect to, or collecting, any or all of the Obligations and/or enforcing any rights with respect to, or collecting
against, the Guarantor under this Guaranty. This Guaranty shall remain in full force and effect until the later of (i) the termination
of the Repurchase Agreement or (ii) the Obligations are paid in full, notwithstanding that from time to time prior thereto the
Seller may be free from any Obligations.

(c)               
No payment or payments made by the Seller or any other Person or received or collected by the Administrative Agent from
the Seller or any other Person by virtue of any action or proceeding or any set-off or appropriation or application, at any time
or from time to time, in reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise
affect the liability of the Guarantor hereunder which shall, notwithstanding any such payment or payments, remain liable for the
amount of the Obligations until the Obligations are paid in full.

(d)              
Guarantor agrees that whenever, at any time, or from time to time, the Guarantor shall make any payment to the Administrative
Agent for the benefit of Buyers on account of the Guarantor’s liability hereunder, the Guarantor will notify the Administrative
Agent in writing that such payment is made under this Guaranty for such purpose.

    2 

     

    

 

3.                 
Right of Set-off. The Buyers are hereby irrevocably authorized at any time and from time to time without notice to
the Guarantor, any such notice being hereby waived by the Guarantor, to set-off and appropriate and apply any and all monies and
other property of the Guarantor, deposits (general or special, time or demand, provisional or final), in any currency, and any
other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured
or unmatured, at any time held or owing by the Buyers or any affiliate thereof to or for the credit or the account of the Guarantor,
or any part thereof in such amounts as the Buyers may elect, on account of the Obligations and liabilities of the Guarantor hereunder
and claims of every nature and description of the Buyers against the Guarantor, in any currency, whether arising hereunder, under
the Repurchase Agreement or otherwise, as the Buyers may elect, whether or not the Administrative Agent has made any demand for
payment and although such Obligations and liabilities and claims may be contingent or unmatured. The Administrative Agent shall
notify the Guarantor promptly after receipt of notice of any such set-off and the application made by the Buyers, provided that
the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Buyers under this
paragraph are in addition to other rights and remedies (including, without limitation, other rights of set-off) which the Buyers
may have.

4.                 
Subrogation. Notwithstanding any payment or payments made by the Guarantor hereunder or any set-off or application
of funds of the Guarantor by the Buyers, the Guarantor shall not be entitled to be subrogated to any of the rights of the Administrative
Agent or Buyers against the Seller or any other guarantor or any collateral security or guarantee or right of offset held by the
Administrative Agent or Buyers for the payment of the Obligations, nor shall the Guarantor seek or be entitled to seek any contribution
or reimbursement from the Seller or any other guarantor in respect of payments made by the Guarantor hereunder, until all amounts
owing to the Administrative Agent or Buyers by the Seller on account of the Obligations are paid in full and the Repurchase Agreement
is terminated. If any amount shall be paid to the Guarantor on account of such subrogation rights at any time when all of the Obligations
shall not have been paid in full, such amounts shall be held by the Guarantor in trust for the Administrative Agent, segregated
from other funds of the Guarantor, and shall, forthwith upon receipt by the Guarantor, be turned over to the Administrative Agent
in the exact form received by the Guarantor (duly indorsed by the Guarantor to the Administrative Agent, if required), to be applied
against the Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine.

    3 

     

    

 

5.                 
Amendments, etc. with Respect to the Obligations. Guarantor shall remain obligated hereunder notwithstanding that,
without any reservation of rights against the Guarantor, and without notice to or further assent by the Guarantor, any demand for
payment of any of the Obligations made by the Administrative Agent may be rescinded by the Administrative Agent, and any of the
Obligations continued, and the Obligations, or the liability of any other party upon or for any part thereof, or any collateral
security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed,
extended, amended, modified, accelerated, compromised, waived, surrendered, or released by the Administrative Agent or Buyers,
and the Repurchase Agreement, and the other Program Agreements and any other document in connection therewith may be amended, modified,
supplemented, or terminated, in whole or in part, as the Administrative Agent may deem advisable from time to time, and any collateral
security, guarantee or right of offset at any time held by the Administrative Agent or Buyers for the payment of the Obligations
may be sold, exchanged, waived, surrendered or released. The Administrative Agent shall have no obligation to protect, secure,
perfect or insure any Lien at any time held by it as security for the Obligations or for this Guaranty or any property subject
thereto. When making any demand hereunder against the Guarantor, the Administrative Agent may, but shall be under no obligation
to, make a similar demand on the Seller or any other guarantor, and any failure by the Administrative Agent to make any such demand
or to collect any payments from the Seller or any such other guarantor or any release of the Seller or such other guarantor shall
not relieve the Guarantor of its obligations or liabilities hereunder, and shall not impair or affect the rights and remedies,
express or implied, or as a matter of law, of the Administrative Agent or Buyers against the Guarantor. For the purposes hereof
“demand” shall include the commencement and continuance of any legal proceedings.

6.                 
Guaranty Absolute and Unconditional.

(a)               
Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice
of or proof of reliance by the Administrative Agent upon this Guaranty or acceptance of this Guaranty; the Obligations, and any
of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived in
reliance upon this Guaranty; and all dealings between the Seller or the Guarantor, on the one hand, and the Administrative Agent
on behalf of Buyers, on the other, shall likewise be conclusively presumed to have been had or consummated in reliance upon this
Guaranty. Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the
Seller or the Guarantor with respect to the Obligations. This Guaranty shall be construed as a continuing, absolute and unconditional
guarantee of payment without regard to (i) the validity or enforceability of the Repurchase Agreement, the other Program Agreements,
any of the Obligations or any collateral security therefor or guarantee or right of offset with respect thereto at any time or
from time to time held by the Administrative Agent; (ii) any defense, set-off or counterclaim (other than a defense of payment
or performance) which may at any time be available to or be asserted by the Seller against the Administrative Agent or Buyers;
or (iii) any other circumstance whatsoever (with or

    4 

     

    

 

without notice to
or knowledge of the Seller or the Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge
of the Seller for the Obligations, or of the Guarantor under this Guaranty, in bankruptcy or in any other instance. When pursuing
its rights and remedies hereunder against the Guarantor, the Administrative Agent may, but shall be under no obligation, to pursue
such rights and remedies that they may have against the Seller or any other Person or against any collateral security or guarantee
for the Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent to pursue such other
rights or remedies or to collect any payments from the Seller or any such other Person or to realize upon any such collateral security
or guarantee or to exercise any such right of offset, or any release of the Seller or any such other Person or any such collateral
security, guarantee or right of offset, shall not relieve the Guarantor of any liability hereunder, and shall not impair or affect
the rights and remedies, whether express, implied, or available as a matter of law, of the Administrative Agent on behalf of Buyers
against the Guarantor. This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent
of its terms upon the Guarantor and its successors and assigns thereof, and shall inure to the benefit of the Administrative Agent,
the Buyers and their respective successors, indorsees, transferees, and assigns, until all the Obligations and the obligations
of the Guarantor under this Guaranty shall have been satisfied by payment in full, notwithstanding that from time to time during
the term of the Repurchase Agreement the Seller may be free from any Obligations.

(b)              
Without limiting the generality of the foregoing, Guarantor hereby agrees, acknowledges, and represents and warrants to
the Administrative Agent and Buyers as follows:

(i)                
Guarantor hereby waives any defense arising by reason of, and any and all right to assert against the Administrative Agent
and Buyers any claim or defense based upon, an election of remedies by the Administrative Agent and Buyers which in any manner
impairs, affects, reduces, releases, destroys, and/or extinguishes Guarantor’s subrogation rights, rights to proceed against
the Seller or any other guarantor for reimbursement or contribution, and/or any other rights of the Guarantor to proceed against
the Seller, against any other guarantor, or against any other person or security.

    5 

     

    

 

(ii)              
Guarantor is presently informed of the financial condition of the Seller and of all other circumstances which diligent inquiry
would reveal and which bear upon the risk of nonpayment of the Obligations. The Guarantor hereby covenants that it will make its
own investigation and will continue to keep itself informed of the Seller’s financial condition, the status of other guarantors,
if any, of all other circumstances which bear upon the risk of nonpayment and that it will continue to rely upon sources other
than the Administrative Agent for such information and will not rely upon the Administrative Agent for any such information. Absent
a written request for such information by the Guarantor to the Administrative Agent, Guarantor hereby waives its right, if any,
to require the Administrative Agent to disclose to Guarantor any information which the Administrative Agent may now or hereafter
acquire concerning such condition or circumstances including, but not limited to, the release of or revocation by any other guarantor.

(iii)            
Guarantor has independently reviewed the Repurchase Agreement and related agreements and has made an independent determination
as to the validity and enforceability thereof, and in executing and delivering this Guaranty to the Administrative Agent, Guarantor
is not in any manner relying upon the validity, and/or enforceability, and/or attachment, and/or perfection of any Liens or security
interests of any kind or nature granted by the Seller or any other guarantor to the Administrative Agent, now or at any time and
from time to time in the future.

7.                 
Reinstatement. This Guaranty shall continue to be effective, or be reinstated, as the case may be, if at any time
payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Administrative
Agent upon the insolvency, bankruptcy, dissolution, liquidation, or reorganization of the Seller or upon or as a result of the
appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Seller or any substantial part
of its property, or otherwise, all as though such payments had not been made.

8.                 
Payments. Guarantor hereby agrees that the Obligations will be paid to the Administrative Agent without set-off or
counterclaim in U.S. Dollars.

9.                 
Representations and Warranties. Guarantor represents and warrants to Administrative Agent and Buyers as of the date
hereof and as of each Purchase Date and at all times while the Program Agreements are in full force and effect and/or any Transaction
under the Repurchase Agreement is outstanding that:

(a)               
Guarantor Existence. Guarantor has been duly organized and is validly existing as a corporation in good standing
under the laws of the State of Maryland.

    6 

     

    

 

(b)              
Licenses. Guarantor is duly licensed or is otherwise qualified in each jurisdiction in which it transacts business
for the business which it conducts and is not in default of any federal, state or local laws, rules and regulations unless, in
any instance, the failure to take such action or to so comply or such default is not reasonably likely (either individually or
in the aggregate) to cause a Material Adverse Effect. Guarantor has the requisite power and authority and legal right to execute
and deliver, engage in the transactions contemplated by, and perform and observe the terms and conditions of, this Guaranty and
each Program Agreement.

(c)               
Power. Guarantor has all requisite corporate or other power, and has all governmental licenses, authorizations, consents
and approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted, except where the
lack of such licenses, authorizations, consents and approvals would not be reasonably likely to have a Material Adverse Effect.

(d)              
Due Authorization. Guarantor has all necessary corporate or other power, authority and legal right to execute, deliver
and perform its obligations under each of the Program Agreements, as applicable. This Guaranty and the Program Agreements have
been (or, in the case of Program Agreements not yet executed, will be) duly authorized, executed, and delivered by Guarantor, all
requisite or other action having been taken, and each is valid, binding and enforceable against Guarantor in accordance with its
terms except as such enforcement may be affected by bankruptcy, by other insolvency laws, or by general principles of equity.

(e)               
Financial Statements. The Guarantor has heretofore furnished to Administrative Agent a copy of (a) its consolidated
balance sheet and the consolidated balance sheets of its consolidated Subsidiaries for the fiscal year of the Guarantor ended December
31, 2016 and the related consolidated statements of income and retained earnings and of cash flows for the Guarantor and its consolidated
Subsidiaries for such fiscal year, setting forth in each case in comparative form the figures for the previous year, with the opinion
thereon of KPMG LLP and (b) its consolidated balance sheet and the consolidated balance sheets of its consolidated Subsidiaries
for the quarterly fiscal periods of the Guarantor ended March 31, 2017, June 30, 2017, and September 30, 2017 and the related consolidated
statements of income and retained earnings and of cash flows for the Guarantor and its consolidated Subsidiaries for such quarterly
fiscal periods, setting forth in each case in comparative form the figures for the previous year. All such financial statements
are complete and correct and fairly present, in all material respects, the consolidated financial condition of the Guarantor and
its Subsidiaries and the consolidated results of their operations as at such dates and for such fiscal periods, all in accordance
with GAAP applied on a consistent basis. Since December 31, 2016, there has been no material adverse change in the consolidated
business, operations or financial condition of the Guarantor and its consolidated Subsidiaries taken as a whole from that set forth
in said financial statements nor is Guarantor aware of any state of facts which (with notice or the lapse of time) would or could
result in any such material adverse change. The Guarantor has, on the date of the statements delivered pursuant to this subparagraph
no liabilities, direct or indirect, fixed or contingent, matured or unmatured, known or unknown, or liabilities for taxes, long-term
leases

    7 

     

    

 

or unusual forward
or long-term commitments not disclosed by, or reserved against in, said balance sheet and related statements, and at the present
time there are no material unrealized or anticipated losses from any loans, advances or other commitments of Guarantor except as
heretofore disclosed to Administrative Agent in writing.

(f)               
Solvency. Guarantor is solvent and will not be rendered insolvent and, after giving effect to this Guaranty, will
not be left with an unreasonably small amount of capital with which to engage in its business. Guarantor neither intends to incur,
nor believes that it has incurred, debts beyond its ability to pay such debts as they mature and is not contemplating the commencement
of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator,
trustee or similar official in respect of such entity or any of its assets.

(g)              
No Conflicts. The execution, delivery and performance by Guarantor of this Guaranty and the Program Agreements do
not conflict with any term or provision of the organizational documents of Guarantor or any law, rule, regulation, order, judgment,
writ, injunction, or decree applicable to Guarantor of any court, regulatory body, administrative agency or governmental body having
jurisdiction over Guarantor, which conflict would have a Material Adverse Effect and will not result in any violation of any such
mortgage, instrument, agreement or obligation to which Guarantor is a party.

(h)              
True and Complete Disclosure. All information, reports, exhibits, schedules, financial statements, or certificates
of Guarantor or any Affiliate thereof or any of their officers furnished or to be furnished to Administrative Agent or Buyers in
connection with the initial or any ongoing due diligence of Guarantor or any Affiliate or officer thereof, or the negotiation,
preparation, or delivery of this Guaranty and the Program Agreements are true and complete and do not omit to disclose any material
facts necessary to make the statements herein or therein, in light of the circumstances in which they are made, not misleading.
All financial statements have been prepared in accordance with GAAP.

(i)                
Approvals. No consent, approval, authorizations or order of, registration or filing with, or notice to any governmental
authority or court is required under applicable law in connection with the execution, delivery and performance by Guarantor of
this Guaranty and the Program Agreements.

(j)                
Litigation. There is no action, proceeding or investigation pending with respect to which Guarantor has received
service of process or, to the best of Guarantor’s knowledge threatened against it before any court, administrative agency
or other tribunal (A) asserting the invalidity of this Guaranty or any Program Agreement; (B) seeking to prevent the
consummation of any of the transactions contemplated by this Guaranty or any Program Agreement; (C) makes a claim individually
in an amount greater than $1,000,000 or in an aggregate amount greater than $1,000,000; (D) which requires filing with the
Securities and Exchange Commission in accordance with the 1934 Act or any rules thereunder; or (E) which might materially
and adversely affect the performance by it of its obligations under, or the validity or enforceability of, this Guaranty or any
Program Agreement.

    8 

     

    

 

(k)              
Material Adverse Change. There has been no change having a Material Adverse Effect.

(l)                
Taxes. Guarantor is a U.S. Person. Guarantor has timely filed all income and other material tax returns required
to be filed by it, and have timely paid all income and other material Taxes required to be paid by it (whether or not such Taxes
are shown as due on such returns), other than Taxes that are being contested in good faith by appropriate proceedings and for which
adequate reserves have been made in accordance with GAAP. There are no Liens for Taxes on any of Guarantor’s assets or income,
other than statutory Liens for Taxes not yet due and payable and with respect to which adequate reserves have been made in accordance
with GAAP.

(m)            
Investment Company. None of Guarantor or any of its Subsidiaries is required to register as an “investment
company”, or a company “controlled” by an “investment company,” within the meaning of the Investment
Company Act of 1940, as amended.

(n)              
ERISA. Guarantor and its Subsidiaries are not party to any Plan or Multiemployer Plan.

(o)              
No Reliance. Guarantor has made its own independent decisions to enter into this Guaranty and the Program Agreements
based upon its own judgment and upon advice from such advisors (including without limitation, legal counsel and accountants) as
it has deemed necessary. Guarantor is not relying upon any advice from Administrative Agent or Buyers as to any aspect of this
Guaranty, including without limitation, the legal, accounting or tax treatment of this Guaranty.

(p)              
Plan Assets. Guarantor is not an employee benefit plan as defined in Section 3 of Title I of ERISA, or
a plan described in Section 4975(e)(1) of the Code, the Purchased Assets are not “plan assets” within the meaning
of 29 CFR §2510.3-101 as amended by Section 3(42) of ERISA in the Guarantor’s hands, and transactions by or with
Guarantor are not subject to any state or local statute regulating investments, or fiduciary obligations with respect to governmental
plans within the meaning of Section 3(32) of ERISA.

(q)              
No Prohibited Persons. Neither Guarantor nor, to Guarantor’s knowledge, any of its respective Affiliates, officers,
directors, partners or members, is an entity or person (or to the Guarantor’s knowledge, fifty (50) percent or greater owned
by an entity or person): (i)  whose name appears on the United States Treasury Department’s Office of Foreign Assets
Control (“OFAC”) most current list of “Specifically Designated National and Blocked Persons” (which
list may be published from time to time in various mediums including, but not limited to, the OFAC website, http:www.treas.gov/ofac/t11sdn.pdf);
or (ii) is otherwise the target of sanctions administered by OFAC (any and all parties or persons described in clauses (i)
and (ii) above are herein referred to as a “Prohibited Person”).

    9 

     

    

 

10.             
Covenants. Guarantor covenants with Administrative Agent and Buyers that at all times, during the term of this Guaranty:

(a)               
Prohibition of Fundamental Changes. Guarantor shall not enter into any transaction of merger or consolidation or
amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation, winding up or dissolution) or sell all or substantially
all of its assets.

(b)              
Insurance. The Guarantor shall continue to maintain, for Seller and its Subsidiaries, Fidelity Insurance in an aggregate
amount at least equal to $5,000,000. The Guarantor shall maintain, for Seller and its Subsidiaries, Fidelity Insurance in respect
of its officers, employees and agents, with respect to any claims made in connection with all or any portion of the Repurchase
Assets. The Guarantor shall notify the Administrative Agent of any material change in the terms of any such Fidelity Insurance.

(c)               
Material Change in Business. Guarantor shall not make any material change in the nature of its business as carried
on at the date hereof.

(d)              
Distributions. If an Event of Default has occurred and is continuing, Guarantor shall not pay any dividends with
respect to any capital stock or other equity interests in such entity, whether now or hereafter outstanding, or make any other
distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of Guarantor. Notwithstanding
the foregoing, Guarantor shall at all times be permitted to make such distributions necessary under applicable law to maintain
its status as a real estate investment trust.

(e)               
Applicable Law. Guarantor shall comply with the requirements of all applicable laws, rules, regulations and orders
of any Governmental Authority.

(f)               
Existence. Guarantor shall preserve and maintain its legal existence and all of its material rights, privileges,
licenses and franchises.

(g)              
Taxes. Guarantor will remain a U.S. Person. Guarantor will timely file all income and other material tax returns
required to be filed by it, and will timely pay all income and other material Taxes required to be paid by it (whether or not such
Taxes are shown as due on such returns), other than Taxes that are being contested in good faith by appropriate proceedings and
for which adequate reserves are made in accordance with GAAP. Guarantor will not suffer the creation of any Liens for Taxes on
any of its assets or income, other than statutory Liens for Taxes not yet due and payable and with respect to which adequate reserves
are made in accordance with GAAP.

    10 

     

    

 

(h)              
True and Correct Information. All information, reports, exhibits, schedules, financial statements or certificates
provided by or on behalf of Guarantor, any Affiliate thereof or any of their officers furnished to Administrative Agent and/or
Buyers hereunder and during Administrative Agent’s and/or Buyers’ diligence of Guarantor are and will be true and complete
in all material respects and do not omit to disclose any material facts necessary to make the statements herein or therein, in
light of the circumstances in which they are made, not misleading. All required financial statements, information and reports delivered
by Guarantor to Administrative Agent and/or Buyers pursuant to this Guaranty shall be prepared in accordance with U.S. GAAP, or,
if applicable, to SEC filings, the appropriate SEC accounting regulations.

(i)                
Plan Assets. Guarantor shall not be an employee benefit plan as defined in Section 3 of Title I of ERISA,
or a plan described in Section 4975(e)(1) of the Code and the Guarantor shall not use “plan assets” within the
meaning of 29 CFR §2510.3-101 as amended by Section 3(42) of ERISA to engage in this Guaranty, and transactions by or
with Guarantor shall not be subject to any state or local statute regulating investments of, or fiduciary obligations with respect
to governmental plans within the meaning of Section 3(32) of ERISA.

(j)                
Financial Covenants. Guarantor shall at all times comply with all financial covenants and/or financial ratios set
forth in Section 3 of the Pricing Side Letter.

11.             
Event of Default. If an Event of Default under the Repurchase Agreement shall have occurred and be continuing, the
Guarantor agrees that, as between the Guarantor and Administrative Agent, the Obligations may be declared to be due for purposes
of this Guaranty notwithstanding any stay, injunction or other prohibition which may prevent, delay or vitiate any such declaration
as against the Seller and that, in the event of any such declaration (or attempted declaration), such Obligations shall forthwith
become due by the Guarantor for purposes of this Guaranty.

12.             
Severability. Any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

13.             
Headings. The paragraph headings used in this Guaranty are for convenience of reference only and are not to affect
the construction hereof or be taken into consideration in the interpretation hereof.

    11 

     

    

 

14.             
No Waiver; Cumulative Remedies. The Administrative Agent shall not by any act (except by a written instrument pursuant
to Section 15 hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or
to have acquiesced in any Default or Event of Default or in any breach of any of the terms and conditions hereof. No failure to
exercise, nor any delay in exercising, on the part of the Administrative Agent, any right, power or privilege hereunder shall operate
as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. A waiver by the Administrative Agent of any right or remedy
hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Administrative Agent would otherwise
have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and
are not exclusive of any rights or remedies provided by law.

15.             
Waivers and Amendments; Successors and Assigns; Governing Law. None of the terms or provisions of this Guaranty may
be waived, amended, supplemented or otherwise modified except by a written instrument executed by the Guarantor and the Administrative
Agent on behalf of Buyers, provided that any provision of this Guaranty may be waived by the Administrative Agent on behalf of
Buyers in a letter or agreement executed by the Administrative Agent or by facsimile or electronic transmission from the Administrative
Agent. This Guaranty shall be binding upon the successors and assigns of the Guarantor and shall inure to the benefit of the Administrative
Agent on behalf of Buyers and its respective successors and assigns.

16.             
Notices. Notices by the Administrative Agent to the Guarantor shall be given in accordance with the Repurchase Agreement.

17.             
Jurisdiction.

(a)               
THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

(b)              
EACH OF ADMINISTRATIVE AGENT AND GUARANTOR HEREBY WAIVES TRIAL BY JURY. GUARANTOR HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE
JURISDICTION OF ANY COURT OF THE STATE OF NEW YORK, OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK,
ARISING OUT OF OR RELATING TO THE PROGRAM AGREEMENTS IN ANY ACTION OR PROCEEDING. EACH OF ADMINISTRATIVE AGENT AND GUARANTOR HEREBY
SUBMITS TO, AND WAIVES ANY OBJECTION IT MAY HAVE TO, EXCLUSIVE PERSONAL JURISDICTION AND VENUE IN THE COURTS OF THE STATE OF NEW
YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, WITH RESPECT TO ANY DISPUTES ARISING OUT
OF OR RELATING TO THE PROGRAM AGREEMENTS.

    12 

     

    

 

18.             
Integration. This Guaranty represents the agreement of the Guarantor with respect to the subject matter hereof and
there are no promises or representations by the Seller or Guarantor relative to the subject matter hereof not reflected herein.

19.             
Repurchase Agreement Provisions. Sections 11 (Program; Costs; Taxes), 22 (Non-Assignability), 23 (Set-off), 30 (Indemnification;
Obligations; Recourse), 32 (Confidentiality), and 39 (Specific Performance) of the Repurchase Agreement are hereby incorporated
by reference as if each such section was specifically set forth herein.

20.             
Acknowledgments. Guarantor hereby acknowledges that:

(a)               
Guarantor has been advised by counsel in the negotiation, execution and delivery of this Guaranty and the other Program
Agreements;

(b)              
the Administrative Agent does not have any fiduciary relationship to the Guarantor, and the relationship between the Administrative
Agent and the Guarantor is solely that of surety and creditor; and

(c)               
no joint venture exists between the Administrative Agent, Buyers and the Guarantor or among the Administrative Agent, Buyers,
the Seller and the Guarantor.

21.             
Intent. This Guaranty is intended to constitute a security agreement or other arrangement or other credit enhancement
related to the Repurchase Agreement and Transactions thereunder as defined under Sections 101(47)(A)(v) and 741(7)(A)(xi) of the
Bankruptcy Code.

22.             
Authorizations. Any of the persons whose signatures and titles appear on Schedule 1 are authorized, acting
singly, to act for Guarantor to the extent set forth therein, as the case may be, under this Guaranty. The Guarantor may amend
Schedule 1 from time to time by delivering a revised Schedule 1 to Administrative Agent and expressly stating that such revised
Schedule 1 shall replace the existing Schedule 1.

[Signature pages follow]

13

    	 

    	 

    

IN WITNESS WHEREOF,
the undersigned has caused this Guaranty to be duly executed and delivered as of the date first above written.

	 	
        INPOINT COMMERCIAL REAL ESTATE INCOME, INC.,
        as Guarantor

         

	 	By:      /s/
Donald MacKinnon     

           Name: Donald MacKinnon

           Title: President

 

 

Signature
Page to the Guaranty

    	 

    	 

    

SCHEDULE 1

AUTHORIZED REPRESENTATIVES

 

 

GUARANTOR NOTICES

	Name:                Jason Fruchtman	Address:    375 Park Avenue, 25th Floor

                                                                                                  New York, New York 10152

	Telephone:         212-468-5764
	Email:                jfruchtman@soundpointcap.com

 

GUARANTOR AUTHORIZATIONS

Any of the persons whose signatures
and titles appear below are authorized, acting singly, to act for Guarantor under this Guaranty:

	
        Name
	
        Title
	
        Signature

	Mitchell A. Sabshon        	Chief Executive Officer                	/s/ Mitchell A. Sabshon
	Donald MacKinnon          	President	/s/ Donald MacKinnon
	Catherine L. Lynch	Chief Financial Officer & Treasurer	/s/ Catherine L. Lynch
	Andrew Winer	Chief Investment Officer	/s/ Andrew Winer
	Roderick S. Curtis	Vice President and Secretary	/s/ Roderick S. Curtis
	Jason Fruchtman	Head of Capital Markets	/s/ Jason Fruchtman

 

Authorized Representatives for Guaranty

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