Document:

Exhibit 4.6 

 

EXECUTION VERSION

 

AGREEMENT BETWEEN NOTE HOLDERS

 

Dated as of September 29, 2016

by and between

WELLS FARGO BANK, NATIONAL ASSOCIATION

(Initial Note A-1 Holder)

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

(Initial Note A-2 Holder)

 

CENTRAL PARK RETAIL 

 

    

     

    

 

 

This AGREEMENT BETWEEN
NOTE HOLDERS (“Agreement”), dated as of September 29, 2016, by and between WELLS FARGO BANK, NATIONAL ASSOCIATION
(“WFB” and together with its successors and assigns in interest, in its capacity as initial owner of the Note
A-1, the “Initial Note A-1 Holder”, and in its capacity as the initial agent, the “Initial Agent”),
and WELLS FARGO BANK, NATIONAL ASSOCIATION (together with its successors and assigns in interest, in its capacity as initial owner
of the Note A-2, the “Initial Note A-2 Holder” and together with the Initial Note A-1 Holder, the “Initial
Note Holders”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
the Mortgage Loan Agreement (as defined herein), WFB originated a certain loan (the “Mortgage Loan”) described
on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to Central Park Retail, LLC (the
“Mortgage Loan Borrower”), which is evidenced, inter alia, by (i) one promissory note in the original
principal amount of $70,000,000 (as amended, modified or supplemented, “Note A-1”) made by the Mortgage Loan
Borrower in favor of the Initial Note A-1 Holder, and (ii) one promissory note in the original principal amount of $20,000,000
(as amended, modified or supplemented, “Note A-2” and together with Note A-1, the “Notes”)
made by the Mortgage Loan Borrower in favor of the Initial Note A-2 Holder, each secured by a first mortgage (as amended, modified
or supplemented, the “Mortgage”) on certain real property located as described on the Mortgage Loan Schedule
(the “Mortgaged Property”); and

 

WHEREAS, each Initial
Note Holder desires to enter into this Agreement to memorialize the terms under which they, and their successors and assigns, shall
hold the Notes.

 

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

 

Section
1.          Definitions; Conflicts. References to a
“Section” or the “recitals” are, unless otherwise specified, to a Section or the recitals of this
Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms, or terms of
substantially similar import, in the Lead Securitization Servicing Agreement. To the extent of any conflict between this
Agreement and the Lead Securitization Servicing Agreement, the terms of this Agreement shall control. Whenever used in
this Agreement, the following terms shall have the respective meanings set forth below unless the context clearly requires
otherwise.

 

“Advance Interest”
shall mean the interest accrued on any Servicing Advance which is payable to the party that made that Servicing Advance, in accordance
with the Lead Securitization Servicing Agreement.

 

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

 

    

     

    

 

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

 

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

 

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

 

“Asset Representations
Reviewer” shall mean the Asset Representations Reviewer named in the Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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“Controlling
Note Holder” shall mean the Note A-1 Holder; provided that at any time Note A-1 is included in a Securitization,
references to the “Controlling Note Holder” herein shall mean the holders of the majority of the class of securities
issued in such Securitization designated as the “controlling class” or such other party otherwise assigned the rights
to exercise the rights of the “Controlling Note Holder” under this Agreement or under the Note A-1 PSA, as and to the
extent provided in the Note A-1 PSA; provided that if at any time 50% or more of Note A-1 (or the class of securities issued
under the Note A-1 PSA designated as the “controlling class”) is held by (or such other party otherwise assigned the
rights to exercise the rights of the “Controlling Note Holder” is) a Borrower Party, Note A-1 (or the class of securities
issued under the Note A-1 PSA designated as the “controlling class” or such other party otherwise assigned the rights
to exercise the rights of the “Controlling Note Holder”) shall not be entitled to exercise any rights of the Controlling
Note Holder under this Agreement or the Note A-1 PSA, as and to the extent provided in the Note A-1 PSA, and the Note A-2 Holder
shall be the Controlling Note Holder unless 50% or more of Note A-2 (or class of securities issued under the Note A-2 PSA designated
as the “controlling class”) is held by (or such other party otherwise assigned the rights to exercise the rights of
the Controlling Note Holder is) a Borrower Party. If 50% or more of each of Note A-1 and Note A-2 (or class of securities issued
under the Note A-1 PSA and the Note A-2 PSA designated as the “controlling class”) is held by (or such other party
otherwise assigned the rights to exercise the rights of the Controlling Note Holder is) a Borrower Party, no person shall be entitled
to exercise the rights of the Controlling Note Holder under this Agreement or the Note A-1 PSA, as and to the extent provided in
the Note A-1 PSA, and there shall be deemed to be no Controlling Note Holder hereunder.

 

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

 

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

 

“Depositor”
shall mean the depositor for the Lead Securitization.

 

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

 

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

 

“Indemnified
Items” shall have the meaning assigned to such terms in Section 2(b).

 

“Indemnified
Parties” shall have the meaning assigned to such terms in Section 2(b).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Lead Securitization”
shall mean the Note A-1 Securitization; provided that, if any other Securitization occurs prior to the Note A-1 Securitization,
then the first such Securitization shall be the Lead Securitization until such time as the Note A-1 Securitization occurs.

 

“Lead Securitization
Note” shall mean the Note included in the Lead Securitization.

 

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

 

“Lead Securitization
Note Holder Representative” shall mean the “Directing Certificateholder” or equivalent Person under the Lead
Securitization Servicing Agreement.

 

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“Lead Securitization
Servicing Agreement” shall mean (i) the pooling and servicing agreement or other comparable agreement related to the
Lead Securitization, and (ii) on and after the date on which the Mortgage Loan is no longer subject to the provisions of the Lead
Securitization Servicing Agreement, the “Lead Securitization Servicing Agreement” shall be determined in accordance
with the second paragraph of Section 2(a).

 

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

 

“Master Servicer”
shall mean the master servicer appointed to act in such capacity with respect to the Mortgage Loan as provided in the Lead Securitization
Servicing Agreement.

 

“Monthly Payment
Date” shall mean the Monthly Payment Date (as defined in the Mortgage Loan Documents).

 

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

 

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

 

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

 

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

 

“Mortgage Loan
Agreement” shall mean the Loan Agreement, dated as of August 5, 2016, between the Mortgage Loan Borrower, as borrower,
Wells Fargo Bank, National Association, as lender, as the same may be further amended, restated, supplemented or otherwise modified
from time to time, subject to the terms hereof.

 

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

 

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

 

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

 

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

 

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

 

“New Notes”
shall have the meaning assigned to such term in Section 32.

 

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“Non-Controlling
Note” means Note A-2.

 

“Non-Controlling
Note Holder” means each holder of a Non-Controlling Note; provided that with respect to each Non-Controlling Note,
at any time such Non-Controlling Note is included in a Securitization, references to the “Non-Controlling Note Holder”
herein shall mean the holders of the majority of the class of securities issued in such Securitization designated as the “controlling
class” or such other party otherwise assigned the rights to exercise the rights of the “Non-Controlling Note Holder”
under this Agreement or under the related Securitization Servicing Agreement, as and to the extent provided in the related Securitization
Servicing Agreement, and as to the identity of which the Controlling Note Holder (and, if applicable, the Master Servicer and the
Special Servicer) has been given written notice; provided, further that if at any time 50% or more of any Non-Controlling
Note (or class of securities issued in a Securitization into which such Non-Controlling Note has been deposited is designated as
the “controlling class”) is held by (or such other party otherwise assigned the rights to exercise the rights of the
“controlling class” under the related Securitization Servicing Agreement is) a Borrower Party, no such Note Holder
or other Person shall be entitled to exercise any rights of such Non-Controlling Note Holder under this Agreement or the related
Securitization Servicing Agreement, as and to the extent provided in the related Securitization Servicing Agreement. The Controlling
Note Holder and the Lead Securitization Note Holder (or, if applicable, the Master Servicer or the Special Servicer acting on its
behalf) shall not be required at any time to deal with more than one party exercising the rights of a “Non-Controlling Note
Holder” herein or under the Lead Securitization Servicing Agreement and, (x) to the extent that the related Securitization
Servicing Agreement assigns such rights to more than one party or (y) to the extent the related Non-Controlling Note is split into
two or more New Notes pursuant to Section 32, for purposes of this Agreement, such Securitization Servicing Agreement or the holders
of such New Notes shall designate one party to deal with the Controlling Note Holder and the Lead Securitization Note Holder (or,
the Master Servicer or the Special Servicer acting on its behalf) and provide written notice of such designation to the Controlling
Note Holder and the Lead Securitization Note Holder (or, the Master Servicer and the Special Servicer acting on its behalf); provided
that, in the absence of such designation and notice, the Controlling Note Holder and the Lead Securitization Note Holder (or, the
Master Servicer or the Special Servicer acting on its behalf) shall be entitled to treat the last party as to which it has received
written notice as having been designated as the Non-Controlling Note Holder with respect to such Non-Controlling Note for all purposes
of this Agreement. As of the date hereof and until further notice from the Non-Controlling Note Holder (or, if applicable, the
related Non-Lead Master Servicer or another party acting on its behalf), the Initial Note A-2 Holder is the Non-Controlling Note
Holder with respect to Note A-2.

 

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

 

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

 

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under
clauses (A) or (B) above, permit the Servicer on behalf of the Note Holders to make such payments free of any obligation or liability
for withholding.

 

“Non-Lead Asset
Representations Reviewer” shall mean the “Asset Representations Reviewer” (or similarly named Person that
is the “asset representations reviewer” as defined in Item 1101(m) of Regulation AB.) under any Non-Lead Securitization
Servicing Agreement.

 

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

 

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

 

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

 

“Non-Lead Securitization”
shall mean any Securitization of a Note in a Securitization Trust other than the Lead Securitization.

 

“Non-Lead Securitization
Note” shall mean any Note other than the Lead Securitization Note.

 

“Non-Lead Securitization
Note Holder” shall mean each holder of a Non-Lead Securitization Note; provided that with respect to each Non-Lead
Securitization Note, at any time such Non-Lead Securitization Note is included in a Securitization, references to the “Non-Lead
Securitization Note Holder” herein shall mean the holders of the majority of the class of securities issued in such Securitization
designated as the “controlling class” or such other class(es) otherwise assigned the rights to exercise the rights
of the “Non-Lead Securitization Note Holder” under this Agreement or under the related Non-Lead Securitization Servicing
Agreement, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement, and as to the identity of
which the Lead Securitization Note Holder (and, if applicable, the Master Servicer and the Special Servicer) has been given written
notice; provided, further that if at any time 50% or more of any Non-Lead Securitization Note (or class of securities
issued in a Securitization into which such Non-Lead Securitization Note has been deposited is designated as the “controlling
class” or such other class(es) otherwise assigned the rights to exercise the rights of the “controlling class”
under the related Non-Lead Securitization Servicing Agreement) is held by a Borrower Party, no such Note Holder or other Person
shall be entitled to exercise any rights of such Non-Lead Securitization Note Holder under this Agreement or the related Non-Lead
Securitization Servicing Agreement, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement.

 

“Non-Lead Securitization
Note Holder Representative” shall mean the “Directing Certificateholder” or equivalent Person under the Non-Lead
Securitization Servicing Agreement.

 

“Non-Lead Securitization
Servicing Agreement” shall have the meaning assigned to such term in Section 2(b).

 

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

 

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

 

“Non-Securitizing
Note Holder” shall mean, with respect to a Securitization, each Note Holder other than a Securitizing Note Holder with
respect to such Securitization.

 

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

 

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

 

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

 

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

 

“Note A-1 PSA”
shall mean the pooling and servicing agreement or other comparable agreement entered into in connection with the Note A-1 Securitization.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Note Principal
Balance” shall mean, (i) with respect to Note A-1, the Note A-1 Principal Balance and (ii) with respect to Note A-2,
the Note A-2 Principal Balance.

 

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

 

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

 

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

 

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

 

“Percentage
Interest” shall mean, with respect to each Note Holder, a fraction, expressed as a percentage, the numerator of which
is the Note Principal Balance of the Note held by such Note Holder and the denominator of which is the sum of the Note Principal
Balances of all of the Notes.

 

“Permitted Fund
Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached
hereto and made a part hereof or any

 

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other
nationally-recognized manager of investment funds investing in debt or equity interests relating to commercial real estate, (ii)
investing through a fund with committed capital of at least $250,000,000 and (iii) not subject to a proceeding relating to the
bankruptcy, insolvency, reorganization or relief of debtors.

 

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

 

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

 

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

 

(a)          an
entity Controlled by any of the Initial Note Holders, or

 

(b)          one
or more of the following:

 

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

 

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

 

(iii)          a
Qualified Trustee in connection with (a) a securitization of, (b) the creation of collateralized debt obligations (“CDO”)
secured by, or (c) a financing through an “owner trust” of, a Note or any interest therein (any of the foregoing, a
“Securitization Vehicle”), provided that (1) one or more classes of securities issued by such Securitization
Vehicle is initially rated at least investment grade by each of the Rating Agencies that assigned a rating to one or more classes
of securities issued in connection with that Securitization (it being understood that with respect to any Rating Agency that assigned
such a rating to the securities issued by such Securitization Vehicle, a Rating Agency Confirmation will not be required in connection
with a transfer of such Note or any interest therein to such Securitization Vehicle); (2) in the case of a Securitization Vehicle
that is not a CDO, the special servicer of such Securitization Vehicle has a Required Special Servicer Rating or is otherwise subject
to Rating Agency Confirmations from the Rating Agencies rating each Securitization (such entity, an “Approved Servicer”)
and such Approved Servicer is required to service and administer such Note or

 

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any interest therein in accordance with servicing
arrangements for the assets held by the Securitization Vehicle which require that such Approved Servicer act in accordance with
a servicing standard notwithstanding any contrary direction or instruction from any other Person; or (3) in the case of a Securitization
Vehicle that is a CDO, the CDO Asset Manager and, if applicable, each Intervening Trust Vehicle that is not administered and managed
by a CDO Asset Manager which is a Qualified Institutional Lender, are each a Qualified Institutional Lender under clauses (i),
(ii), (iv) or (v) of this definition, or

 

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

 

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

 

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

 

(c)          any
entity Controlled by any of the entities described in clause (b)(i), (ii), (iv)(B) or (v) above or subject to a Rating Agency Confirmation
as a Qualified Institutional Lender for purposes of this Agreement from each of the Rating Agencies engaged to rate the securities
for any Securitization.

 

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

 

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

 

“Rating Agency
Confirmation” shall mean, with respect to any Securitization, a confirmation in writing (which may be in electronic form)
by each of the applicable Rating Agencies for such Securitization that a proposed action, failure to act or other event so specified
will not, in and of itself, result in the downgrade, withdrawal or qualification of the then current rating assigned to any class
of securities of such Securitization (if then rated by such Rating Agency); provided that a written waiver or other acknowledgment
from any such Rating Agency indicating its decision not to review the matter for which the Rating Agency Confirmation is sought
shall be deemed to satisfy the requirement for the Rating Agency Confirmation from such Rating Agency with respect to such matter.
If no such securities are outstanding with respect to any Securitization, any action that would otherwise require a Rating Agency
Confirmation shall instead require the consent of the Note A-1 Holder, which consent shall not be unreasonably withheld, conditioned
or delayed.

 

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

 

“Regulation
AB” shall mean Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100 229.1125,
as such rules may be amended from time to time, and subject to such clarification and interpretation as have been provided by the
Securities Exchange Commission or by its staff, or as may be provided by the Securities Exchange Commission or its staff from time
to time.

 

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

 

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

 

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material
factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Securitizing
Note Holder” shall mean, with respect to a Securitization, each Note Holder that is contributing its Note to such Securitization.

 

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

 

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

 

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

 

“Special Servicer”
shall mean the special servicer appointed to act in such capacity with respect to the Mortgage Loan as provided in the Lead Securitization
Servicing Agreement.

 

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

 

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

 

“Trust Fund”
shall mean the trust formed pursuant to the Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

Section 2.          Servicing
of the Mortgage Loan.

 

(a)          Each
Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced from and
after the Securitization Date by the Master Servicer and the Special Servicer pursuant to the terms of this Agreement and the Lead
Securitization Servicing Agreement; provided that the Master Servicer shall not be obligated to advance monthly payments
of principal or interest in respect of any Note other than the Lead Securitization Note if such principal or interest is not paid
by the Mortgage Loan Borrower but shall be obligated to make Servicing Advances, subject to the terms of the Lead Securitization
Servicing Agreement. The Lead Securitization Servicing Agreement shall contain terms and conditions that are customary for securitization
transactions involving assets similar to the Mortgage Loan and that are otherwise (i) required by the Code relating to the tax
elections of any Securitization Trust, (ii) required by law or changes in any law, rule or regulation or (iii) generally required
by the Rating Agencies in connection with the issuance of ratings in securitizations similar to the Securitizations. Each
Securitization Servicing Agreement shall also satisfy Moody’s rating methodology for eligible accounts and permitted investments
for a “Aaa”-rated securitization. Each Note Holder acknowledges that each other Note Holder may elect, in its
sole discretion, to include its Note in a Securitization and agrees that it will, subject to Section 26 hereof, reasonably cooperate
with such other Note Holder, at such other Note Holder’s expense, to effect such Securitization. Subject to the terms and
conditions of this Agreement, each Note Holder hereby irrevocably and unconditionally consents to the appointment of the Master
Servicer and the Trustee under the Lead

 

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Securitization
Servicing Agreement by the Depositor and the appointment of the Special Servicer by the Controlling Note Holder and agrees to
reasonably cooperate with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance
with the Lead Securitization Servicing Agreement. Each Note Holder hereby appoints the Master Servicer, the Special Servicer and
the Trustee in the Lead Securitization as such Note Holder’s attorney-in-fact to sign any documents reasonably required
with respect to the administration and servicing of the Mortgage Loan on its behalf under the Lead Securitization Servicing Agreement
(subject at all times to the rights of such Note Holder set forth herein and in the Lead Securitization Servicing Agreement).
In no event shall the Lead Securitization Servicing Agreement require the Servicer to enforce the rights of any Note Holder against
any other Note Holder or limit the Servicer in enforcing the rights of one Note Holder against any other Note Holder; however,
this statement shall not be construed to otherwise limit the rights of one Note Holder with respect to any other Note Holder,
and is subject in all respect to Section 6.04 of the Lead Securitization Servicing Agreement. Each Servicer shall be required
pursuant to the Lead Securitization Servicing Agreement to service the Mortgage Loan in accordance with the Servicing Standard,
the terms of the Mortgage Loan Documents, the Lead Securitization Servicing Agreement and applicable law, shall provide information
to each servicer under the Non-Lead Securitization Servicing Agreement to enable each such servicer to perform its servicing duties,
and shall not take any action or refrain from taking any action or follow any direction inconsistent with the foregoing.

 

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

 

(b)          The
Master Servicer shall be the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee or the Special
Servicer, to the extent provided in the Lead Securitization Servicing Agreement) shall make the following advances, subject to
the terms of the Lead Securitization Servicing Agreement and this Agreement: (i) Servicing Advances on the Mortgage Loan and (ii)
P&I Advances on the Lead Securitization Note. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall
be entitled to reimbursement for a Servicing Advance, first from funds on deposit in the Collection Account and/or the Companion
Distribution Account for the Mortgage Loan that (in any case) represent

 

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amounts
received on or in respect of the Mortgage Loan, and then, in the case of Nonrecoverable Advances, if such funds on deposit
in the Collection Account or Companion Distribution Account are insufficient, from general collections of the Lead Securitization
as provided in the Lead Securitization Servicing Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable,
shall be entitled to reimbursement for Advance Interest on a Servicing Advance (including any Nonrecoverable Advance), in the
manner and from the sources provided in the Lead Securitization Servicing Agreement, including from general collections of the
Lead Securitization. Notwithstanding the foregoing, to the extent the Master Servicer, the Special Servicer or the Trustee, as
applicable, obtains funds from general collections of the Lead Securitization as a reimbursement for a Nonrecoverable Advance
or any Advance Interest on a Servicing Advance (including any Nonrecoverable Advance), each Non-Lead Securitization Note Holder
(including any Securitization Trust into which a Non-Lead Securitization Note is deposited) shall be required to, promptly following
notice from the Master Servicer, reimburse the Lead Securitization for its pro rata share of such Nonrecoverable Advance
or Advance Interest.

 

In addition,
each Non-Lead Securitization Note Holder (including, but not limited to, any Securitization Trust into which a Non-Lead Securitization
Note is deposited) shall be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization
for such Non-Lead Securitization Note Holder’s pro rata share of any fees, costs or expenses incurred in connection
with the servicing and administration of the Mortgage Loan as to which the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer or the Depositor, as applicable, is entitled
to be reimbursed pursuant to the Lead Securitization Servicing Agreement, to the extent amounts on deposit in the Companion Distribution
Account are insufficient for reimbursement of such amounts. Each Non-Lead Securitization Note Holder shall indemnify (as and to
the same extent the Lead Securitization Trust is required to indemnify each of the following parties in respect of other mortgage
loans in the Lead Securitization Trust pursuant to the terms of the Lead Securitization Servicing Agreement) each of the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, Asset Representations Reviewer
and the Depositor (and any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified
as indemnified parties in the Lead Securitization Servicing Agreement in respect of other mortgage loans) (the “Indemnified
Parties”) against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any
other costs, liabilities, fees and expenses incurred in connection with servicing and administration of the Mortgage Loan (or,
with respect to the Operating Advisor and the Asset Representations Reviewer, incurred in connection with the provision of services
for the Mortgage Loan) under the Lead Securitization Servicing Agreement (collectively, the “Indemnified Items”)
to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in the Companion Distribution
Account or Collection Account in respect of the Mortgage Loan, as applicable, are insufficient for reimbursement of such amounts,
each Non-Lead Securitization Note Holder shall be required to, promptly following notice from the Master Servicer, reimburse each
of the applicable Indemnified Parties for its pro rata share of the insufficiency; provided, however, that
each Non-Lead Securitization Note Holder’s duty to pay Indemnified Items to the Operating Advisor shall be subject to any
limitations and conditions (including limitations and conditions with respect to the timing of such payments and the sources of
funds

 

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for
such payments) as may be set forth from time to time in a related Non-Lead Securitization Servicing Agreement.

 

Any Non-Lead
Master Servicer (or if not made by such Non-Lead Master Servicer, the Non-Lead Trustee) may be required to make P&I Advances
on the related Non-Lead Securitization Note, from time to time, subject to the terms of the related servicing agreement for the
related Securitization (each such agreement, a “Non-Lead Securitization Servicing Agreement”), the Lead Securitization
Servicing Agreement and this Agreement. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall each be
entitled to make its own recoverability determination with respect to a P&I Advance to be made on the Lead Securitization Note
based on the information that it has on hand and in accordance with the Lead Securitization Servicing Agreement. Each Non-Lead
Master Servicer, Non-Lead Special Servicer and Non-Lead Trustee under the related Non-Lead Securitization
Servicing Agreement, as applicable, shall be entitled to make their own recoverability determination with respect to a P&I
Advance to be made on the related Non-Lead Securitization Note based on the information that they have on hand and in accordance
with the Non-Lead Securitization Servicing Agreement. The Master Servicer and the Trustee, as applicable, and the related Non-Lead
Master Servicer or the related Non-Lead Trustee shall be required to notify the other of the amount of its P&I Advance within
two Business Days of making such advance. If the Master Servicer, the Special Servicer or the Trustee, as applicable (with respect
to the Lead Securitization Note) or a Non-Lead Master Servicer, Non-Lead Special Servicer or a Non-Lead Trustee, as applicable
(with respect to a Non-Lead Securitization Note), determines that a proposed P&I Advance, if made, would be non-recoverable
or an outstanding P&I Advance is or would be non-recoverable, or if the Master Servicer, the Special Servicer or the Trustee,
as applicable, subsequently determines that a proposed Servicing Advance would be non-recoverable or an outstanding Servicing Advance
is or would be non-recoverable, then the Master Servicer or the Trustee (as provided in the Lead Securitization Servicing Agreement,
in the case of a determination of non-recoverability by the Master Servicer, the Special Servicer or the Trustee) or the related
Non-Lead Master Servicer or the related Non-Lead Trustee (as provided in the related Non-Lead Securitization Servicing Agreement,
in the case of a determination of non-recoverability by the related Non-Lead Master Servicer, the related Non-Lead Special Servicer
or the related Non-Lead Trustee) shall notify the Master Servicer and the Trustee, or the Non-Lead Master Servicer and the Non-Lead
Trustee, as the case may be, of the other Securitization within one Business Day of making such determination. Each of the Master
Servicer, the Trustee, a Non-Lead Master Servicer and a Non-Lead Trustee, as applicable, will only be entitled to reimbursement
for a P&I Advance that becomes non-recoverable first from the Companion Distribution Account from amounts allocable
to the Note for which such P&I Advance was made, and then, if funds are insufficient, (i) in the case of the Lead Securitization
Note, from general collections of the Lead Securitization Trust, pursuant to the terms of the Lead Securitization Servicing Agreement
and (ii) in the case of a Non-Lead Securitization Note, from general collections of the related Securitization Trust, as and to
the extent provided in the related Non-Lead Securitization Servicing Agreement.

 

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

 

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(i)           such
Non-Lead Securitization Note Holder shall be responsible for its pro rata share of any Nonrecoverable Advances relating
to Servicing Advances (and Advance Interest thereon) and any additional expenses of the Trust Fund, but only to the extent that
such expenses relate to servicing and administration of the Notes, including without limitation, any unpaid Special Servicing Fees,
Liquidation Fees and Workout Fees relating to the Notes, and that in the event that amounts on deposit in the Companion Distribution
Account or Collection Account in respect of the Mortgage Loan, as applicable, are insufficient for reimbursement of such amounts,
(i) the related Non-Lead Master Servicer will be required to, promptly following notice from the Master Servicer, reimburse the
Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, out of general collections
in the collection account (or equivalent account) established under the Non-Lead Securitization Servicing Agreement for such Non-Lead
Securitization Note Holder’s pro rata share of any such Nonrecoverable Advances and/or additional expenses of the
Trust Fund, and (ii) if the Lead Securitization Servicing Agreement permits the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee to reimburse itself from the Lead Securitization Trust’s general collections, then the Master
Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, may do so and the related Non-Lead
Master Servicer will be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization Trust
out of general collections in the collection account (or equivalent account) established under the related Non-Lead Securitization
Servicing Agreement for such Non-Lead Securitization Note Holder’s pro rata share of any such Nonrecoverable Advances
and/or additional expenses of the Trust Fund;

 

(ii)          each
of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify
each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of Lead
Securitization Servicing Agreement) by each Securitization Trust holding a Non-Lead Securitization Note, against any of the Indemnified
Items to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in the Companion
Distribution Account are insufficient for reimbursement of such amounts, the related Non-Lead
Master Servicer will be required to reimburse each of the applicable Indemnified Parties for its pro rata share of the insufficiency
out of general collections in the collection account (or equivalent account) established under the related Non-Lead Securitization
Servicing Agreement; provided, however, that such Non-Lead Securitization Servicing Agreement may include limitations
and conditions on the payment or reimbursement of Indemnified Items to the Operating Advisor (including limitations and conditions
with respect to the timing of such payments or reimbursements and the sources of funds for such payments or reimbursements);

 

(iii)          the
related Non-Lead Master Servicer, related Non-Lead Trustee or certificate administrator under the related Non-Lead Securitization
Servicing Agreement will be required to deliver to the Trustee, the Certificate Administrator, the Special Servicer, the Master
Servicer and the Operating Advisor (i) promptly following Securitization of such Non-Lead Securitization Note, notice of the deposit
of such Non-Lead Securitization Note into a Securitization Trust (which notice shall also provide

 

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contact information for the related
Non-Lead Trustee, the related certificate administrator, the related Non-Lead Master Servicer, the related Non-Lead Special Servicer
and the party designated to exercise the rights of the related “Non-Controlling Note Holder” and “Non-Lead Securitization
Note Holder” under this Agreement), accompanied by a certified copy of the related executed Non-Lead Securitization Servicing
Agreement and (ii) notice of any subsequent change in the identity of the related Non-Lead Master Servicer or the party designated
to exercise the rights of the related “Non-Controlling Note Holder” or “Non-Lead Securitization Note Holder”
under this Agreement (together with the relevant contact information); and

 

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

 

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

 

(e)          The
Lead Securitization Note Holder agrees that, if a Non-Lead Securitization Note is included in a Securitization, and such Non-Lead
Securitization is subject to reporting requirements under Regulation AB, the Master Servicer, the Special Servicer, the Trustee
and the Custodian shall be required to reasonably cooperate with the Non-Lead Asset Representations Reviewer in connection with
such Non-Lead Asset Representations Reviewer’s obligations under any Non-Lead Securitization Servicing Agreement with respect
to the Mortgage Loan by providing any documents reasonably requested by the Non-Lead Asset Representations Reviewer or other requesting
party in connection with the Non-Lead Asset Representations Reviewer’s obligations, but only to the extent such documents
are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, but in any
event excluding any documents known to such the Master Servicer, the Special Servicer, the Trustee or the Custodian to contain
information that is proprietary to the

 

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related
originator or Initial Note Holders or any draft documents or privileged or internal communications. The reasonable out-of-pocket
expenses of the Master Servicer, Special Servicer, the Trustee and the Custodian actually incurred in connection with their compliance
with such requests shall be reimbursable by the Non-Lead Asset Representations Reviewer or, if not paid by the Non-Lead Asset
Representations Reviewer, the Non-Lead Securitization Note Holder.

 

Section 3.          Priority
of Payments.

 

(a)          Each
Note shall be of equal priority, and no portion of any Note shall have priority or preference over any portion of any other Note
or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect
to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received
in the form of Periodic Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other
collateral or instrument securing the Mortgage Loan or Insurance and Condemnation Proceeds (other than proceeds, awards or settlements
to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with
the terms of the Mortgage Loan Documents) shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes
on a Pro Rata and Pari Passu Basis; provided, that (x) all amounts for required reserves or escrows required by the Mortgage Loan
Documents to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of property protection
expenses or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead Securitization
Servicing Agreement shall be applied to the extent set forth in, and in accordance with the terms of, the Mortgage Loan Documents;
and (y) all amounts that are then due, payable or reimbursable to any Servicer, with respect to the Mortgage Loan pursuant to the
Lead Securitization Servicing Agreement and any other compensation payable to it thereunder (including without limitation, any
additional expenses of the Trust Fund relating to the Mortgage Loan (but subject to second paragraph of Section 5(d) hereof) reimbursable
to, or payable by, such parties and any Special Servicing Fees, Liquidation Fees, Workout Fees and Penalty Charges (to the extent
provided in the immediately following paragraph) but excluding (i) any P&I Advances (and interest thereon) on the Lead Securitization
Note, which shall be reimbursed in accordance with Section 2(b) hereof, and (ii) any Master Servicing Fees due to the Master Servicer
in excess of the Non-Lead Securitization Note’s pro rata share of that portion of such servicing fees calculated at the “primary
servicing fee rate” applicable to the Mortgage Loan as set forth in the Lead Securitization Servicing Agreement, which such
excess shall not be subject to the allocation provisions of this Section 3) shall be payable in accordance with the Lead Securitization
Servicing Agreement.

 

For clarification purposes,
Penalty Charges paid on each Note shall first, be used to reduce, on a pro rata basis, the amounts payable on each
Note by the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing
Advances and reimbursement of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement,
second, be used to reduce the respective amounts payable on each Note by the amount necessary to pay the Master Servicer,
Trustee, the Non-Lead Master Servicer or the Non-Lead Trustee for any interest accrued on any P&I Advance made with respect
to such Note by such party (if and as specified in the Lead Securitization

 

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Servicing
Agreement or the Non-Lead Securitization Servicing Agreement, as applicable), third, be used to reduce, on a pro rata
basis, the amounts payable on each Note by the amount necessary to pay additional expenses of the Trust Fund (other than Special
Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Lead
Securitization Servicing Agreement) and finally, (i) in the case of the remaining amount of Penalty Charges allocable to
the Lead Securitization Note, shall be paid to the Master Servicer and/or the Special Servicer as additional servicing compensation
as provided in the Lead Securitization Servicing Agreement and (ii) in the case of the remaining amount of Penalty Charges allocable
to the Non-Lead Securitization Note, be paid, (x) prior to the securitization of such Note, to the Non-Lead Securitization Note
Holder and (y) following the securitization of such Note, to the Master Servicer and/or the Special Servicer as additional servicing
compensation as provided in the Lead Securitization Servicing Agreement

 

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

 

Section 5.          Administration
of the Mortgage Loan.

 

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

 

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against
the Mortgage Loan Borrower. The Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting
on behalf of the Lead Securitization Note Holder) shall not have any fiduciary duty to any Non-Lead Securitization Note Holder
in connection with the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead Securitization Note Holder
from the obligation to make any disbursement of funds as set forth herein or its obligation to follow the Servicing Standard (in
the case of the Master Servicer or the Special Servicer) or any liability for failure to do so).

 

Each Note Holder
hereby acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of
the Lead Securitization Note Holder), upon the Mortgage Loan becoming a Defaulted Loan to sell the Notes together as notes evidencing
one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement and shall require that all offers be
submitted to the Special Servicer in writing. Whether any cash offer constitutes a fair price for the Mortgage Loan shall be determined
by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest
offeror is an Interested Person. Absent an offer at least equal to the Purchase Price, no offer from an Interested Person shall
constitute a fair price unless (i) it is the highest offer received and (ii) at least two other offers are received from independent
third parties. In determining whether any offer from an Interested Person received represents a fair price for the Mortgage Loan,
the Trustee shall rely on the most recent Appraisal (or update of such Appraisal) conducted in accordance with the Lead Securitization
Servicing Agreement within the preceding nine (9)-month period or, in the absence of any such Appraisal, on a new Appraisal. In
determining whether any such offer from a Person other than an Interested Person constitutes a fair price for the Mortgage Loan,
the Special Servicer shall take into account (in addition to the results of any Appraisal or updated Appraisal or narrative appraisal
that it may have obtained within the prior nine (9) months pursuant to the Lead Securitization Servicing Agreement) among other
factors, the period and amount of the occupancy level and physical condition of the Mortgaged Property and the state of the local
economy. In determining whether any offer received from an Interested Person represents a fair price for any such Defaulted Loan,
the Trustee shall rely on the most recent Appraisal (or update of such Appraisal) of the related Mortgaged Property conducted in
accordance with this Agreement within the preceding nine (9) month period or, in the absence of any such Appraisal, on a new Appraisal.
Except as provided in the following paragraph, the cost of any Appraisal will be covered by, and will be reimbursable as, a Servicing
Advance by the Master Servicer. Notwithstanding the foregoing, the Lead Securitization Note Holder (or the Special Servicer acting
on behalf of the Lead Securitization Note Holder) shall not be permitted to sell the Mortgage Loan without the written consent
of each Non-Lead Securitization Note Holder (provided that such consent is not required if the related Non-Lead Securitization
Note is held by a Borrower Party) unless the Special Servicer has delivered to such Non-Lead Securitization Note Holder: (a) at
least 15 Business Days prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least ten (10) days prior
to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages) received by the Special
Servicer in connection with any such proposed sale, (c) at least ten (10) days prior to the proposed sale date, a copy of the most
recent appraisal for the Mortgage Loan, and any documents in the servicing file reasonably requested by such Non-Lead Securitization
Note Holder that are material to the sale price of the Mortgage Loan and (d) until the sale is completed, and a reasonable period
of time (but no less time than is afforded to other offerors and the Lead

 

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Securitization
Note Holder Representative) prior to the proposed sale date, all information and other documents being provided to other offerors
and all leases or other documents that are approved by the Master Servicer or the Special Servicer in connection with the proposed
sale; provided, however, that such Non-Lead Securitization Note Holder may waive any delivery or timing requirements
set forth in this sentence only for itself. Subject to the foregoing, each of the Controlling Note Holder, the Controlling Note
Holder Representative, the Non-Controlling Note Holders and the Non-Controlling Note Holder Representatives shall be permitted
to submit an offer at any sale of the Mortgage Loan (unless such Person is a Borrower Party).

 

Notwithstanding
anything contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by
an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the offering Interested Person
purchaser) designate an independent third party expert in real estate or commercial mortgage loan matters with at least five (5)
years’ experience in valuing loans similar to the Mortgage Loan, that has been selected with reasonable care by the Trustee
to determine if such cash offer constitutes a fair price for the Mortgage Loan. If the Trustee designates such third party to make
such determination, the Trustee shall be entitled to rely conclusively upon such third party’s determination. The reasonable
fees of, and the costs of all appraisals, inspection reports and broker opinions of value incurred by any such third party shall
be covered by, and shall be reimbursable, from the offering Interested Person.

 

Each Non-Lead
Securitization Note Holder hereby appoints the Lead Securitization Note Holder as its agent, and grants to the Lead Securitization
Note Holder an irrevocable power of attorney coupled with an interest, and its proxy, for the purpose of soliciting and accepting
offers for and consummating the sale of the related Non-Lead Securitization Note. Each Non-Lead Securitization Note Holder further
agrees that, upon the request of the Lead Securitization Note Holder, such Non-Lead Securitization Note Holder shall execute and
deliver to or at the direction of Lead Securitization Note Holder such powers of attorney or other instruments as the Lead Securitization
Note Holder may reasonably request to better assure and evidence the foregoing appointment and grant, in each case promptly following
request, and shall deliver the original related Non-Lead Securitization Note, endorsed in blank, to or at the direction of the
Lead Securitization Note Holder in connection with the consummation of any such sale.

 

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

 

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agreement,
instrument of transfer or other document or instrument that may be executed or delivered by such Initial Note Holder in connection
with the Lead Securitization.

 

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

 

(c)          Notwithstanding
the foregoing, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall
be required (i) to provide copies of any notice, information and report that it is required to provide to the Lead Securitization
Note Holder Representative pursuant to the Lead Securitization Servicing Agreement (for this purpose, without regard to whether
such items are actually required to be provided to the Lead Securitization Note Holder Representative under the Lead Securitization
Servicing Agreement due to the occurrence of a Control Termination Event or a Consultation Termination Event or effectively equivalent
period) with respect to any Major Decision or the implementation of any recommended actions outlined in an Asset Status Report
relating to the Mortgage Loan, to a Non-Lead Securitization Note Holder (or its Non-Lead Securitization Note Holder Representative),
within the same time frame it is required to provide to the Lead Securitization Note Holder Representative (for this purpose, without
regard to whether such items are actually required to be provided to the Lead Securitization Note Holder Representative under the
Lead Securitization Servicing Agreement due to the occurrence of a Control Termination Event or a Consultation Termination Event
or effectively equivalent period) and (ii) to consult with each Non-Lead Securitization Note Holder (or its Non-Lead Securitization
Note Holder Representative) on a strictly non-binding basis, to the extent having received such notices, information and reports,
such Non-Lead Securitization Note Holder (or its Non-Lead Securitization Note Holder Representative) requests consultation with
respect to any such Major Decision or the implementation of any recommended actions outlined in an Asset Status Report relating
to the Mortgage Loan, and consider alternative actions recommended by such Non-Lead Securitization Note Holder (or its Non-Lead
Securitization Note Holder Representative); provided that after the expiration of a period of ten (10) Business Days from
the delivery to such Non-Lead Securitization Note Holder (or its Non-Lead

 

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Securitization
Note Holder Representative) by the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its
behalf) of written notice of a proposed action, together with copies of the notice, information and report required to be provided
to the Lead Securitization Note Holder Representative, the Lead Securitization Note Holder (or the Master Servicer or the Special
Servicer acting on its behalf) shall no longer be obligated to consult with such Non-Lead Securitization Note Holder (or its Non-Lead
Securitization Note Holder Representative) (unless, the Lead Securitization Note Holder (or the Master Servicer or the Special
Servicer acting on its behalf) proposes a new course of action that is materially different from the action previously proposed,
in which case such ten (10) Business Day period shall be deemed to begin anew from the date of such proposal and delivery of all
information relating thereto). Notwithstanding the consultation rights of each Non-Lead Securitization Note Holder (or its Non-Lead
Securitization Note Holder Representative) set forth in the immediately preceding sentence, the Lead Securitization Note Holder
(or Master Servicer or Special Servicer, acting on its behalf) may make any Major Decision or any action set forth in the Asset
Status Report before the expiration of the aforementioned ten (10) Business Day period if the Lead Securitization Note Holder
(or Master Servicer or Special Servicer, as applicable) determines that immediate action with respect thereto is necessary to
protect the interests of the Note Holders. In no event shall the Lead Securitization Note Holder (or Master Servicer or Special
Servicer, acting on its behalf) be obligated at any time to follow or take any alternative actions recommended by a Non-Lead Securitization
Note Holder (or its Non-Lead Securitization Note Holder Representative).

 

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

 

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

 

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Notes
(or any portion thereof). Each Note Holder agrees that the provisions of this paragraph shall be effected by compliance with any
REMIC provisions in the Lead Securitization Servicing Agreement relating to the administration of the Mortgage Loan.

 

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

 

Section 6.          Rights
of the Controlling Note Holder and Non-Controlling Note Holders.

 

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

 

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

 

(b)          Each
Non-Controlling Note Holder shall have the right at any time to appoint a representative (other than a Borrower Party) in connection
with the exercise of its rights and obligations with respect to the Mortgage Loan (with respect to such Note Holder, the “Non-Controlling
Note Holder Representative”). All of the provisions relating to the Controlling Note Holder and the Controlling Note
Holder Representative set forth in Section 6(a) shall apply to each Non-Controlling Note Holder and its Non-Controlling Note Holder
Representative mutatis mutandis.

 

Each
Non-Controlling Note Holder shall provide notice of its identity and contact information (including any change thereof) to the
Trustee, Certificate Administrator, the Master Servicer and the Special Servicer under the Lead Securitization Servicing Agreement;
provided, that each Initial Note Holder shall be deemed to have provided such notice on the date hereof. The Trustee, Certificate
Administrator, the Master Servicer and the Special Servicer under the Lead Securitization Servicing Agreement shall be entitled
to conclusively rely on such identity and contact information received by it and shall not be liable in respect of any deliveries
hereunder sent in reliance thereon. The Non-Controlling Note Holder Representative with respect to the Non-Controlling Note, as
of the date of this Agreement and until the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer)
is notified otherwise, shall be the Initial Note A-2 Holder.

 

(c)          The
Controlling Note Holder shall be entitled to exercise the rights and powers granted to the Controlling Note Holder hereunder and
the rights and powers granted to the “Directing Holder,” “Controlling Class Certificateholder,”
“Controlling Class 

 

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Representative” or similar party under, and as defined in, the Lead Securitization Servicing Agreement
with respect to the Mortgage Loan. In addition, the Controlling Note Holder shall be entitled to advise (1) the Special Servicer
with respect to all matters related to the Mortgage Loan if it is a “Specially Serviced Loan” (as defined in the Lead
Securitization Servicing Agreement) and (2) the Special Servicer with respect to all matters for which the Master Servicer must
obtain the consent or deemed consent of the Special Servicer, and, except as set forth below, (i) the Master Servicer shall not
be permitted to implement any Major Decision unless it has obtained the prior written consent of the Special Servicer and (ii)
the Special Servicer shall not be permitted to consent to the Master Servicer’s implementing any Major Decision nor will
the Special Servicer itself be permitted to implement any Major Decision as to which the Controlling Note Holder has objected
in writing within ten (10) Business Days after receipt of the written recommendation and analysis and such additional information
requested by the Controlling Note Holder, and reasonably available to the Special Servicer, as may be necessary in order to make
a judgment with respect to such Major Decision. The Controlling Note Holder may also direct the Special Servicer to take, or to
refrain from taking, such other actions with respect to the Mortgage Loan as the Controlling Note Holder may deem advisable.

 

If the Controlling Note
Holder fails to notify the Special Servicer of its approval or disapproval of any proposed Major Decision within ten (10) Business
Days after delivery to the Controlling Note Holder by the applicable Servicer of written notice of a proposed Major Decision together
with any information requested by the Controlling Note Holder as may be necessary in the reasonable judgment of the Controlling
Note Holder in order to make a judgment, then upon the expiration of such ten (10) Business Day period, such Major Decision shall
be deemed to have been approved by the Controlling Note Holder.

 

In the event that the
Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by the Lead Securitization Servicing
Agreement to take such action), as applicable, determines that immediate action, with respect to the foregoing matters, or any
other matter requiring consent of the Controlling Note Holder is necessary to protect the interests of the Note Holders (as a collective
whole) and the Special Servicer has made a reasonable effort to contact the Controlling Note Holder, the Master Servicer or the
Special Servicer, as the case may be, may take any such action without waiting for the Controlling Note Holder’s response.

 

No objection, consent,
direction or advice contemplated by the preceding paragraphs may, and neither the Master Servicer nor Special Servicer shall take
any action that would (i) require or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision
of the Mortgage Loan Documents, applicable law, the Lead Securitization Servicing Agreement, this Agreement, the REMIC provisions
of the Code or the Master Servicer or Special Servicer’s obligation to act in accordance with the Servicing Standard, (ii)
result in the imposition of a tax on any Trust REMIC under the REMIC Provisions or cause any REMIC Pool to fail to qualify as a
REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under subpart E, part I of subchapter J of the Code for
federal income tax purposes, (iii) expose the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Depositor, the Asset Representations Reviewer, the Trust or the Trustee or any of their respective Affiliates, officers,
directors, shareholders, partners, members, managers, employees or agents to

 

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any
claim, suit, or liability for which this Agreement or the Lead Securitization Agreement does not provide indemnification to such
party or expose any such party to prosecution for a criminal offense, (iii) materially expand the scope of responsibilities of
any of the Master Servicer, Special Servicer, the Certificate Administrator, the Asset Representations Reviewer, the Trustee or
the Operating Advisor, as applicable, under this Agreement or the Lead Securitization Servicing Agreement or (iv) cause the Master
Servicer or Special Servicer, as applicable, to act, or fail to act, in a manner which in the reasonable judgment of the Master
Servicer or Special Servicer, as applicable, is not in the best interests of the Note Holders.

 

Section
7.          Appointment of Special Servicer. Subject to the
conditions and requirements set forth in the Lead Securitization Servicing Agreement, the Controlling Note Holder shall have
the right at any time and from time to time, with or without cause, to replace the Special Servicer then acting with respect
to the Mortgage Loan and appoint a replacement Special Servicer in lieu thereof. Any designation by the Controlling Note
Holder (or its Controlling Note Holder Representative) of a Person to serve as Special Servicer shall be made by delivering
to the other Note Holder, the Master Servicer, the then existing Special Servicer and other parties to the Lead
Securitization Servicing Agreement a written notice stating such designation and satisfying the other conditions to
such replacement as set forth in the Lead Securitization Servicing Agreement (including, without limitation, a Rating Agency
Confirmation, but only if required by the terms of the Lead Securitization Servicing Agreement), and delivering to each
Non-Controlling Note Holder a Rating Agency Confirmation with respect to any rated securities issued and outstanding under
the related Securitization, if applicable. The Controlling Note Holder shall be solely responsible for any expenses incurred
in connection with any such replacement without cause. The Controlling Note Holder shall notify the Non-Controlling Note
Holders of its termination of the then currently serving Special Servicer and its appointment of a replacement Special
Servicer in accordance with this Section 7. If the Controlling Note Holder has not appointed a Special Servicer with respect
to the Mortgage Loan as of the consummation of the securitization under the Lead Securitization Servicing Agreement, then the
initial Special Servicer designated in the Lead Securitization Servicing Agreement shall serve as the initial Special
Servicer but this shall not limit the right of the Controlling Note Holder (or its Controlling Note Holder Representative) to
designate a replacement Special Servicer for the Mortgage Loan as aforesaid. If a Servicer Termination Event on the part of
the Special Servicer has occurred that affects a Non-Controlling Note Holder, such Non-Controlling Note Holder shall have the
right to direct the Trustee (or at any time that the Mortgage Loan is no longer included in a Securitization Trust, the
Controlling Note Holder) to terminate the Special Servicer under the Lead Securitization Servicing Agreement solely with
respect to the Mortgage Loan pursuant to and in accordance with the terms of the Lead Securitization Servicing Agreement. The
Note Holders acknowledge and agree that any successor special servicer appointed to replace the Special Servicer with
respect to the Mortgage Loan that was terminated for cause at a Non-Controlling Note Holder’s direction cannot at any
time be the person (or an Affiliate thereof) that was so terminated without the prior written consent of such Non-Controlling
Note Holder. The Non-Controlling Note Holder that directs the Trustee (or at any time that the Mortgage Loan is no longer
included in a Securitization Trust, the Controlling Note Holder) to terminate the Special Servicer shall be solely
responsible for reimbursing the Trustee’s or the Controlling Note Holder’s, as applicable, costs and expenses, if
not paid within a reasonable time by the terminated special servicer and, in the case of the Trustee, that would

 

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otherwise
be reimbursed to the Trustee from amounts on deposit in the Collection Account under the Lead Securitization Servicing Agreement.

 

Section 8.          Payment
Procedure.

 

(a)          The
Lead Securitization Note Holder, in accordance with the priorities set forth in Section 3 and subject to the terms of the Lead
Securitization Servicing Agreement, shall deposit or cause to be deposited all payments allocable to the Notes to the Collection
Account and/or Companion Distribution Account pursuant to and in accordance with the Lead Securitization Servicing Agreement. The
Lead Securitization Note Holder (or the Master Servicer acting on its behalf) shall deposit such amounts to the applicable account
within two Business Days after receipt by it of properly identified funds by the Lead Securitization Note Holder (or the Master
Servicer acting on its behalf) from or on behalf of the Mortgage Loan Borrower.

 

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

 

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

 

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

 

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Section
9.          Limitation on Liability of the Note Holders. Each Note
Holder shall have no liability to any other Note Holder with respect to its Note except with respect to losses actually
suffered due to the negligence, willful misconduct or breach of this Agreement on the part of such Note Holder.

 

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

 

Section
10.          Bankruptcy. Subject to Section 5(c), each Note Holder
hereby covenants and agrees that only the Lead Securitization Note Holder has the right to institute, file, commence,
acquiesce, petition under Bankruptcy Code Section 303 or otherwise or join any Person in any such petition or otherwise
invoke or cause any other Person to invoke an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or
seek to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official with respect
to the Mortgage Loan Borrower or all or any part of its property or assets or ordering the winding-up or liquidation of the
affairs of the Mortgage Loan Borrower. Each Note Holder further agrees that only the Lead Securitization Note Holder, and not
any Non-Lead Securitization Note Holder, can make any election, give any consent, commence any action or file any motion,
claim, obligation, notice or application or take any other action in any case by or against the Mortgage Loan Borrower under
the Bankruptcy Code or in any other Insolvency Proceeding. The Note Holders hereby appoint the Lead Securitization Note
Holder as their agent, and grant to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an
interest, and their proxy, for the purpose of exercising any and all rights and taking any and all actions available to a
Non-Lead Securitization Note Holder in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy
Code or in any other Insolvency Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote
to accept or reject a plan, to make any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage
Loan, and to file a motion to modify, lift or terminate the automatic stay with respect to the Mortgage Loan. Each Non-Lead
Securitization Note Holder hereby agrees that, upon the request of the Lead Securitization Note Holder, such Non-Lead
Securitization Note Holder shall execute, acknowledge and deliver to the Lead Securitization Note Holder all and every such
further deeds, conveyances and instruments as the Lead Securitization Note Holder may reasonably request for the better
assuring and evidencing of the foregoing appointment and grant. All actions taken by the Servicer in connection with any
Insolvency Proceeding are subject to and must be in accordance with the Servicing Standard.

 

Section
11.          Representations of the Note Holders. Each Note Holder
represents and warrants that the execution, delivery and performance of this Agreement is within

 

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

 

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

 

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

 

Section 14.          Sale
of the Notes.

 

(a)          Except
as contemplated by the second following sentence, each Note Holder agrees that it will not sell, assign, transfer, pledge, syndicate,
hypothecate, contribute,

 

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encumber
or otherwise dispose of all or any portion of its respective Note (a “Transfer”) except to a Qualified Institutional
Lender. Promptly after the Transfer, the non-transferring Note Holder shall be provided with (x) a representation from a transferee
or the applicable Note Holder certifying that such transferee is a Qualified Institutional Lender (except in the case of a Transfer
in accordance with the immediately following sentence) and (y) a copy of the assignment and assumption agreement referred to in
Section 15. If a Note Holder intends to Transfer its respective Note, or any portion thereof, to an entity that is not a Qualified
Institutional Lender, it must first (a) obtain the consent of each non-transferring Note Holder and (b) if such non-transferring
Note Holder’s Note is held in a Securitization Trust, obtain a Rating Agency Confirmation from each Rating Agency then rating
the securities of such Securitization Trust. Notwithstanding the foregoing, without the non-transferring Note Holder’s prior
consent (which will not be unreasonably withheld), and, if such non-transferring Note Holder’s Note is held in a Securitization
Trust, until a Rating Agency Confirmation is obtained, no Note Holder shall Transfer all or any portion of its Note (or a participation
interest in such Note) to a Borrower Party and any such Transfer made without the prior consent of the non-transferring Note Holder
and Rating Agency Confirmation (if such non-transferring Note Holder’s Note is held in a Securitization Trust), shall be
absolutely null and void and shall vest no rights in the purported transferee; provided that for the avoidance of doubt,
transfers of any securities backed by a Note held in a Securitization Trust will not be subject to the foregoing requirement and
such transfers shall be governed by the terms of the Lead Securitization Servicing Agreement or any related Non-Lead Securitization
Servicing Agreement, as applicable. The transferring Note Holder agrees that it shall pay the expenses of the non-transferring
Note Holder (including all expenses of the Master Servicer, the Special Servicer, the Trustee and any Controlling Note Holder
or Controlling Note Holder Representative) and all expenses relating to any Rating Agency Confirmation in connection with any
such Transfer. Notwithstanding the foregoing, each Note Holder shall have the right, without the need to obtain the consent of
the other Note Holder or of any other Person or having to provide any Rating Agency Confirmation, to Transfer 49% or less (in
the aggregate) of its beneficial interest in a Note. None of the provisions of this Section 14(a) shall apply in the case of (1)
a sale of all of the Notes together, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement
or (2) a transfer by the Special Servicer, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement,
of the Mortgage Loan or the Mortgaged Property, upon the Mortgage Loan becoming a Defaulted Loan to a single member limited liability
or limited partnership, 100% of the equity interest in which is owned directly or indirectly, through one or more single member
limited liability companies or limited partnerships, by the Lead Securitization Trust.

 

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

 

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(c)          Notwithstanding
any other provision hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity (other than a Borrower
Party) which has extended a credit facility to such Note Holder and that is either a Qualified Institutional Lender or a financial
institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency
(or, if not rated by an applicable Rating Agency, an equivalent or higher rating from any two of Fitch, Moody’s and S&P)
(a “Note Pledgee”), on terms and conditions set forth in this Section 14(c), it being further agreed that a
financing provided by a Note Pledgee to a Note Holder or any person which Controls such Note that is secured by its Note and is
structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder, provided that a Note Pledgee
that is not a Qualified Institutional Lender may not take title to the pledged Note without a Rating Agency Confirmation. Upon
written notice by the applicable Note Holder to any other Note Holder and any Servicer that a Pledge has been effected (including
the name and address of the applicable Note Pledgee), such other Note Holder agrees to acknowledge receipt of such notice and thereafter
agrees: (i) to give Note Pledgee written notice of any default by the pledging Note Holder in respect of its obligations under
this Agreement of which default such Note Holder has actual knowledge; (ii) to allow such Note Pledgee a period of ten (10) days
to cure a default by the pledging Note Holder in respect of its obligations to any other Note Holder hereunder, but such Note Pledgee
shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination of this Agreement
shall be effective against such Note Pledgee without the written consent of such Note Pledgee, which consent shall not be unreasonably
withheld, conditioned or delayed; (iv) that such other Note Holder shall give to such Note Pledgee copies of any notice of default
under this Agreement simultaneously with the giving of same to the pledging Note Holder; (v) that such other Note Holder shall
deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request, provided that any such certificate(s)
shall be in a form reasonably satisfactory to such other Note Holder; and (vi) that, upon written notice (a “Redirection
Notice”) to the other Note Holders and any Servicer by such Note Pledgee that the pledging Note Holder is in default,
beyond any applicable cure periods, under the pledging Note Holder’s obligations to such Note Pledgee pursuant to the applicable
credit agreement between the pledging Note Holder and such Note Pledgee (which notice need not be joined in or confirmed by the
pledging Note Holder), and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be
entitled to receive any payments that any Note Holder or Servicer would otherwise be obligated to pay to the pledging Note Holder
from time to time pursuant to this Agreement or the Lead Securitization Servicing Agreement. Any pledging Note Holder hereby unconditionally
and absolutely releases the other Note Holders and any Servicer from any liability to the pledging Note Holder on account of such
other Note Holder’s or Servicer’s compliance with any Redirection Notice believed by any Servicer or such other Note
Holder to have been delivered by a Note Pledgee. A Note Pledgee shall be permitted to exercise fully its rights and remedies against
the pledging Note Holder to such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance
with applicable law and this Agreement. In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and
any transferee other than a Borrower Party that is also a Qualified Institutional Lender at any foreclosure or similar sale held
by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the pledging Note
Holder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional Lender
shall assume in writing the obligations of

 

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the
pledging Note Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note
Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section
14(c) shall remain effective as to any Note Holder (and any Servicer) unless and until such Note Pledgee shall have notified any
such Note Holder (and any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

(d)          Notwithstanding
any provisions herein to the contrary, if a conduit (“Conduit”) which is not a Qualified Institutional Lender
provides financing to a Note Holder then such Note Holder shall have the right to grant a security interest in its Note to such
Conduit notwithstanding that such Conduit is not a Qualified Institutional Lender, if the following conditions are satisfied:

 

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

 

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

 

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

 

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

 

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

 

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

 

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In connection with any
Transfer of a Note (but excluding any Pledgee unless and until it realizes on its Pledge), a transferee shall execute an assignment
and assumption agreement (unless the transferee is a Securitization Trust and the related pooling and servicing agreement
requires the parties thereto to comply with this Agreement), whereby such transferee assumes all of the obligations of the applicable
Note Holder hereunder with respect to such Note thereafter accruing and agrees to be bound by the terms of this Agreement, including
the applicable restriction on Transfers set forth in Section 14, from and after the date of such assignment. No transfer of a Note
may be made unless it is registered on the Note Register, and the Agent shall not recognize any attempted or purported transfer
of any Note in violation of the provisions of Section 14 and this Section 15. Any such purported transfer shall be absolutely null
and void and shall vest no rights in the purported transferee. Each Note Holder desiring to effect such transfer shall, and does
hereby agree to, indemnify the Agent and the other Note Holders against any liability that may result if the transfer is not made
in accordance with the provisions of this Agreement.

 

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

 

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

 

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

 

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

 

(c)          AGREES
THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY

 

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REGISTERED
OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH HEREIN OR AT SUCH OTHER
ADDRESS OF WHICH A PARTY HEREIN SHALL HAVE BEEN NOTIFIED; AND

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)          Each
Non-Lead Securitization Note Holder shall and hereby agrees to indemnify the Lead Securitization Note Holder against and hold the
Lead Securitization Note Holder harmless from and against any Taxes, interest, penalties and attorneys’ fees and disbursements
arising or resulting from any failure of the Lead Securitization Note Holder to withhold Taxes from payment made such Non-Lead
Securitization Note Holder in reliance upon any representation, certificate, statement, document or instrument made or provided
by such Non-Lead Securitization Note Holder to the Lead Securitization Note Holder in connection with the obligation of the Lead
Securitization Note Holder to withhold Taxes from payments made to such Non-Lead Securitization Note Holder, it being expressly
understood and agreed that (i) the Lead Securitization Note Holder shall be absolutely and unconditionally entitled to accept any
such representation, certificate, statement, document or instrument as being true and correct in all respects and to fully rely
thereon without any obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity,
correctness or validity of the same and (ii) such Non-Lead Securitization Note Holder, upon request of the Lead Securitization
Note Holder and at its sole cost and expense, shall defend any claim or action relating to the foregoing indemnification using
counsel selected by the Lead Securitization Note Holder.

 

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

 

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

 

Section
25.          Custody of Mortgage Loan Documents. Prior to the Lead
Securitization, the originals of all of the Mortgage Loan Documents shall be held by the Initial Agent on behalf of the
registered holders of the Notes. On and after the closing of the Lead Securitization, the originals of all of the Mortgage
Loan Documents (other than the originals of the Non-Lead Securitization Notes) shall be held in the name of the Trustee (and
held by a duly appointed custodian therefor), in accordance with the terms of the Lead Securitization Servicing Agreement, on
behalf of the registered holders of the Notes; provided that if the Lead Securitization is not the Note A-1 Securitization,
all Mortgage Loan Documents (other than Note A-2) shall not be recorded or filed to reflect the name of the trustee under the
Lead Securitization Servicing Agreement for such Lead Securitization (except to the extent specifically provided for in the
Lead Securitization Servicing Agreement to the extent Note A-1 is not included in a Securitization within a specified period
of time).

 

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

 

    -39-

     

    

 

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

 

Upon request, each Securitizing
Note Holder shall deliver to the Non-Securitizing Note Holder drafts of the preliminary and final offering memoranda, prospectus
supplement, free writing prospectus and any other disclosure documents and the pooling and servicing agreement for the Securitization
of such Securitizing Note Holder’s Note and provide reasonable opportunity to review and comment on such documents.

 

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

 

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

 

Section 29.          Certain
Matters Affecting the Agent.

 

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

 

    -40-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 30.          Reserved.

 

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

 

Section
32.          Resizing. Notwithstanding any other provision of this
Agreement, for so long as WFB or an affiliate (an “Original Entity”) is the owner of the Non-Lead
Securitization Note (the “Owned Note”), such Original Entity shall have the right, subject to the terms of
the Mortgage Loan Documents, to cause the Mortgage Loan Borrower to execute amended and restated notes or additional notes
(in either case, “New Notes”) reallocating the

 

    -41-

     

    

 

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

 

[Signature Page Follows]

 

    -42-

     

    

 

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

  

	 	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Initial Agent and Initial Note A-1 Holder and Initial Note A-2 Holder
	 	 	 
	 	By:	/s/ John G. Nicol
	 	 	John G. Nicol
	 	 	Managing Director

 

(Agreement
Between Note Holders – Central Park Retail Mortgage Loan) 

  

    S-1

     

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

Description of Mortgage Loan

 

	Mortgage Loan Borrower:	Central Park Retail, LLC
	Date of Mortgage Loan:	August 5, 2016
	Date of Notes:	August 5, 2016
	Original Principal Amount of Mortgage Loan:	$90,000,000
	Principal Amount of Mortgage Loan as of the date hereof:	$90,000,000
	Initial Note A-1 Principal Balance:	$70,000,000
	Initial Note A-2 Principal Balance:	$20,000,000
	Location of Mortgaged Property:	Fredricksburg, VA
	Initial Maturity Date:	September 1, 2026

 

    A-1

     

    

 

EXHIBIT B

 

1.     Initial
Note A-1 Holder:

 

Wells Fargo Bank, National Association

375 Park Avenue, 2nd Floor

J0127-023

New York, New York 10152

Attention: A.J. Sfarra

with a copy to:

Jeff D. Blake, Esq.

Senior Counsel

Wells Fargo Law Department

D1053-300

301 South College St.

Charlotte, North Carolina 28288

 

2.     Initial
Note A-2 Holder:

 

Wells Fargo Bank, National Association

375 Park Avenue, 2nd Floor

J0127-023

New York, New York 10152

Attention: A.J. Sfarra

with a copy to:

Jeff D. Blake, Esq.

Senior Counsel

Wells Fargo Law Department

D1053-300

301 South College St.

Charlotte, North Carolina 28288

 

    C-1

     

    

 

EXHIBIT C

PERMITTED FUND MANAGERS

	 	 
	1.	AllianceBernstein
	2.	Annaly Capital Management
	3.	Apollo Real Estate Advisors
	4.	Archon Capital, L.P.
	5.	AREA Property Partners
	6.	Artemis Real Estate Partners
	7.	BlackRock, Inc.
	8.	Clarion Partners
	9.	Colony Capital, LLC
	10.	DLJ Real Estate Capital Partners
	11.	Dune Real Estate Partners
	12.	Eightfold Real Estate Capital, L.P.
	13.	Five Mile Capital Partners
	14.	Fortress Investment Group, LLC
	15.	Garrison Investment Group
	16.	H/2 Capital Partners LLC
	17.	Hudson Advisors
	18.	Investcorp International
	19.	iStar Financial Inc.
	20.	J.P. Morgan Investment Management Inc.
	21.	JER Partners
	22.	Lend-Lease Real Estate Investments
	23.	Libermax Capital LLC
	24.	LoanCore Capital
	25.	Lone Star Funds
	26.	Lowe Enterprises
	27.	Normandy Real Estate Partners
	28.	Och-Ziff Capital Management Group
	29.	Praedium Group
	30.	Raith Capital Partners, LLC
	31.	Rialto Capital Management LLC
	32.	Rialto Capital Partners LLC
	33.	Rockpoint Group
	34.	Rockwood
	35.	RREEF Funds
	36.	Square Mile Capital Management
	37.	The Blackstone Group
	38.	The Carlyle Group
	39.	Torchlight Investors
	40.	Walton Street Capital, L.L.C.
	41.	Westbrook Partners
	42.	Wheelock Street Capital
	43.	Whitehall Street Real Estate Fund, L.P.

 

    C-2Exhibit 4.7

 

 

EXECUTION VERSION

 

	 

 1140 Sixth

 

CO-LENDER AGREEMENT

 

Dated as of September 29, 2016

 

between

 

LADDER CAPITAL FINANCE I LLC

(and affiliated entities)

(Note A-1 Holder)

 

and

 

LADDER CAPITAL FINANCE I LLC

(and affiliated entities) 

(Note A-2 Holder)

 

and

 

LADDER CAPITAL FINANCE I LLC

(and affiliated entities) 

(Note A-3 Holder)

 

and

 

LADDER CAPITAL FINANCE I LLC

(and affiliated entities) 

(Note A-4 Holder)

 

	 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	Definitions; Conflicts	2
	2.	Servicing of the Mortgage Loan	13
	3.	Priority of Notes	15
	4.	Workout	15
	5.	Accounts; Payment Procedure	15
	6.	Limitation on Liability	16
	7.	Representations of the Holders	17
	8.	Independent Analyses of each Holder	17
	9.	No Creation of a Partnership or Exclusive Purchase Right	18
	10.	Not a Security	18
	11.	Other Business Activities of the Holders	18
	12.	Transfer of Notes	18
	13.	Exercise of Remedies by the Servicer	21
	14.	Rights of the Directing Holder	23
	15.	Appointment of Special Servicer	24
	16.	Rights of the Non-Directing Holders	24
	17.	Advances; Reimbursement of Advances	25
	18.	Provisions Relating to Securitization	26
	19.	Governing Law; Waiver of Jury Trial	30
	20.	Modifications	30
	21.	Successors and Assigns; Third Party Beneficiaries	31
	22.	Counterparts	31
	23.	Captions	31
	24.	Notices	31
	25.	Custody of Mortgage Loan Documents	31

 

    -i- 

     

    

 

THIS CO-LENDER AGREEMENT (the “Agreement”),
dated as of September 29, 2016, is between LADDER CAPITAL FINANCE I LLC, a Delaware limited liability company, for itself
to the extent of its own interest and on behalf of Series TRS of Ladder Capital Finance I LLC, and Series TRS of Ladder Capital
Finance I LLC, a Delaware series of Ladder Capital Finance I LLC (collectively, “Ladder”), having an address
at 345 Park Avenue, 8th Floor, New York, New York 10154, as the holder of Note A-1, Ladder, as the holder of Note A-2, Ladder,
as the holder of Note A-3 and Ladder, as the holder of Note A-4.

 

W I T N E S
S E T H:

 

WHEREAS, Ladder has made a mortgage
loan in the original principal amount of $99,000,000 (the “Mortgage Loan”) to ARC NYC1140SIXTH, LLC, a Delaware
limited liability company (the “Borrower”) pursuant to a loan agreement between the Borrower, as borrower, and
Ladder, as lender, dated as of June 15, 2016 (the “Loan Agreement”);

 

WHEREAS, the Mortgage Loan is evidenced
by four notes, Promissory Note A-1 in the original principal amount of $30,000,000, Promissory Note A-2 in the original principal
amount of $24,000,000, Promissory Note A-3 in the original principal amount of $25,000,000 and Promissory Note A-4 in the original
principal amount of 20,000,000 (“Note A-1”, “Note A-2”, “Note A-3” and
“Note A-4” respectively, and individually, each, a “Note” and collectively the “Notes”);

 

WHEREAS, the Mortgage Loan is secured
by a first mortgage lien (the “Mortgage”) on the property known as 1140 Sixth Avenue (the “Mortgaged
Property”);

 

WHEREAS, Ladder intends to sell, transfer
and assign its right, title and interest in and to Note A-3 and Note A-4 to Wells Fargo Commercial Mortgage Securities, Inc. (“WFCMS”),
as depositor, pursuant to a Mortgage Loan Purchase Agreement to be dated as of September 14, 2016, by and between WFCMS, as purchaser,
and Ladder as seller, and WFCMS intends to transfer its right, title and interest in and to Note A-3 and Note A-4 to Wilmington
Trust, National Association, as trustee for the WFCM 2016-LC24 Mortgage Trust under a pooling and servicing agreement, dated as
of September 1, 2016 (the “LC24 PSA”), between WFCMS, as depositor, Wells Fargo Bank, National Association,
as general master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as general special servicer, National
Cooperative Bank, N.A., as NCB master servicer and NCB special servicer, Wilmington Trust, National Association, as trustee, Wells
Fargo Bank, National Association, as certificate administrator and custodian and Trimont Real Estate Advisors, LLC, as operating
advisor and asset representations reviewer (such sales, transfers and assignments, the “LC24 Securitization”);

 

WHEREAS, Note A-1 Holder intends, but
is not bound, to sell transfer and assign all or a portion of its right, title and interest in and to Note A-1 to one or more depositors
who will in turn transfer the same to one or more trusts as part of the securitization of one or more mortgage loans;

 

     

     

    

 

WHEREAS, Note A-2 Holder intends, but
is not bound, to sell transfer and assign all or a portion of its right, title and interest in and to Note A-2 to one or more depositors
who will in turn transfer the same to one or more trusts as part of the securitization of one or more mortgage loans;

 

WHEREAS, the parties hereto desire
to enter into this Agreement to memorialize the terms under which they, and their successors and assigns, shall hold Note A-1,
Note A-2, Note A-3 and Note A-4, respectively;

 

NOW, THEREFORE, in consideration of
the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto mutually agree as follows:

 

1.          Definitions; Conflicts. References
to a “Section” or the “recitals” are, unless otherwise specified, to a Section or the recitals of this
Agreement. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Servicing Agreement.
To the extent of any inconsistency between terms defined in this Agreement and the Servicing Agreement, the terms of this Agreement
shall control. Whenever used in this Agreement, the following terms shall have the respective meanings set forth below unless the
context clearly requires otherwise.

 

“Acceptable Insurance Default”
shall have the meaning assigned to such term or analogous term in the Servicing Agreement.

 

“Advance” shall
mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Property
pursuant to the Note A-1 PSA, the Note A-2 PSA or the LC24 PSA.

 

“Affiliate” shall
mean, with respect to any specified Person, (a) any other Person controlling or controlled by or under common control with
such specified Person (each, a “Common Control Party”), (b) any other Person owning, directly or indirectly,
ten percent (10%) or more of the beneficial interests in such Person or (c) any other Person in which such Person or a Common
Control Party owns, directly or indirectly, ten percent (10%) or more of the beneficial interests. For the purposes of this definition,
“control” when used with respect to any specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract, relation to individuals or otherwise,
and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

“Agreement” shall
mean this Co-Lender Agreement, the exhibits and schedules hereto, and all amendments hereof and supplements hereto.

 

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

 

“Business Day” shall
have the meaning assigned to such term in the Servicing Agreement.

 

     -2-

     

    

 

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

 

“Certificates” shall
mean any securities issued in connection with the Note A-1 Securitization, the Note A-2 Securitization or the LC24 Securitization.

 

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

 

“Collection Account”
shall mean the “collection account” or sub-account thereof, established under the Servicing Agreement for the purpose
of servicing the Mortgage Loan.

 

“Consultation Termination
Event” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

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

 

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

 

“Defaulted Mortgage Loan”
shall mean the Mortgage Loan in the event that the Mortgage Loan is delinquent at least 60 days in respect of its Monthly Payments
or more than 60 days in respect of its balloon payment, in either case to be determined without giving effect to any grace
period permitted by the Mortgage Loan Documents and without regard to any acceleration of payments under the Mortgage Loan Documents.

 

“Depositor” shall
mean (i) with respect to the Note A-1 Securitization, the depositor under the Note A-1 PSA, (ii) with respect to the Note
A-2 Securitization, the depositor under the Note A-2 PSA, (iii) with respect to the LC24 Securitization, WFCMS.

 

“Directing Holder”
shall mean the Note A-1 Holder or, if Note A-1 is included in a Securitization, the holders of Certificates representing the specified
interest in the class of Certificates designated as the “controlling class” or the duly appointed representative of
the holders of such Certificates or such other party that the Note A-1 Holder grants the right to exercise the rights granted to
the Directing Holder in this Agreement; provided, that no Borrower, property manager or affiliate thereof shall be entitled
to act as Directing Holder.

 

“Event of Default”
shall mean an “Event of Default” as defined in the Loan Agreement.

 

     -3-

     

    

 

“Excluded Amounts”
shall mean:

 

(i)          proceeds, awards
or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Borrower in accordance with
the terms of the Mortgage Loan Documents;

 

(ii)         amounts required
to be deposited in reserve or escrow pursuant to the Mortgage Loan Documents; and

 

(iii)        amounts that are
then due and payable pursuant to the Servicing Agreement to the parties to the Servicing Agreement, including, without limitation,
Servicing Fees, Special Servicing Fees, Liquidation Fees, Workout Fees, as applicable, reimbursement of costs and expenses, reimbursement
of Property Advances and interest thereon at the Reimbursement Rate;

 

but shall not include (A) any amounts received in
respect of any P&I Advances (and interest thereon), (B) any Servicing Fees due to the Master Servicer in excess of the
Servicing Fee calculated at the “primary servicing fee rate” set forth in the Servicing Agreement and (C) any
trustee fees.

 

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

 

“Holder” shall mean
the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder and/or the Note A-4 Holder, as the context indicates.

 

“Indemnified Parties”
shall mean each of the Lead Securitization depositor, the Lead Servicer, the Lead Securitization special servicer, the Lead Securitization
certificate administrator, the Lead Securitization operating advisor and the Lead Trustee (and any director, officer, employee
or agent of any of the foregoing, to the extent such parties are identified as indemnified parties in the Lead Servicing Agreement
in respect of other mortgage loans).

 

“Intervening Trust Vehicle”
shall mean, with respect to any Securitization Vehicle that is a CLO, a trust vehicle or entity which holds Note A-1, Note A-2,
Note A-3 or Note A-4 as collateral securing (in whole or in part) any obligation or security held by such Securitization Vehicle
as collateral for the CLO.

 

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

 

“Ladder” shall mean
Ladder Capital Finance I LLC.

 

“LC24 PSA” shall
have the meaning assigned such term in the recitals.

 

“LC24 Securitization”
shall have the meaning assigned such term in the recitals.

 

“LC24 Securitization Date”
shall mean the closing date of the LC24 Securitization.

 

     -4-

     

    

 

“LC24 Trustee” shall
mean the trustee under the LC24 PSA.

 

“Lead Note” shall
mean (a) prior to the Note A-1 Securitization Date, Note A-3 and (b) from and after the Note A-1 Securitization Date, Note A-1.

 

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

 

“Lead Securitization”
shall mean (a) during the period from and after the LC24 Securitization Date and prior to the Note A-1 Securitization Date, the
LC24 Securitization and (b) from and after the Note A-1 Securitization Date, the Note A-1 Securitization.

 

“Lead Securitization PSA”
shall mean (a) during the period from and after the LC24 Securitization Date and prior to the Note A-1 Securitization Date, the
LC24 PSA and (b) from and after the Note A-1 Securitization Date, the Note A-1 PSA.

 

“Lead Securitization Trust”
shall mean (a) during the period from and after the LC24 Securitization Date and prior to the Note A-1 Securitization Date, the
trust established under the LC24 PSA in connection with the LC24 Securitization and (b) from and after the Note A-1 Securitization
Date, the trust established under the Note A-1 PSA.

 

“Lead Servicer”
shall mean (a) during the period from and after the LC24 Securitization Date and prior to the Note A-1 Securitization Date, the
servicer designated under the LC24 PSA and (b) from and after the Note A-1 Securitization Date, the servicer designated under the
Note A-1 PSA.

 

“Lead Trustee” shall
mean (a) during the period from and after the LC24 Securitization Date and prior to the Note A-1 Securitization Date, the LC24
Trustee and (b) from and after the Note A-1 Securitization Date, the Note A-1 Trustee.

 

“Liquidation Fee”
shall have the meaning assigned to such term in the Servicing Agreement, provided that under no circumstances shall the
Liquidation Fee be calculated at a percentage of more than 1.0%.

 

“Liquidation Proceeds”
shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

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

 

“Major Action” shall
have the meaning assigned to the term “Material Action,” “Major Action,” “Major Decision” or
any equivalent term in the Servicing Agreement.

 

“Master Servicer”
shall mean the master servicer under the Servicing Agreement and any successor thereunder.

 

“Master Servicer Remittance
Date” shall mean:

 

(a)          during the period
after the LC24 Securitization date but prior to the Note A-1 Securitization Date:

 

     -5-

     

    

 

(i)          with respect to
Note A-1, one Business Day after receipt of properly identified funds;

 

(ii)         with respect to
Note A-2, one Business Day after receipt of properly identified funds; and

 

(iii)        with respect to
Note A-3 and Note A-4, the “Master Servicer Remittance Date” (or analogous term) as defined in the LC24 PSA; and

 

(b)          after the Note A-1
Securitization Date:

 

(i)          with respect to
Note A-1, the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing Agreement;

 

(ii)         with respect to
Note A-2, one Business Day after the “Determination Date” (or analogous term) as defined in the Note A-2 PSA (as long
as such date is at least one Business Day after receipt of the Monthly Payment and no sooner than the sixth calendar day of the
month); and

 

(iii)        with respect to
Note A-3 and Note A-4, one Business Day after the “Determination Date” (or analogous term) as defined in the LC24 PSA
(as long as such date is at least one Business Day after receipt of the Monthly Payment and no sooner than the sixth calendar day
of the month).

 

“Maturity Date”
shall have the meaning assigned to such term in Exhibit A.

 

“Monthly Payment”
with respect to any period shall mean all amounts due and payable to any Holder or Holders during such period in accordance with
the Mortgage Loan Documents.

 

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

 

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

 

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

 

“Mortgage Interest Rate”
shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each of Note A-1, Note A-2, Note
A-3 and Note A-4.

 

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

 

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

 

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

 

     -6-

     

    

 

“Mortgage Loan Schedule”
shall mean the schedule in the form attached hereto as Exhibit A, which schedule sets forth certain information regarding
the Mortgage Loan and the Notes.

 

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

 

“Non-Directing Holders”
shall mean the holders of Note A-2, Note A-3 or Note A-4 or, if Note A-2, Note A-3 or Note A-4 is included in a Securitization,
the holders of Certificates representing the specified interest in the class of Certificates designated as the “controlling
class” or the duly appointed representative of the holders of such Certificates or such other party otherwise entitled under
the Note A-2 PSA or the LC24 to exercise the rights granted to the Non-Directing Holders in this Agreement.

 

“Non-Lead Master Servicer”
shall mean (i) with respect to Note A-2 and the Note A-2 PSA, the master servicer designated under the Note A-2 PSA, and (ii) with
respect to Note A-3 and Note A-4, from and after the Note A-1 Securitization Date, the master servicer designated under the LC24
PSA.

 

“Non-Lead Note”
shall mean each Note other than the Lead Note.

 

“Non-Lead Note Holders”
shall mean the holders of the Non-Lead Note.

 

“Non-Lead Servicing Agreement”
shall mean the Note A-2 PSA and from and after the Note A-1 Securitization Date, the LC24 PSA.

 

“Nonrecoverable Advance”
shall have the meaning ascribed to such term in the Servicing Agreement.

 

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

 

“Note A-1 Holder”
shall mean Ladder or any subsequent holder of Note A-1.

 

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

 

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

 

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

 

“Note A-1 Securitization”
shall mean the “pooling and servicing agreement” entered into in connection with the Note A-1 Securitization.

 

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

 

     -7-

     

    

 

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

 

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

 

“Note A-2 Holder”
shall mean Ladder or any subsequent holder of Note A-2.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Note A-3” shall
have the meaning assigned such term in the recitals.

 

“Note A-3 Holder”
shall mean Ladder or any subsequent holder of Note A-3.

 

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

 

“Note A-4” shall
have the meaning assigned such term in the recitals.

 

“Note A-4 Holder”
shall mean Ladder or any subsequent holder of Note A-4.

 

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

 

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

 

“P&I Advance”
shall mean an advance made by a party to the Note A-1 PSA, the Note A-2 PSA or the LC24 PSA, as applicable, with respect to a delinquent
monthly debt service payment on the Notes included in the related Securitization.

 

     -8-

     

    

 

“Penalty Charges”
shall mean any amounts collected from the Borrower that represent default charges, penalty charges, late fees and/or default interest,
but excluding any yield maintenance charge or prepayment premium.

 

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

 

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

 

“Property Advance”
shall mean an advance made in respect of property protection expenses or expenses incurred to protect, preserve and enforce the
security for the Mortgage Loan or to pay taxes and assessments or insurance premiums with respect to the Mortgaged Property.

 

“Pro Rata and Pari Passu Basis”
shall mean with respect to the Notes and each Holder, the allocation of any particular payment, collection, cost, expense, liability
or other amount between such Notes or such Holders, as the case may be, without any priority of any such Note or any such Holder
over another Note or Holder, as the case may be, and in any event such that each Note or Holder, as the case may be, is allocated
its respective pro rata share based on the principal balance of its Note in relation to the principal balance of the entire Mortgage
Loan of such particular payment, collection, cost, expense, liability or other amount.

 

“Qualified Servicer”
shall mean (i) Wells Fargo Bank, National Association, (ii) Midland Loan Services, a Division of PNC Bank, National Association,
(iii) KeyBank National Association or (iv) any nationally recognized commercial mortgage loan servicer (1) rated
at least “CSS3,” in the case of a special servicer, or at least “CMS2,” in the case of a master servicer,
by Fitch, (2) on the S&P Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage
Special Servicer, as applicable, (3) as to which neither Moody’s nor KBRA has cited servicing concerns of such servicer
as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status”
in contemplation of a ratings downgrade or withdrawal) of securities in any CMBS transaction rated by Moody’s or KBRA, as
applicable, and serviced by such servicer prior to the time of determination, (4) a servicer that (i) during the 12-month period
prior to the date of determination, acted as master servicer or special servicer, as applicable, in a commercial mortgage loan
securitization rated by Morningstar and (ii) Morningstar has not qualified, downgraded or withdrawn the then-current rating or
ratings of one or more classes of such certificates citing servicing concerns with the servicer or special servicer, as applicable,
as the sole or material factor in such rating action and (5) in the case of DBRS, that within the twelve (12) month period prior
to the date of determination such servicer was acting as servicer or special servicer, as applicable, in a commercial mortgage
loan securitization that was rated by DBRS and DBRS has not downgraded or withdrawn the then-current rating on any class

 

     -9-

     

    

 

of commercial
mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such servicer as
servicer or special servicer, as applicable, of such commercial mortgage securities as a material reason for such downgrade or
withdrawal. For purposes of this definition, for so long as any Note is included in a Securitization, the ratings or actions of
any Rating Agency that is not rating any such Securitization(s) shall not be considered.

 

“Qualified Transferee”
shall mean an Affiliate of Ladder or one or more of the following (other than a Borrower or any entity which is an Affiliate of
a Borrower):

 

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

 

(ii)         an investment company,
money management firm or a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act
of 1933, as amended, which regularly engages in the business of making or owning investments of types similar to the Mortgage Loan;
or

 

(iii)        an institution
substantially similar to any of the foregoing entities described in clauses (i) or (ii) above; or

 

(iv)        any entity Controlled
by or under common Control or Controlling any of the entities described in clauses (i), (ii) or (iii) above; or

 

(v)         a Qualified Trustee
(or, in the case of a CLO, a single purpose bankruptcy-remote entity that contemporaneously pledges its interest in a Note to a
Qualified Trustee) in connection with (A) a securitization of, (B) the creation of collateralized loan obligations (“CLO”)
secured by, or (C) a financing through an “owner trust” of, any interest in a Note (any of the foregoing, a “Securitization
Vehicle”), provided that either (1) one or more classes of securities issued by such Securitization Vehicle
is initially rated at least investment grade by at least two of the Rating Agencies that also assigned a rating to one or more
classes of securities issued in connection with the Securitization of a Note; (2) the special servicer for the Securitization Vehicle
is a Qualified Servicer at the time of transfer; or (3) in the case of a Securitization Vehicle that is a CLO, the CLO Asset Manager
and, if applicable, each Intervening Trust Vehicle that is not administered and managed by a CLO Asset Manager that is a Qualified
Transferee, is a Qualified Transferee under clause (i), (ii), (iii) or (iv) of this definition; or

 

(vi)        an investment fund,
limited liability company, limited partnership or general partnership in which a Permitted Fund Manager acts as the general partner,
managing member, or the fund manager responsible for the day to day management and operation of such investment vehicle, provided
that greater than fifty percent (50%) of the equity interests in such investment vehicle are owned,

 

     -10-

     

    

 

directly or indirectly, by
one or more entities that are otherwise Qualified Transferees,

 

which, in the case of each of clauses (i), (ii),
and (iii) of this definition, has (A) at least $400,000,000 in total assets (in name or under management) and (except with respect
to a pension advisory firm or similar fiduciary) at least $150,000,000 in capital/statutory surplus or shareholders’ equity,
and (B) is regularly engaged in the business of making or owning commercial real estate loans or commercial loans similar to the
Mortgage Loan.

 

“Qualified Trustee”
shall mean (i) a corporation, national bank, national banking association or a trust company, organized and doing business
under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and
to accept the trust conferred, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination
by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution
whose long-term senior unsecured debt is then rated in one of the top two rating categories of each of the Rating Agencies.

 

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

 

“Rating Agency Confirmation”
shall mean each of the applicable Rating Agencies shall have confirmed in writing that the occurrence of the event with respect
to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or withdrawal of the applicable
rating or ratings ascribed by such Rating Agency to any of the Certificates then outstanding. In the event that no Certificates
are outstanding, any action that would otherwise require a Rating Agency Confirmation shall require the consent of the Note A-1
Holder, which consent shall not be unreasonably withheld, conditioned or delayed.

 

For the purposes of this Agreement,
if any Rating Agency (1) waives, declines or refuses, in writing, to review or otherwise engage any request for a confirmation
hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade or withdrawal of its then
current rating of the securities issued pursuant to the related Securitization, or (2) does not reply to such request or responds
in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency
Confirmation and the related timing, notice and other applicable provisions set forth in the Servicing Agreement, the Note A-1
PSA, the Note A-2 PSA and the LC24 PSA, as applicable, have been satisfied, then for such request only, the condition that such
confirmation by such Rating Agency (only) be obtained will be deemed not to apply for purposes of this Agreement. For purposes
of clarity, any such waiver, declination or refusal to review or otherwise engage in any request for such confirmation hereunder
shall not be deemed a waiver, declination or refusal

 

     -11-

     

    

 

to review or otherwise engage in any subsequent request for such Rating Agency
Confirmation hereunder and the condition for such Rating Agency Confirmation pursuant to this Agreement for any subsequent request
shall apply regardless of any previous waiver, declination or refusal to review or otherwise engage in such prior request.

 

“Reimbursement Rate”
shall have the meaning assigned to such term or the term “Advance Rate” or an analogous term in the Servicing Agreement.

 

“REO Property” shall
mean the Mortgaged Property, title to which has been acquired by the Servicer on behalf of (or other Person designated by) the
Holders through foreclosure, deed in lieu of foreclosure or otherwise.

 

“S&P” shall
mean S&P Global Ratings, a division of S&P Global, and its successors in interest.

 

“Securitization”
shall mean the Note A-1 Securitization, the Note A-2 Securitization and/or the LC24 Securitization, as applicable.

 

“Servicer” shall
mean (i) the Master Servicer with respect to a non-Specially Serviced Mortgage Loan and the Special Servicer with respect
to a Specially Serviced Mortgage Loan, or (ii) with respect to a specific function, right or obligation as to which the Servicing
Agreement designates the Master Servicer or the Special Servicer, the party so designated, as applicable, pursuant to the Servicing
Agreement.

 

“Servicing Agreement”
shall mean (a) during the period from and after the LC24 Securitization Date and prior to the Note A-1 Securitization Date, the
LC24 PSA and (b) after the Note A-1 Securitization Date, the Note A-1 PSA. In the event the Lead Note is no longer in a Securitization,
the term “Servicing Agreement” shall refer to the subsequent servicing agreement entered into pursuant to Section
2.

 

“Servicing Fee”
shall mean the fee of the Master Servicer pursuant to the terms of the Servicing Agreement, which will generally be calculated
as the product of (i) the Servicing Fee Rate and (ii) the outstanding principal balance of the Mortgage Loan as of the date of
determination.

 

“Servicing Fee Rate”
shall have the meaning applied to such term in the Servicing Agreement, being the rate per annum which, when applied to the Mortgage
Loan Principal Balance (which may be a different rate with respect to each of the Notes), will determine the servicing fee payable
to the Master Servicer under the Servicing Agreement; provided that under no circumstances shall the Servicing Fee Rate
exceed 0.0025% per annum.

 

“Servicing Standard”
shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

“Servicing Transfer Event”
shall mean any of the events specified in the Servicing Agreement, whereby the servicing of the Mortgage Loan is required to be
transferred to the Special Servicer from the Master Servicer.

 

     -12-

     

    

 

“Special Servicer”
shall mean the special servicer of the Mortgage Loan as appointed under the terms of this Agreement and the Servicing Agreement,
or any successor special servicer appointed as provided thereunder or hereunder.

 

“Special Servicing Fee”
shall have the meaning given to such term or an analogous term in the Servicing Agreement; provided that under no circumstances
shall the Special Servicing Fee exceed 25 basis points per annum of the Mortgage Loan.

 

“Specially Serviced Mortgage
Loan” shall mean the Mortgage Loan during the period it is serviced by the Special Servicer following a Servicing Transfer
Event.

 

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

 

“Trustee” shall
mean the trustee under Note A-1 PSA, the Note A-2 PSA or the LC24 PSA, as the context requires.

 

“Workout Fee” shall
have the meaning given to such term in the Servicing Agreement, provided that under no circumstances shall the Workout Fee
be calculated at a percentage of more than 1.0%.

 

2.          Servicing of the Mortgage Loan.
(a)  Each Holder acknowledges and agrees that, subject in each case to the specific terms of this Agreement, the Mortgage
Loan shall be serviced as follows:

 

(i)          from and after the LC24 Securitization
Date, but prior to the Note A-1 Securitization Date, by the LC24 Master Servicer and the Special Servicer pursuant to the terms
of this Agreement and the LC24 PSA; and

 

(ii)         from and after the Note A-1
Securitization Date, by the Note A-1 Master Servicer and the Special Servicer pursuant to the terms of this Agreement and the Note
A-1 PSA.

 

Each holder agrees to reasonably cooperate
with each Servicer with respect to its exercise of its rights and obligations under the Servicing Agreement.

 

(b)         The Note A-1 PSA, the Note A-2
PSA and the LC24 PSA shall contain terms and conditions that are customary for securitization transactions involving assets similar
to the Mortgage Loan and that are otherwise (i) required by the Code relating to the tax elections of the Note A-1 Trust Fund,
the Note A-2 Trust Fund and the LC24 Trust Fund, (ii) required by law or changes in any law, rule or regulation or (iii) requested
by the Rating Agencies rating the Note A-1 Securitization, the Note A-2 Securitization or the Note LC24 Securitization. In addition,
the Note A-1 PSA, the Note A-2 PSA and the LC24 PSA shall have such additional provisions as are set forth in Section 18. The parties
hereto acknowledge that the pooling and servicing agreement entered into in connection with the WFCM 2016-LC24 Mortgage Trust Commercial
Mortgage Pass-Through Certificates is considered to be customary for securitization transactions involving assets similar to the
Mortgage Loan. The Note A-1 Holder shall have the right to designate the

 

     -13-

     

    

 

Master Servicer and Special Servicer under the Note A-1
PSA as long as each such party is a Qualified Servicer, the Note A-2 Holder shall have the right to designate the Master Servicer
under the Note A-2 PSA as long as each such party is a Qualified Servicer, the Note A-3 Holder shall have the right to designate
the Master Servicer and Special Servicer under the LC24 PSA as long as each such party is a Qualified Servicer and the Note A-4
Holder shall have the right to designate the Master Servicer and Special Servicer under the LC24 PSA as long as each such party
is a Qualified Servicer.

 

(c)          Subject to the terms and conditions
of this Agreement, each Holder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer and the
Trustee under the Servicing Agreement by the Depositor and the appointment of the Special Servicer by the Directing Holder and
agrees to reasonably cooperate with the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage
Loan in accordance with the Servicing Agreement. Each Holder hereby appoints the Master Servicer, the Special Servicer and the
Trustee under the Servicing Agreement as such Holder’s attorney-in-fact to sign any documents reasonably required with respect
to the administration and servicing of the Mortgage Loan on its behalf under the Servicing Agreement (subject at all times to the
rights of the Holders as set forth herein and in such Servicing Agreement).

 

(d)          If, at any time the Lead Note
is no longer in a Securitization, the Note A-1 Holder shall cause the Mortgage Loan to be serviced pursuant to a servicing agreement
that is substantially similar to the Servicing Agreement (and, if any Non-Lead Note is in a Securitization, subject to a Rating
Agency Confirmation from the Rating Agencies that were engaged by the Depositor to rate such Securitization) and all references
herein to the “Servicing Agreement” shall mean such subsequent Servicing Agreement; provided, however,
that until a replacement Servicing Agreement has been entered into (and such written confirmation has been obtained), the Note
A-1 Holder shall cause the Mortgage Loan to be serviced pursuant to the provisions of the Servicing Agreement as if such agreement
was still in full force and effect with respect to the Mortgage Loan; provided, further, however, that until
a replacement Servicing Agreement is in place, the actual servicing of the Mortgage Loan may be performed by any Qualified Servicer
appointed by the Note A-1 Holder and does not have to be performed by the service providers set forth under the Servicing Agreement
that was previously in effect.

 

(e)          Notwithstanding anything to
the contrary contained herein (including Sections 4 and 13(a)), each Servicing Agreement shall provide that
the Servicer shall be required to service and administer the Mortgage Loan in accordance with the Servicing Standard as set forth
in such Servicing Agreement, and any Holder who is not a Borrower or an Affiliate of a Borrower shall be deemed a third-party beneficiary
of such provisions of the Servicing Agreement. It is understood that any Non-Lead Note Holder may separately appoint a servicer
for its Non-Lead Note, by itself or together with other assets, but any such servicer will have no responsibility hereunder and
shall be compensated solely by the applicable Non-Lead Note Holder from funds payable to it hereunder or otherwise.

 

(f)          The Holders acknowledge that
the Servicer is to comply with this Agreement and the Mortgage Loan Documents in connection with the servicing of the Mortgage
Loan.

 

     -14-

     

    

 

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

 

(h)          In the event that one of the
Notes is included in a REMIC, the other Holders shall not be required to reimburse such Holder or any other Person for payment
of any taxes imposed on such REMIC or Advances therefor or for any interest on such Advance or for deficits in other items of disbursement
or income resulting from the use of funds for payment of any such taxes, nor shall any disbursement or payment otherwise distributable
to the other Holders be reduced to offset or make-up any such payment or deficit.

 

3.            Priority of Notes. Note A-1,
Note A-2, Note A-3 and Note A-4 shall be of equal priority, and no portion of any of Note A-1, Note A-2, Note A-3 or Note A-4 shall
have priority or preference over any portion of the other Note or security therefor. Except for the Excluded Amounts, all amounts
tendered by the Borrower or otherwise available for payment on the Mortgage Loan, whether received in the form of Monthly Payments,
a balloon payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other instrument serving as security
on the Mortgage Loan, proceeds under title, hazard or other insurance policies or awards or settlements in respect of condemnation
proceedings or similar exercise of the power of eminent domain shall be distributed by the Master Servicer and applied to Note
A-1, Note A-2, Note A-3 and Note A-4 on a Pro Rata and Pari Passu Basis.

 

The Servicing Agreement may provide
for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to (i) pay the Master Servicer, the
Trustee or the Special Servicer for interest accrued on any Property Advances and reimbursement of Property Advances, (ii) to
pay the parties to any Securitization for interest accrued on any P&I Advance, (iii) to pay certain other expenses incurred
with respect to the Mortgage Loan and (iv) to pay to the Master Servicer and/or the Special Servicer as additional servicing
compensation, except that, for so long as Note A-1 is not included in a Securitization, any Penalty Charges allocated to Note A-1
that are not applied pursuant to clauses (i)-(iii) above shall be remitted to the respective

 

     -15-

     

    

 

Holder and shall not be paid to the
Master Servicer and/or the Special Servicer without the express consent of such Holder.

 

4.          Workout. Notwithstanding anything
to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and Section 13
of this Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Note Holder, or any Servicer,
in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the Mortgage
Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced, (iii) payments of interest or principal
on Note A-1, Note A-2, Note A-3 or Note A-4 are waived, reduced or deferred or (iv) any other adjustment is made to any of
the payment terms of the Mortgage Loan, such modification shall not alter, and any modification of the Mortgage Loan Documents
shall be structured to preserve, the equal priorities of Note A-1, Note A-2, Note A-3 and Note A-4 as described in Section 3.

 

5.          Accounts; Payment Procedure.
The Servicing Agreement shall provide that the Master Servicer shall establish and maintain the Collection Account or Collection
Accounts, as applicable. Each of the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder and the Note A-4 Holder hereby directs
the Master Servicer, in accordance with the priorities set forth in Section 3 hereof, (i) to deposit into the applicable
Collection Account within the time period specified in the Servicing Agreement all payments received with respect to the Mortgage
Loan and (ii) to remit from the applicable Collection Account for deposit or credit on the applicable Master Servicer Remittance
Date all payments received with respect to and allocable to Note A-1, Note A-2, Note A-3 and Note A-4 by wire transfer to accounts
maintained by the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder and the Note A-4 Holder, respectively; provided
that delinquent payments received by the Master Servicer after the related Master Servicer Remittance Date shall be remitted by
the Master Servicer to such accounts within the time period specified in the Servicing Agreement.

 

If any Servicer holding or having distributed
any amount received or collected in respect of Note A-1, Note A-2, Note A-3 or Note A-4 determines, or a court of competent jurisdiction
orders, at any time that any amount received or collected in respect of Note A-1, Note A-2, Note A-3 or Note A-4 must, pursuant
to any insolvency, bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Borrower or paid to the Note
A-1 Holder, the Note A-2 Holder, the Note A-3 Holder or the Note A-4 Holder, or any Servicer or paid to any other Person, then,
notwithstanding any other provision of this Agreement, no Servicer shall be required to distribute any portion thereof to the Note
A-1 Holder, the Note A-2 Holder, the Note A-3 Holder or the Note A-4 Holder, as applicable, and the Note A-1 Holder, the Note A-2
Holder, the Note A-3 Holder or the Note A-4 Holder, as applicable, shall promptly on demand repay to such Servicer the portion
thereof which shall have been theretofore distributed to the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder or the Note
A-4 Holder, as applicable, together with interest thereon at such rate, if any, as such Servicer shall have been required to pay
to the Borrower, the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder or the Note A-4 Holder or any Servicer or such other
person or entity with respect thereto. Each of the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder and the Note A-4 Holder
agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan in excess of
its distributable share thereof, it will promptly remit such excess

 

     -16-

     

    

 

to the Master Servicer. The Master Servicer shall have the
right to offset any amounts due hereunder from the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder or the Note A-4 Holder,
as applicable, with respect to the Mortgage Loan against any future payments due to the Note A-1 Holder, the Note A-2 Holder, the
Note A-3 Holder or the Note A-4 Holder, as applicable, under the Mortgage Loan, provided, that the obligations of the Note
A-1 Holder, the Note A-2 Holder, the Note A-3 Holder and the Note A-4 Holder under this Section 5 are separate and
distinct obligations from one another and in no event shall any Servicer enforce the obligations of any Holder against any other
Holder. The obligations of the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder and the Note A-4 Holder under this Section 5
constitute absolute, unconditional and continuing obligations and each Servicer shall be deemed a third-party beneficiary of these
provisions.

 

6.          Limitation on Liability. Subject
to the terms of the Servicing Agreement, no Holder (including the Master Servicer or the Special Servicer on its behalf) shall
have any liability to any other Holder with respect to any Note, except (1) with respect to the Advance reimbursement provisions
set forth in Section 17 and (2) with respect to losses actually suffered due to the gross negligence, willful
misconduct or material breach of this Agreement on the part of such Holder (including the Master Servicer or the Special Servicer
on its behalf, except that the Master Servicer’s or Special Servicer’s liability may be further limited or expanded
as set forth in the Servicing Agreement).

 

7.          Representations of the Holders.
(a)  Each of the initial Holders hereby represents and warrants to, and covenants with each other Holder that, as of
the date hereof:

 

(i)          It is duly organized,
validly existing and in good standing under the laws of the State under which it is organized.

 

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

 

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

 

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

 

     -17-

     

    

 

or at law), and except that the enforcement of rights with respect to indemnification and contribution
obligations may be limited by applicable law.

 

(v)          It has the right
to enter into this Agreement without the consent of any third party.

 

(vi)         It is the holder
of the respective Note for its own account in the ordinary course of its business.

 

(vii)        It has not dealt
with any broker, investment banker, agent or other person, that may be entitled to any commission or compensation in connection
with the consummation of any of the transactions contemplated hereby.

 

(viii)       It is a Qualified
Transferee.

 

8.            Independent Analyses of each Holder.
Each Holder acknowledges that, except for the representations made in Section 7, it has, independently and without
reliance upon any other Holders and based on such documents and information as such Holder has deemed appropriate, made its own
credit analysis and decision to purchase its respective Note. Each Holder hereby acknowledges that the other Holders shall have
no responsibility for (i) the collectability of the Mortgage Loan, (ii) the validity, enforceability or legal effect
of any of the Mortgage Loan Documents or the title insurance policy or policies or any survey furnished or to be furnished in connection
with the origination of the Mortgage Loan, (iii) the validity, sufficiency or effectiveness of the lien created or to be created
by the Mortgage Loan Documents, or (iv) the financial condition of the Borrower. Each Holder assumes all risk of loss in connection
with its respective Note for reasons other than gross negligence, willful misconduct or breach of this Agreement by any other Holder
or negligence, willful misconduct or bad faith by any Servicer.

 

9.            No Creation of a Partnership or
Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken pursuant hereto, shall be deemed to constitute
among any Holder (or the Master Servicer, Special Servicer or Trustee on its behalf) and any other Holder a partnership, association,
joint venture or other entity. Each Holder (or the Master Servicer, Special Servicer or Trustee on its behalf) shall have no obligation
whatsoever to offer to the other Holders the opportunity to purchase notes or interests relating to any future loans originated
by such Holder or any of its Affiliates, and if any Holder chooses to offer to any of the other Holders, the opportunity to purchase
notes or interests in any future mortgage loans originated by such Holder or its Affiliates, such offer shall be at such purchase
price and interest rate as such Holder chooses, in its sole and absolute discretion. None of the Holders shall have any obligation
whatsoever to purchase from any other Holder any notes or interests in any future loans originated by any other Holder or any of
its Affiliates.

 

10.          Not a Security. None of Note
A-1, Note A-2, Note A-3 or Note A-4 shall be deemed to be a security within the meaning of the Securities Act of 1933 or the Securities
Exchange Act of 1934.

 

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11.          Other Business Activities of the
Holders. Each Holder acknowledges that the other Holders may make loans or otherwise extend credit to, and generally engage
in any kind of business with, any Affiliate of a Borrower, and receive payments on such other loans or extensions of credit to
any Affiliate of a Borrower and otherwise act with respect thereto freely and without accountability, but only if none of the foregoing
violate the Mortgage Loan Documents, in the same manner as if this Agreement and the transactions contemplated hereby were not
in effect.

 

12.          Transfer of Notes. (a)  Each
Holder may Transfer up to 49% (in the aggregate) of its beneficial interest in its Note whether or not the related transferee is
a Qualified Transferee without a Rating Agency Confirmation. Each Holder shall not Transfer more than 49% (in the aggregate) of
its beneficial interest in its Note unless (i) prior to a Securitization of any Note, the other Holder has consented to such
Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified Transferee” for all purposes
under this Agreement, (ii) after a Securitization of any Note, a Rating Agency Confirmation has been received with respect
to such Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified Transferee” for
all purposes under this Agreement, or (iii) such Transfer is to a Qualified Transferee. Any such transferee must assume in
writing the obligations of the transferring Holder hereunder and agree to be bound by the terms and provisions of this Agreement
and the Servicing Agreement. Other than in connection with the Securitization of any Note, such proposed transferee shall also
remake each of the representations and warranties contained herein for the benefit of the other Holder. Notwithstanding the foregoing,
without the non-transferring Holder’s prior consent (which will not be unreasonably withheld), and, if such non-transferring
Holder’s Note is in a Securitization, without a Rating Agency Confirmation from each Rating Agency that has been engaged
by the Depositor to rate the securities issued in connection with such Securitization, no Holder shall Transfer all or any portion
of its Note to a Borrower or an Affiliate of a Borrower and any such Transfer shall be absolutely null and void and shall vest
no rights in the purported transferee.

 

(b)          Except for a Transfer made in
connection with a Securitization, or a Transfer made by an initial Holder to an Affiliate, at least five (5) days prior to a transfer
of any Note, the transferring Holder shall provide to the other Holders and, if any Certificates are outstanding, to the Rating
Agencies, a certification that such transfer will be made in accordance with this Section 12, such certification to
include (1) the name and contact information of the transferee and (2) if applicable, a certification by the transferee
that it is a Qualified Transferee.

 

(c)          The Holders acknowledge that
any Rating Agency Confirmation may be granted or denied by the Rating Agencies in their sole and absolute discretion and that such
Rating Agencies may charge the transferring Holder customary fees in connection with providing such Rating Agency Confirmation.

 

(d)          Notwithstanding anything to
the contrary contained herein, each Holder may pledge or transfer (a “Pledge”) its Note to any entity (other
than a Borrower or any Affiliate of a Borrower) that has extended a credit facility to such Holder or has entered into a repurchase
agreement with such Holder and that, in each case, is either a Qualified Transferee or a financial institution whose long-term
unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency (a “Note Pledgee”),
or to a Person with respect to which a Rating Agency

 

     -19-

     

    

 

Confirmation has been obtained, on terms and conditions set forth in this
Section 12(d), it being further agreed that a financing provided by a Note Pledgee to any Holder or any Affiliate that
controls such Holder that is secured by such Holder’s interest in its respective Note and is structured as a repurchase arrangement,
shall qualify as a “Pledge” hereunder on the condition that all applicable terms and conditions of this Section 12
are complied with. A Note Pledgee that is not a Qualified Transferee may not take title to a Note without a Rating Agency Confirmation.
Upon written notice, if any, by the pledging Holder to the other Holders and the Servicer that a Pledge has been effected (including
the name and address of the applicable Note Pledgee), the other Holders agree to acknowledge receipt of such notice and thereafter
agree: (i) to give such Note Pledgee written notice of any default by the pledging Holder in respect of its obligations under
this Agreement of which default such Holder has actual knowledge and which notice shall be given simultaneously with the giving
of such notice to the pledging Holder; (ii) to allow such Note Pledgee a period of ten (10) Business Days to cure a default
by the pledging Holder in respect of its obligations to the other Holders hereunder, but such Note Pledgee shall not be obligated
to cure any such default; (iii) that no amendment, modification, waiver or termination of this Agreement or the Servicing
Agreement (if the pledging Holder had the right to consent to such amendment, modification, waiver or termination pursuant to the
terms hereof) shall be effective against such Note Pledgee without the written consent of such Note Pledgee, which consent shall
not be unreasonably withheld, conditioned or delayed and which consent shall be deemed to be given if Note Pledgee shall fail to
respond to any request for consent to any such amendment, modification, waiver or termination within 10 days after request therefor;
(iv) that the other Holders shall accept any cure by such Note Pledgee of any default of the pledging Holder which such pledging
Holder has the right to effect hereunder, as if such cure were made by such pledging Holder; (v) that the other Holders or
Servicer shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request, provided that
any such certificate(s) shall be in a form reasonably satisfactory to the other Holders; and (vi) that, upon written notice
(a “Redirection Notice”) to the Servicer by such Note Pledgee that the pledging Holder is in default beyond
any applicable cure periods with respect to the pledging Holder’s obligations to such Note Pledgee pursuant to the applicable
credit agreement or other agreements relating to the Pledge between the pledging Holder and such Note Pledgee (which notice need
not be joined in or confirmed by the pledging Holder), and until such Redirection Notice is withdrawn or rescinded by such Note
Pledgee, Note Pledgee shall be entitled to receive any payments that any Servicer would otherwise be obligated to make to the pledging
Holder from time to time pursuant to this Agreement or any Servicing Agreement. Any pledging Holder hereby unconditionally and
absolutely releases the other Holders and any Servicer from any liability to the pledging Holder on account of any Holder’s
or Servicer’s compliance with any Redirection Notice believed by any Servicer or other Holders in good faith to have been
delivered by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Holder
(and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law, the pledge agreement,
repurchase agreement or similar agreement between the pledging Holder and the Note Pledgee and this Agreement. In such event, the
other Holders and the Servicer shall recognize such Note Pledgee (and any transferee (other than a Borrower or any Affiliate of
a Borrower) that is also a Qualified Transferee at any foreclosure or similar sale held by such Note Pledgee or any transfer in
lieu of foreclosure), and such Person’s successor and assigns, as the successor to the pledging Holder’s rights, remedies
and obligations under this Agreement, and any such Note Pledgee or Qualified

 

     -20-

     

    

 

Transferee shall assume in writing the obligations
of the pledging Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note
Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 12(d)
shall remain effective as to any Holder (and any Servicer) unless and until such Note Pledgee shall have notified such Holder (and
any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

13.          Exercise of Remedies by the Servicer.
(a)  Subject to the terms of this Agreement and the Servicing Agreement and subject to the rights and consents, where
required, of the Directing Holder, the Servicer shall have the sole and exclusive authority with respect to the administration
of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without limitation, the sole and exclusive
authority to (i) modify or waive any of the terms of the Mortgage Loan Documents, (ii) consent to any action or failure
to act by the Borrower or any party to the Mortgage Loan Documents, (iii) vote all claims with respect to the Mortgage Loan
in any bankruptcy, insolvency or other similar proceedings and (iv) to take legal action to enforce or protect the Holders’
interests with respect to the Mortgage Loan or to refrain from exercising any powers or rights under the Mortgage Loan Documents,
including the right at any time to call or waive any Events of Default, or accelerate or refrain from accelerating the Mortgage
Loan or institute any foreclosure action, and the Holders shall have no voting, consent or other rights whatsoever with respect
to the Servicer’s administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan. Subject to
the terms and conditions of the Servicing Agreement, the Servicer shall have the sole and exclusive authority to make Property
Advances with respect to the Mortgage Loan. Except as otherwise provided in this Agreement, each Holder agrees that it shall have
no right to, and hereby presently and irrevocably assigns and conveys to the Servicer the rights, if any, that such Holder has
to (A) call or cause the Servicer to call an Event of Default under the Mortgage Loan, or (B) exercise any remedies with
respect to the Mortgage Loan or the Borrower, including, without limitation, filing or causing the Lead Note Holder or such Servicer
to file any bankruptcy petition against any Borrower. Each Holder shall, from time to time, execute such documents as any Servicer
shall reasonably require to evidence such assignment with respect to the rights described in clause (iii) of the first sentence
in this Section 13(a).

 

(b)          The Lead Servicer and the related
Trustee shall not have any fiduciary duty to the Non-Lead Note Holders in connection with the administration of the Mortgage Loan
(but the foregoing shall not relieve the Lead Servicer and the related Trustee from their respective obligation under the Servicing
Agreement to make any disbursement of funds as set forth herein).

 

(c)          The Holders hereby acknowledge
that the Servicing Agreement shall provide that, subject to the satisfaction of the conditions set forth in the next sentence,
upon the Mortgage Loan becoming a Defaulted Mortgage Loan, if the Special Servicer determines to sell the Defaulted Mortgage Loan
(or the Lead Note), it will be required to sell the entire Defaulted Mortgage Loan as a single whole loan (i.e., both the Lead
Note and Non-Lead Note). Any such sale of the entire Defaulted Mortgage Loan is subject to the satisfaction of the following:

 

(i)          Each Non-Lead
Note Holder has provided written consent to such sale; or

 

     -21-

     

    

 

(ii)         The Special Servicer
has delivered the following notices and information to each Non-Lead Note Holder:

 

(1)          at least 15 Business
Days prior written notice of any decision to attempt to sell the Defaulted Mortgage Loan;

 

(2)          at least 10 days
prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages) received by the
Special Servicer in connection with any such proposed sale;

 

(3)          at least 10 days
prior to the proposed sale date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents in the Servicing
File requested by a Non-Lead Note Holder; and

 

(4)          until the sale is
completed and a reasonable period of time (but no less time than is afforded to other offerors and the Directing Holder) prior
to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents
that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale.

 

Any Non-Lead Note Holder may waive
any delivery or timing requirements set forth above only for itself. Subject to the foregoing, each of the Lead Note Holder, the
Directing Holder, the Non-Lead Note Holders and the Non-Directing Holders shall be permitted to submit an offer at any sale of
the Defaulted Mortgage Loan (unless such Person is a Borrower or an agent or Affiliate of a Borrower).

 

The Non-Lead Note Holders hereby
appoint the Lead Note Holder as their agent, and grant to the Lead Note Holder an irrevocable power of attorney coupled with an
interest, and its proxy, for the purpose of soliciting and accepting offers for and consummating the sale of the Non-Lead Notes.
Each Non-Lead Note Holder further agrees that, upon the request of the Lead Note Holder, such Non-Lead Note Holder shall execute
and deliver to or at the direction of Lead Note Holder such powers of attorney or other instruments as the Lead Note Holder may
reasonably request to better assure and evidence the foregoing appointment and grant, in each case promptly following such request,
and shall deliver the related original Non-Lead Note, endorsed in blank, to or at the direction of the Lead Note Holder in connection
with the consummation of any such sale.

 

(d)          Notwithstanding anything to
the contrary contained herein, the exercise by the Servicer on behalf of the Holders of its rights under this Section 13
shall be subject in all respects to any section of the Servicing Agreement governing REMIC administration, and in no event shall
the Servicer be permitted to take any action or refrain from taking any action if taking or failing to take such action, as the
case may be, would violate the laws of any applicable jurisdiction, breach the Mortgage Loan Documents or be inconsistent with
the Servicing Standard or violate any other provisions of the Servicing Agreement or violate the REMIC

 

     -22-

     

    

 

provisions of the Code or
any regulations promulgated thereunder, including, without limitation, the provisions of Section 2(g) of this Agreement.

 

14.          Rights of the Directing Holder.
(a) The Directing Holder shall be entitled to exercise the rights and powers granted to the Directing Holder hereunder and the
rights and powers granted to the “Directing Holder,” “Controlling Class Certificateholder,” “Controlling
Class Representative” or similar party under, and as defined in, the Servicing Agreement with respect to the Mortgage Loan.
In addition, the Directing Holder shall be entitled to advise (1) the Special Servicer with respect to all matters related
to a Specially Serviced Mortgage Loan and (2) the Special Servicer with respect to all matters for which the Master Servicer
must obtain the consent or deemed consent of the Special Servicer, and, except as set forth below (i) the Master Servicer
shall not be permitted to take any Major Action unless it has obtained the prior written consent of the Special Servicer and (ii) the
Special Servicer shall not be permitted to consent to the Master Servicer’s taking any Major Action nor will the Special
Servicer itself be permitted to take any Major Action as to which the Directing Holder has objected in writing within ten (10)
Business Days (or 30 days with respect to an Acceptable Insurance Default) after receipt of the written recommendation and analysis
and such additional information requested by the Directing Holder as may be necessary in the reasonable judgment of the Directing
Holder in order to make a judgment with respect to such Major Action. The Directing Holder may also direct the Special Servicer
to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as the Directing Holder may deem advisable.

 

(b)          If the Directing Holder fails
to notify the Special Servicer of its approval or disapproval of any proposed Major Action within ten (10) Business Days (or 30
days with respect to an Acceptable Insurance Default) after delivery to the Directing Holder by the applicable Servicer of written
notice of a proposed Major Action together with any information requested by the Directing Holder as may be necessary in the reasonable
judgment of the Directing Holder in order to make a judgment, then upon the expiration of such ten (10) Business Day (or 30 days
with respect to an Acceptable Insurance Default) period, such Major Action shall be deemed to have been approved by the Directing
Holder.

 

(c)          In the event that the Special
Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by the Servicing Agreement to take such action),
as applicable, determines that immediate action, with respect to the foregoing matters, or any other matter requiring consent of
the Directing Holder is necessary to protect the interests of the Holders (as a collective whole) and the Special Servicer has
made a reasonable effort to contact the Directing Holder, the Master Servicer or the Special Servicer, as the case may be, may
take any such action without waiting for the Directing Holder’s response.

 

(d)          No objection, direction or advice
contemplated by this Agreement may require or cause the Master Servicer or the Special Servicer, as applicable, to violate any
provision of the Mortgage Loan Documents, applicable law, the Servicing Agreement, this Agreement, the REMIC provisions of the
Code or the Master Servicer or Special Servicer’s obligation to act in accordance with the Servicing Standard or expose the
Master Servicer or the Special Servicer to liability, or materially expand the scope of the Master Servicer’s or the Special
Servicer’s responsibilities under the Servicing Agreement.

 

     -23-

     

    

 

(e)          The Directing Holder shall have
no liability to the other Holders or any other Person for any action taken, or for refraining from the taking of any action or
the giving of any consent or the failure to give any consent pursuant to this Agreement or the Servicing Agreement, or errors in
judgment, absent any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross negligence. The
Holders agree that the Directing Holder may take or refrain from taking actions, or give or refrain from giving consents, that
favor the interests of one Holder over the other Holder, and that the Directing Holder may have special relationships and interests
that conflict with the interests of another Holder and, absent willful misfeasance, bad faith or gross negligence on the part of
the Directing Holder agree to take no action against the Directing Holder or any of its officers, directors, employees, principals
or agents as a result of such special relationships or interests, and that the Directing Holder will not be deemed to have been
grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance or to have recklessly disregarded
any exercise of its rights by reason of its having acted or refrained from acting, or having given any consent or having failed
to give any consent, solely in the interests of any Holder.

 

15.          Appointment of Special Servicer.
Subject to the terms of the Servicing Agreement, the Directing Holder shall have the right at any time and from time to time, with
or without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and appoint a Qualified Servicer
as the replacement Special Servicer in lieu thereof. The Directing Holder shall designate a Person to serve as Special Servicer
by delivering to the other Holders and the parties to the Note A-1 PSA, the Note A-2 PSA and the LC24 PSA a written notice stating
such designation and by satisfying the other conditions required under the Servicing Agreement (including, without limitation,
a Rating Agency Confirmation, if required by the terms of the Servicing Agreement), if any.

 

16.          Rights of the Non-Directing Holders.
(a) The Lead Securitization PSA shall provide that the Servicer shall be required:

 

(i)          to provide copies
of the same notices, information and reports that it is required to provide to the Directing Holder pursuant to the Servicing Agreement
with respect to any Major Actions or the implementation of any recommended actions outlined in an Asset Status Report relating
to the Mortgage Loan to the Non-Directing Holders (but without regard to whether or not the Directing Holder actually has lost
any rights to receive such information as a result of a Consultation Termination Event), within the same time frame as specified
with respect to the Directing Holder (but without regard to whether or not the Directing Holder actually has lost any rights to
receive such information as a result of a Consultation Termination Event), provided, however, that if Note A-2 has
been included in a Securitization transaction, then for any information for which the Special Servicer would be required to provide
to such Non-Directing Holder, the Special Servicer shall provide such notice to the master servicer of the other Securitization
transaction, who shall forward such notice as and when required under the terms of the related Securitization documents; and

 

(ii)         to consult with
each Non-Directing Holder on a strictly non-binding basis, if, having received such notices, information and reports, such Non-Directing
Holder

 

     -24-

     

    

 

requests consultation with respect to any such Major Action or the implementation of any recommended actions outlined in
an Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended by such Non-Directing Holder;
provided that after the expiration of a period of ten (10) Business Days from the delivery to each Non-Directing Holder
of written notice of a proposed action, together with copies of the notice, information and report required to be provided to the
Directing Holder, the Servicer shall no longer be obligated to consult with the Non-Directing Holders, whether or not the Non-Directing
Holders have responded within such ten (10) Business Day period (unless the Servicer proposes a new course of action that is materially
different from the action previously proposed, in which case such ten (10) Business Day period shall be begin anew from the date
of such proposal and delivery of all information relating thereto).

 

(b)         Notwithstanding the foregoing
non-binding consultation rights of the Non-Directing Holders, the Servicer may take any Major Action or any action set forth in
the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Servicer determines that
immediate action with respect thereto is necessary to protect the interests of the Holders.

 

(c)         In addition to the foregoing
non-binding consultation rights, the Non-Directing Holders shall have the right to annual conference calls with the Master Servicer
or the Special Servicer upon reasonable notice and at times reasonably acceptable to the Master Servicer or the Special Servicer,
as applicable, in which servicing issues related to the Mortgage Loan are discussed.

 

(d)         In no event shall the Servicer
be obligated at any time to follow or take any alternative actions recommended by any of the Non-Directing Holders.

 

(e)         Any Non-Directing Holder that
is a Borrower or an Affiliate of a Borrower shall not be entitled to any of the rights set forth in this Section 16.

 

17.          Advances; Reimbursement of Advances.
(a)  From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead Servicer and/or the related Trustee
may be obligated to make (1) Property Advances with respect to the Mortgage Loan or the Mortgaged Property and (2) P&I
Advances with respect to the Lead Note and (ii) pursuant to the terms of a Non-Lead Servicing Agreement, the related Non-Lead
Master Servicer and/or the related Trustee may be obligated to make P&I Advances with respect to a Non-Lead Note. The Lead
Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to any Non-Lead Note and the
related Non-Lead Master Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to any
Lead Note, any other Non-Lead Note or any Property Advance. The Lead Servicer, each Non-Lead Master Servicer and any Trustee will
be entitled to interest on any Advance made in the manner and from the sources provided in the Note A-1 PSA, the Note A-2 PSA or
the LC24 PSA, as applicable.

 

(b)          The Lead Servicer and the related
Trustee, as applicable, will be entitled to reimbursement for a Property Advance, first from the Collection Account established
with respect to the Mortgage Loan, and then, if such Property Advance is a Nonrecoverable Advance,

 

     -25-

     

    

 

if such funds on deposit
in the Collection Account are insufficient, from general collections of the Lead Securitization as provided in the Servicing Agreement.

 

(c)          To the extent amounts on deposit
in the Collection Account with respect to the Mortgage Loan are insufficient to reimburse the Lead Servicer for any Property Advance
and/or interest thereon and the Lead Servicer or the related Trustee, as applicable, obtains funds from general collections of
the Lead Securitization as a reimbursement for a Property Advance or interest thereon, each Non-Lead Note Holder (including any
Securitization into which any Non-Lead Note is deposited) shall be required to, promptly following notice from the Lead Servicer,
pay to the Lead Securitization for its pro rata share of such Property Advance and/or interest thereon at the Reimbursement
Rate. In addition, each Non-Lead Note Holder (including any Securitization into which any Non-Lead Note is deposited) shall promptly
reimburse the Lead Servicer or the related Trustee for such Non-Lead Note Holder’s pro rata share of any fees, costs
or expenses incurred in connection with the servicing and administration of the Mortgage Loan as to which the Lead Securitization
or any of the parties thereto are entitled to be reimbursed pursuant to the terms of the Servicing Agreement (to the extent amounts
on deposit in the Collection Account with respect to the Mortgage Loan are insufficient for reimbursement of such amounts).

 

(d)          The parties to each of the Note
A-1 PSA, the Note A-2 PSA and the LC24 PSA shall each be entitled to make their own recoverability determination with respect to
a P&I Advance based on the information that they have on hand and in accordance with the Note A-1 PSA, the Note A-2 PSA or
the LC24 PSA, as applicable.

 

(e)          If the Lead Servicer or the
related Trustee elects to defer the reimbursement of a Property Advance in accordance with the terms of the Servicing Agreement,
the Lead Servicer or the related Trustee shall also defer its reimbursement of each Non-Lead Note share from the Non-Lead Note
Holders.

 

18.          Provisions Relating to Securitization.

 

(a) New Notes. For so long as Ladder
or an Affiliate of Ladder (an “Initial Note Holder”) is the owner of any Notes, such Initial Note Holder shall
have the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes
(“Amended Notes”) or additional notes (“New Notes”) reallocating the principal of the Note
or Notes that it owns (but in no case any Note that it does not then own) among Amended Notes and New Notes or severing a Note
into one or more further “component” notes in the aggregate principal amount equal to the then outstanding principal
balance of the Note or Notes being amended or created, provided that (i) the aggregate principal balance of the Amended
Notes and New Notes following such amendments is no greater than the principal balance of the Amended Notes and New Notes prior
to such amendments, (ii) all New Notes continue to have the same interest rate as Amended Note of which it was a part prior to
such amendments, (iii) all New Notes pay pro rata and on a pari passu basis with the Amended Notes and such reallocated
or component notes shall be automatically subject to the terms of this Agreement, (iv) the Initial Note Holder holding the New
Notes shall notify each other Holder, as applicable, and, if any other Note has been included in a securitization, the parties
under each applicable PSA, in writing of such modified allocations and principal amounts, and (v) the execution of such

 

     -26-

     

    

 

amendments
and New Notes shall not violate the Servicing Standard. In connection with the foregoing, (1) the Master Servicer is hereby authorized
to execute amendments to the Loan Agreement and this Agreement (or to amend and restate the Loan Agreement and this Agreement)
on behalf of any or all of the Holders solely for the purpose of reflecting such reallocation of principal or such severing of
a Note, (2) if a Note is severed into “component” notes, such component notes shall each have their same rights as
the respective original Note, (3) the definition of the term “Securitization” and all of the related defined terms
may be amended (and new terms added, as necessary) to reflect the New Notes and (4) if the Lead Note is severed into “component”
notes, another note (or one of the New Notes) held by Ladder or an affiliate of Ladder may be designated as the Lead Note. Rating
Agency Confirmation shall not be required for any amendments to this Agreement required to facilitate the terms of this Section
18(a). The Initial Note Holder whose Note is being reallocated or split pursuant to this Section 18(a) shall reimburse
the other Holders for all costs and expenses incurred by the other Holders in connection with the reallocation or split.

 

(b)         The Non-Lead Servicing Agreement
shall provide that:

 

(i)          the applicable
master servicer or Trustee for such Securitization shall be required to notify the master servicer, special servicer and Trustee
of each other Securitization of the amount of any P&I Advance it has made with respect to the Note included in such Securitization
within two Business Days of making such advance;

 

(ii)         if the applicable
master servicer, special servicer or Trustee determines that a proposed P&I Advance, if made, or any outstanding P&I Advance
previously made, would be, or is, as applicable, a nonrecoverable advance, the master servicer shall provide the other servicers
written notice of such determination within 2 Business Days after such determination was made;

 

(iii)        in the event
such Non-Lead Note Holder is responsible for its proportionate share of any Nonrecoverable Advances (or any other portion of a
Nonrecoverable Advance) (and advance interest thereon) or other fee or expense pursuant to Section 17 and funds received
with respect to such Non-Lead Note are insufficient to cover such amounts, (x) the related master servicer will be required to
pay the Master Servicer, Special Servicer, Lead Securitization certificate administrator, Lead Securitization operating advisor
or Lead Trustee under the Servicing Agreement, as applicable, out of general funds in the collection account (or equivalent account)
established under the related Non-Lead Servicing Agreement and (y) if the Lead Servicing Agreement permits the Master Servicer,
Special Servicer or Trustee under the Servicing Agreement to pay itself from the Lead Securitization Trust Fund’s general
account then the master servicer under the related Non-Lead Servicing Agreement will be required to pay the Lead Securitization
Trust Fund out of general funds in the collection account (or equivalent account) established under the related Non-Lead Servicing
Agreement;

 

(iv)        each of the Trustee
and the master servicer under the Non-Lead Servicing Agreement, as applicable, shall acknowledge that, (i) each of the Master Servicer,
the Special Servicer and the non-lead trust will be a third party beneficiary under the Non-Lead Servicing Agreement with respect
to any provisions therein relating to (1) the

 

     -27-

     

    

 

reimbursement of any nonrecoverable advances made with respect to such Non-Lead Note
by the Master Servicer or the Lead Trustee and (2) clause (v) below and (ii) the Special Servicer will be a third party
beneficiary under the related Non-Lead Servicing Agreement with respect to any provisions therein relating to (1) the reimbursement
of any nonrecoverable advances made with respect to such Non-Lead Note by the Special Servicer (it being understood that the Special
Servicer is not required to make any Advances) and (2) the indemnification of the Special Servicer against any claims, losses,
penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses, incurred
in connection with any PSA and relating to such Non-Lead Note;

 

(v)         each of the Indemnified
Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify each of such Indemnified
Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of Lead Securitization Servicing
Agreement) by the securitization trust holding such Non-Lead Note, against any claims, losses, penalties, fines, forfeitures, legal
fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with servicing and
administration of the Mortgage Loan under the Lead Servicing Agreement (collectively, the “Indemnified Items”)
to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in the “Serviced
Pari Passu Companion Loan Custodial Account” are insufficient for reimbursement of such amounts, the related Non-Lead Master
Servicer will be required to reimburse each of the applicable Indemnified Parties for its pro rata share of the insufficiency
out of general funds in the collection account (or equivalent account) established under such Non-Lead Servicing Agreement; provided,
however, that any Non-Lead Servicing Agreement may include limitations and conditions on the payment or reimbursement of
Indemnified Items to the Lead Securitization operating advisor (including limitations and conditions with respect to the timing
of such payments or reimbursements and the sources of funds for such payments or reimbursements); and

 

(vi)        the Master Servicer
and the Special Servicer shall be third party beneficiaries of the foregoing provisions.

 

(c)         Notice to Parties to the Lead
Securitization PSA.

 

(i)          The Note A-1 Holder
shall provide the Depositor, the Servicer, and the Special Servicer under the Lead Securitization PSA (as of the Note A-1 Securitization
Date) (provided such party is not also a party to the Note A-1 PSA) notice of the Note A-1 Securitization in writing (which
may be by email) prior to or promptly following the Note A-1 Securitization Date. Such notice shall contain contact information
for each of the parties to the Note A-1 PSA and the identity of the Controlling Class Representative under such Note A-1 PSA. In
addition, after the Note A-1 Securitization Date, the Note A-1 Holder shall send a copy of the Note A-1 PSA to the Depositor, the
Servicer, and the Special Servicer under the Lead Securitization PSA (as of the Note A-1 Securitization Date) (provided
such party is not also a party to the Note A-1 PSA).

 

     -28-

     

    

 

(ii)          The Note A-2
Holder shall provide the Depositor, the Servicer, and the Special Servicer under the Lead Securitization PSA (as of the Note A-2
Securitization Date) (provided such party is not also a party to the Note A-2 PSA) notice of the Note A-2 Securitization
in writing (which may be by email) prior to or promptly following the Note A-2 Securitization Date. Such notice shall contain contact
information for each of the parties to the Note A-2 PSA and the identity of the Controlling Class Representative under such Note
A-2 PSA. In addition, after the Note A-2 Securitization Date, the Note A-2 Holder shall send a copy of the Note A-2 PSA to the
Depositor, the Servicer, and the Special Servicer under the Lead Securitization PSA (as of the Note A-2 Securitization Date) (provided
such party is not also a party to the Note A-2 PSA).

 

(d)         The Lead Securitization PSA
shall:

 

(i)          provide that the
Master Servicer, Special Servicer and Trustee for such Securitization shall be required to notify the servicer, special servicer
and Trustee of each other Securitization of the amount of any P&I Advance it has made with respect to the Note included in
such Securitization within two Business Days of making such advance;

 

(ii)          provide that
if the Master Servicer or Trustee determines that a proposed P&I Advance, if made, or any outstanding P&I Advance previously
made, would be, or is, as applicable, a nonrecoverable advance, the Master Servicer shall provide the other servicers written notice
of such determination within two Business Days after such determination was made;

 

(iii)          provide that
the Master Servicer shall remit all payments received (or advanced) with respect to any Non-Lead Note, net of its Servicing Fee
and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to the Non-Lead
Holder on the applicable Master Servicer Remittance Date;

 

(iv)          provide that
the Master Servicer agrees to make available to each master servicer under a Non-Lead Servicing Agreement the CREFC®
Investor Reporting Package® pursuant to the terms of the Servicing Agreement on a monthly basis;

 

(v)          provide that the
Master Servicer, any primary servicer, the Special Servicer and the Lead Trustee, certificate administrator or other party acting
as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause each other servicer and servicing
function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained or engaged by it to deliver),
to the parties to any Non-Lead Servicing Agreement, at its own expense, in a timely manner, the reports, certifications, compliance
statements, accountants’ assessments and attestations, information to be included in reports (including, without limitation,
Form 15G, Form 10K, Form 10D, Form 8K), and other materials specified in each of the other Servicing Agreements as the parties
to each Non-Lead Securitization may require in order to comply with their obligations under the Securities Act of 1933, as amended,
Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, and any other applicable law. Without limiting
the generality of the foregoing, each Lead

 

     -29-

     

    

 

Note Holder for a Lead Securitization shall provide in a timely manner to the depositor
and the Trustee for any prior Securitization a copy of the Lead Securitization Servicing Agreement and each Lead Servicer will
be required, upon prior written request, to provide to the depositor and the Trustee for any prior Securitization any other information
required to comply in a timely manner with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K, any other disclosure
information required pursuant to Regulation AB in a timely manner for inclusion in any disclosure document (and, with respect to
the Servicing Agreement, for filing under Form 8-K), and with respect to the Lead Servicers, upon prior written request, market
indemnification agreements, opinions and Regulation AB compliance letters as were or are being delivered with respect to the Lead
Securitization. As used in this Agreement, “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation
AB), 17 C.F.R. §§  229.1100-229.1125, as such may be amended from time to time, and subject to such clarification
and interpretation as have been provided by the United States Securities and Exchange Commission (the “Commission”)
or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case as effective
from time to time as of the compliance dates specified therein. The Master Servicer, any primary servicer and the Special Servicer,
upon prior written request, shall each be required to provide certification to each Certifying Person with respect to the Sarbanes-Oxley
Certification (or analogous terms) as such terms are defined in the related Non-Lead Servicing Agreements;

 

(vi)         provide that
the servicing duties of each of the Master Servicer and Special Servicer under the Servicing Agreement shall include the duty to
service each Non-Lead Note on behalf of the related Trustees and related Certificate holders in accordance with the terms and provisions
of this Agreement and in accordance with the Servicing Standard;

 

(vii)        provide that,
with respect to any/each Non-Lead Note, the Master Servicer shall withdraw from the related Collection Account and remit to the
Holder of the Non-Lead Note, within two (2) Business Days of receipt of properly identified funds, any amounts that represent late
collections or principal prepayments on such Non-Lead Note or any successor REO Property with respect thereto (exclusive of any
portion of such amount payable or reimbursable to any third party in accordance with this Agreement), unless such amount would
otherwise be included in the monthly remittance to the Holder of such Non-Lead Note for such month;

 

(viii)       provide that
the Non-Lead Note Holders are intended third-party beneficiaries in respect of the rights afforded it under the Servicing Agreement;

 

(ix)          provide that
each master servicer and special servicer under any Non-Lead Servicing Agreement shall be a third-party beneficiary of the Servicing
Agreement with respect to all provisions therein expressly relating to compensation, reimbursement or indemnification of such master
servicer or special servicer, as the case may be, and the provisions regarding coordination of Advances;

 

     -30-

     

    

 

(x)           provide that it
shall not be amended in a manner that materially and adversely affects the rights of the Non-Lead Note Holders without their consent;
and

 

(xi)          satisfy Moody’s
rating methodology related to permitted investments and eligible accounts applicable to securities rated “Aaa” by Moody’s.

 

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

 

20.          Modifications. This Agreement
shall not be modified, cancelled or terminated except by an instrument in writing signed by the parties hereto. Additionally, from
and after a Securitization, except to cure any ambiguity or to correct any error or as set forth in Section 18(a), this Agreement
may not be modified unless a Rating Agency Confirmation has been delivered with respect to each Securitization.

 

21.           Successors and Assigns; Third Party
Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors
and assigns. Each of the Servicer, Non-Lead Servicer and related Trustee is an intended third-party beneficiary of this Agreement.
Except as provided in Section 5 and the preceding sentence, none of the provisions of this Agreement shall be for the
benefit of or enforceable by any Person not a party hereto.

 

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

 

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

 

24.          Notices. Unless otherwise stated,
all notices required hereunder shall be given by (i) telephone (confirmed in writing) or shall be in writing and personally
delivered, (ii) sent by facsimile transmission if the sender on the same day sends a confirming copy of such notice by reputable
overnight delivery service (charges prepaid), (iii) reputable overnight

 

     -31-

     

    

 

delivery service (charges prepaid) or (iv) certified
United States mail, postage prepaid return receipt requested, and addressed to the respective parties at their addresses set forth
on Exhibit B hereto, or at such other address as any party shall hereafter inform the other party by written notice
given as aforesaid. All written notices so given shall be deemed effective upon receipt.

 

25.          Custody of Mortgage Loan Documents.
The originals of all of the Mortgage Loan Documents (other than Note A-1 and Note A-2) will be held by the LC24 Trustee (or by
a custodian on its behalf) under the terms of the LC24 PSA on behalf of all of the Holders until the Note A-1 Securitization Date,
at which time the originals of all of the Mortgage Loan Documents (other than Note A-2, Note A-3 and Note A-4) will be transferred
to and held by the Note A-1 Trustee (or by a custodian on its behalf) on behalf of all of the Holders.

 

[NO FURTHER TEXT ON THIS PAGE]

 

     -32-

     

    

 

IN WITNESS WHEREOF, each of the Note
A-1 Holder, the Note A-2 Holder, the Note A-3 Holder and the Note A-4 Holder has caused this Agreement to be duly executed as of
the day and year first above written.

	 	 	 
	 	Note A-1 Holder:
	 	 
	 	LADDER CAPITAL FINANCE I LLC

                    a Delaware limited liability company, for itself and on behalf of Series TRS of Ladder Capital Finance I LLC

	 	 	 
	 	By:	/s/ David Traitel
	 	 	Name: David Traitel

Title: Managing Director
	 	 	 
	 	SERIES TRS OF LADDER CAPITAL FINANCE I LLC 

a Delaware series of Ladder Capital Finance I
LLC, a Delaware limited liability company

	 	 	 
	 	By:	/s/ David Traitel
	 	 	Name: David Traitel

Title: Managing Director

 

     A-1

     

    

  

	 	 	 
	 	Note A-2 Holder:
	 	 
	 	LADDER CAPITAL FINANCE I LLC

                    a Delaware limited liability company, for itself and on behalf of Series TRS of Ladder Capital Finance I LLC

	 	 	 
	 	By:	/s/ David Traitel
	 	 	Name: David Traitel

Title: Managing Director
	 	 	 
	 	SERIES TRS OF LADDER CAPITAL FINANCE I LLC 

a Delaware series of Ladder Capital Finance I
LLC, a Delaware limited liability company

	 	 	 
	 	By:	/s/ David Traitel
	 	 	Name: David Traitel

Title: Managing Director

 

     A-2

     

    

 

	 	 	 
	 	Note A-3 Holder:
	 	 
	 	LADDER CAPITAL FINANCE I LLC

                    a Delaware limited liability company, for itself and on behalf of Series TRS of Ladder Capital Finance I LLC

	 	 	 
	 	By:	/s/ David Traitel
	 	 	Name: David Traitel

Title: Managing Director
	 	 	 
	 	SERIES TRS OF LADDER CAPITAL FINANCE I LLC 

a Delaware series of Ladder Capital Finance I
LLC, a Delaware limited liability company

	 	 	 
	 	By:	/s/ David Traitel
	 	 	Name: David Traitel

Title: Managing Director

 

     A-3

     

    

 

	 	 	 
	 	Note A-4 Holder:
	 	 
	 	LADDER CAPITAL FINANCE I LLC

                    a Delaware limited liability company, for itself and on behalf of Series TRS of Ladder Capital Finance I LLC

	 	 	 
	 	By:	/s/ David Traitel
	 	 	Name: David Traitel

Title: Managing Director
	 	 	 
	 	SERIES TRS OF LADDER CAPITAL FINANCE I LLC 

a Delaware series of Ladder Capital Finance I
LLC, a Delaware limited liability company

	 	 	 
	 	By:	/s/ David Traitel
	 	 	Name: David Traitel

Title: Managing Director

 

     A-4

     

    

  

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

A.          Description of Mortgage Loan

 

	Borrower:	ARC NYC1140SIXTH, LLC
	Mortgage Loan Origination Date:  	June 15, 2016
	Initial Principal Amount of Mortgage Loan:	$99,000,000
	Location of Mortgaged Property:	New York, NY
	Current Use of Mortgaged Property:	Office Building
	Mortgage Interest Rate:	4.109%
	Maturity Date:	July 6, 2026

 

     A-5

     

    

 

B.          Description of Notes

 

	Mortgage Loan Origination Date:	June 15, 2016
	Initial Note A-1 Principal Balance:	$30,000,000
	Initial Note A-2 Principal Balance:	$24,000,000
	Initial Note A-3 Principal Balance:	$25,000,000
	Initial Note A-4 Principal Balance:	$20,000,000
	Initial Note A-1 Percentage Interest:	30.30%
	Initial Note A-2 Percentage Interest:	24.24%
	Initial Note A-3 Percentage Interest:	25.25%
	Initial Note A-4 Percentage Interest:	20.20%
	Note A-1 Interest Rate:	4.109%
	Note A-2 Interest Rate:	4.109%
	Note A-3 Interest Rate:	4.109%
	Note A-4 Interest Rate:	4.109%
	Note A-1 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-2 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-3 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate
	Note A-4 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-1 Interest Rate

 

     A-6

     

    

 

EXHIBIT B

 

Note A-1 Holder, Note A-2 Holder, Note A-3 Holder and Note A-4 Holder:

 

Ladder Capital Finance I LLC

345 Park Avenue, 8th Floor 

New York, New York 10154 

Attention: Pamela McCormack

Telecopier: 212-715-3199

 

    B-1

     

    

 

EXHIBIT C

 

PERMITTED FUND MANAGERS

 

Westbrook Partners 

iStar Financial Inc. 

Capital Trust 

Archon Capital, L.P. 

Whitehall Street Real Estate Fund, L.P. 

The Blackstone Group 

Normandy Real Estate Partners 

Dune Real Estate Partners 

AllianceBernstein 

Rockwood 

RREEF Funds 

Hudson Advisors 

Artemis Real Estate Partners 

Apollo Real Estate Advisors 

Colony Capital, Inc. 

Praedium Group 

Fortress Investment Group, LLC 

Lonestar Opportunity Funds 

Clarion Partners 

Walton Street Capital, LLC 

Starwood Financial Trust 

BlackRock, Inc. 

Eightfold Real Estate Capital, L.P. 

KKR Real Estate Manager Finance LLC

 

    C-1

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