Document:

Exhibit 10.1

 

ELEVENTH AMENDMENT TO SECOND AMENDED AND RESTATED

WAREHOUSING CREDIT AND SECURITY AGREEMENT

 

THIS ELEVENTH AMENDMENT TO
SECOND AMENDED AND RESTATED WAREHOUSING CREDIT AND SECURITY AGREEMENT (this “Eleventh Amendment”) is made effective
as of April 7, 2022, by and among WALKER & DUNLOP, LLC, a Delaware limited liability company (“Borrower”),
WALKER & DUNLOP, INC., a Maryland corporation (“Parent”), and PNC BANK, NATIONAL ASSOCIATION (“Lender”).

 

R E C I T A L S

 

WHEREAS, Lender, Borrower and
Parent are parties to that certain Second Amended and Restated Warehousing Credit and Security Agreement, dated as of September 11,
2017, by and among Borrower, Parent, and Lender, as amended by that First Amendment to Second Amended and Restated Warehousing Credit
and Security Agreement, dated as of September 15, 2017, that Second Amendment to Second Amended and Restated Warehousing Credit
and Security Agreement, dated as of September 10, 2018, that Third Amendment to Second Amended and Restated Warehousing Credit and
Security Agreement, dated May 20, 2019, that Fourth Amendment to Second Amended and Restated Warehousing Credit and Security Agreement,
dated September 6, 2019, that Fifth Amendment to Second Amended and Restated Warehousing Credit and Security Agreement, dated April 23,
2020, that Sixth Amendment to Second Amended and Restated Warehousing Credit and Security Agreement, dated August 21, 2020, that
Seventh Amendment to Second Amended and Restated Warehousing Credit and Security Agreement, dated October 28, 2020, Eighth Amendment
to Second Amended and Restated Warehousing Credit and Security Agreement, dated December 18, 2020, Ninth Amendment to Second Amended
and Restated Warehousing Credit and Security Agreement, dated April 15, 2021 and Tenth Amendment to Second Amended and Restated
Warehousing Credit and Security Agreement, dated June 8, 2021 (as amended, the “Credit Facility Agreement”),
whereby upon the satisfaction of certain terms and conditions set forth therein, the Lender agreed to make Warehousing Advances from
time to time, up to the Warehousing Credit Limit (each such term as defined in the Credit Facility Agreement).

 

WHEREAS, Borrower has requested,
and Lender has agreed, pursuant to the terms hereof, to modify certain terms of the Credit Facility Agreement as set forth in this Eleventh
Amendment.

 

NOW, THEREFORE, for and in
consideration of the premises, the mutual entry of this Eleventh Amendment by the parties hereto and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows:

 

Section 1.         Recitals.
The Recitals are hereby incorporated into this Eleventh Amendment as a substantive part hereof.

 

Section 2.         Definitions.
Terms used herein and not otherwise defined shall have the meanings set forth in the Credit Facility Agreement.

 

    

     

    

 

Section 3.         Amendments
to Credit Facility Agreement. The Credit Facility Agreement is hereby amended as follows:

 

(a)            Effective
as of April 14, 2022, Section 1.2 of the Credit Facility Agreement shall be deemed deleted and replaced with the following:

 

“1.2         Expiration
of Warehousing Commitment

 

The Warehousing Commitment expires on
the earlier of (“Warehousing Maturity Date”): (a) April 13, 2023 (the “Stated Maturity Date”),
on which date the Warehousing Commitment will expire of its own term and the Warehousing Advances together with all accrued and unpaid
interest and costs and expenses will become due and payable without the necessity of Notice or action by Lender; and (b) the date
the Warehousing Commitment is terminated and the Warehousing Advances become due and payable under Section 10.2(a) or
10.2(b).”

 

(b)            Section 3.11(b) of
the Credit Facility Agreement is hereby deleted and replaced with the words “Intentionally Deleted.”

 

(c)            Section 3.11(g) of
the Credit Facility Agreement is hereby deleted and replaced with the following:

 

		“3.11(g)	If the Lender determines (which
                                            determination shall be final and conclusive) that the Benchmark cannot be determined pursuant
                                            to its definition other than as a result of a Benchmark Transition Event, then the Lender
                                            shall give notice thereof to the Borrower. Thereafter, until the Lender notifies the Borrower
                                            that the circumstances giving rise to such suspension no longer exist, the interest rate
                                            for all amounts outstanding under this Agreement shall be equal to the Applicable Base Rate.

 

In addition, if, after the date of
this Agreement, the Lender shall determine (which determination shall be final and conclusive) that any enactment, promulgation or adoption
of or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by a governmental
authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by the Lender with
any guideline, request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency
shall make it unlawful or impossible for the Lender to make or maintain or fund loans based on the Benchmark, the Lender shall notify
the Borrower. Thereafter, until the Lender notifies the Borrower that the circumstances giving rise to such determination no longer apply,
the interest rate on all amounts outstanding under this Agreement shall be the Applicable Base Rate.

 

    2

     

    

 

(d)            Section 3.11(h) of
the Credit Facility Agreement is hereby deleted and replaced with the following:

 

		“3.11(h) 	 Notwithstanding anything to the contrary herein
or in any other Loan Document, if the Lender determines (which determination shall be final and conclusive) that a Benchmark Transition
Event has occurred with respect to a Benchmark, the Lender may amend this Agreement to replace such Benchmark with a Benchmark Replacement;
and any such amendment shall be in writing, shall specify the date that the Benchmark Replacement is effective and will not require any
further action or consent of the Borrower. Until the Benchmark Replacement is effective, amounts bearing interest with reference to a
Benchmark will continue to bear interest with reference to such Benchmark as long as such Benchmark is available, and otherwise such
amounts automatically will bear interest at the Applicable Base Rate. In connection with the implementation and administration of a Benchmark
Replacement, the Lender will have the right to make technical, administrative or operational changes from time to time that the Lender
decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration
thereof by the Lender in a manner substantially consistent with market practice or as reasonably necessary as determined by the Lender
(which determination shall be final and conclusive) and, notwithstanding anything to the contrary herein or in any other Loan Document,
any amendments implementing such technical, administrative or operational changes will become effective without any further action or
consent of the Borrower. The Lender will promptly notify the Borrower of any such technical, administrative or operational changes.”

 

(e)            Section 7.12
of the Credit Facility Agreement is hereby deleted and replaced with the following:

 

“7.12      Other
Loan Obligations

 

Perform all material obligations under
the terms of each loan agreement, note, mortgage, security agreement or debt instrument by which Borrower is bound or to which any of
its property is subject, and promptly notify Lender in writing of a declared default under or the termination, cancellation, reduction
or nonrenewal of any of its other lines of credit or agreements with any other lender (other than a nonrenewal as a result of Borrower’s
election not to renew or a reduction as a result of Borrower’s election to reduce such facility). Exhibit J is a true
and complete list of all such revolving lines of credit or revolving credit agreements as of the date of this Agreement.”

 

    3

     

    

 

(f)            In
accordance with Section 11.3 of the Credit Facility Agreement, from and after the date of this Amendment, all Notices to Lender
shall be sent to the following address:

 

	 	If
    to Lender:	PNC Real Estate

    Attention: John Harvey

    Senior Vice President, Market Manager

    201 East Fifth Street, 2nd Floor

    Cincinnati, OH 45202

    E-mail: john.harvey@pnc.com 

    Facsimile: 513-651-8931  
	 	 	 
	 	with
    a copy to:	Ballard Spahr LLP

    300 East Lombard Street, 18th Floor

    Baltimore, Maryland 21202 

    Attention: Thomas A. Hauser, Esquire 

    Email:    hauser@ballardspahr.com  

 

(g)            The
following defined terms set forth in Section 12.1 of the Credit Facility Agreement are hereby deleted in their entirety: “Applicable
Daily Floating LIBO Rate”, “Daily LIBO Rate”, “LIBOR Loan”, “LIBOR Replacement
Rider”, “LIBOR Reserve Percentage” and “Published Rate”.

 

(h)            The
following defined terms are hereby added to Section 12.1 of the Credit Facility Agreement, in alphanumeric order with the other
defined terms contained in Section 12.1 of the Credit Agreement:

 

“Applicable Daily Floating SOFR
Rate” means, for any day, a rate per annum equal to Term SOFR for such day, plus one and 30/100th percent (1.30%).

 

“Benchmark” means,
at any time, any interest rate index then used in the determination of an interest rate under the terms of this Agreement. Once a Benchmark
Replacement becomes effective under this Agreement, it is a Benchmark. The current Benchmark under this Agreement is Term SOFR.

 

“Benchmark Replacement”
means, for any Benchmark, the sum of (a) an alternate benchmark rate and (b) an adjustment (which may be a positive or negative
value or zero), in each case that has been selected by the Lender as the replacement for such Benchmark giving due consideration to any
evolving or then-prevailing market convention, including any applicable recommendations made by the official sector or any official sector-sponsored
committee or working group, for U.S. dollar-denominated credit facilities at such time; provided that, if the Benchmark Replacement as
determined pursuant to the foregoing would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of
this Agreement and the other Loan Documents.

 

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“Benchmark Transition Event”
shall mean a public statement or publication by or on behalf of the administrator of a Benchmark, the regulatory supervisor of such administrator,
the Board of Governors of the Federal Reserve System, NYFRB, an insolvency official or resolution authority with jurisdiction over the
administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such
Benchmark, announcing or stating that (a) such administrator has ceased or will cease to provide such Benchmark permanently or indefinitely,
provided that at the time of such statement or publication there is no successor administrator that will continue to provide such Benchmark
or (b) such Benchmark is or will no longer be representative.

 

“NYFRB” shall mean
the Federal Reserve Bank of New York.

 

“Published Rate” shall
mean, with respect to any Business Day, a rate per annum equal to the forward-looking term rate for a 1-month period based on SOFR published
by CME Group Benchmark Administration Limited (or a successor administrator selected by the Lender in its reasonable discretion) for
such Business Day.

 

“SOFR Reserve Percentage”
shall mean, for any day, the maximum effective percentage in effect on such day, if any, as prescribed by the Board of Governors of the
Federal Reserve System (or any successor) for determining the reserve requirements (including, without limitation, supplemental, marginal
and emergency reserve requirements) with respect to SOFR funding.

 

“SOFR” shall mean,
with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the
NYFRB (or a successor administrator of the secured overnight financing rate) on the website of the NYFRB, currently at http://www.newyorkfed.org,
or any successor source for the secured overnight financing rate identified as such by the NYFRB (or successor administrator of the secured
overnight financing rate) from time to time.

 

“Term SOFR” means,
for any day (a “SOFR Rate Day”), the interest rate per annum determined by the Lender by dividing (the resulting quotient
rounded upwards, at the Lender’s discretion, to the nearest 1/100th of 1%) (A) the Published Rate for the day (the “SOFR
Determination Date”) that is two (2) Business Days prior to (i) such SOFR Rate Day if such SOFR Rate Day is a Business
Day or (ii) the Business Day immediately preceding such SOFR Rate Day if such SOFR Rate Day is not a Business Day, by (B) a
number equal to 1.00 minus the SOFR Reserve Percentage. If Term SOFR as determined above would be less than the zero, then Term SOFR
shall be deemed to be zero. If the Published Rate for any SOFR Determination Date has not been published or replaced with a Benchmark
Replacement by 5:00 p.m. (Pittsburgh, Pennsylvania time) on the second Business Day immediately following such SOFR Determination
Date, then the Published Rate for such SOFR Determination Date will be the Published Rate for the first Business Day preceding such SOFR
Determination Date for which the Published Rate was published in accordance with the definition of “Published Rate”; provided
that the Published Rate determined pursuant to this sentence shall be used for purposes of calculating Term SOFR for no more than three
(3) consecutive SOFR Rate Days. If and when Term SOFR as determined above changes, any applicable rate of interest based on Term
SOFR will change automatically without notice to the Borrower, effective on the date of any such change.

 

    5

     

    

 

“U.S. Government Securities
Business Day” means any day except for (A) a Saturday or Sunday or (B) a day on which the Securities Industry and
Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of
trading in United States government securities.

 

(i)            The
following Exhibits to the Credit Facility Agreement are hereby deleted and replaced with the applicable Exhibits attached hereto: Exhibit B-1,
Exhibit B-2-A, Exhibit B-2-B, Exhibit B-3-A, Exhibit B-3-B, Exhibit C, Exhibit D,
Exhibit N-1, Exhibit N-2, and Exhibit N-3.

 

(j)            The
following defined terms set forth in Section 12.1 of the Credit Facility Agreement are hereby amended and restated as follows:

 

“Applicable Rate”
means, for any day (a) except as otherwise required from time to time pursuant to Section 3.11(b) or 3.11(g),
the Applicable Daily Floating SOFR Rate for such day, or (b) if, and only for as long as, required from time to time pursuant to
Section 3.11(b) or 3.11(g), the Applicable Base Rate for each applicable day.

 

“Business Day” shall
mean any day other than (A) a Saturday or Sunday or (B) a legal holiday on which commercial banks are authorized or required
by law to be closed for business in Pittsburgh, Pennsylvania; provided that, when used in connection with an amount that bears interest
at a rate based on SOFR or any direct or indirect calculation or determination involving SOFR, the term “Business Day” means
any such day that is also a U.S. Government Securities Business Day.

 

“Reference Rate” means,
as applicable for determining the Applicable Rate for any day, Term SOFR or the Applicable Base Rate for such day.

 

Section 4.         Ratification,
No Novation, Effect of Modifications. Except as may be amended or modified hereby, the terms of the Credit Facility Agreement are
hereby ratified, affirmed and confirmed and shall otherwise remain in full force and effect. Nothing in this Eleventh Amendment shall
be construed to extinguish, release, or discharge or constitute, create or effect a novation of, or an agreement to extinguish, release
or discharge, any of the obligations, indebtedness and liabilities of Borrower or any other party under the provisions of the Credit
Facility Agreement or any of the other Loan Documents, unless specifically herein provided.

 

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Section 5.        Amendments.
This Eleventh Amendment may be amended or supplemented by and only by an instrument executed and delivered by each party hereto.

 

Section 6.        Waiver.
The Lenders shall not be deemed to have waived the exercise of any right which they hold under the Credit Facility Agreement unless such
waiver is made expressly and in writing (and no delay or omission by any Lender in exercising any such right shall be deemed a waiver
of its future exercise). No such waiver made as to any instance involving the exercise of any such right shall be deemed a waiver as
to any other such instance, or any other such right. Without limiting the operation and effect of the foregoing provisions hereof, no
act done or omitted by any Lender pursuant to the powers and rights granted to it hereunder shall be deemed a waiver by any Lender of
any of its rights and remedies under any of the provisions of the Credit Facility Agreement, and this Eleventh Amendment is made and
accepted without prejudice to any of such rights and remedies.

 

Section 7.        Governing
Law. This Eleventh Amendment shall be given effect and construed by application of the law of the Commonwealth of Pennsylvania.

 

Section 8.        Headings.
The headings of the sections, subsections, paragraphs and subparagraphs hereof are provided herein for and only for convenience of reference,
and shall not be considered in construing their contents.

 

Section 9.        Severability.
No determination by any court, governmental body or otherwise that any provision of this Eleventh Amendment or any amendment hereof is
invalid or unenforceable in any instance shall affect the validity or enforceability of (i) any other such provision or (ii) such
provision in any circumstance not controlled by such determination. Each such provision shall be valid and enforceable to the fullest
extent allowed by, and shall be construed wherever possible as being consistent with, applicable law.

 

Section 10.      Binding
Effect. This Eleventh Amendment shall be binding upon and inure to the benefit of Borrower, Parent, Lender, and their respective
permitted successors and assigns.

 

Section 11.      Counterparts.
This Eleventh Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which
shall constitute one and the same instrument.

 

[REMAINDER OF PAGE INTENTIONALLY
BLANK]

 

    7

     

    

 

IN WITNESS WHEREOF, each
of the parties hereto have executed and delivered this Eleventh Amendment under their respective seals as of the day and year first written
above.

 

	 	WALKER & DUNLOP, LLC, as Borrower
	 	 
	 	By:	/s/Stephen P. Theobald
	 	Name:	Stephen P. Theobald
	 	Title:	Executive Vice President and
                                        Chief Financial Officer
	 	 
	 	 
	 	WALKER & DUNLOP, INC., as Parent
	 	 	 
	 	By:	/s/Stephen P. Theobald
	 	Name:	Stephen P. Theobald
	 	Title:	Executive Vice President and
                                        Chief Financial Officer
	 	 	 
	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,as Lender
	 	 
	 	By:	/s/Steven Pachla
	 	Name:	Steven Pachla
	 	Title:	Vice President

 

Signature Page - Eleventh
Amendment to Amended and Restated Warehousing Credit and Security Agreement

 

    

     

    

 

Exhibit B-1 – FNMA/DUS

 

PROCEDURES AND DOCUMENTATION FOR WAREHOUSING FANNIE
MAE DUS AND OTHER FANNIE MAE MORTGAGE LOANS

 

Walker & Dunlop, LLC, a Delaware limited
liability company (“Borrower”) must observe the following procedures and documentation requirements in all respects.
All documents must be satisfactory to PNC Bank, N.A., a national banking association (“Lender”) in its sole discretion.
Capitalized terms used in this Exhibit without further definition have the meanings set forth in the Second Amended and Restated
Warehousing Credit and Security Agreement between Borrower and Lender (as amended, restated, renewed or replaced, the “Agreement”).
Fannie Mae form numbers used in this Exhibit are for convenience only and Borrower must use the equivalent forms required at the
time of delivery of a Pledged Loan or a Pledged Security.

 

		I.	At
                                            least Three (3) Business Days prior to the Warehousing Advance Date, Lender must receive
                                            a letter signed by Borrower, providing the following information on the Pledged Loan:

 

		1.	Mortgagor’s
                                            name.

 

		2.	Project
                                            Name.

 

		3.	Borrower’s
                                            case/loan number.

 

		4.	Location
                                            of project.

 

		5.	Mortgage
                                            Note Amount.

 

		6.	Expected
                                            Warehousing Advance date.

 

		7.	Name,
                                            street address, e-mail address, telephone number and telecopier number of title company and
                                            settlement agent and contact person. Must identify who will be responsible for custody of
                                            closing documents and delivery of required items to Lender

 

		8.	In
                                            the event Borrower self-funded the Mortgage Loan with unencumbered funds (herein a “Pre-funded
                                            Mortgage Loan”), then in alternative to clause I, 7 above, the original closing
                                            date of the Pre-funded Mortgage Loan.

 

		II.	At
                                            least One (1) Business Day prior to the Warehousing Advance Date, Borrower will send
                                            to Lender, for receipt before 11:00 a.m. (Pittsburgh, Pennsylvania time) the following
                                            Business Day, the following:

 

		1.	A
                                            copy via electronic mail of the Warehousing Advance Request subject to changes to be communicated
                                            in writing by Borrower to Lender before 11:00 a.m. (Pittsburgh, Pennsylvania time) on
                                            the day of the Warehousing Advance.

 

    Exhibit B-1- FNMA/DUS Page 1

     

    

 

		2.	A
                                            letter from Borrower providing the following additional information on the Pledge Loan:

 

		(a)	Note
                                            Rate.

 

		(b)	Name
                                            of Investor.

 

		(c)	Discount
                                            (if any).

 

		3.	A
                                            sources and uses statement prepared by Borrower must be delivered on the date of the Warehousing
                                            Advance, prior to funding (but a copy of the closing settlement statement shall be delivered
                                            to Lender following the Warehousing Advance).

 

		4.	A
                                            completed and executed Loan Disbursement Authorization in the form attached hereto as Exhibit O.

 

		5.	For
                                            Other Fannie Mae Mortgage Loans, a copy of the Fannie Mae Multifamily Commitment printed
                                            from the C&D System.

 

		6.	For
                                            Fannie Mae DUS Mortgage Loans, a copy of the confirmed Fannie Mae Multifamily MBS/DUS Commitment
                                            printed from the C&D System.

 

		7.	If
                                            a Mortgage-backed Security is to be issued, a copy of the Purchase Commitment or trade confirmations
                                            for the Pledged Security.

 

		8.	Original,
                                            facsimile or other electronic copy of Lender’s escrow instructions letter to the settlement
                                            attorney, countersigned by an authorized representative of the settlement attorney involved
                                            with the transaction, in a form substantially similar to that attached hereto as (a) Exhibit N-1
                                            if the settlement attorney will also be acting as the bailee with respect to the Mortgage
                                            Note or (b) Exhibit N-2 if the settlement attorney will not be acting as the bailee
                                            with respect to the Mortgage Note (the “Escrow Letter”). The foregoing
                                            conditions shall not be applicable in the event the Warehousing Advance is to be used to
                                            reimburse Borrower for any Pre-funded Mortgage Loan.

 

No Warehousing Advance will be made by Lender
prior to Lender’s receipt of all the documents required under Section II above. Lender has a reasonable time (one (1) Business
Day under ordinary circumstances) to examine Borrower’s Warehousing Advance Request and the related documents to be delivered by
Borrower before funding the requested Warehousing Advance, and may reject any Mortgage Loan that does not meet the requirements of this
Exhibit, the Agreement or of the related Purchase Commitment.

 

In accordance with the Escrow Letter, if applicable,
disbursement will be authorized only after the settlement attorney or closing counsel takes possession, on behalf of Lender, of the signed
Mortgage Note, endorsed by Borrower in blank and without recourse, and the title company is prepared to issue its title insurance policy.
Immediately after disbursement, the settlement attorney, the closing attorney or title company (herein, the “Closing Agent”)
must hold the original Mortgage Note as bailee for Lender and send directly to Fannie Mae, or send to Lender upon request. In the event
the Pledged Loan is not closed and the related Mortgage submitted for recording by 4:30 p.m. (Pittsburgh, Pennsylvania time) on
the date of the Warehousing Advance, the Closing Agent must return the Warehousing Advance immediately to the account specified in Lender’s
escrow instructions unless otherwise approved by Lender prior to such time; provided, however, that the Warehousing Advance may remain
with the title company for up to two (2) Business Days with prior written notice to Lender and, if longer than two (2) Business
Days, with prior written approval of Lender.

 

    Exhibit B-1- FNMA/DUS Page 2

     

    

 

The foregoing arrangements, which permit Lender
to fund the Warehousing Advance after the Mortgage Note has been delivered to a third person on behalf of, and as agent and bailee for,
Lender, and before the Mortgage Note is received by Lender, are for the convenience of Borrower. Borrower retains all risk of loss or
nondelivery of the Mortgage Note, and Lender does not have any liability or responsibility for those risks.

 

For any Warehousing Advance relating to a Pre-funded Mortgage Loan,
the parties shall not engage a Closing Agent or utilize an Escrow Letter.

 

		III.	On
                                            The Warehousing Advance Date, Lender must receive the following:

 

		1.	For
                                            any Warehousing Advance other than one relating to a Pre-funded Mortgage Loan, the following:

 

		(a)	A
                                            sources and uses statement prepared by Borrower.

 

		(b)	A
                                            copy of the Mortgage Note made by the Mortgagor in favor of Borrower, executed by the Mortgagor.

 

		(c)	A
                                            copy of the unrecorded, undated and in blank, assignment of the Mortgage in the form attached
                                            hereto as Exhibit P.

 

		(d)	A
                                            copy of the first page of the title insurance policy or the title insurance commitment
                                            to issue a policy marked to show the final policy exceptions, which:

 

(i)             Names
as insured Borrower and/or the Investor, and their successors and assigns, as their interests may appear;

 

(ii)            Shows
effective date and time which is as of the date and time of disbursement of the Warehousing Advance from escrow; and

 

(iii)            Sets
forth an insured amount which is equal to or greater than the aggregate Warehousing Advance amount.

 

		(e)	A
                                            bailee agreement executed by Borrower’s closing counsel, in the form of (a) Exhibit N-1
                                            if the closing counsel is also acting as the settlement attorney with respect to the Warehousing
                                            Advance funds or (b) Exhibit N-3 if the closing counsel is not acting as the settlement
                                            attorney with respect to the Warehousing Advance funds, whereby in either case the closing
                                            counsel agrees that it will hold the original Mortgage Note as bailee for Lender and send
                                            directly to Fannie Mae, or send to Lender upon request.

 

    Exhibit B-1- FNMA/DUS Page 3

     

    

 

		(f)	Written
                                            notice by electronic mail or facsimile authorizing Lender to disburse funds to the Escrow
                                            Agent as set forth in the Escrow Letter, to be held in trust by the Escrow Agent pending
                                            the Borrower’s authorization to release such funds.

 

		(g)	Documents
                                            that are reasonably requested by Lender.

 

		2.	For
                                            any Warehousing Advance relating to a Pre-funded Mortgage Loan, the following:

 

		(a)	A
                                            sources and uses statement prepared by Borrower.

 

		(b)	The
                                            original Mortgage Note made by the Mortgagor in favor of Borrower, executed by the Mortgagor.

 

		(c)	The
                                            original unrecorded, undated and in blank, assignment of the Mortgage in the form attached
                                            hereto as Exhibit P.

 

		(d)	A
                                            copy of the first page of the title insurance policy or the title insurance commitment
                                            to issue a policy marked to show the final policy exceptions, which:

 

(i)             Names
as insured Borrower and/or the Investor, and their successors and assigns, as their interests may appear;

 

(ii)            Shows
the recording date of the Mortgage as being prior to the date of the Warehousing Advance;
and

 

(iii)           Sets
forth an insured amount which is equal to or greater than the aggregate Warehousing Advance amount.

 

		(e)	Documents
                                            that are reasonably requested by Lender

 

		IV.	As
                                            soon as possible following the Warehousing Advance Date, and no later than One (1) Business
                                            Day after the Warehousing Advance Date, Lender or Investor must receive the following:

 

		1.	If
                                            required by the Investor, the original Mortgage Note, endorsed by Borrower in blank and without
                                            recourse, sent by overnight delivery.

 

		2.	A
                                            copy of the closing statement.

 

		V.	As
                                            soon as possible following the Warehousing Advance Date, and no later than Two (2) Business
                                            Days prior to the date the Investor or the Approved Custodian must receive the Pledged Loan,
                                            Lender must receive the following:

 

		1.	If
                                            requested by Lender, the original unrecorded, undated and in blank, assignment of the Mortgage,
                                            in the form attached hereto as Exhibit P, sent by overnight delivery.

 

		2.	The
                                            remainder of the documents required for shipping to the Investor as specified by the Investor
                                            or in the applicable Seller/Servicer Guide or to an Approved Custodian for the Investor,
                                            including the original release documents required by the Investor.

 

    Exhibit B-1- FNMA/DUS Page 4

     

    

 

		3.	Documents
                                            that are reasonably requested by Lender.

 

		VI.	As
                                            soon as possible following the Warehousing Advance Date, and no later than Two (2) Business
                                            Days prior to the date the Investor or the Approved Custodian must receive the Pledged Loan,
                                            Lender must receive the following:

 

		1.	Signed
                                            shipping instructions for the delivery of the Pledged Loan, including the following:

 

		(a)	Name
                                            and address of the Investor or the Approved Custodian to which the Collateral Documents are
                                            to be shipped, the desired shipping date and the preferred method of delivery (which must
                                            be a shipper ordinarily utilized by Lender) with Borrower’s billing account information
                                            for such shipper (or alternatively a pre-labeled envelope);

 

		(b)	Date
                                            by which the Investor or the Approved Custodian must receive the Pledged Loan; and

 

		(c)	Instructions
                                            for endorsement of the Mortgage Note.

 

		2.	For
                                            Other Fannie Mae Mortgage Loans and Fannie Mae DUS Mortgage Loans, the following additional
                                            documents must be received to the extent applicable:

 

		(a)	Executed
                                            bailee letter with the appropriate applicable Schedule (in form approved by Fannie Mae and
                                            Lender).

 

		3.	For
                                            cash payments, the signed original Wire Transfer Request (Fannie Mae Form 4639) or Fannie
                                            Mae Wiring Instructions printed from the C&D System, specifying the applicable Lender’s
                                            Account as the receiving account for loan purchase proceeds. Wire instructions are as follows:

 

PNC Bank, NA

249 Fifth Avenue

Pittsburgh, PA 15222

800-669-1518

 

ABA Routing:

Account Name:

Account Number:

Attention: Tracy Kowcheck

Deal
Name: Walker & Dunlop LLC

 

    Exhibit B-1- FNMA/DUS Page 5

     

    

 

		4.	If
                                            a Mortgage-backed Security is to be issued by Fannie Mae, a copy of the Fannie Mae Wiring
                                            Instructions printed from the C&D System, instructing Fannie Mae to issue the Mortgage-backed
                                            Security in Borrower’s name and to deliver the Pledged Security to Lender’s custody
                                            account at Lender using the following instructions:

 

Federal Reserve Bank of Cleveland

ABA #:

ACCOUNT NAME:

ACCOUNT #:

REF:

 

		5.	If
                                            a Mortgage-backed Security is to be issued, completed and signed Security Delivery Instructions,
                                            in the form attached as Schedule I to this Exhibit.

 

Notwithstanding
anything to the contrary herein, Borrower shall comply with any requirements specified by the Investor or in the applicable Seller/Servicer
Guide with respect to the original Collateral Documents.

 

    Exhibit B-1- FNMA/DUS Page 6

     

    

 

Schedule I To Exhibit B-1 – FNMA/DUS

 

PNC BANK, N.A.

SECURITY DELIVERY INSTRUCTIONS

 

INSTRUCTIONS MUST BE RECEIVED TWO (2) BUSINESS DAYS IN ADVANCE
OF PICK-UP/DELIVERY

 

	BOOK-ENTRY DATE:	SETTLEMENT DATE:
	 	 
	ISSUER:	SECURITY: $

         

(For Borrower):[_________]

 

(For Borrower):[____________]

 

CUSIP NO. _____________________

 

Pool No.  ____________ MI No.  _____________

 

Coupon Rate:______________________

 

Issue Date (M/D/Y): _________________ Maturity Date (M/D/Y): _______________

 

POOL TYPE:

 

DELIVERY
INSTRUCTIONS:         DVP AMOUNT $

 

AUTHORIZED SIGNATURE: _________________________

 

                                                              
TITLE: ___________________

 

    Schedule I to
Exhibit B-1- FNMA/DUS

     

    

 

Exhibit B-2-A – FHA/GNMA

 

PROCEDURES AND
DOCUMENTATION FOR WAREHOUSING

FHA PERMANENT MORTGAGE LOANS, FHA CONSTRUCTION
MORTGAGE

LOANS, AND
RELATED GINNIE MAE MORTGAGE-BACKED SECURITIES

 

Walker & Dunlop, LLC, a Delaware limited
liability company (“Borrower”) must observe the following procedures and documentation requirements in all respects.
All documents must be satisfactory to PNC Bank, N.A., a national banking association (“Lender”) in its sole discretion.
Capitalized terms used in this Exhibit without further definition have the meanings set forth in the Second Amended and Restated
Warehousing Credit and Security Agreement between Borrower and Lender (as amended, restated, renewed or replaced, the “Agreement”).
HUD form numbers used in this Exhibit are for convenience only and Borrower must use the equivalent forms required at the time of
delivery of a Pledged Mortgage or a Pledged Security.

 

		I.	At
                                            least Three (3) Business Days prior to the Warehousing Advance Date, Lender must receive
                                            a letter signed by Borrower providing the following information on the Pledged Mortgage or
                                            Security:

 

		1.	Mortgagor’s
                                            name.

 

		2.	Project
                                            Name.

 

		3.	Borrower’s
                                            case/loan number.

 

		4.	HUD’s
                                            case/loan number.

 

		5.	Location
                                            of project.

 

		6.	Mortgage
                                            Note Amount.

 

		7.	Expected
                                            Warehousing Advance date.

 

		8.	Name
                                            and address of Borrower’s counsel to be present at closing.

 

		9.	Name,
                                            street address, e-mail address, telephone number and telecopier number of title company and
                                            settlement attorney and contact person. Must identify who will be responsible for custody
                                            of closing documents and delivery of required items to Lender.

 

		10.	In
                                            the event Borrower self-funded the Mortgage Loan with unencumbered funds (herein a “Pre-funded
                                            Mortgage Loan”), then in the alternative to clause I, 9 above, the original closing
                                            date of the Pre-funded Mortgage Loan.

 

Upon receipt of Borrower’s letter required
under this Section I, in form and substance satisfactory to Lender, Lender will issue its closing instructions letter to
Borrower’s counsel and its escrow instructions letter to the settlement attorney involved with the transaction.

 

    Exhibit B-2-A-1

     

    

 

		II.	At
                                            least One (1) Business Day prior to the Warehousing Advance Date, Borrower will send
                                            to Lender, for receipt before 11:00 a.m. (Pittsburgh, Pennsylvania time) the following
                                            Business Day, the following:

 

		1.	A
                                            copy via electronic mail of the Warehousing Advance Request subject to changes to be communicated
                                            in writing by Borrower to Lender before 11:00 a.m. (Pittsburgh, Pennsylvania time) on
                                            the day of the Warehousing Advance.

 

		2.	A
                                            letter from Borrower providing the following additional information on the Pledge Loan:

 

		(a)	Note
                                            Rate.

 

		(b)	Name
                                            of Investor.

 

		(c)	Discount
                                            (if any).

 

		3.	A
                                            sources and uses statement prepared by Borrower must be delivered on the date of the Warehousing
                                            Advance, prior to funding (but a copy of the closing settlement statement shall be delivered
                                            to Lender following the Warehousing Advance).

 

		4.	A
                                            completed and executed Loan Disbursement Authorization in the form attached hereto as Exhibit O.

 

		5.	Copy
                                            of current FHA Firm Commitment to insure.

 

		6.	If
                                            no mortgage-backed Security is to be issued, a copy of the Purchase Commitment (which must
                                            conform to the requirements of the Agreement) for the Pledged Mortgage (or the original thereof
                                            if requested by Lender).

 

		7.	If
                                            a mortgage-backed Security is to be issued, a copy of the Purchase Commitment or trade confirmation
                                            for the mortgage-backed Security (or the original thereof if requested by Lender).

 

		8.	Original
                                            or facsimile of Lender’s closing instructions letter to Borrower’s attorney,
                                            countersigned by the attorney involved with transaction. The foregoing conditions shall not
                                            be applicable in the event the Warehousing Advance is to be used to reimburse Borrower for
                                            any Pre-funded Mortgage Loan.

 

		9.	Original,
                                            facsimile or other electronic copy of Lender’s escrow instructions letter to the settlement
                                            attorney, countersigned by an authorized representative of the settlement attorney involved
                                            with the transaction, in a form substantially similar to that attached hereto as (a) Exhibit N-1
                                            if the settlement attorney will also be acting as the bailee with respect to the Mortgage
                                            Note or (b) Exhibit N-2 if the settlement attorney will not be acting as the bailee
                                            with respect to the Mortgage Note (the “Escrow Letter”). The foregoing
                                            conditions shall not be applicable in the event the Warehousing Advance is to be used to
                                            reimburse Borrower for any Pre-funded Mortgage Loan.

 

    Exhibit B-2-A-2

     

    

 

 

		10.	For FHA Construction Mortgage Loans, a copy of the Application for Insurance of Advance of Mortgage Proceeds
(HUD Form 92403) to be submitted to HUD.

 

No Warehousing Advance will be made by Lender
prior to Lender’s receipt of all documents required under Section II above. Lender has a reasonable time (one (1) Business
Day under ordinary circumstances) to examine Borrower’s Warehousing Advance Request and the related documents to be delivered by
Borrower before funding the requested Warehousing Advance, and may reject any Eligible Mortgage that does not meet the requirements of
this Exhibit, the Agreement or of the related Purchase Commitment.

 

In accordance with the Escrow Letter, if applicable,
in the event the Pledged Loan is not closed and the related Mortgage submitted for recording by 4:30 p.m. (Pittsburgh, Pennsylvania
time) on the date of the Warehousing Advance, the settlement attorney or closing counsel must return the Warehousing Advance immediately
to the account specified in Lender’s escrow instructions, unless otherwise approved by Lender prior to such time; provided, however,
that the Warehousing Advance may remain with the title company for up to two (2) Business Days with prior written notice to Lender,
and if longer than two (2) Business Days, with prior written approval of Lender.

 

The foregoing arrangements, which permit Lender
to fund the Warehousing Advance after the Mortgage Note has been delivered to a third person on behalf of, and as agent and bailee for,
Lender, and before the Mortgage Note is received by Lender, are for the convenience of Borrower. Borrower retains all risk of loss or
non-delivery of the Mortgage Note, and Lender does not have any liability or responsibility for those risks.

 

For any Warehousing Advance relating to a Pre-funded
Mortgage Loan, the parties shall not engage a settlement attorney or closing counsel, or utilize an Escrow Letter.

 

		III.	On the Warehousing Advance Date, Lender must receive the following:

 

		1.	For any Warehousing Advance other than one relating to a Pre-funded Mortgage Loan, the following:

 

		(a)	A sources and uses statement prepared by Borrower.

 

		(b)	A copy of the Mortgage Note made by the Mortgagor in favor of Borrower, executed by the Mortgagor and
endorsed for insurance by HUD.

 

		(c)	A copy of the unrecorded, undated and in blank, assignment of the Mortgage, in the form attached hereto
as Exhibit P.

 

		(d)	A copy of the first page of the title insurance policy or the title insurance commitment to issue
a policy marked to show the final policy exceptions, which:

 

(i)            Names
as insured the “Mortgagee and/or the Secretary of the Department of Housing and Urban Development, and their successors and assigns,
as their interests may appear.”

 

    Exhibit B-2-A-3

     

    

 

(ii)           Shows
an effective date and time that is (i) as of the date and time of disbursement of the Warehousing Advance from escrow, or (ii) in
the event the Warehousing Advance relates to a Pre-funded Mortgage Loan, as of the date and time of the recording of the Mortgage.

 

(iii)           Sets
forth an insured amount that is equal to or greater than the aggregate Warehousing Advance amount.

 

		(e)	To the extent applicable, a bailee agreement executed by Borrower’s closing counsel, in the form
of (a) Exhibit N-1 if the closing counsel is also acting as the settlement attorney with respect to the Warehousing Advance
funds or (b) Exhibit N-3 if the closing counsel is not acting as the settlement attorney with respect to the Warehousing Advance
funds, whereby in either case the closing counsel agrees that it will hold the original Mortgage Note as bailee for Lender, or, if held
by the HUD attorney, make arrangements to receive the original Mortgage Note and hold such original Mortgage Note as bailee for Lender,
and, if applicable, deliver the original Mortgage Note to an Approved Custodian.

 

		(f)	To the extent applicable, written notice by electronic mail or facsimile authorizing Lender to disburse
funds to the Escrow Agent as set forth in the Escrow Letter, to be held in trust by the Escrow Agent pending the Borrower’s authorization
to release such funds.

 

		(g)	Documents that are reasonably requested by Lender.

 

		(h)	For FHA Construction Mortgage Loans, a copy of the Application for Insurance of Advance of Mortgage Proceeds
(HUD Form 92403), signed by an authorized representative of HUD.

 

		2.	For any Warehousing Advance relating to a Pre-funded Mortgage Loan, the following:

 

		(a)	A sources and uses statement prepared by Borrower.

 

		(b)	The original Mortgage Note made by the Mortgagor in favor of Borrower, executed by the Mortgagor and endorsed
for insurance by HUD.

 

		(c)	The original unrecorded, undated and in blank, assignment of the Mortgage, in the form attached hereto
as Exhibit P.

 

		(d)	A copy of the first page of the title insurance policy or the title insurance commitment to issue
a policy marked to show the final policy exceptions, which

 

(i)             Names
as insured Borrower and/or the Investor, and their successors and assigns, as their interest may appear;

 

(ii)            Shows
the recording date of the Mortgage as being prior to the date of the Warehousing Advance; and

 

    Exhibit B-2-A-4

     

    

 

(iii)           Sets
forth an insured amount which is equal to or greater than the aggregate Warehousing Advance amount.

 

		(e)	Documents that are reasonably requested by Lender.

 

		(f)	For FHA Construction Mortgage Loans, a copy of the Application for Insurance of Advance of Mortgage Proceeds
(HUD Form 92403), signed by an authorized representative of HUD.

 

		IV.	FOR SUBSEQUENT WAREHOUSING ADVANCES FOR FHA CONSTRUCTION MORTGAGE LOAN: AT LEAST ONE (1) BUSINESS
DAY PRIOR TO THE DATE OF THE WAREHOUSING ADVANCE LENDER MUST RECEIVE THE FOLLOWING:

 

		1.	A copy via electronic mail of the Warehousing Advance Request subject to changes to be communicated in
writing by Borrower to Lender before 11:00 a.m. (Pittsburgh, Pennsylvania time) on the day of the Warehousing Advance.

 

		2.	An Application for Insurance of Advance of Mortgage Proceeds (HUD Form 92403), signed by an authorized
representative of HUD.

 

		V.	FOR SUBSEQUENT WAREHOUSING ADVANCES FOR FHA CONSTRUCTION MORTGAGE LOAN: ON THE DAY OF THE WAREHOUSING
ADVANCE LENDER MUST RECEIVE THE FOLLOWING

 

		1.	Lender must receive evidence of the insurance coverage in an amount equal to the amount of the Warehousing
Advance with a copy of the title insurance policy endorsement immediately following closing.

 

		VI.	As soon as possible after the Warehousing Advance Date, and no later than Two (2) Business
Days prior to the date the Investor or the Approved Custodian must receive the Pledged Mortgage, Lender or Investor must receive:

 

		1.	If requested by Lender, the original unrecorded, undated and in blank, assignment of the Mortgage, in
the form attached hereto as Exhibit P, sent by overnight delivery.

 

		2.	The remainder of the documents required for shipping to the Investor as specified by the Investor or in
the applicable Seller/Servicer Guide or to an Approved Custodian for the Investor, including the original release documents required by
the Investor.

 

		3.	Documents that are reasonably requested by Lender, including a copy of the closing settlement statement.

 

    Exhibit B-2-A-5

     

    

 

		VII.	As soon as possible after the Warehousing Advance Date, and no later than Two (2) Business
Days prior to the date the Investor or the Approved Custodian must receive the Pledged Mortgage, Lender must receive signed shipping instructions
for the delivery of the Pledged Loan, including the following:

 

		1.	Name and address of the Investor or the Approved Custodian to which the Collateral Documents are to be
shipped, the desired shipping date and the preferred method of delivery (which must be a shipper utilized by Lender), with Borrower’s
billing account information for such shipper (or alternatively a pre-labeled envelope).

 

		2.	Name of the project securing the Pledged Loan.

 

		3.	Date by which the Investor or the Approved Custodian must receive the Pledged Loan.

 

		4.	Instructions for endorsement of the Mortgage Note. For an FHA Construction Mortgage Loan, Lender will,
if instructed, endorse and deliver the Mortgage Note following the initial Warehousing Advance for that Mortgage Loan.

 

		5.	Completed but not signed Release of Security Interest (HUD Form 11711A), to be signed and delivered
by Lender. With respect to Warehousing Advances against FHA Construction Mortgage Loans, Lender will only sign and deliver a Release of
Security Interest (HUD Form 11711A) for the initial and the last Warehousing Advances for that Mortgage Loan.

 

Notwithstanding
anything to the contrary herein, Borrower shall comply with any requirements specified by the Investor or in the applicable Seller/Servicer
Guide with respect to the original Collateral Documents.

 

		VIII.	If A Ginnie Mae Security is to be issued, as soon as possible following Closing, but no later than
Two (2) Business Days prior to Settlement Date for a Security, Lender must receive:

 

		1.	A signed copy of the Schedule of Subscribers (HUD Form HUD-11705), instructing Ginnie Mae to issue
the mortgage-backed Security in Borrower’s name, and to deliver the Security to Lender’s custody account at the Federal Reserve
Bank of Cleveland (ABA , For:, Reference: ).

 

		2.	Completed and signed Securities Delivery Instructions, in the form set forth below in this Exhibit.

 

Upon receipt of a Security, Lender will deliver
the Security to the Investor that issued the Purchase Commitment for the Security. The Security will be released to the Investor only
upon payment of the purchase proceeds to Lender. Cash proceeds of the sale of a Pledged Loan or a Security will be applied to the related
Warehousing Advance. As long as no Default or Event of Default exists, Lender will return any excess proceeds from the sale of a Pledged
Loan or a Security to Borrower (by transfer to Borrower’s Operating Account), unless otherwise instructed in writing.

 

    Exhibit B-2-A-6

     

    

 

OPERATING ACCOUNT#: 

SCHEDULE I TO EXHIBIT B-2-A– FHA/GNMA

 

PNC BANK, N.A. 

SECURITY DELIVERY INSTRUCTIONS

 

INSTRUCTIONS MUST BE RECEIVED TWO (2) BUSINESS
DAYS IN ADVANCE OF PICK-UP/ DELIVERY

 

	BOOK-ENTRY DATE:	 	 	SETTLEMENT DATE:	 

	ISSUER:	 	 	 	 

	$	 	 	SECURITY:

	NO. OF CERTIFICATES:	 	 	1)	 
	 	 	2)	 
	 	 	3)	 

	CUSIP NO.: 	 	 	 	 

	Pool No.	 	MI No.	 	 	Coupon Rate:	 
	Issue Date (MM/DD/YYYY):	 	 	Maturity Dated (MM/DD/YYYY):	 

 

	POOL TYPE (circle one):	 	 
	Ginnie Mae:	GINNIE MAE I	 	GINNIE MAE II
	 	 	 
	Fannie Mae:	FIXED ARM	 	DISCOUNT NOTE DEBENTURES REMIC
	 	 	 
	DELIVER TO:	 	 	(  ) Versus Payment
	 	 	 	DVP AMOUNT $	 
	DELIVER TO:	 	 	(  ) Versus Payment
	 	 	 	DVP AMOUNT $	 
	DELIVER TO:	 	 	(  ) Versus Payment
	 	 	 	DVP AMOUNT $	 

 

	CLIENT:	 

 

	PROJECT:	 

 

	AUTHORIZED SIGNATURE:	 

 

	TITLE:	 

 

    Schedule 1 to 
 Exhibit B-2-A

     

    

 

Exhibit B-2-B – FHA Modified Mortgage
Loan

 

PROCEDURES AND
DOCUMENTATION FOR WAREHOUSING

FHA MODIFIED MORTGAGE LOANS

AND RELATED
GINNIE MAE MORTGAGE-BACKED SECURITIES

 

Walker & Dunlop, LLC, a Delaware limited
liability company (“Borrower”) must observe the following procedures and documentation requirements in all respects.
All documents must be satisfactory to PNC Bank, N.A., a national banking association (“Lender”) in its sole discretion.
Capitalized terms used in this Exhibit without further definition have the meanings set forth in the Second Amended and Restated
Warehousing Credit and Security Agreement among Borrower, Lender party thereto and Lender (as amended, restated, renewed or replaced,
the “Agreement”). HUD form numbers used in this Exhibit are for convenience only and Borrower must use the equivalent
forms required at the time of delivery of a Pledged Mortgage or a Pledged Security.

 

		I.	At least Three (3) Business Days prior to the Warehousing Advance Date, Lender must receive
a letter signed by Borrower providing the following information on the Pledged Mortgage or Security, together with the noted Mortgage
Loan Documents:

 

		1.	Mortgagor’s name.

 

		2.	Project Name.

 

		3.	Borrower’s case/loan number.

 

		4.	HUD’s case/loan number.

 

		5.	Location of project.

 

		6.	Mortgage Note Amount.

 

		7.	Existing Security Balance/Expected Advance Amount.

 

		8.	Expected Warehousing Advance date.

 

		9.	Evidence that the prepayment premium associated with the existing Ginnie Mae security has been deposited
by Borrower into the Borrower’s Ginnie Mae P&I Account.

 

		10.	Name and address of Borrower’s counsel for the Mortgage Loan modification.

 

		11.	Copies of the following Loan Documents:

 

		(a)	Existing Note,

 

		(b)	Existing Mortgage,

 

		(c)	Existing Regulatory Agreement, if requested by Lender,

 

    Exhibit B-2-B-1

     

    

 

		(d)	Existing Security Agreement if requested by Lender, and

 

		(e)	Ginnie Mae Approval Letter.

 

		12.	Copies of the proposed Loan modification documents (the “Mortgage Loan Modification Documents”):

 

		(a)	Proposed Allonge to Mortgage Note, as consented to by HUD, and

 

		(b)	Proposed Modification of Mortgage Note, Mortgage, Regulatory Agreement and Security Agreement, each to
the extent applicable, and as approved by HUD.

 

		II.	At least One (1) Business Day prior to the Warehousing Advance Date, Borrower will send to
Lender, for receipt before 11:00 a.m. (Pittsburgh, Pennsylvania time) the following Business Day, the following:

 

		1.	A copy via electronic mail of the Warehousing Advance Request subject to changes to be communicated in
writing by Borrower to Lender before 11:00 a.m. (Pittsburgh, Pennsylvania time) on the day of the Warehousing Advance.

 

		2.	A letter from Borrower providing the following additional information on the Pledge Loan:

 

		(a)	Note Rate.

 

		(b)	Name of Investor.

 

		(c)	Discount (if any).

 

		3.	A sources and uses statement prepared by Borrower must be delivered on the date of the Warehousing Advance,
prior to funding (but a copy of the closing settlement statement shall be delivered to Lender following the Warehousing Advance).

 

		4.	A completed and executed Loan Disbursement Authorization in the form attached hereto as Exhibit O.

 

		5.	Copy of the HUD Approval Letter.

 

		6.	A copy of the Purchase Commitment or trade confirmation for the new mortgage-backed Security (or the original
thereof if requested by Lender).

 

No Warehousing Advance will be made by Lender
prior to Lender’s receipt of all documents required under Section II above. Lender has a reasonable time (one (1) Business
Day under ordinary circumstances) to examine Borrower’s Warehousing Advance Request and the related documents to be delivered by
Borrower before funding the requested Warehousing Advance, and may reject any Eligible Mortgage that does not meet the requirements of
this Exhibit, the Agreement or of the related Purchase Commitment.

 

    Exhibit B-2-B-2

     

    

 

		III.	On the Warehousing Advance Date, Lender must receive copies of the following via electronic mail:

 

		1.	For any Warehousing Advance other than one relating to a Mortgage that Borrower, self-funded with unencumbered
funds (herein a “Pre-funded Mortgage Loan”), the following:

 

		(a)	A sources and uses statement prepared by Borrower.

 

		(b)	The fully executed Mortgage Loan Modification Documents, as endorsed for insurance by HUD.

 

		(c)	The unrecorded, undated and in blank, assignment of the Mortgage, in the form attached hereto as Exhibit P.

 

		(d)	A copy of the first page of the existing title insurance policy obtained in connection with the closing
of the existing Mortgage Loan (or a copy of any title update made in connection with a Mortgage Loan Modification), which:

 

(i)            Names
as insured the “Mortgagee and/or the Secretary of the Department of Housing and Urban Development, and their successors and assigns,
as their interests may appear.”

 

(ii)            Sets
forth an insured amount that is equal to or greater than the aggregate Warehousing Advance amount.

 

		(e)	Documents that are reasonably requested by Lender.

 

		2.	For any Warehousing Advance relating to a Pre-funded Mortgage Loan, the following:

 

		(a)	A sources and uses statement prepared by Borrower.

 

		(b)	The fully executed Mortgage Loan Modification Documents, as endorsed for insurance by HUD.

 

		(c)	An original of the unrecorded, undated and in blank, assignment of the Mortgage, in the form attached
hereto as Exhibit P.

 

		(d)	A copy of the first page of the existing title insurance policy obtained in connection with the closing
of the existing Mortgage Loan (or a copy of any title update made in connection with a Mortgage Loan Modification), which:

 

(i)            Names
as insured the “Mortgagee and/or the Secretary of the Department of Housing and Urban Development, and their successors and assigns,
as their interests may appear.”

 

(ii)            Sets
forth an insured amount that is equal to or greater than the aggregate Warehousing Advance amount.

 

		(e)	Documents that are reasonably requested by Lender.

 

    Exhibit B-2-B-3

     

    

 

		IV.	As soon as possible after the Warehousing Advance Date, and no later than Two (2) Business
Days prior to the date the Investor or the Approved Custodian must receive the Pledged Mortgage Loan Modification Documents, Lender must
receive:

 

		1.	If requested by Lender, the original unrecorded, undated and in blank, assignment of the Mortgage, in
the form attached hereto as Exhibit P, sent by overnight delivery.

 

		2.	The remainder of the documents required for shipping to the Investor as specified by the Investor or in
the applicable Seller/Servicer Guide or to an Approved Custodian for the Investor, including the original release documents required by
the Investor.

 

		3.	Documents that are reasonably requested by Lender, including a copy of the closing settlement statement.

 

		V.	As soon as possible after the Warehousing Advance Date, and no later than Two (2) Business
Days prior to the date the Investor or the Approved Custodian must receive the Pledged Mortgage Loan Modification Documents, Lender must
receive signed shipping instructions for the delivery of the Pledged Mortgage Loan Modification Documents, including the following:

 

		1.	Name and address of the Investor or the Approved Custodian to which the Collateral Documents are to be
shipped, the desired shipping date and the preferred method of delivery (which must be a shipper utilized by Lender), with Borrower’s
billing account information for such shipper (or alternatively a pre-labeled envelope).

 

		2.	Name of the project securing the Pledged Loan.

 

		3.	Date by which the Investor or the Approved Custodian must receive the Pledged Loan.

 

		4.	Instructions for endorsement of the Mortgage Loan Modification Documents.

 

		5.	Completed but not signed Release of Security Interest (HUD Form 11711A), to be signed and delivered
by Lender.

 

Notwithstanding
anything to the contrary herein, Borrower shall comply with any requirements specified by the Investor or in the applicable Seller/Servicer
Guide with respect to the original Collateral Documents.

 

		VI.	As soon as possible following Closing, but no later than Two (2) Business Days prior to Settlement
Date for a Security, Lender must receive:

 

		1.	A signed copy of the Schedule of Subscribers (HUD Form HUD-11705), instructing Ginnie Mae to issue
the mortgage-backed Security in Borrower’s name, and to deliver the Security to Lender’s custody account at the Federal Reserve
Bank of Cleveland (ABA, For:, Reference: ).

 

		2.	Completed and signed Securities Delivery Instructions, in the form set forth below in this Exhibit.

 

Upon receipt of a Security, Lender will deliver
the Security to the Investor that issued the Purchase Commitment for the Security. The Security will be released to the Investor only
upon payment of the purchase proceeds to Lender. Cash proceeds of the sale of a Security will be applied to the related Warehousing Advance.
As long as no Default or Event of Default exists, Lender will return any excess proceeds from the sale of a Pledged Loan or a Security
to Borrower (by transfer to Borrower’s Operating Account), unless otherwise instructed in writing.

 

    Exhibit B-2-B-4

     

    

 

OPERATING ACCOUNT#: 

SCHEDULE I TO EXHIBIT B-2-B– FHA
MODIFIED MORTGAGE LOAN

 

PNC BANK, N.A. 

SECURITY DELIVERY INSTRUCTIONS

 

INSTRUCTIONS MUST BE RECEIVED TWO (2) BUSINESS
DAYS IN ADVANCE OF PICK-UP/ DELIVERY

 

	BOOK-ENTRY DATE:	 	 	SETTLEMENT DATE:	 

	ISSUER:	 	 	 	 

	$	 	 	SECURITY:

	NO. OF CERTIFICATES:	 	 	1)	 
	 	 	2)	 
	 	 	3)	 

	CUSIP NO.: 	 	 	 	 

	Pool No.	 	MI No.	 	 	Coupon Rate:	 
	Issue Date (MM/DD/YYYY):	 	 	Maturity Dated (MM/DD/YYYY):	 

 

	POOL TYPE (circle one):	 	 
	Ginnie Mae:	GINNIE MAE I	 	GINNIE MAE II
	 	 	 
	Fannie Mae:	FIXED ARM	 	DISCOUNT NOTE DEBENTURES REMIC
	 	 	 
	DELIVER TO:	 	 	(  ) Versus Payment
	 	 	 	DVP AMOUNT $	 
	DELIVER TO:	 	 	(  ) Versus Payment
	 	 	 	DVP AMOUNT $	 
	DELIVER TO:	 	 	(  ) Versus Payment
	 	 	 	DVP AMOUNT $	 

 

	CLIENT:	 

 

	PROJECT:	 

 

	AUTHORIZED SIGNATURE:	 

 

	TITLE:	 

 

    Schedule I to 
 Exhibit B-2-B

     

    

 

EXHIBIT B-3-A – FREDDIE MAC MULTIFAMILY
OPTIGO LOANS

 

PROCEDURES FOR DOCUMENTING WAREHOUSING ADVANCES

 

PROCEDURES AND
DOCUMENTATION FOR WAREHOUSING 

FREDDIE MAC MULTIFAMILY
OPTIGO LOANS

 

Walker & Dunlop, LLC, a Delaware limited
liability company (“Borrower”) must observe the following procedures and documentation requirements in all respects.
All documents must be satisfactory to PNC Bank, N.A., a national banking association (the “Lender”) in its sole discretion.
Capitalized terms used in this Exhibit without further definition have the meanings set forth in the Second Amended and Restated
Warehousing Credit and Security Agreement among Borrower, Lender, and Lender party thereto (as amended, restated, renewed or replaced,
the “Agreement”). Freddie Mac form numbers used in this Exhibit are for convenience only and Borrower must use
the equivalent forms required at the time of delivery of a Pledged Loan or a Pledged Security.

 

		I.	At least Three (3) Business Days prior to the Warehousing Advance Date, Lender must receive
a letter signed by Borrower, providing the following information on the Pledged Loan:

 

		1.	Mortgagor’s name.

 

		2.	Project name.

 

		3.	Borrower’s case/loan number.

 

		4.	Location of project.

 

		5.	Mortgage Note Amount.

 

		6.	Expected Warehousing Advance Date.

 

		7.	Name and address of Borrower’s counsel to be present at closing.

 

		8.	Name, street address, e-mail address, telephone number and telecopier number of title company and settlement
attorney and contact person. Must identify who will be responsible for custody of closing documents and delivery of required items to
Lender.

 

		9.	In the event Borrower self-funded the Mortgage Loan with unencumbered funds (herein a “Pre-funded
Mortgage Loan”), then in the alternative to clause I, 7 above, the original closing date of the Pre-funded Mortgage Loan.

 

Upon receipt of Borrower’s letter required
under this Section I, in form and substance satisfactory to Lender, Lender will issue its escrow instructions letter to the
title company or the settlement attorney, to the extent applicable.

 

    Exhibit B-3-A-1

     

    

 

		II.	At least One (1) Business Day prior to the Warehousing Advance Date, Borrower will send to
Lender, for receipt before 11:00 a.m. (Pittsburgh, Pennsylvania time) the following Business Day, the following:

 

		1.	A copy via electronic mail of the Warehousing Advance Request subject to changes to be communicated in
writing by Borrower to Lender before 11:00 a.m. (Pittsburgh, Pennsylvania time) on the day of the Warehousing Advance.

 

		2.	A letter from Borrower providing the following additional information on the Pledge Loan:

 

		(a)	Note Rate.

 

		(b)	Name of Investor.

 

		(c)	Discount (if any).

 

		3.	A sources and uses statement prepared by Borrower must be delivered on the date of the Warehousing Advance,
prior to funding (but a copy of the closing settlement statement shall be delivered to Lender following the Warehousing Advance).

 

		4.	A completed and executed Loan Disbursement Authorization in the form attached hereto as Exhibit O.

 

		5.	A copy of the executed Purchase Commitment (which must conform to requirements of the Agreement).

 

		6.	Original, copy vial electronic mail or facsimile of Lender’s escrow instructions letter to the settlement
attorney, countersigned by an authorized representative of the settlement attorney involved with the transaction, in a form substantially
similar to that attached hereto as (a) Exhibit N-1 if the settlement attorney will also be acting as the bailee with respect
to the Mortgage Note or (b) Exhibit N-2 if the settlement attorney will not be acting as the bailee with respect to the Mortgage
Note. (the “Escrow Letter”). The foregoing conditions shall not be applicable in the event the Warehousing Advance
is to be used to reimburse Borrower for a Pre-funded Mortgage Loan.

 

No Warehousing Advance will be made by Lender
prior to Lender’s receipt of all the documents required under Section II above. Lender has a reasonable time (one (1) Business
Day under ordinary circumstances) to examine Borrower’s Warehousing Advance Request and the related documents to be delivered by
Borrower before funding the requested Warehousing Advance, and may reject any Mortgage Loan that does not meet the requirements of this
Exhibit, the Agreement or of the related Purchase Commitment.

 

    Exhibit B-3-A-2

     

    

 

In accordance with the Escrow Letter, if applicable,
disbursement will be authorized only after the settlement attorney or closing counsel takes possession, on behalf of Lender, of the signed
Mortgage Note, endorsed by Borrower in blank and without recourse, and the title company is prepared to issue its title insurance policy.
Immediately after disbursement, the settlement attorney, the closing attorney or title company (herein, the “Closing Agent”)
must send the original of the Mortgage Note to Lender for receipt by Lender on the following Business Day. In the event the Pledged Loan
is not closed and the related Mortgage submitted for recording by 4:30 p.m. (Pittsburgh, Pennsylvania time) on the date of the Warehousing
Advance, the Closing Agent must return the Warehousing Advance immediately to the account specified in Lender’s escrow instructions
unless otherwise approved by Lender prior to such time; provided, however, that the Warehousing Advance may remain with the title company
for up to two (2) Business Days with prior written notice to Lender and, if longer than two (2) Business Days, with prior written
approval of Lender.

 

The foregoing arrangements, which permit Lender
to fund the Warehousing Advance after the Mortgage Note has been delivered to a third person on behalf of, and as agent and bailee for,
Lender, and before the Mortgage Note is received by Lender, are for the convenience of Borrower. Borrower retains all risk of loss or
nondelivery of the Mortgage Note, and Lender has no liability or responsibility for those risks.

 

For any Warehousing Advance relating to a Pre-funded
Mortgage Loan, the parties shall not engage a Closing Agent or utilize an Escrow Letter.

 

		III.	On the Warehousing Advance Date, Lender must receive copies of the following via electronic mail:

 

		1.	For any Warehousing Advance other than one relating to a Pre-funded Mortgage Loan, the following:

 

		(a)	A sources and uses statement prepared by Borrower.

 

		(b)	A copy of the Mortgage Note made by the Mortgagor in favor of Borrower, executed by the Mortgagor.

 

		(c)	A copy of the unrecorded, undated and in blank, assignment of the Mortgage in the form attached hereto
as Exhibit P.

 

		(d)	A copy of the first page of the title insurance policy or the title insurance commitment to issue
a policy marked to show the final policy exceptions, which:

 

(i)            Names
as insured Borrower and/or the Investor, and their successors and assigns, as their interests may appear;

 

(ii)           Shows
effective date and time which is as of the date and time of disbursement of the Warehousing Advance from escrow; and

 

(iii)          Sets
forth an insured amount which is equal to or greater than the aggregate Warehousing Advance amount.

 

		(e)	A bailee agreement executed by Borrower’s closing counsel, in the form of (a) Exhibit N-1
if the closing counsel is also acting as the settlement attorney with respect to the Warehousing Advance funds or (b) Exhibit N-3
if the closing counsel is not acting as the settlement attorney with respect to the Warehousing Advance funds, whereby in either case
the closing counsel agrees that it will hold the original Mortgage Note as bailee for and on behalf of Lender and deliver it to Lender
by recognized overnight delivery within One (1) Business Day after the Warehousing Advance Date.

 

    Exhibit B-3-A-3

     

    

 

		(f)	Written notice by electronic mail or facsimile authorizing Lender to disburse funds to the Escrow Agent
as set forth in the Escrow Letter, to be held in trust by the Escrow Agent pending the Borrower’s authorization to release such
funds.

 

		(g)	Documents that are reasonably requested by Lender.

 

		2.	For any Warehousing Advance relating to a Pre-funded Mortgage Loan, the following:

 

		(a)	A sources and uses statement prepared by Borrower.

 

		(b)	The original Mortgage Note made by the Mortgagor in favor of Borrower, executed by the Mortgagor.

 

		(c)	The original unrecorded, undated and in blank, assignment of the Mortgage in the form attached hereto
as Exhibit P.

 

		(d)	A copy of the first page of the title insurance policy or the title insurance commitment to issue
a policy marked to show the final policy exceptions, which:

 

(i)            Names
as insured Borrower and/or the Investor, and their successors and assigns, as their interests may appear;

 

(ii)           Shows
the recording date of the Mortgage as being prior to the date of the Warehousing Advance; and

 

(iii)          Sets
forth an insured amount which is equal to or greater than the aggregate Warehousing Advance amount.

 

		(e)	Documents that are reasonably requested by Lender.

 

		(f)	A sources and uses statement prepared by Borrower.

 

		IV.	As soon as possible following the Warehousing Advance Date, and no later than One (1) Business
Day after the Warehousing Advance Date, Lender or Investor must receive the following:

 

		1.	If required by the Investor, the original signed Mortgage Note, endorsed by Borrower in blank and without
recourse.

 

		2.	A copy of the closing settlement statement.

 

    Exhibit B-3-A-4

     

    

 

		V.	As soon as possible after the Warehousing Advance Date, and no later than Two (2) Business
Days prior to the date the Investor or the Approved Custodian must receive the Pledged Mortgage, Lender must receive:

 

		1.	If requested by Lender, the original unrecorded, undated and in blank assignment of the Mortgage, in the
form attached hereto as Exhibit P, sent by overnight delivery.

 

		2.	The remainder of the documents required for shipping to the Investor as specified by the Investor or in
the applicable Seller/Servicer Guide or to an Approved Custodian for the Investor, including the original release documents required by
the Investor.

 

		3.	Documents that are reasonably requested by Lender.

 

		VI.	As soon as possible following the Warehousing Advance Date, and no later than Two (2) Business
Days prior to the date the Investor or the Approved Custodian must receive the Pledged Loan, Lender must receive the following:

 

		1.	Signed shipping instructions for the delivery of the Pledged Loan, including the following:

 

		(a)	Name and address of the Investor or the Approved Custodian to which the Collateral Documents are to be
shipped, the desired shipping date and the preferred method of delivery (which must be a shipper utilized by Lender), with Borrower’s
billing account information for such shipper (or alternatively a pre-labeled envelope);

 

		(b)	Name of project securing the Pledged Loan;

 

		(c)	Date by which the Investor or the Approved Custodian must receive the Pledged Loan; and

 

		(d)	Instructions for endorsement of the Mortgage Note.

 

		2.	For Freddie Mac Multifamily Optigo Loans, the following additional documents must be received:

 

		(a)	For cash payments, the signed original Wire Transfer Authorization for a Cash Warehouse Delivery (Multifamily)
(Freddie Mac Form 987M), specifying the Cash Collateral Account as the receiving account for loan purchase proceeds.

 

		(b)	Warehouse Lender Release of Security Interest (Multifamily) (Freddie Mac Form 996M).

 

		3.	The remainder of the documents required for shipping to the Investor,
as specified by the Investor or in the applicable seller/servicer guide.

 

    Exhibit B-3-A-5

     

    

 

Notwithstanding
anything to the contrary herein, Borrower shall comply with any requirements specified by the Investor or in the applicable Seller/Servicer
Guide with respect to the original Collateral Documents..

 

    Exhibit B-3-A-6

     

    

 

EXHIBIT B-3-B – FREDDIE MAC DIRECT PURCHASE
MORTGAGE LOANS

 

PROCEDURES FOR DOCUMENTING WAREHOUSING ADVANCES

 

PROCEDURES AND
DOCUMENTATION FOR WAREHOUSING

FREDDIE MAC DIRECT
PURCHASE MORTGAGE LOANS

 

Walker & Dunlop, LLC, a Delaware limited
liability company (“Borrower”) must observe the following procedures and documentation requirements in all respects.
All documents must be satisfactory to PNC Bank, N.A., a national banking association (the “Lender”) in its sole discretion.
Capitalized terms used in this Exhibit without further definition have the meanings set forth in the Second Amended and Restated
Warehousing Credit and Security Agreement among Borrower, Lender, and Lender party thereto (as amended, restated, renewed or replaced,
the “Agreement”). For purposes of these procedures applicable to Freddie Mac Direct Purchase Mortgage Loans, the term
 “Mortgage Loan” as used herein shall mean collectively, the Funding Loan to be made by Borrower to the Governmental
Lender, and the Project Loan to be made by the Governmental Lender to the Mortgagor, and collaterally assigned by the Governmental Lender
to Borrower as security for the Funding Loan. Freddie Mac form numbers used in this Exhibit are for convenience only and Borrower
must use the equivalent forms required at the time of delivery of a Pledged Loan or a Pledged Security.

 

		I.	At least Three (3) Business Days prior to the Warehousing Advance Date, Lender must receive
a letter signed by Borrower, providing the following information on the Pledged Loan:

 

		1.	Governmental Lender.

 

		2.	Mortgagor’s name.

 

		3.	Project name.

 

		4.	Borrower’s case/loan number.

 

		5.	Location of project.

 

		6.	Governmental Note Amount.

 

		7.	Mortgage Note Amount.

 

		8.	Expected Warehousing Advance Date.

 

		9.	Name and address of Governmental Lender’s counsel.

 

		10.	Name and address of Borrower’s counsel.

 

		11.	Name, street address, e-mail address, telephone number and telecopier number of title company and settlement
attorney and contact person. Must identify who will be responsible for custody of closing documents and delivery of required items to
Lender.

 

    Exhibit B-3-B-1

     

    

 

		12.	In the event Borrower self-funded the Mortgage Loan with unencumbered funds (herein a “Pre-funded
Mortgage Loan”), then in alternative to clause I, 11 above, the original closing date of the Pre-funded Mortgage Loan.

 

Upon receipt of Borrower’s letter required
under this Section I, in form and substance satisfactory to Lender, Lender will issue its escrow instructions letter to the
title company or the settlement attorney.

 

		II.	At least One (1) Business Day prior to the Warehousing Advance Date, Borrower will send to
Lender, for receipt before 11:00 a.m. (Pittsburgh, Pennsylvania time) the following Business Day, the following:

 

		1.	A copy via electronic mail of the Warehousing Advance Request subject to changes to be communicated in
writing by Borrower to Lender before 11:00 a.m. (Pittsburgh, Pennsylvania time) on the day of the Warehousing Advance.

 

		2.	A letter from Borrower providing the following additional information on the Pledge Loan:

 

		(a)	Note Rate.

 

		(b)	Name of Investor.

 

		(c)	Discount (if any).

 

		3.	A sources and uses statement prepared by Borrower must be delivered on the date of the Warehousing Advance,
prior to funding (but a copy of the closing settlement statement shall be delivered to Lender following the Warehousing Advance).

 

		4.	A completed and executed Loan Disbursement Authorization in the form attached hereto as Exhibit O.

 

		5.	A copy of the executed Purchase Commitment (which must conform to requirements of the Agreement).

 

		6.	Original, copy via electronic mail or facsimile of Lender’s escrow instructions letter to the settlement
attorney, countersigned by an authorized representative of the settlement attorney involved with the transaction, in a form substantially
similar to that attached hereto as (a) Exhibit N-1 if the settlement attorney will also be acting as the bailee with respect
to the Governmental Note or (b) Exhibit N-2 if the settlement attorney will not be acting as the bailee with respect to the
Governmental Note. The foregoing conditions shall not be applicable in the event the Warehousing Advance is to be used to reimburse Borrower
for any Pre-funded Mortgage Loan.

 

No Warehousing Advance will be made by Lender
prior to Lender’s receipt of all the documents required under Section II above. Lender has a reasonable time (one (1) Business
Day under ordinary circumstances) to examine Borrower’s Warehousing Advance Request and the related documents to be delivered by
Borrower before funding the requested Warehousing Advance, and may reject any Mortgage Loan that does not meet the requirements of this
Exhibit, the Agreement or of the related Purchase Commitment.

 

    Exhibit B-3-B-2

     

    

 

In accordance with the Escrow Letter, if applicable,
disbursement will be authorized only after the settlement attorney or closing counsel takes possession, on behalf of Lender, of the signed
Governmental Note, endorsed by Borrower in blank and without recourse, and the title company is prepared to issue its title insurance
policy. Immediately after disbursement, the settlement attorney, the closing attorney or title company (herein, the “Closing
Agent”) must send the original of the Governmental Note to Lender for receipt by Lender on the following Business Day. In the
event the Pledged Loan is not closed and the related Mortgage submitted for recording by 4:30 p.m. (Pittsburgh, Pennsylvania time)
on the date of the Warehousing Advance, the Closing Agent must return the Warehousing Advance immediately to the account specified in
the for receipt by Lender’s escrow instructions unless otherwise approved by Lender prior to such time; provided, however, that
the Warehousing Advance may remain with the title company for up to two (2) Business Days with prior written notice to Lender and,
if longer than two (2) Business Days, with prior written approval of Lender.

 

The foregoing arrangements, which permit Lender
to fund the Warehousing Advance after the Governmental Note has been delivered to a third person on behalf of, and as agent and bailee
for, Lender, and before the Governmental Note is received by Lender, are for the convenience of Borrower. Borrower retains all risk of
loss or nondelivery of the Governmental Note, and neither Lender nor any Lender has any liability or responsibility for those risks.

 

		III.	On the Warehousing Advance Date, Lender must receive the following:

 

		1.	For any Warehousing Advance other than one relating to a Pre-funded Mortgage Loan, the following:

 

		(a)	A sources and uses statement prepared by Borrower.

 

		(b)	A copy of the Governmental Note made by the Governmental Lender in favor of Borrower, executed by Governmental
Lender.

 

		(c)	A fully executed copy of the Funding Loan Agreement between Borrower and Governmental Lender.

 

		(d)	A copy of the Mortgage Note made by the Mortgagor in favor of Governmental Lender, executed by the Mortgagor.

 

		(e)	A copy of the blank and undated collateral assignment of Funding Loan, in form and content reasonably
acceptable to Lender.

 

		(f)	A copy of the first page of the title insurance policy or the title insurance commitment to issue
a policy marked to show the final policy exceptions, which:

 

(i)            Names
as insured Governmental Lender and/or Fiscal Agent, and their successors and assigns, as their interests may appear;

 

    Exhibit B-3-B-3

     

    

 

(ii)            Shows
an effective date and time that is as of the date and time of disbursement of the Warehousing Advance from escrow; and

 

(iii)            Sets
forth an insured amount that is equal to or greater than the Warehousing Advance amount.

 

		(g)	A bailee agreement executed by Governmental Lender’s or Borrower’s closing counsel, in the
form of (a) Exhibit N-1 if the closing counsel is also acting as the settlement attorney with respect to the Warehousing Advance
funds or (b) Exhibit N-3 if the closing counsel is not acting as the settlement attorney with respect to the Warehousing Advance
funds, whereby in either case the closing counsel agrees that it will hold the original Governmental Note as bailee for and on behalf
of Lender and deliver it to Lender by recognized overnight delivery within One (1) Business Day after the Warehousing Advance Date.

 

		(h)	Written notice by electronic mail or facsimile authorizing Lender to disburse funds to the Escrow Agent
as set forth in the Escrow Letter, to be held in trust by the Escrow Agent pending the Borrower’s authorization to release such
funds.

 

		(i)	Documents that are reasonably requested by Lender.

 

		2.	For any Warehousing Advance relating to a Pre-funded Mortgage Loan, the following:

 

		(a)	A sources and uses statement prepared by Borrower.

 

		(b)	An original of the Governmental Note made by the Governmental Lender in favor of Borrower, executed by
Governmental Lender.

 

		(c)	An original of the Funding Loan Agreement between Borrower and Governmental Lender.

 

		(d)	A copy of the Mortgage Note made by the Mortgagor in favor of Governmental Lender, executed by the Mortgagor.

 

		(e)	An original of the blank and undated collateral assignment of Funding Loan, in form and content reasonably
acceptable to Lender.

 

		(f)	A copy of the first page of the title insurance policy or the title insurance commitment to issue
a policy marked to show the final policy exceptions, which

 

(i)            Names
as insured Governmental Lender and/or Fiscal Agent, and their successors and assigns, as their interests may appear;

 

(ii)            Shows
the recording date of the Mortgage as being prior to the date of the Warehousing Advance; and

 

(iii)            Sets
forth an insured amount that is equal to or greater than the Warehousing Advance amount.

 

    Exhibit B-3-B-4

     

    

 

		IV.	As soon as possible following the Warehousing Advance Date, and no later than One (1) Business
Day after the Warehousing Advance Date, Lender or Investor must receive the following:

 

		1.	If not previously delivered and if required by the Investor, the original signed Governmental Note, endorsed
by Borrower in blank and without recourse.

 

		2.	If not previously delivered and if requested by the Lender, the original fully executed collateral assignment
of Funding Loan, in form and content reasonably acceptable to Lender.

 

		V.	As soon as possible after the Warehousing Advance Date, and no later than Two (2) Business
Days prior to the date the Investor or the Approved Custodian must receive the Pledged Mortgage, Lender must receive:

 

		1.	The remainder of the documents required for shipping to the Investor as specified by the Investor or in
the applicable Seller/Servicer Guide or to an Approved Custodian for the Investor, including the original release documents required by
the Investor.

 

		2.	Documents that are reasonably requested by Lender, including the closing settlement statement.

 

		VI.	As soon as possible following the Warehousing Advance Date, and no later than Two (2) Business
Days prior to the date the Investor or the Approved Custodian must receive the Pledged Loan, Lender must receive the following:

 

		1.	Signed shipping instructions for the delivery of the Pledged Loan, including the following:

 

		(a)	Name and address of the Investor or the Approved Custodian to which the Collateral Documents are to be
shipped, the desired shipping date and the preferred method of delivery (which must be a shipper utilized by Lender), with Borrower’s
billing account information for such shipper (or alternatively a pre-labeled envelope);

 

		(b)	Name of project securing the Pledged Loan;

 

		(c)	Date by which the Investor or the Approved Custodian must receive the Pledged Loan; and

 

		(d)	Instructions for endorsement of the Governmental Note.

 

		2.	The following additional documents must be received:

 

		(a)	For cash payments, the signed original Wire Transfer Authorization for a Cash Warehouse Delivery (Multifamily)
(Freddie Mac Form 987M), specifying the Cash Collateral Account as the receiving account for loan purchase proceeds.

 

    Exhibit B-3-B-5

     

    

 

		(b)	Warehouse Lender Release of Security Interest (Multifamily) (Freddie Mac Form 996M).

 

		3.	The remainder of the documents required for shipping to the Investor,
as specified by the Investor or in the applicable seller/servicer guide.

 

Notwithstanding
anything to the contrary herein, Borrower shall comply with any requirements specified by the Investor or in the applicable Seller/Servicer
Guide with respect to the original Collateral Documents..

 

    Exhibit B-3-B-6

     

    

 

Exhibit C

 

[Attached]

 

    Exhibit C-1

     

    

 

Exhibit D

 

Eligible Loans and Terms of Warehousing Advances

 

Subject to compliance with the terms and limitations
set forth below, and the terms, representations and warranties and the covenants in the Agreement (including applicable Exhibits), each
of the following Mortgage Loans is an Eligible Loan for purposes of the Agreement:

 

Fannie Mae DUS Mortgage Loan

 

Definition:
A permanent Mortgage Loan on a Multifamily Property originated by Borrower under Fannie Mae’s Delegated Underwriting and Servicing
Guide. This definition shall include any permanent Mortgage Loan on a Multifamily Property originated by the Borrower pursuant to a Fannie
Mae credit facility provided by Fannie Mae, and in accordance with Fannie Mae’s Delegated Underwriting and Servicing Guide.

 

Provided however, that in connection with any
aforementioned permanent Mortgage Loan on a Multifamily Property originated by the Borrower pursuant to a Fannie Mae credit facility,
in lieu of delivering a bailee letter in the form attached to the Credit Facility Agreement as Exhibit N-3, Borrower shall
cause Fannie Mae’s counsel to deliver to Lender a bailee letter based on Fannie Mae’s then current form bailee letter, as
revised to include the following provision:

 

“Fannie Mae shall hold the Note and Additional
Documents as bailee for the benefit of Lender until (i) Fannie Mae delivers the Mortgage Backed Security (as defined below) by wire
transfer in accordance with the delivery instructions specified on Form 2014, a copy of which is attached as Exhibit A
hereto, or (ii) Fannie Mae returns to Lender, as set forth below, the Note and any Additional Documents delivered by Lender. 
Lender agrees that Lender’s security interest in the Note and Additional Documents shall terminate and be cancelled without further
action upon delivery by Fannie Mae of the Purchase Price.  In the event that Fannie Mae does not issue the Mortgage Backed Security
in exchange for the Note, Fannie Mae will execute and deliver to Lender one or more assignments, in recordable form, of the Security Instruments
(as defined in the Master Agreement) securing the Note and will endorse the Note in blank but without recourse (assuming the Note has
been endorsed to Fannie Mae), and sever any applicable loan documents in connection with the Master Agreement as necessary; and Lender
agrees that Fannie Mae’s status as bailee for Lender shall terminate and be cancelled without further action upon delivery to Lender
of the Note (endorsed as aforesaid) and Additional Documents, as described in (ii) above, together with such executed assignment
of the Security Instruments.

 

Subordinate
Mortgage Loan: Only Second Mortgage Loans and Third Mortgage Loans permitted.

 

Committed/Uncommitted:
Purchase Commitment required.

 

Advance
Rate: 100% of the lesser of (i) the Mortgage Note Amount or (ii) the Committed Purchase Price.

 

    Exhibit D-1

     

    

 

FHA Permanent Mortgage Loan

 

Definition:
A permanent FHA fully-insured Mortgage Loan secured by a mortgage on a Multi-Family Property.

 

Subordinate
Mortgage Loans: Only second mortgage loans permitted.

 

Committed/Uncommitted:
Purchase Commitment required.

 

Advance
Rate: 100% of the lesser of (i) the Mortgage Note Amount or (ii) the Committed Purchase Price.

 

FHA Construction Mortgage Loan

 

Definition.
An FHA fully-insured Mortgage Loan for the construction or substantial rehabilitation of a Multi-Family Property. No Warehousing Advance
will be made against an FHA Construction Mortgage Loan unless (i) Lender has or at one time had or will obtain (as provided in Exhibit B-2
 – FHA/GNMA) possession of the related Mortgage Note, or (ii) the related Mortgage Note is in the possession of a Person other
than Borrower or an Affiliate of Borrower.

 

Subordinate
Mortgage Loans: Not permitted.

 

Committed/Uncommitted:
Purchase Commitment required.

 

Advance
Rate: 100% of the lesser of (i) Mortgage Note Amount or (ii) the Committed Purchase Price.

 

FHA Modified Mortgage Loan

 

Definition:
A modified FHA fully-insured Mortgage Loan secured by a mortgage on a Multi-Family Property.

 

Subordinate
Mortgage Loans: Only second mortgage loans permitted.

 

Committed/Uncommitted:
Purchase Commitment required.

 

Advance
Rate: 100% of the lesser of (i) the n outstanding Mortgage Note Amount or (ii) the Committed Purchase Price.

 

Freddie
Mac Multifamily Optigo Loan

 

Definition:
Multi-Family Loans sold to Freddie Mac pursuant to the Freddie Mac Multifamily Optigo Seller/Servicer program. This definition shall include
any permanent Multi-Family Loan on a Multifamily Property originated by the Borrower pursuant to a Freddie Mac credit facility provided
by Freddie Mac, and in accordance with the Freddie Mac Multifamily Optigo Seller/Servicer program.

 

    Exhibit D-2

     

    

 

Provided however, that in connection with any
aforementioned permanent Multi-Family Loan on a Multifamily Property originated by the Borrower pursuant to a Freddie Mac credit facility,
in lieu of delivering a bailee letter in the form attached to the Credit Facility Agreement as Exhibit N-3, Borrower shall
cause Freddie Mac’s counsel to deliver to Administrative Agent a bailee letter based on Freddie Mac’s then form bailee letter,
as revised to include the following provision:

 

“Freddie Mac shall hold the Note and Additional
Documents as bailee for the benefit of Administrative Agent until (i) Freddie Mac purchases the subject Multi-Family Loan, or (ii) Freddie
Mac returns to Administrative Agent, as set forth below, the Note and any Additional Documents delivered by Administrative Agent. 
Administrative Agent agrees that Administrative Agent’s security interest in the Note and Additional Documents shall terminate and
be cancelled without further action upon delivery by Freddie Mac of the Purchase Price.  In the event that Freddie Mac does not purchase
the Multi-Family Loan, Freddie Mac will execute and deliver to Administrative Agent one or more assignments, in recordable form, of the
Security Instruments (as defined in the Master Agreement) securing the Note and will endorse the Note in blank but without recourse (assuming
the Note has been endorsed to Freddie Mac), and sever any applicable loan documents in connection with the Master Agreement as necessary;
and Administrative Agent agrees that Freddie Mac’s status as bailee for Administrative Agent shall terminate and be cancelled without
further action upon delivery to Administrative Agent of the Note (endorsed as aforesaid) and Additional Documents, as described in (ii) above,
together with such executed assignment of the Security Instruments.”

 

Subordinate
Mortgage Loans: Only Second Mortgage Loans or Third Mortgage Loans permitted.

 

Committed/Uncommitted:
Purchase Commitment required.

 

Advance
Rate: 100% of the lesser of (i) the Mortgage Note Amount or (ii) the Committed Purchase Price.

 

Freddie Mac Direct Purchase Mortgage Loan

 

Definition:
Multi-Family Loans sold to Freddie Mac pursuant to the Freddie Mac TELP.

 

Subordinate
Mortgage Loans: Only Second Mortgage Loans or Third Mortgage Loans permitted if permitted under the Freddie Mac TELP.

 

Committed/Uncommitted:
Purchase Commitment required.

 

Advance
Rate: 100% of the lesser of (i) the Mortgage Note Amount or (ii) the Committed Purchase Price.

 

    Exhibit D-3

     

    

 

Exhibit N-1

 

Form of Escrow
and Bailee Letter

 

Date

 

Attn:
XXXXXXXX

Closing
Agent

XXXXXXXXXXXX

XXXXXXXXXXXX

 

Phone #: (xxx) xxx-xxxx

Fax #: (xxx) xxx-xxxx

 

RE:
Mortgage Loan: _________________

 

Dear _________:

 

Walker &
Dunlop, LLC, a Delaware limited liability company, whose address is 7501 Wisconsin Avenue, Suite 1200, Bethesda, Maryland 20818
(the “Borrower”) has advised PNC Bank, National Association (the “Lender”), that the Borrower has appointed
[name of Closing Agent firm], and [name of Closing Agent firm] has agreed, by and through
its undersigned employee, to serve as the closing agent (the “Closing Agent”) and counsel relative to the origination
and closing of the mortgage loan to be made by the Borrower for the above-referenced property (the “Mortgage Loan”).
Pursuant to a Second Amended and Restated Warehousing Credit and Security Agreement by and between the Borrower and Lender (as same may
be amended from time to time, the “Credit Agreement”), Lender has agreed to provide certain funding for the Mortgage
Loan to you as the Closing Agent. Terms used in this letter and not defined herein have the meanings set forth in the Credit Agreement.

 

To
facilitate the closing of the Mortgage Loan (the “Closing”), you will confirm to Lender on the date of the Closing
that you are in possession of the [original modification of the Mortgage Note and Modification Agreement (collectively, the “Mortgage
Loan Modification Documents”)]1 original mortgage
note evidencing the Mortgage Loan (the “Note”) [or that the HUD attorney is in possession of such original document(s),
and that you have made arrangements to have such original document(s) delivered to you for receipt the day after the date of Closing]2.
As agent and bailee for Lender, you agree to hold the original [modification of the]3
mortgage note evidencing the Mortgage Loan as bailee for and on behalf of Lender, and to deliver the original [modification
of the]4 mortgage note evidencing the Mortgage Loan to the
applicable Federal Agency [(or the Approved Custodian)]5
as part of the delivery of the Mortgage Loan for purchase by the Federal Agency (provided however that notwithstanding the foregoing,
in the event Lender directs you to deliver such documents to Lender, you shall deliver such documents to Lender by recognized overnight
delivery), [and to hold the original Assignment of Mortgage Note and Mortgage in blank until such time as Lender directs you to deliver
such documents to Lender by recognized overnight delivery after Closing]6.
Such delivery shall be made to the address set forth below, unless otherwise directed by Lender.

 

 

1 To be included for FHA Modifications instead of the immediately
following clause

2 To be included for FHA loans

3 To be included for FHA Modifications

4 To be included for FHA Modifications

5 To be included for FHA loans

6 To be deleted for FHA Modifications

 

    Exhibit N-1-1

     

    

 

PNC Bank, National Association

Real Estate Banking

101 S. 5th Street,
Mailstop K1-K201-07-3

Louisville, KY 40202

Attention: Sherry Boston/Mark
Ostrander/Chasidy Hill

 

Upon
receipt of your confirmation that you are in possession of the original mortgage note evidencing the Mortgage Loan, Lender will remit
to you, by wire transfer, immediately available funds in the approximate amount of $___________ (the “Funds”),
which you are to hold in trust for Lender until written or oral instructions to disburse the funds are obtained from the Borrower, at
which time you may disburse the Funds in accordance with such instructions. Once you have received instructions from Lender to disburse
the Funds to close the Mortgage Loan, please advise Lender via e-mail at REBWH@pnc.com of the fact of such disbursement immediately upon
making such disbursement.

 

Authorized representatives
of Lender are listed in the attached Schedule A to this letter.

 

If the Funds cannot be or
are not disbursed for any reason on or before 4:30 p.m. Eastern Time on the date of Closing, you shall advise Lender immediately
by telephone that disbursement has not occurred and the Funds must be returned immediately to Lender at the wiring instructions in the
attached Schedule B to this letter.

 

In the event you are not
able for any reason to comply with the terms and conditions set forth in this letter, you shall advise an authorized representative of
Lender immediately via e-mail at REBWH@pnc.com and comply with any instructions given to you by such authorized representative.

 

This
letter may be executed and delivered by email (including by PDF) or, at Lender’s option, by using electronic signatures in accordance
with Lender’s electronic signature protocols and procedures. Please acknowledge your receipt of this letter and your agreement
to comply with the terms and conditions set forth herein by signing below and returning this letter via e-mail at REBWH@pnc.com or, if
applicable, by executing and delivering it in accordance with Lender’s instructions for using electronic signatures. Lender will
not forward the Funds until it receives a properly completed and signed copy of this letter.

 

		Sincerely,
	 	PNC Bank, National Association

 

		By:	 

	 	PNC Signers Name
	 	PNC Title

 

    Exhibit N-1-2

     

    

 

The undersigned Closing Agent
acknowledges the terms of this letter and agrees to comply with the terms and conditions set forth herein. In addition, Closing Agent
agrees that, notwithstanding any contrary understanding with the Borrower or the Borrower’s instructions to Closing Agent, these
terms and conditions shall control and may not be altered except by written or oral authorization executed by Lender.

 

CLOSING AGENT:
[name of Closing Agent firm]

 

	By:	 	 

 

	Name:	 	 

 

	Title:	 	 

 

	Wire
Transfer Instructions:	Bank:

City, State:

ABA #:

Account Name:

Account #:

Reference:

Attn:

 

	Date:	 	 

 

    Exhibit N-1-3

     

    

 

SCHEDULE A

 

AUTHORIZED REPRESENTATIVES

 

	 	Phone	Fax
	Mark Ostrander	(502) 581-2289	(502) 581-2743
	Sherry Boston	(502) 581-2959	(502) 581-2743
	Chasidy Hill	(502) 581-3345	(502) 581-2743

 

NOTE DELIVERY

 

Deliver Copies of Note to:

 

Sherry Boston/Mark Ostrander/Chasidy Hill –
fax number (502) 581-2743 or email REBWH@pnc.com

 

    Exhibit N-1-4

     

    

 

SCHEDULE B

 

PNC NATIONAL ASSOCIATION

WIRE INSTRUCTIONS

 

	Bank
    Name:	PNC
    Bank, National Association
	City,
    State:	Pittsburgh,
    PA
	ABA
    #:	 
	Account
    Name:	 
	Account
    Number:	 
	Attention:	Tracy
    Kowcheck
	Phone
    Advice:	Phone:
    (412) 807-7314
	RE:	Deal
    Name/Description

 

    Exhibit N-1-5

     

    

 

Exhibit N-2

 

Form of Escrow
Letter

 

Date:

 

Attn:

Closing Agent

XXXXXXXXXXX

XXXXXXXXXXX

 

Phone #: (xxx)  xxxxxxx

Fax #: (xxx) xxxxxxx

 

RE:
Mortgage Loan: ___________________

 

Dear ___________:

 

Walker &
Dunlop, LLC, a Delaware limited liability company, whose address is 7501 Wisconsin Avenue, Suite 1200, Bethesda, Maryland 20818
(the “Borrower”) has advised PNC Bank, National Association (the “Lender”), that the Borrower has
appointed name of Closing Agent firm, and name of Closing Agent firm has agreed, by and
through its undersigned employee [if an agent of Title Company add: (which employee is authorized pursuant to the attached insured closing
protection letter)], to serve as the closing agent (the “Closing Agent”) relative to the mortgage loan to be made
by the Borrower for the above-referenced property (the “Mortgage Loan”). Pursuant to a Second Amended and Restated
Warehousing Credit and Security Agreement by and between the Borrower and Lender (as same may be amended from time to time, the “Credit
Agreement”), Lender have agreed to provide certain funding for the Mortgage Loan. Terms used in this letter and not defined
herein have the meanings set forth in the Credit Agreement.

 

To
facilitate the closing of the Mortgage Loan (the “Closing”), Lender will remit to you, by wire transfer, immediately
available funds in the approximate amount of $__________ (the “Funds”), which you
are to hold in trust for Lender until written or oral instructions to disburse the funds are obtained from the Borrower, at which time
you may disburse the Funds in accordance with such instructions. Once you have received instructions from the Borrower to disburse the
Funds to close the Mortgage Loan, please advise an authorized representative of Lender via e-mail at REBWH@pnc.com of the fact
of such disbursement immediately upon making such disbursement.

 

Authorized representatives
of Lender are listed in the attached Schedule A to this letter.

 

If the Funds cannot be or
are not disbursed for any reason on or before 4:30 p.m. Eastern Time on the date of Closing, you shall advise Lender immediately
by telephone that disbursement has not occurred and the Funds must be returned immediately to Lender at the wiring instructions in the
attached Schedule B to this letter.

 

    Exhibit N-2-1

     

    

 

In the event you are not able
for any reason to comply with the terms and conditions set forth in this letter, you shall advise an authorized representative of Lender
immediately via e-mail at REBWH@pnc.com and comply with any instructions given to you by such authorized representative.

 

This
letter may be executed in any number of counterparts and, at Lender’s option, may be executed and delivered by all parties using
electronic signatures, in accordance with Lender’s electronic signature protocols and procedures in effect from time to time. Please
acknowledge your receipt of this letter and your agreement to comply with the terms and conditions set forth herein by signing below and
returning and executed copy of this letter to Sherry Boston via e-mail at REBWH@pnc.com or, if applicable, executing it according to Lender’s
electronic signature protocols and procedures. Lender will not forward the Funds to you until it receives a properly completed and signed
copy of this letter by Closing Agent and Seller.

 

		Sincerely,
	 	 
	 	PNC Bank, National
               Association

 

	 	By:	 

	 	[Name]
	 	[Title]

 

    Exhibit N-2-2

     

    

 

The undersigned Closing Agent
acknowledges the terms of this letter and agrees to comply with the terms and conditions set forth herein. In addition, Closing Agent
agrees that, notwithstanding any contrary understanding with the Borrower or the Borrower’s instructions to Closing Agent, these
terms and conditions shall control and may not be altered except by written or oral authorization executed by Lender.

 

CLOSING
AGENT: name of Closing Agent firm

 

	By:	 	 

 

	Name:	 	 

 

	Title:	 	 

 

	Wire
Transfer Instructions:	Bank:

City, State:

ABA #:

Account Name:

Account #:

Reference:

Attn:

 

	Date:	 	 

 

    Exhibit N-2-3

     

    

 

SCHEDULE A

 

AUTHORIZED REPRESENTATIVES

 

	 	Phone	Fax
	Mark Ostrander	(502) 581-2289	(502) 581-2743
	Sherry Boston	(502) 581-2959	(502) 581-2743
	Chasidy Hill	(502) 581-3345	(502) 581-2743
	 	 	 

 

    Exhibit N-2-4

     

    

 

SCHEDULE B

 

PNC NATIONAL ASSOCIATION

WIRE INSTRUCTIONS

 

	Bank
    Name:	PNC
    Bank, National Association
	 	 
	City,
    State:	Pittsburgh,
    PA
	 	 
	ABA
    #:	 
	 	 
	Account
    Name:	 
	 	 
	Account
    Number:	 
	 	 
	Attention:	Tracy
    Kowcheck
	 	 
	Phone
    Advice:	Phone:
    (412) 807-7314
	 	 
	RE:	Project
    Name

 

    Exhibit N-2-5

     

    

 

Exhibit N-3

 

Form of Bailee Letter

 

Date

 

Attn:
XXXXXX

XXXXXXXXXX

Phone #: (xxx) xxx-xxxx

Fax #: (xxx) xxx-xxxx

 

RE:
Mortgage Loan: _________________

 

Dear _________:

 

Walker &
Dunlop, LLC, a Delaware limited liability company, whose address is 7501 Wisconsin Avenue, Suite 1200, Bethesda, Maryland 20818
(the “Borrower”) has advised PNC Bank, National Association (the “Lender”), that the Borrower has
appointed name of Closing Agent firm, and name of Closing Agent firm has agreed, by and
through its undersigned employee, to serve as the closing agent (the “Closing Agent”) and counsel relative to the
origination and closing of the mortgage loan to be made by the Borrower for the above-referenced property (the “Mortgage Loan”).
Pursuant to a Second Amended and Restated Warehousing Credit and Security Agreement by and between the Borrower and Lender (as same may
be amended from time to time, the “Credit Agreement”), Lender have agreed to provide certain funding for the Mortgage
Loan subject to the terms of this letter. Terms used in this letter and not defined herein have the meanings set forth in the Credit
Agreement.

 

To
facilitate the closing of the Mortgage Loan (the “Closing”), you will confirm to Lender on the date of the Closing
that you are in possession of the [original modification of the Mortgage Note and Modification Agreement (collectively, the “Mortgage
Loan Modification Documents”)]1
original mortgage note evidencing the Mortgage Loan (the “Note”) [or that the HUD attorney is in possession of such
original document(s), and that you have made arrangements to have such original document(s) delivered to you for receipt the day after
the date of Closing]2. As agent and bailee
for Lender, you agree to hold the original [modification of the]3
mortgage note evidencing the Mortgage Loan as bailee for and on behalf of Lender, and to deliver the original [modification of the]4
mortgage note evidencing the Mortgage Loan to the applicable Federal Agency [(or the Approved Custodian)]5
as part of the delivery of the Mortgage Loan for purchase by the Federal Agency (provided however that notwithstanding the foregoing,
in the event Lender directs you to deliver such documents to Lender, you shall deliver such documents to Lender by recognized overnight
delivery), [and to hold the original Assignment of Mortgage Note and Mortgage in blank until such time as Lender directs you to deliver
such documents to Lender by recognized overnight delivery after Closing]6.
Such delivery shall be made to the address set forth below, unless otherwise directed by Lender.

 

 

1
To be included for FHA Modifications instead of the immediately following clause

2
To be included for FHA loans

3
To be included for FHA Modifications

4
To be included for FHA Modifications

5
To be included for FHA loans

6
To be deleted for FHA Modifications

 

    Exhibit N-3-1

     

    

 

PNC Bank, National Association

500 West Jefferson Street, Mailstop K1-KHDQ-04-6

Louisville, KY 40202

Attention: Sherry Boston

 

    Exhibit N-3-2

     

    

 

This letter may be executed
and delivered by email (including by PDF) or, at Lender’s option, by using electronic signatures in accordance with Lender’s
electronic signature protocols and procedures. Please acknowledge your receipt of this letter and your agreement to comply with the terms
and conditions set forth herein by signing below and returning this letter via e-mail at REBWH@pnc.com or, if applicable, by executing
and delivering it in accordance with Lender’s instructions for using electronic signatures. Lender will not forward the funds necessary
to fund the Mortgage Loan until it receives a properly completed and signed copy of this letter

 

		Sincerely,
	 	PNC Bank, National Association

 

		By:	 

	 	PNC Signers Name
	 	PNC Title

 

    Exhibit N-3-3

     

    

 

The undersigned Closing Agent
acknowledges the terms of this letter and agrees to comply with the terms and conditions set forth herein. In addition, Closing Agent
agrees that, notwithstanding any contrary understanding with the Borrower or the Borrower’s instructions to Closing Agent, these
terms and conditions shall control and may not be altered except by written or oral authorization executed by Lender.

 

CLOSING
AGENT: name of Closing Agent firm

 

	By:	 	 

 

	Name:	 	 

 

	Title:	 	 

 

	Date:	 	 

 

    Exhibit N-3-4

     

    

 

SCHEDULE A

 

AUTHORIZED REPRESENTATIVES

 

	 	Phone	Fax
	Mark Ostrander	(502) 581-2289	(502) 581-2743
	Sherry Boston	(502) 581-2959	(502) 581-2743
	Chasidy Hill	(502) 581-3345	(502) 581-2743
	 	 	 

 

NOTE DELIVERY

 

Deliver Copies of Note to:

 

Sherry Boston/Mark
Ostrander/Chasidy Hill – fax number (502) 581-2743 or email REBWH@pnc.com.

 

    Exhibit N-3-5Exhibit 10.1

 

COOPERATION AGREEMENT

 

This Cooperation Agreement, dated as of April 8,
2022 (this “Agreement”), is by and among the persons and entities listed on Schedule A (collectively, the “Salem
Group”, and each individually a “member” of the Salem Group) and Midwest Holding Inc., a Delaware corporation
(the “Company”). In consideration of and reliance upon the mutual covenants and agreements contained in this Agreement,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

		1.	Board Representation and Board
Matters.

 

		(a)	The Company and the Salem Group
agree as follows:

 

(i)            As
long as the Salem Group has not materially breached this Agreement and failed to cure such breach within three (3) business days
of written notice from the Company specifying any such breach, the Company agrees that the Company’s slate of three nominees for
election to the Board of Directors of the Company (the “Board”) at the 2022 annual meeting of stockholders of the Company
(the “2022 Annual Meeting”) will include, subject to his willingness and consent to serve, Kevin Sheehan (the “Independent
Director”) to the Board as a nominee to the class of Directors being elected at the 2022 Annual Meeting (the “2022
Company Slate”, with a term expiring at the 2025 annual meeting of stockholders of the Company (the “2025 Annual Meeting”).

 

(ii)           The
Company shall use reasonable best efforts to cause the election of the Independent Director at the 2022 Annual Meeting (including by (x) recommending
that the Company’s stockholders vote in favor of the election of the Independent Director, (y) including the Independent Director
in the Company’s proxy statement and proxy card for the 2022 Annual Meeting, and (z) otherwise supporting the Independent Director
for election in a manner no less rigorous and favorable than the manner in which the Company supports its other nominees in the aggregate).
The Salem Group agrees not to conduct a proxy contest or engage in any solicitation of proxies regarding any matter, including the election
of directors, with respect to the 2022 and 2023 annual meetings of stockholders (or special meetings of stockholder in which director(s) are
to be elected.)

 

(iii)          That
as a condition to the Independent Director’s (and any replacement Independent Director’s) nomination for election, the Independent
Director will provide to the Company, in connection with his nomination and on an on-going basis while serving as a member of the Board,
such information and materials as the Company routinely receives from other members of the Board or as is required to be disclosed in
proxy statements under applicable law or as is otherwise reasonably requested by the Company from time-to-time from all members of the
Board in connection with the Company’s legal, regulatory, auditor or stock exchange requirements, including, but not limited to,
a completed D&O Questionnaire in the form separately provided by the Company to the Salem Group and any biographical affidavits and
other filings required by the National Association of Insurance Commissioners and information required in connection with the Company’s
insurance business in existing states and future expansion into new states (the “Nomination Documents”).

 

     

     

    

 

(iv)          That,
subject to Section 1(a)(v) below, should the Independent Director resign from the Board or be rendered unable to, or refuse
to, be appointed to, or for any other reason fail to serve or is not serving, on the Board (other than as a result of not being nominated
by the Company for election at an annual meeting of stockholders subsequent to the 2023 Annual Meeting, following which the Salem Group’s
replacement rights pursuant to this Section 1(a)(iv) shall terminate), as long as the Salem Group has not materially breached
this Agreement and failed to cure such breach within three (3) business days of written notice from the Company specifying any such
breach, the Company shall cause to be added as a member of the Board or as a nominee on the 2022 Company Slate, as applicable, a replacement
independent director that is mutually acceptable to the Board and the Salem Group, who will then be deemed to be the Independent Director
hereunder.

 

(v)           For
the avoidance of doubt, the Board’s approval of a replacement director pursuant to Section 1(a)(v) shall require that
such replacement does: (A) qualify as “independent” pursuant to the independence requirements of the Nasdaq Capital Market
Stock Exchange, (B) have the relevant financial and business experience to be a director of the Company, (C) satisfy the requirements
set forth in the Company Policies (as defined below), in each case as in effect as of the date of this Agreement or such additional or
amended guidelines and policies approved by the Board that are applicable to all directors of the Company, (collectively clauses (A) through
(C), the “Director Criteria”); provided that (i) no new Director Criteria will be adopted that would have prevented the
Independent Director from becoming a director had such criteria been in effect as of the date of this Agreement, and (ii) the Company
acknowledges that the Independent Director satisfies the requirements of Section 1(a)(v)(B).

 

(vi)          Concurrently
with the election to the Board of the Independent Director and subject to compliance with all stock exchange rules, the Board will consider
appropriate appointments for the Independent Director to applicable Board committees as they would consider such appointments for other
Board candidates. Notwithstanding the foregoing, the Company acknowledges that for so long as the Independent Director is a member of
the Board, the Independent Director shall have the same rights as any other director with respect to being permitted to attend (as an
observer and without voting rights) any committee meeting regardless of whether the Independent Director is a member of such committee,
except in cases where privileged matters will be discussed or reviewed (unless the Independent Director commits, in writing, on terms
reasonably satisfactory to the Company, not to share information relating to such matters with the Salem Group, including its Affiliates,
Associates and representatives), where the matters under consideration involve an actual conflict of interest between the Company and
the Salem Group or its Affiliates or Associates, or where, upon advice of outside counsel to the Company, the Independent Director’s
attendance would jeopardize any legal privilege.

 

(b)            At
all times from the date of this Agreement through the termination of his service as a member of the Board, the Independent Director will
need to comply with all written policies, procedures, processes, codes, rules, standards and guidelines applicable to all non-employee
Board members, including the Corporate Governance Guidelines (including the stock ownership requirements set forth therein,) Conflict
of Interest Policy, Code of Business Conduct and Ethics, Insider Trading Policy, and Section 16 and Rule 144 reporting
obligations required by law (collectively, the “Company Policies”), and shall preserve the confidentiality of Company business
and information, including discussions or matters considered in meetings of the Board or Board committees (except to the extent permitted
in the Confidentiality Agreement (as defined below) to be entered into pursuant to Section 5 of this Agreement). The Salem Group
confirms that the Independent Director is not employed by or a consultant of, and is not otherwise an Affiliate or Associate of, any member
of the Salem Group. The Salem Group confirms that the Company may require the replacement of the Independent Director pursuant to Section 1(a)(v) if
he or she becomes an employee, consultant, Affiliate or Associate of any member of the Salem Group.

 

    2

     

    

 

		2.	Additional Agreements.

 

(a)            Unless
the Company or the Board has breached any material provision of this Agreement and failed to cure such breach within three (3) business
days following the receipt of written notice from the Salem Group specifying any such breach, solely in connection with the 2022 Annual
Meeting, each member of the Salem Group shall (1) cause, in the case of all Voting Securities (as that term is defined below) owned
of record, and (2) instruct and cause the record owner, in the case of all shares of Voting Securities beneficially owned but not
owned of record, directly or indirectly, by it, or by any Salem Group Affiliate, in each case as of the record date of the 2022 Annual
Meeting or as to which the member of the Salem Group otherwise has the power to vote or direct the vote, in each case that are entitled
to vote at the 2022 Annual Meeting, to be present for quorum purposes and to be voted, at the 2022 Annual Meeting or at any adjournment
or postponement thereof, (A) for each nominee on the 2022 Company Slate, (B) against any nominees that are not nominated by
the Board for election at the 2022 Annual Meeting, (C) in favor on the “Say on Pay” proposal, and (D) in favor of
the ratification of the Company’s independent auditor. Except as provided in the foregoing sentence and in Section 2(b), the
Salem Group shall not be restricted from voting or abstaining from any other proposals at the 2022 Annual Meeting.

 

(b)            Unless
the Company or the Board has breached any material provision of this Agreement and failed to cure such breach within three (3) business
days following the receipt of written notice from the Salem Group specifying any such breach, that for any annual meeting of stockholders
subsequent to the 2022 Annual Meeting during the term of this Agreement, Salem Group shall (1) cause, in the case of all Voting Securities
owned of record, and (2) instruct and cause the record owner, in the case of all shares of Voting Securities beneficially owned but
not owned of record, directly or indirectly, by it, or by any Salem Affiliate, in each case as of the record date of the applicable annual
meeting or as to which the member of the Salem Group otherwise has the power to vote or direct the vote, in each case that are entitled
to vote at such special or annual meeting, to be present for quorum purposes and to be voted at such special or annual meeting or at any
adjournment or postponement thereof, (A) for each director nominated by the Board for election at such special or annual meeting,
(B) against any (i) stockholder proposal to increase the size of the Board and (ii) nominees that are not nominated by
the Board for election at such special or annual meeting, and (C) in favor of the ratification of the Company’s auditors. Except
as provided in the foregoing sentence, the Salem Group shall not be restricted from voting or abstaining from any other proposals at any
such annual meeting following the 2022 Annual Meeting.

 

    3

     

    

 

(c)            Unless
the Company or the Board has breached any material provision of this Agreement and failed to cure such breach within three (3) business
days following the receipt of written notice from the Salem Group specifying any such breach, that for any special meeting of shareholders
that includes a proposal to remove directors or to expand the Board and add directors, then so long as (x) the Independent Director
is a member of the Board at the time of such special meeting or (y) the Salem Group has replacement rights pursuant to clause 1(a)(v) at
such time (including at such special meeting), each member of the Salem Group shall (1) cause, in the case of all Voting Securities
owned of record, and (2) instruct and cause the record owner, in the case of all shares of Voting Securities beneficially owned but
not owned of record, directly or indirectly, by it, or by any Salem Affiliate, in each case as of the record date of the applicable special
meeting or as to which the member of the Salem Group otherwise has the power to vote or direct the vote, in each case that are entitled
to vote at such special meeting, to be present for quorum purposes and to be voted at such special meeting or at any adjournment or postponement
thereof, (A) for each director nominated or supported by the Board for election at such special meeting, and (B) against any
(i) proposal to remove directors or increase the size of the Board and (ii) nominees that are not nominated by the Board for
election at such special meeting. Except as provided in the foregoing sentence, the Salem Group shall not be restricted from voting or
abstaining from any other proposals at any such special or annual meeting.

 

(d)            As
used in this Agreement, the term “Voting Securities” shall mean the Voting Common Stock of the Company that such person has
the right to vote or has the right to direct the vote. For purposes of this Agreement, (x) the term “Affiliate” shall
have the meaning set forth in Rule 12b-2 promulgated by the SEC under the Securities Exchange Act of 1934 (the “Exchange Act”),
and the term “Salem Affiliate” shall mean such Affiliates that are controlled by the members of the Salem Group, and (y) the
term “Associate” shall mean (A) any trust or other estate in which such person has a substantial beneficial interest
or as to which such person serves as trustee or in a similar fiduciary capacity, and (B) any relative or spouse of such person, or
any relative of such spouse, who has the same home as such person or who is a director or officer of such person or of any of its parents
or subsidiaries.

 

		3.	Salem Group Restrictions.

 

(a)            From
and after the appointment of the Independent Director as a nominee to the Board pursuant to Section 1(a)(i) until the Termination
Time (as such term is defined in Section 9 below) (the “Standstill Period”), so long as the Company has not breached
any material provision of this Agreement and failed to cure such breach within three (3) business days following the receipt of written
notice from the Salem Group specifying any such breach, no member of the Salem Group shall, directly or indirectly, and each member of
the Salem Group shall cause each of the Salem Affiliates and Associates not to, directly or indirectly:

 

(i)            form
or join in a partnership, limited partnership, syndicate or a “group” as defined under Section 13(d) of the Exchange
Act, with respect to the securities of the Company;

 

(ii)            present
(or request to present) at any annual meeting or any special meeting of the Company’s stockholders, any proposal for consideration
for action by stockholders or engage in any solicitation of proxies or consents or become a “participant” in a “solicitation”
(as such terms are defined in Regulation 14A under the Exchange Act) of proxies or consents (including, without limitation, any solicitation
of consents that seeks to call a special meeting of stockholders) or, except as provided in this Agreement, otherwise publicly propose
(or publicly request to propose) any nominee for election to the Board or seek representation on the Board or the removal of any member
of the Board;

 

    4

     

    

 

(iii)           grant
any proxy, consent or other authority to vote with respect to any matters (other than to the named proxies included in the Company’s
proxy card for any annual meeting or special meeting of stockholders) or deposit any Voting Securities in a voting trust or subject them
to a voting agreement or other arrangement of similar effect (excluding customary brokerage accounts, margin accounts, prime brokerage
accounts and the like), in each case, except as provided in Section 2(a) or Section 2(b);

 

(iv)          call
or seek to call any special meeting of the Company or action by consent resolutions or make any request under Section 211 of the
Delaware General Corporation Law or other applicable common law or legal provisions regarding inspection of books and records or other
materials (including stock list materials) of the Company or any of its subsidiaries;

 

(v)           separately
or in conjunction with any other person in which it is or proposes to be either a principal, partner or financing source or is acting
or proposes to act as broker or agent for compensation, submit a proposal for or offer of (with or without conditions), any Extraordinary
Transaction (as defined below); provided, however that the foregoing shall not be deemed to restrict Salem Group from having private
discussions with management or the Board if such communications are not publicly disclosed and would not result in public disclosure by
Salem Group, or its Affiliates or Associates, or reasonably be expected to require public disclosure by the Company provided that the
Salem Group shall be permitted to sell or tender their Voting Securities, and otherwise receive consideration, pursuant to any Extraordinary
Transaction; and provided further that (A) if a third party (other than the Salem Group or an Salem Affiliate) commences a
tender offer or exchange offer for all of the outstanding Voting Securities that is not rejected by the Board in its Recommendation Statement
on Schedule 14D-9, then the Salem Group shall similarly be permitted to make an offer for the Company or commence a tender offer or exchange
offer for all of the outstanding Voting Securities at the same or higher consideration per share, provided that the foregoing (y) will
not relieve the Salem Group of its obligations under the Confidentiality Agreement and (z) will not be deemed to require the Company
to make any public disclosures, (B) the Company may waive the restrictions in this Section 3(a)(vi) with the approval of
the Board and (C) provided that, if the Company announces a strategic review and/or sale process Salem Group shall not be prohibited
from submitting a proposal in connection therewith. “Extraordinary Transaction” means, collectively, any of the following
involving the Company or any of its subsidiaries or its or their securities or all or substantially all of the assets or businesses of
the Company and its subsidiaries: any tender offer or exchange offer, merger, acquisition, business combination, reorganization, restructuring,
recapitalization, sale or acquisition of material assets, or liquidation or dissolution;

 

(vi)          seek,
or encourage any person, to submit nominations in furtherance of a “contested solicitation” for the election or removal of
directors with respect to the Company or, except as expressly provided in this Agreement, seek, encourage or take any other action with
respect to the election or removal of any directors;

 

    5

     

    

 

(vii)         seek
to advise, encourage, support or influence any person with respect to the voting or disposition of any securities of the Company at any
annual meeting or special meeting of stockholders, except in accordance with Section 2(a) or Section 2(b);

 

(viii)        publicly
disclose any intention, plan or arrangement inconsistent with any provision of this Section 3; or

 

(ix)           encourage
or support any other person to take any of the actions described in this Section 3 that the Salem Group is restricted from doing.

 

(b)            Subject
to applicable law, from the date of this Agreement until the end of the Standstill Period, (i) so long as the Company has not breached
any material provision of this Agreement and failed to cure such breach within three (3) business days following the receipt of written
notice from the Salem Group specifying any such breach, neither a member of the Salem Group nor any of the Salem Affiliates or Associates
(including such persons’ officers, directors and persons holding substantially similar positions however titled) shall make, or
cause to be made, by press release or similar public statement, including to the press or media (including social media), or in an SEC
or other public filing, any statement or announcement that disparages (as distinct from objective statements reflecting business criticism)
the Company or the Company’s respective current or former officers or directors and (ii) so long as the Salem Group has not
breached any material provision of this Agreement and failed to cure such breach within three (3) business days following the receipt
of written notice from the Company specifying any such breach, neither the Company nor any of its Affiliates or Associates (including
such persons’ officers, directors and persons holding substantially similar positions however titled) shall make, or cause to be
made, by press release or similar public statement, including to the press or media (including social media), or in an SEC or other public
filing, any statement or announcement that disparages (as distinct from objective statements reflecting business criticism) any member
of the Salem Group or Salem Affiliates or any of their respective current or former officers or directors.

 

(c)            The
Salem Group shall not enter into any agreement with, or compensate, the Independent Director with respect to his role or service (including
voting) as a director of the Company.

 

(d)            No
member of the Salem Group nor any of the Salem Affiliates or Associates shall contact any of the Company’s vendors, suppliers, and
third-party insurance marketing organizations and related network of independent agents; provided however, the foregoing shall not be
deemed to restrict Salem Group from contacting any of the aforementioned parties on matters strictly unrelated to the Company.

 

4.            Public
Announcements. Unless otherwise agreed, the Company shall promptly announce the execution of this Agreement by means of a press release
in the form attached to this Agreement as Exhibit A. The Salem Group will not issue a separate press release. The Salem Group shall
have an opportunity to review in advance the Form 8-K filing to be made by the Company with respect to this Agreement.

 

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5.            Confidentiality
Agreement. The Company hereby agrees that: (i) the Independent Director is permitted to
and may provide confidential information subject to and in accordance with the terms of the confidentiality agreement in the form attached
to this Agreement as Exhibit B (the “Confidentiality Agreement”) (which the Salem Group agrees to execute and deliver
to the Company) and (ii) the Company will execute and deliver the Confidentiality Agreement to the Salem Group substantially contemporaneously
with execution and delivery thereof by the other signatories thereto.

 

6.            Representations
and Warranties of All Parties. Each of the parties represents and warrants to the other party
that: (a) such party has all requisite company power and authority to execute and deliver this Agreement and to perform its obligations
hereunder; (b) this Agreement has been duly and validly authorized, executed and delivered by it and is a valid and binding obligation
of such party, enforceable against such party in accordance with its terms; and (c) this Agreement will not result in a violation
of any terms or conditions of any agreements to which such person is a party or by which such party may otherwise be bound or of any law,
rule, license, regulation, judgment, order or decree governing or affecting such party.

 

7.            Representations
and Warranties of Salem Group. Each member of the Salem Group jointly represents and warrants
that, as of the date of this Agreement, (a) the Salem Group collectively beneficially own, an aggregate of 203,298 outstanding shares
of Voting Securities. Michael Salem may be deemed to have proxy rights in respect of 74,425 outstanding shares of Voting Securities and
Michael Salem owns a stock option to purchase 74,751 Voting Securities, (b) except as set forth in the preceding clause (a) or
as otherwise disclosed to the Company, no member of the Salem Group, individually or in the aggregate with any Salem Affiliate, has any
other beneficial ownership of, or economic exposure to, any Voting Securities, nor does it currently have or have any right to acquire
any interest in any other securities of the Company (or any rights, options or other securities convertible into or exercisable or exchangeable
(whether or not convertible, exercisable or exchangeable immediately or only after the passage of time or the occurrence of a specified
event) for such securities or any obligations measured by the price or value of any securities of the Company or any of its controlled
Affiliates, including any swaps or other derivative arrangements designed to produce economic benefits and risks that correspond to the
ownership of Voting Securities, whether or not any of the foregoing would give rise to beneficial ownership (as determined under Rule 13d-3
promulgated under the Exchange Act), and whether or not to be settled by delivery of Common Shares, payment of cash or by other consideration,
and without regard to any short position under any such contract or arrangement), and (c) no member of the Salem Group has any knowledge
of any other stockholder of the Company that intends to submit a notice to the Company to nominate directors at the 2022 Annual Meeting.

 

8.            Representations
and Warranties and Covenants of the Company. The Company represents and warrants, that as of
the date of this Agreement, (a) none of the Company, the Board nor their respective advisors are engaged in discussions to grant
board representation or board designation rights to any other stockholder of the Company, except for the Salem Group, and (b) the
date for the 2022 Annual Meeting is scheduled for June 14, 2022 (and shall, in any event, be held no later than November 15,
2022). As of the date of this Agreement, the Company has not received a proposal from a Company stockholder or group of stockholders with
respect to the 2022 Annual Meeting pursuant to the Company’s advance notice provisions contained in its current Bylaws, nor any
proposals pursuant to Rule 14a-8 of the Exchange Act.

 

    7

     

    

 

9.            Term.
Following the nomination of the Independent Director to the Board pursuant to Section 1(a)(i), this Agreement shall thereafter terminate
and be of no further force or effect upon the earlier of (a) the date of the conclusion of the Company’s 2023 annual meeting
of stockholders and (b) December 31, 2023 (such earlier date, the “Termination Time”).

 

10.            Remedies;
Venue; Governing Law. The parties hereto recognize and agree that if for any reason any of the
provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached, immediate and irreparable
harm or injury would be caused for which money damages would not be an adequate remedy. Accordingly, each party agrees that in addition
to other remedies the other party shall be entitled to at law or equity, the other party shall be entitled to an injunction or injunctions
to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement exclusively in the Delaware
Court of Chancery or other federal or state courts of the State of Delaware. In the event that any action shall be brought in equity to
enforce the provisions of this Agreement, no party shall allege, and each party hereby waives the defense, that there is an adequate remedy
at law. Furthermore, each of the parties hereto (i) consents to submit itself to the personal jurisdiction of the Delaware Court
of Chancery or other federal or state courts of the State of Delaware in the event any dispute arises out of this Agreement or the transactions
contemplated by this Agreement, (ii) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other
request for leave from any such court, (iii) agrees that it shall not bring any action relating to this Agreement or the transactions
contemplated by this Agreement in any court other than the Delaware Court of Chancery or the other federal or state courts of the State
of Delaware, and each of the parties irrevocably waives the right to trial by jury, (iv) agrees to waive any bonding requirement
under any applicable law, in the case any other party seeks to enforce the terms by way of equitable relief, and (v) irrevocably
consents to service of process by a reputable overnight mail delivery service, signature requested, to the address of such party’s
principal place of business or as otherwise provided by applicable law. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING
VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY
WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE.

 

10.            No
Litigation. Prior to the Termination Time, each party hereby covenants and agrees that it shall
not, and shall not permit any of its representatives to, directly or indirectly, alone or in concert with others, encourage, pursue or
assist any other person to threaten or initiate, any lawsuit, claim or proceeding before any court (each, a “Legal Proceeding”)
against the other party or any of its representatives based on information known or unknown as of the date of this Agreement, except for
(a) any Legal Proceeding initiated primarily to remedy a breach of or to enforce this Agreement, (b) counterclaims with respect
to any proceeding initiated by, or on behalf of one party or its Affiliates against the other party or its Affiliates; provided, however,
that the foregoing shall not prevent any party or any of its representatives from responding to oral questions, interrogatories, requests
for information or documents, subpoenas, civil investigative demands or similar processes (each, a “Legal Requirement”) in
connection with any Legal Proceeding if such Legal Proceeding has not been initiated by, on behalf of or at the direct or indirect suggestion
of such party or any of its representatives; provided, further, that in the event any party or any of its representatives receives such
Legal Requirement, such party shall give prompt written notice of such Legal Requirement to the other party (except where such notice
would be legally prohibited or not practicable), and (c) any Legal Proceeding that may arise with respect to that certain Severance
and Settlement Agreement and Release by and between A. Michael Salem and the Company dated November 16, 2020. Each party represents
and warrants that neither it nor any assignee has filed any lawsuit against the other party.

 

    8

     

    

 

11.            No
Waiver. Any waiver by any party of a breach of any provision of this Agreement shall not operate
as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The
failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver
or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 

12.            Entire
Agreement. This Agreement and the Confidentiality Agreement contain the entire understanding
of the parties with respect to the subject matter hereof and may be amended only by an agreement in writing executed by the parties hereto.

 

13.            Notices.
All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard
hereto shall be in writing and shall be deemed validly given, made or served, if (a) given by email, when such email is transmitted
to the email address set forth below (provided No “bounce back” or similar message of non-delivery is received with respect
thereto; provided further that notice given by email shall not be effective until either (i) the receiving party’s receipt
of a duplicate copy of such email notice by one of the other methods described in this Section 13 or (ii) the receiving party
delivers a written confirmation of receipt of such notice by email or any other method described in this Section 13), (b) delivered
by hand to the address specified in this Section 13, when actually received by hand providing proof of delivery, or (c) on the
next Business Day if transmitted by national overnight courier (with confirmation of delivery) to the address specified in this Section 13:

 

If to the Company:

 

2900 South 70th Street, Suite 400 

Lincoln, Nebraska 68510 

Attention: Chief Executive Officer and General Counsel

 

With copies to (which shall not constitute notice):

 

Reid A. Godbolt, Esq. 

Jones & Keller, P.C. 

1675 Broadway, 26th Floor 

Denver, Colorado 80202 

Email: rgodbolt@joneskeller.com

 

    9

     

    

 

If to the Salem Group:

 

AMS Advisors LLC 

1075 Old Post Road 

Bedford, New York 10506 

Attention: A. Michael Salem

 

With copies to (which shall not constitute notice):

 

Olshan Frome Wolosky LLP 

1325 Avenue of the Americas 

New York, New York 10019 

		Attention:	Andrew M. Freedman, Esq.
	 	 	Mark J. Kiley, Esq.

		Email:	afreedman@olshanlaw.com
	 	 	mkiley@olshanlaw.com

 

14.            Severability.
If at any time subsequent to the date of this Agreement, any provision of this Agreement shall be held by any court of competent jurisdiction
to be illegal, void or unenforceable, such provision shall be of No force and effect, but the illegality or unenforceability of such provision
shall have No effect upon the legality or enforceability of any other provision of this Agreement.

 

15.            Counterparts.
This Agreement may be executed (including by PDF) in two or more counterparts which together shall constitute a single agreement.

 

16.            Successors
and Assigns. This Agreement shall not be assignable by any of the parties to this Agreement.
This Agreement, however, shall be binding on successors of the parties hereto.

 

17.            No
Third Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and
is not enforceable by any other persons.

 

18.            Fees
and Expenses. The Company shall reimburse the Salem Group for its reasonable fees, documented
reasonable out-of-pocket fees (including legal expenses) incurred in connection with the negotiation and execution of this Agreement up
to an amount of $50,000 in the aggregate.

 

    10

     

    

 

19.            Interpretation
and Construction. Each of the parties hereto acknowledges that it has been represented by counsel
of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the same with the
advice of said independent counsel. Each party and its counsel cooperated and participated in the drafting and preparation of this Agreement
and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product
of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of
law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared
it is of No application and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations of this
Agreement shall be decided without regards to events of drafting or preparation. The section headings contained in this Agreement are
for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Unless context otherwise
requires, references herein to Exhibits, Sections or Schedules mean the Exhibits, Sections or Schedules attached to this Agreement. The
term “including” shall be deemed to mean “including without limitation” in all instances. In all instances, the
term “or” shall not be deemed to be exclusive.

 

[Signature Pages Follow]

 

    11

     

    

 

The
Parties hereto have signed this Agreement as of the date indicated above.

 

	MIDWEST HOLDING INC.	 
	 	 
	By:	/s/ Georgette C. Nicholas	 
	Name: Georgette C. Nicholas	 
	Title: Chief Executive Officer	 

 

	AMS ADVISORS LLC	 
	 	 
	By:	 /s/ A. Michael Salem	 
	Name: A. Michael Salem	 
	Title: Managing Member	 
	 	 
	/s/ A. Michael Salem	 
	A. Michael Salem	 

 

    12

     

    

 

SCHEDULE A

 

A. Michael Salem

 

AMS Advisors LLC

 

    13

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