Document:

Exhibit 4.9

 

INTERCREDITOR AGREEMENT 

by and between

ARGENTIC REAL ESTATE FINANCE LLC,
as Senior Lender

and

KORE FUND LTD., as Mezzanine Lender

Dated as of April 1, 2021

 

 

 

 

 

 

 

 

 

		Premises:	Southeast G6 Portfolio

 

 

 

    

    	 

    

INTERCREDITOR AGREEMENT

THIS INTERCREDITOR
AGREEMENT (this “Agreement”), dated as of April 1, 2021 by and between ARGENTIC REAL ESTATE FINANCE
LLC, a Delaware limited liability company, having an office at 31 West 27th Street, 12th Floor, New York,
New York 10001 (“Senior Lender”), and KORE FUND LTD., a company organized under the laws of the
Cayman Islands, having an office at 1501 Corporate Drive, Suite 120, Boynton Beach, FL 33426 (“Mezzanine Lender”).

RECITALS

WHEREAS, pursuant
to the terms, provisions and conditions set forth in that certain Loan Agreement, dated as of April 1, 2021, between Shiv Savannah
Hotel, LLC, Hare Krishna Augusta Hotel, LLC, Hare Krishna Chamblee Hotel, LLC and Hare Krishna Greenville Hotel, LLC, each a Georgia
limited liability company (individually and collectively, “Borrower”), and Senior Lender (the “Senior
Loan Agreement”), Senior Lender has made or is about to make a loan to Borrower in the original principal amount
of $16,000,000.00 (the “Senior Loan”), which Senior Loan is evidenced by a certain Promissory Note, dated
as of April 1, 2021, made by Borrower to Senior Lender in the amount of the Senior Loan (the “Senior Note”),
and secured by, among other things, those certain Deeds to Secure Debt and Mortgage, each dated as of April 1, 2021, made by Borrower
in favor of Senior Lender (individually and collectively, the “Senior Mortgage”), which Senior Mortgage
encumbers the real property described on Exhibit A attached hereto and made a part hereof, and all improvements thereon
and appurtenances thereto (collectively, the “Premises”); and

WHEREAS, pursuant
to the terms, provisions and conditions set forth in that certain Mezzanine Loan Agreement, dated as of April 1, 2021, between
Hare Krishna Chamblee Mezz, LLC, a Delaware limited liability company, Hare Krishna Augusta Mezz, LLC, a Delaware limited liability
company, Shiv Savannah Mezz, LLC, a Delaware limited liability company, and Hare Krishna Greenville Mezz, LLC, a Delaware limited
liability company (individually and collectively, “Mezzanine Borrower”), and Mezzanine Lender (the “Mezzanine
Loan Agreement”), Mezzanine Lender has made or is about to make a loan to Mezzanine Borrower in the original principal
amount of $3,000,000.00 (the “Mezzanine Loan”), which Mezzanine Loan is evidenced by a certain Promissory
Note, dated as of April 1, 2021, made by Mezzanine Borrower to Mezzanine Lender in the amount of the Mezzanine Loan (the “Mezzanine
Note”), and secured by, among other things, a Pledge and Security Agreement, dated as of April 1, 2021, from Mezzanine
Borrower pursuant to which Mezzanine Lender is granted a first priority security interest in Mezzanine Borrower’s ownership
interests in each of Borrower and SPE Constituent Entity (the “Pledge Agreement”); and

WHEREAS, Senior Lender
and Mezzanine Lender desire to enter into this Agreement to provide for the relative priority of the Senior Loan Documents (as
such term is hereinafter defined) and the Mezzanine Loan Documents (as such term is hereinafter defined) on the terms and conditions
herein below set forth, and to evidence certain agreements with respect to the relationship between the Mezzanine Loan and the
Mezzanine Loan Documents, on the one hand, and the Senior Loan and the Senior Loan Documents, on the other hand.

    

    	 

    

NOW, THEREFORE, in
consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Senior Lender and Mezzanine Lender hereby agree as follows:

Section 1.               
Certain Definitions; Rules of Construction.(a)As used in this Agreement, the following capitalized terms shall have
the following meanings:

“Acceptable
New Guarantor” has the meaning provided in Section 5(a) hereof.

“Affiliate”
means, with respect to any specified Person, any other Person that, directly or indirectly, owns more than ten percent (10%) of,
is in Control of, is Controlled by or is under common ownership or Control with such Person or is a director or officer of such
Person or of an Affiliate of such Person.

“Affiliated
Mezzanine Loan Lender” shall mean an owner of all or any portion of the Mezzanine Loan (or any interest therein)
who (i) owns, directly or indirectly, more than twenty-five percent (25%) of the direct or indirect ownership interests in Borrower
or Mezzanine Borrower or any Affiliate of Borrower or Mezzanine Borrower, or (ii) has the power, directly or indirectly, to direct
or cause the direction of the management or policies of Borrower or Mezzanine Borrower, whether through the ability to exercise
voting power, by contract or otherwise (but excluding any such ability arising solely through operation of the Mezzanine Loan Documents).

“Agreement”
means this Agreement, as the same may be amended, modified and in effect from time to time, pursuant to the terms hereof.

“Approved
Servicer” has the meaning provided in the definition “Qualified Transferee”.

“Award”
has the meaning provided in Section 9(d) hereof.

“Borrower”
has the meaning provided in the Recitals hereto.

“Borrower
Group” has the meaning provided in Section 10(c) hereof.

“Business
Day” means any day other than a Saturday, Sunday or any other day on which national banks in New York, New York are
not open for business.

“CDO”
has the meaning provided in the definition of the term “Qualified Transferee.”

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

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“Certificates”
means any securities (including all classes thereof) representing beneficial ownership interests in the Senior Loan or in a pool
of mortgage loans including the Senior Loan issued in connection with a Securitization of the Senior Loan.

“Conduit”
has the meaning provided in Section 15(b).

“Conduit
Credit Enhancer” has the meaning provided in Section 15(b).

“Conduit
Inventory Loan” has the meaning provided in Section 15(b).

“Continuing
Senior Loan Event of Default” means an Event of Default under the Senior Loan for which (i) Senior Lender has provided
notice of such Event of Default to Mezzanine Lender in accordance with Section 11(a) of this Agreement and (ii) the cure
period provided to Mezzanine Lender in Section 11(a) of this Agreement has expired and such Event of Default has not been
cured by Mezzanine Borrower or Mezzanine Lender or waived in writing by Senior Lender.

“Control”
means (a) the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership
interests of a Person, and (b) the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlled by,”
“Controlling” and “under common Control with” shall have the respective correlative meaning thereto. For
purposes of this definition, if more than one Qualified Transferee owns (directly or indirectly) more than fifty percent (50%)
of the beneficial ownership interests of a Person and one or more of the Qualified Transferees possess the power to direct or cause
the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or
otherwise, even though each such Qualified Transferee individually owns less than fifty percent (50%) of such beneficial interests,
such Person shall be deemed to be “Controlled by” a Qualified Transferee.

“Credit
Support Documentation” means an agreement in form and substance acceptable to Senior Lender in which a Person satisfying
clause (i) of the Eligibility Requirements agrees to unconditionally guarantee the payment in full of any obligations and
liabilities of Mezzanine Lender arising as a result of any material breach hereunder; on a several (but not joint) basis with respect
to such Mezzanine Lender for which the Credit Support Documentation is being delivered.

“DBRS”
means DBRS, Inc.

“DIL Notice”
has the meaning provided in Section 13(b) hereof.

“Directing
Mezzanine Lender” has the meaning provided in Section 4(c) hereof.

“Directing
Senior Lender” has the meaning provided in Section 4(f) hereof.

“Eligibility
Requirements” means, with respect to any Person, that such Person (i) has total assets (in name or under management
and including unencumbered uncalled capital commitments) in excess of $450,000,000 and (except with respect to a pension advisory
firm or

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similar fiduciary) either (x) capital/statutory
surplus or shareholder’s equity of at least $150,000,000 or (y) market capitalization of at least $250,000,000, and (ii) is
regularly engaged in the business of making or owning commercial real estate loans (including mezzanine loans to direct or indirect
owners of commercial properties, which loans are secured by pledges of direct or indirect ownership interests in the owners of
such commercial properties) or operating commercial properties.

“Enforcement
Action” means any (i) judicial or non-judicial foreclosure proceeding, the exercise of any power of sale, the taking
of a deed or assignment in lieu of foreclosure, the obtaining of a receiver or the taking of any other enforcement action against
the Premises or any portion thereof or Borrower, including, without limitation, the taking of possession or control of the Premises
or any portion thereof, (ii) acceleration of, or demand or action taken in order to collect, all or any indebtedness secured by
all or any portion of the Premises (other than giving of notices of default and statements of overdue amounts) or (iii) exercise
of any right or remedy available to Senior Lender under the Senior Loan Documents, at law, in equity or otherwise with respect
to Borrower and/or any portion of the Premises, other than the giving of notices of default and statements of overdue amounts.

“Equity
Collateral” means the equity interests in Borrower and the equity interests in SPE Constituent Entity pledged pursuant
to any of the Mezzanine Loan Documents, as the context may require.

“Equity
Collateral Enforcement Action” means any action or proceeding or other exercise of Mezzanine Lender’s rights
and remedies commenced by Mezzanine Lender, in law or in equity, or otherwise, in order to realize upon the Equity Collateral,
in whole or in part, or any transaction, whether in the nature of a transfer in lieu of foreclosure or otherwise, in order to acquire
the Equity Collateral, in whole or in part, other than the giving of notices of default and statements of overdue amounts, the
imposition of default interest or late fees, or the giving of notices regarding reservation of rights.

“Event
of Default” as used herein means (i) with respect to the Senior Loan and the Senior Loan Documents, any Event of
Default thereunder which has occurred and is continuing (i.e., has not been cured by Borrower or by the Mezzanine Lender in accordance
with the terms of this Agreement or waived in writing by the Senior Lender) and (ii) with respect to the Mezzanine Loan and the
Mezzanine Loan Documents, any Event of Default thereunder which has occurred and is continuing (i.e., has not been cured by Mezzanine
Borrower or waived in writing by the Mezzanine Lender).

“Fitch”
means Fitch, Inc.

“Guaranty
Claim” has the meaning provided in Section 5(b) hereof.

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

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“Kicker
Conditions” means any additional contingent interest, additional interest or so-called “kicker” measured
on the basis of the cash flow or appreciation of the Premises (or similar equity participation, but excluding any obligation to
distribute cash otherwise available for distribution) that does not (i) become payable or otherwise impose monetary obligations
prior to the date the Senior Loan Liabilities are fully and indefeasibly paid in full, and (ii) violate applicable law.

“Loan
Pledgee” has the meaning provided in Section 15(a) hereof.

“Loan
Purchase Price” has the meaning provided in Section 13(a) hereof.

“Mezzanine
Borrower” has the meaning provided in the Recitals hereto.

“Mezzanine
Guaranty” means that certain Mezzanine Guaranty of Recourse Obligations made by Subhash Patel and Vijaykumar Patel
in favor of Mezzanine Lender, as the same may be amended, restated, replaced, supplemented or modified.

“Mezzanine
Lender” has the meaning provided in the first paragraph of this Agreement.

“Mezzanine
Loan” has the meaning provided in the Recitals hereto.

“Mezzanine
Loan Agreement” has the meaning provided in the Recitals hereto.

“Mezzanine
Loan Cash Management Agreement” means any cash management agreement executed in connection with, or the cash management
provisions of, the Mezzanine Loan Documents.

“Mezzanine
Loan Documents” means the Mezzanine Loan Agreement, the Mezzanine Note, any Mezzanine Loan Cash Management Agreement
and the Pledge Agreement, together with any and all other documents and instruments set forth on Exhibit C hereto, as any
of the foregoing may be modified, amended, extended, supplemented, restated or replaced from time to time, subject to the limitations
and agreements contained in this Agreement.

“Mezzanine
Loan Modification” has the meaning provided in Section 7(b) hereof.

“Mezzanine
Note” has the meaning provided in the Recitals hereto.

“Monetary
Cure Period” has the meaning provided in Section 11(a) hereof.

“Moody’s”
means Moody’s Investors Service, Inc.

“Morningstar”
means Morningstar Credit Ratings, LLC, or any of its successors in interest, assigns, and/or changed entity name or designation
resulting from any acquisition by Morningstar, Inc. or other similar entity of Morningstar Credit Ratings, LLC. If neither Morningstar
nor any successor remains in existence, “Morningstar” shall be deemed to refer to such other nationally recognized
statistical rating agency or other comparable Person designated

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under the pooling and servicing agreement
governing a Securitization and specific ratings of Morningstar herein referenced shall be deemed to refer to the equivalent ratings
of the party so designated.

“Net Worth”
means, as of a given date, a Person’s (i) total assets located in the United States as of such date (exclusive of any interest
in the Premises, in any other asset that is part of the collateral for the Senior Loan or constitutes the equity in Borrower) less
(ii) total liabilities (taking into consideration contingent liabilities but exclusive of any liability under the Senior Loan Documents)
as of such date, determined in accordance with GAAP.

“New Guaranty”
has the meaning provided in Section 5(a) hereof.

“Non-Monetary
Cure Period” has the meaning provided in Section 11(a) hereof.

“Permitted
Fund Manager” means any Person that on the date of determination is (i) one of the entities listed on Exhibit
D or any other nationally-recognized manager of investment funds investing in debt or equity interests relating to commercial
real estate, (ii) investing through a fund with committed capital of at least $250,000,000 and (iii) not subject to a
Proceeding.

“Permitted
Investment Fund” shall have the meaning set forth in the definition of “Qualified Transferee”.

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

“Pledge”
has the meaning provided in Section 15 hereof.

“Pledge
Agreement” has the meaning provided in the Recitals hereto.

“Premises”
has the meaning provided in the Recitals hereto.

“Proceeding”
has the meaning provided in Section 10(c) hereof.

“Property
Manager” means Global Hotel Group & Management LLC, a Georgia limited liability company, or any successor thereto
as property manager of the Premises.

“Protective
Advances” means all sums advanced for the purpose of payment of real estate taxes (including special assessments
or payments in lieu of real estate taxes), maintenance costs, insurance premiums, ground rents or other items (including capital
expenses and leasing costs such as (without limitation) leasing commissions and tenant improvement allowances) reasonably necessary
to protect the Premises or the Separate Collateral respectively, or any respective portion thereof (including, but not limited
to, all reasonable attorneys’ fees, costs relating to the entry upon the Premises or any portion thereof to make repairs
and the payment, purchase, contest or compromise of any encumbrance, charge or lien which in the

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reasonable judgment of Senior Lender
or Mezzanine Lender is likely to be prior or superior to the Senior Loan Documents or the Mezzanine Loan Documents) from forfeiture,
casualty, loss or waste, including, with respect to the Senior Loan or the Mezzanine Loan amounts advanced or otherwise paid by
Mezzanine Lender pursuant to Section 11 hereof.

“Purchase
Option Event” has the meaning provided in Section 13(a) hereof.

“Purchase
Option Notice” has the meaning provided in Section 13(a) hereof.

“Qualified
Manager” shall mean a property manager of the Premises which, at the time of appointment, (i) is a reputable
management company having at least five (5) years’ experience in the management of commercial properties with similar uses
as the Premises and in the jurisdiction in which the Premises are located, (ii) has, for at least five (5) years prior to
its engagement as property manager, managed at least five (5) properties of the same property type as the Premises, (iii) at
the time of its engagement as property manager has leasable square footage of the same property type as the Premises equal to or
greater than the lesser of (A) 1,000,000 leasable square feet and (B) five (5) times the leasable square feet of the Premises,
(iv) is not the subject of a bankruptcy or similar insolvency Proceeding, (v) is not an Affiliate of the Borrower, and (vi)
that shall have entered into a management agreement in form and substance substantially similar to the form and substance of the
Management Agreement in effect on the closing date of the Senior Loan or as otherwise reasonably acceptable to Senior Lender and
an assignment of management agreement and subordination of management fees substantially in the form of the subordination agreement
delivered by the Manager of the Premises in connection with the closing of the Senior Loan, or such other form as is reasonably
acceptable to Senior Lender.

“Qualified
Transferee” means (i) Mezzanine Lender or any Affiliate thereof, provided that to the extent such Person does
not satisfy the Eligibility Requirements, any Affiliate of such Person satisfying clause (i) of the Eligibility Requirements has
delivered to Senior Lender the Credit Support Documentation, (ii) intentionally omitted, (iii) intentionally omitted, or (iv)
one or more of the following (other than a member of the Borrower Group or an Affiliate thereof):

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

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

(C)       an
institution substantially similar to any of the foregoing entities described in clauses (iv)(A) or (iv)(B) that satisfies
the Eligibility Requirements;

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(D)       any
entity Controlled by, Controlling or under common Control with any of the entities described in clause (i), (ii),
(iii), or clauses (iv)(A), (iv)(B) or (iv)(C) above or (iv)(F) below that satisfies the Eligibility
Requirements;

(E)       a
Qualified Trustee (or in the case of an issuer of collateralized debt obligations (“CDO(s)”), a single
purpose bankruptcy remote entity that contemporaneously pledges all or a portion of its interest in the Mezzanine Loan or a participation
interest therein to a Qualified Trustee) in connection with (A) a securitization of, (B) the creation of CDOs secured by, or (C)
a financing through an “owner trust” of, the Mezzanine Loan or any interest therein (any of the foregoing, a “Securitization
Vehicle”), provided that (1) one (1) or more classes of securities issued by such Securitization Vehicle is initially
rated at least investment grade by each of the Rating Agencies that assigned a rating to one or more classes of securities issued
in connection with a Securitization, it being understood that with respect to any Rating Agency that assigned such a rating to
the securities issued by such Securitization Vehicle, a Rating Agency Confirmation will not be required in connection with a transfer
of the Mezzanine Loan or a participation interest therein to such Securitization Vehicle; (2) in the case of a Securitization Vehicle
that is not a CDO, the special servicer of such Securitization Vehicle has a Required Special Servicer Rating at the time of Transfer
and the related transaction documents for such Securitization Vehicle require that any successor have the Required Special Servicer
Rating (such entity, an “Approved Servicer”) and such Approved Servicer is required to service and administer
the Mezzanine Loan or any interest therein in accordance with servicing arrangements for the assets held by the Securitization
Vehicle that require such Approved Servicer to act in accordance with a servicing standard notwithstanding any contrary direction
or instruction from any other Person; or (3) in the case of a Securitization Vehicle that is a CDO, the CDO Asset Manager (and,
if applicable, each Intervening Trust Vehicle that is not administered and managed by a Qualified Trustee or a CDO Asset Manager
that is a Qualified Transferee) is a Qualified Transferee under clauses (i), (iv)(A), (iv)(B), (iv)(C), (iv)(D) or (iv)(F) of this
definition;

(F)       an
investment fund, limited liability company, limited partnership or general partnership (a “Permitted Investment Fund”)
where a Permitted Fund Manager or an entity that is otherwise a Qualified Transferee under clauses (iv)(A), (B), (C) or (D) of
this definition investing through a fund with committed capital of at least $250,000,000 acts as the general partner, managing
member or fund manager and at least 50% of the equity interests in such Permitted Investment Fund are owned, directly or indirectly,
by one or more of the following: the Mezzanine Lender, a Qualified Transferee under clauses (iv)(A), (B), (C) or (D) of this definition,
an institutional “accredited investor” within the meaning of Regulation D promulgated under the Securities Act of 1933,
as amended, and/or a “qualified institutional buyer” or both within the meaning of Rule 144A promulgated under the
Securities Exchange Act of 1934, as amended, provided such institutional “accredited investors” or “qualified
institutional buyers” that are used to satisfy the 50% test set forth in this clause (F) satisfy the financial tests in clause
(i) of the definition of Eligibility Requirements;

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(G)       any
Person that is a Qualified Transferee (pursuant to any of the foregoing clauses) but is acting in any agency capacity in connection
with a lending syndicate, so long as more than fifty percent (50%) of the lenders in the lending syndicate (by loan balance or
committed loan amounts) are Qualified Transferees; or

(H)       any
other lender or Person (including opportunity funds) that has been approved as a Qualified Transferee by the Rating Agencies pursuant
to this Agreement.

Notwithstanding anything to the contrary
contained in this definition of Qualified Transferee, in no event shall Borrower or Mezzanine Borrower or any Affiliate of Borrower
or Mezzanine Borrower be deemed or permitted to be a “Qualified Transferee” for the purposes of this Agreement.

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

“Rating
Agencies” shall mean, prior to the final Securitization, Moody’s, S&P, Morningstar, DBRS and Fitch or any
other nationally-recognized statistical rating agency which has been designated by Senior Lender and, after the final Securitization,
shall mean any of the foregoing that have rated any of the Certificates.

“Rating
Agency Confirmation” means each of the Rating Agencies shall have confirmed in writing that the occurrence of the
event with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or withdrawal
of the applicable rating or ratings ascribed by such Rating Agency to any of the Certificates then outstanding. For the purposes
of this Agreement, if any Rating Agency shall, in writing, waive, decline or refuse to review or otherwise engage any request for
Rating Agency Confirmation hereunder, such waiver, declination, or refusal shall be deemed to eliminate, for such request only, the
condition that a Rating Agency Confirmation by such Rating Agency (only) be obtained for purposes of this Agreement and, in such
circumstances, the written consent of Senior Lender (not to be unreasonably withheld or delayed) shall be substituted for such
Rating Agency Confirmation from such Rating Agency (only). In the event that no Certificates are outstanding or the Senior Loan
is not part of a Securitization, any action that would otherwise require a Rating Agency Confirmation shall require the consent
of the Senior Lender, which consent shall not be unreasonably withheld or delayed.

“Redirection
Notice” has the meaning provided in Section 15 hereof.

“Required
Special Servicer Rating” means (i) a rating of “CSS3” in the case of Fitch, (ii) on S&P’s Select
Servicer List as a US Commercial Mortgage Special Servicer in the case of S&P, (iii) in the case of Moody’s, such special
servicer is acting as special servicer in a

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commercial mortgage loan securitization
that was rated by Moody’s within the twelve (12) month period prior to the date of determination, and Moody’s has not
downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial
mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities
as the reason for such downgrade or withdrawal, (iv) in the case of Morningstar, such special servicer has a ranking by Morningstar
equal to or higher than “MOR CS3” as a special servicer, such special servicer is acting as special servicer in a commercial
mortgage loan securitization that was rated by a Rating Agency within the twelve (12) month period prior to the date of determination,
and Morningstar has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed
any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such
commercial mortgage securities and (v) in the case of DBRS, if currently acting as a special servicer on a deal or transaction
level basis for all or a significant portion of the related mortgage loans in other commercial mortgage loan securitizations, certifies
that DBRS has not, with respect to any such other commercial mortgage loan securitization (A) qualified, downgraded or withdrawn,
its rating or ratings of one or more classes of such commercial mortgage securities or (B) placed one or more such classes on “watch
status” in contemplation of a ratings downgrade or withdrawal and, in the case of clauses (A) or (B), cited
servicing concerns with the special servicer as the sole or material factor in such rating action. The requirement of any rating
agency that is not a Rating Agency shall be disregarded.

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

“Securitization”
means the sale or securitization of the Senior Loan (or any portion thereof) in one or more transactions through the issuance of
securities, which securities may be assigned ratings by the Rating Agencies.

“Senior
Guaranty” means that certain Guaranty of Recourse Obligations made by Subhash Patel and Vijaykumar Patel in favor
of Senior Lender as the same may be amended, restated, replaced, supplemented or modified.

“Senior
Lender” has the meaning provided in the first paragraph of this Agreement.

“Senior
Loan” has the meaning provided in the Recitals hereto.

“Senior
Loan Agreement” has the meaning provided in the Recitals hereto.

“Senior
Loan Cash Management Agreement” means any cash management agreement or agreements executed in connection with, or
cash management provisions of, the Senior Loan Documents.

“Senior
Loan Default Notice” has the meaning provided in Section 11(a) hereof.

“Senior
Loan Documents” means the Senior Loan Agreement, the Senior Note and the Senior Mortgage, together with the instruments
and documents set forth on Exhibit B

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hereto, as any of the foregoing may
be modified, amended, extended, supplemented, restated or replaced from time to time, subject to the limitations and agreements
contained in this Agreement.

“Senior
Loan Guarantor” has the meaning set forth in Section 5(b) hereof.

“Senior
Loan Liabilities” shall mean, collectively, all of the indebtedness, liabilities and obligations of Borrower evidenced
by the Senior Loan Documents and all amounts due or to become due pursuant to the Senior Loan Documents, including interest thereon
and any other amounts payable in respect thereof or in connection therewith, including, without limitation, any late charges, default
interest, prepayment fees or premiums, exit fees, advances and post-petition interest.

“Senior
Loan Modification” has the meaning provided in Section 7(a) hereof.

“Senior
Mortgage” has the meaning provided in the Recitals hereto.

“Senior
Note” has the meaning provided in the Recitals hereto.

“Separate
Collateral” means (i) the Equity Collateral, (ii) the accounts (and monies therein from time to time) established
pursuant to the Mezzanine Loan Documents, (iii) the UCC Policy and the mezzanine endorsement to the owner’s title insurance
policy issued in connection with the Mezzanine Loan, (iv) the Mezzanine Guaranty, and (v) any other collateral, including any guaranty,
indemnity, interest rate cap or other hedging agreements, given as security for the Mezzanine Loan pursuant to the Mezzanine Loan
Documents, in each case not directly constituting security for the Senior Loan.

“SPE Constituent
Entity” means, individually and collectively, Shiv Savannah Mortgage, LLC, Hare Krishna Augusta Mortgage, LLC, Hare
Krishna Chamblee Mortgage, LLC and Hare Krishna Greenville Mortgage, LLC, each a Delaware limited liability company.

“Transfer”
means any assignment, pledge, conveyance, sale, transfer, mortgage, encumbrance, grant of a security interest, issuance of a participation
interest, or other disposition, (including, without limitation, pursuant to a foreclosure or deed or assignment-in-lieu thereof)
either directly or indirectly, by operation of law or otherwise. The assignment, pledge, conveyance, sale, transfer, mortgage,
encumbrance, grant of a security interest in, issuance of a participation interest or other disposition of a direct or indirect
equity interest in Mezzanine Lender shall be deemed a “Transfer” of Mezzanine Lender’s interest in the Mezzanine
Loan for all purposes herein. “Transferred” and “Transferring” shall have the respective correlative meanings
thereto.

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

(i)           
all capitalized terms defined in the recitals to this Agreement shall have the meanings ascribed thereto whenever used in
this Agreement and the terms defined in this Agreement have the meanings assigned to them in this Agreement, and the use of any
gender herein shall be deemed to include the other genders;

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(ii)           
 terms not otherwise defined herein shall have the meaning assigned to them in the Senior Loan Agreement;

(iii)           
all references in this Agreement to designated Sections, Subsections, Paragraphs, Articles, Exhibits, Schedules and other
subdivisions or addenda without reference to a document are to the designated sections, subsections, paragraphs and articles and
all other subdivisions of and exhibits, schedules and all other addenda to this Agreement, unless otherwise specified;

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

(v)           
the terms “includes” or “including” shall mean without limitation by reason of enumeration;

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

(vii)           
the words “to Mezzanine Lender’s knowledge” or “to the knowledge of Mezzanine Lender” (or
words of similar meaning) shall mean to the actual knowledge of officers of Mezzanine Lender with direct oversight responsibility
for the Mezzanine Loan without independent investigation or inquiry and without any imputation whatsoever; and

(viii)           
the words “to Senior Lender’s knowledge” or “to the knowledge of Senior Lender” (or words
of similar meaning) shall mean to the actual knowledge of officers of Senior Lender with direct oversight responsibility for the
Senior Loan without independent investigation or inquiry and without any imputation whatsoever.

Section 2.               
Approval of Loans and Loan Documents.(a)Mezzanine Lender hereby acknowledges that (i) it has received and reviewed
and, subject to the terms and conditions of this Agreement, hereby consents to and approves of the making of the Senior Loan and,
subject to the terms and provisions of this Agreement, all of the terms and provisions of the Senior Loan Documents, (ii) the execution,
delivery and performance of the Senior Loan Documents will not constitute a default or an event which, with the giving of notice
or the lapse of time, or both, would constitute a default under the Mezzanine Loan Documents, (iii) Senior Lender is under no obligation
or duty to, nor has Senior Lender represented that it will, see to the application of the proceeds of the Senior Loan by Borrower
or any other Person to whom Senior Lender disburses such proceeds, and (iv) any application or use of the proceeds of the Senior
Loan for purposes other than those provided in the Senior Loan Documents shall not affect, impair or defeat the terms and provisions
of this Agreement or the Senior Loan Documents.

(b)  
Senior Lender hereby acknowledges that (i) it has received and reviewed, and, subject to the terms and conditions of this
Agreement, hereby consents to and approves of the making of the Mezzanine Loan and, subject to the terms and provisions of this
Agreement, all of the terms and provisions of the Mezzanine Loan Documents, (ii) the execution, delivery and performance of the
Mezzanine Loan Documents will not constitute a default or an event which,

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with the giving of notice or the lapse
of time, or both, would constitute a default under the Senior Loan Documents, (iii) Mezzanine Lender is under no obligation or
duty to, nor has Mezzanine Lender represented that it will, see to the application of the proceeds of the Mezzanine Loan by Mezzanine
Borrower or any other Person to whom Mezzanine Lender disburses such proceeds and (iv) any application or use of the proceeds of
the Mezzanine Loan for purposes other than those provided in the Mezzanine Loan Documents shall not affect, impair or defeat the
terms and provisions of this Agreement or the Mezzanine Loan Documents. Senior Lender hereby acknowledges and agrees that any conditions
precedent to Senior Lender’s consent to mezzanine financing as set forth in the Senior Loan Documents or any other agreements
with the Borrower, as they apply to the Mezzanine Loan Documents or the making of the Mezzanine Loan, have been either satisfied
or waived.

Section 3.               
Representations and Warranties. (a) Mezzanine Lender hereby represents and warrants as follows:

(i)           
Exhibit C attached hereto and made a part hereof is a true, correct and complete listing of all of the Mezzanine
Loan Documents as of the date hereof. To Mezzanine Lender’s knowledge, there currently exists no default or event which,
with the giving of notice or the lapse of time, or both, would constitute a default under any of the Mezzanine Loan Documents.

(ii)           
Mezzanine Lender is the legal and beneficial owner of the entire Mezzanine Loan free and clear of any lien, security interest,
option or other charge or encumbrance, other than any lien or security interest granted to any Loan Pledgee (as hereinafter defined)
as contemplated by the provisions of Section 15 hereof.

(iii)           
There are no conditions precedent to the effectiveness of this Agreement that have not been satisfied or waived.

(iv)           
Mezzanine Lender has, independently and without reliance upon Senior Lender and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.

(v)           
Mezzanine Lender is duly organized and is validly existing under the laws of the jurisdiction under which it was organized
with full power to execute, deliver, and perform this Agreement and consummate the transactions contemplated hereby.

(vi)           
All actions necessary to authorize the execution, delivery, and performance of this Agreement on behalf of Mezzanine Lender
have been duly taken, and all such actions continue in full force and effect as of the date hereof.

(vii)           
Mezzanine Lender has duly executed and delivered this Agreement and this Agreement constitutes the legal, valid, and binding
agreement of Mezzanine Lender enforceable against Mezzanine Lender in accordance with its terms subject to (x) applicable bankruptcy,
reorganization, insolvency and moratorium laws, and (y) general principles of equity which may apply regardless of whether a proceeding
is brought in law or in equity.

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(viii)           
 To Mezzanine Lender’s knowledge, no consent of any other Person and no consent, license, approval, or authorization
of, or exemption by, or registration or declaration or filing with, any governmental authority, bureau or agency is required in
connection with the execution, delivery or performance by Mezzanine Lender of this Agreement or consummation by Mezzanine Lender
of the transactions contemplated by this Agreement.

(ix)           
None of the execution, delivery and performance of this Agreement nor the consummation of the transactions contemplated
by this Agreement will (v) violate or conflict with any provision of the organizational or governing documents of Mezzanine Lender,
(w) to Mezzanine Lender’s knowledge, violate, conflict with, or result in the breach or termination of, or otherwise give
any other Person the right to terminate, or constitute (or with the giving of notice or lapse of time, or both, would constitute)
a default under the terms of any contract, mortgage, lease, bond, indenture, agreement, or other instrument to which Mezzanine
Lender is a party or to which any of its properties are subject, (x) to Mezzanine Lender’s knowledge, result in the creation
of any lien, charge, encumbrance, mortgage, lease, claim, security interest, or other right or interest upon the properties or
assets of Mezzanine Lender pursuant to the terms of any such contract, mortgage, lease, bond, indenture, agreement, franchise,
or other instrument (provided, however, that Mezzanine Lender shall have the right to grant a lien, charge, encumbrance,
claim or security interest in the Mezzanine Loan or any portion thereof to a Loan Pledgee as contemplated by the provisions of
Section 15 hereof), (y) violate any judgment, order, injunction, decree, or award of any court, arbitrator, administrative
agency or governmental or regulatory body of which Mezzanine Lender has knowledge against, or binding upon, Mezzanine Lender or
upon any of the securities, properties, assets, or business of Mezzanine Lender or (z) to Mezzanine Lender’s knowledge, constitute
a violation by Mezzanine Lender of any statute, law or regulation that is applicable to Mezzanine Lender.

(x)           
The Mezzanine Loan is not cross-defaulted with any loan other than the Senior Loan. The Premises do not secure any loan
from Mezzanine Lender to Mezzanine Borrower or any other Affiliate of Borrower.

(xi)           
Mezzanine Lender is (A) a Qualified Transferee and (B) not an Affiliated Mezzanine Loan Lender.

(b)  
Senior Lender hereby represents and warrants as follows:

(i)           
Exhibit B attached hereto and made a part hereof is a true, correct and complete listing of the Senior Loan Documents
as of the date hereof. To Senior Lender’s knowledge, there currently exists no default or event which, with the giving of
notice or the lapse of time, or both, would constitute a default under any of the Senior Loan Documents.

(ii)           
Senior Lender is the legal and beneficial owner of the Senior Loan free and clear of any lien, security interest, option
or other charge or encumbrance.

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(iii)           
 There are no conditions precedent to the effectiveness of this Agreement that have not been satisfied or waived.

(iv)           
Senior Lender has, independently and without reliance upon Mezzanine Lender and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.

(v)           
Senior Lender is duly organized and is validly existing under the laws of the jurisdiction under which it was organized
with full power to execute, deliver, and perform this Agreement and consummate the transactions contemplated hereby.

(vi)           
All actions necessary to authorize the execution, delivery, and performance of this Agreement on behalf of Senior Lender
have been duly taken, and all such actions continue in full force and effect as of the date hereof.

(vii)           
Senior Lender has duly executed and delivered this Agreement and this Agreement constitutes the legal, valid, and binding
agreement of Senior Lender enforceable against Senior Lender in accordance with its terms subject to (x) applicable bankruptcy,
reorganization, insolvency and moratorium laws and (y) general principles of equity which may apply regardless of whether a proceeding
is brought in law or in equity.

(viii)           
To Senior Lender’s knowledge, no consent of any other Person and no consent, license, approval, or authorization of,
or exemption by, or registration or declaration or filing with, any governmental authority, bureau or agency is required in connection
with the execution, delivery or performance by Senior Lender of this Agreement or consummation by Senior Lender of the transactions
contemplated by this Agreement.

(ix)           
None of the execution, delivery and performance of this Agreement nor the consummation of the transactions contemplated
by this Agreement will (v) violate or conflict with any provision of the organizational or governing documents of Senior Lender,
(w) to Senior Lender’s knowledge, violate, conflict with, or result in the breach or termination of, or otherwise give any
other Person the right to terminate, or constitute (or with the giving of notice or lapse of time, or both, would constitute) a
default under the terms of any contract, mortgage, lease, bond, indenture, agreement, or other instrument to which Senior Lender
is a party or to which any of its properties are subject, (x) to Senior Lender’s knowledge, result in the creation of any
lien, charge, encumbrance, mortgage, lease, claim, security interest, or other right or interest upon the properties or assets
of Senior Lender pursuant to the terms of any such contract, mortgage, lease, bond, indenture, agreement, franchise or other instrument,
(y) violate any judgment, order, injunction, decree or award of any court, arbitrator, administrative agency or governmental or
regulatory body of which Senior Lender has knowledge against, or binding upon, Senior Lender or upon any of the securities, properties,
assets, or business of Senior Lender or (z) to Senior Lender’s knowledge, constitute a violation by Senior Lender of any
statute, law or regulation that is applicable to Senior Lender.

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(x)           
 The Senior Loan is not cross-defaulted with any other loan. The Premises do not secure any other loan from Senior Lender
to Borrower, Mezzanine Borrower or any other Affiliate of Borrower.

Section
4.                Transfer
of Mezzanine Loan or Senior Loan. (a) Mezzanine Lender shall not Transfer in the aggregate (taking into account prior
Transfers) more than 49% of its beneficial interest in the Mezzanine Loan unless either (i) a Rating Agency Confirmation has
been given with respect to such Transfer, in which case the related transferee shall thereafter be deemed to be a
“Qualified Transferee” for all purposes of this Agreement, (ii) such Transfer is to a Qualified Transferee, (iii)
such Transfer is a Pledge in compliance with the terms and conditions of Section 15 hereof, or (iv) such Transfer has
been approved by Senior Lender, which approval shall not be unreasonably withheld, conditioned or delayed (provided, that any
such approval may be conditioned upon the issuance of a Rating Agency Confirmation if a Rating Agency Confirmation is
required pursuant to the terms of the applicable pooling and servicing agreement), in which case the related transferee shall
thereafter be deemed to be a “Qualified Transferee” for all purposes of this Agreement. Any transferee of a
direct interest in the Mezzanine Loan (other than (A) a participant in connection with a participation of a portion of the
Mezzanine Loan or (B) a Loan Pledgee prior to its realization on its pledge) must assume in writing the obligations of
Mezzanine Lender hereunder from and after such Transfer and agree to be bound by the terms and provisions hereof (and in such
event the transferring Person or Persons shall be released from its or their obligations accruing under this Agreement after
the date of such assumption with respect to the transferred interest). Such proposed transferee (other than a Loan Pledgee
(prior to its realization on its Pledge)) shall also remake each of the representations and warranties made by Mezzanine
Lender herein for the benefit of the Senior Lender; provided, that (x) in the case of the representations in Section
3(a)(i), such representations relating to the Mezzanine Loan Documents shall be limited to the knowledge of such
transferee and such transferee shall not be required to make any representations regarding the existence of any default, (y)
such transferee shall not be required to make any representation contained in Section 3(a)(iii), and (z) the
representations contained in Section 3(a)(ii), shall only be required with respect to the portion of the Mezzanine
Loan that such transferee is acquiring. Notwithstanding anything contained herein to the contrary, Mezzanine Lender may
Transfer all or any portion of its beneficial interest in the Mezzanine Loan to Mezzanine Borrower or any Affiliate of
Mezzanine Borrower, provided that any such Affiliated Mezzanine Loan Lender shall be subject to the provisions of Section
38 hereof.

(b)  
Within five (5) Business Days after a Transfer of more than 49% (or a Transfer which when taken together with prior Transfers
is a Transfer of more than 49%) of its beneficial interest in the Mezzanine Loan to a Qualified Transferee, the Mezzanine Lender
shall provide to Senior Lender and, if any Certificates are outstanding, to the Rating Agencies, a certification that such Transfer
was made in accordance with this Section 4, such certification to include the name and contact information of the Qualified
Transferee.

(c)   
If more than one Person shall hold a direct interest in the Mezzanine Loan, the holder(s) of more than 50% of the principal
amount of the Mezzanine Loan (or if none of the Persons holding a direct interest own more than 50%, then the holder of a plurality
of such interests) shall designate by written notice to Senior Lender one of such Persons (the “Directing Mezzanine
Lender”) to act on behalf of all such Persons holding an interest in the Mezzanine

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Loan. The Directing Mezzanine Lender
shall have the sole right to receive any notices which are required to be given or which may be given to Mezzanine Lender pursuant
to this Agreement and to exercise the rights and power given to Mezzanine Lender hereunder, including any approval rights of Mezzanine
Lender; provided, that until the Directing Mezzanine Lender has been so designated, the last Person known to the Senior Lender
to hold more than a 50% direct interest in the Mezzanine Loan (or if none of the Persons holding a direct interest own more than
50%, then the last Person known to the Senior Lender to hold a plurality of such interests) shall be deemed to be the Directing
Mezzanine Lender. Once the Directing Mezzanine Lender has been designated hereunder, Senior Lender shall be entitled to rely on
such designation until it has received written notice from the holder(s) of more than 50% of the principal amount of the Mezzanine
Loan (or if none of the Persons holding a direct interest own more than 50%, then the Person holding a plurality of such interests)
of the designation of a different Person to act as the Directing Mezzanine Lender.

(d)  
Mezzanine Lender acknowledges that any Rating Agency Confirmation may be granted or denied by the Rating Agencies in their
sole and absolute discretion and that such Rating Agencies may charge customary fees in connection with any such action, which
fees shall be paid by Mezzanine Lender.

(e)   
Senior Lender may, from time to time, in its sole discretion Transfer all or any of the Senior Loan or any interest therein
(including, without limitation, a pledge of the Senior Loan) without the consent of Mezzanine Lender; provided that any such direct
transferee (excluding any transferee that is only purchasing a participation interest in the Senior Loan) assumes in writing (or,
in connection with a Securitization, provided the Transfer is made subject to) the obligations of Senior Lender hereunder accruing
from and after such Transfer and (except in connection with a Securitization) agrees to be bound by the terms and provisions hereof,
and notwithstanding any such Transfer or subsequent Transfer, the Senior Loan and the Senior Loan Documents shall be and remain
a senior obligation in the respects set forth in this Agreement to the Mezzanine Loan and the Mezzanine Loan Documents in accordance
with the terms and provisions of this Agreement. Notwithstanding anything contained herein to the contrary, Senior Lender may not
Transfer all or any portion of its beneficial interest in the Senior Loan to Borrower or Mezzanine Borrower or any Affiliate of
Borrower or Mezzanine Borrower unless such Transfer is in connection with a full or discounted payoff of the Senior Loan, which
payoff must result in the Senior Loan being extinguished in full simultaneously with such Transfer provided, however,
that (i) the aforesaid prohibition shall not apply to a Transfer in accordance with the terms of Section 13 below by Senior
Lender to Mezzanine Lender or an Affiliate of Mezzanine Lender that has acquired title to the Equity Collateral, and (ii) notwithstanding
the aforesaid prohibition, unless prohibited by the applicable pooling and servicing agreement, any Borrower, Mezzanine Borrower,
Affiliate of Borrower or Affiliate of Mezzanine Borrower may purchase Certificates in connection with a Securitization of any part
of the Senior Loan and no such purchase by Borrower, Mezzanine Borrower, Affiliate of Borrower or Affiliate of Mezzanine Borrower
shall cause the trustee of any Securitization of the Senior Loan or any portion thereof (or the Securitization Vehicle holding
the Senior Loan or any portion thereof) to be deemed to be an Affiliate of Borrower. If requested by Senior Lender (at Senior Lender’s
expense), Mezzanine Lender shall reasonably cooperate with efforts to preserve mortgage recording tax benefits by taking an assignment
of the Senior Mortgage as additional collateral for the Mezzanine Loan.

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(f)   
 If more than one Person shall hold a direct interest in the Senior Loan, the holder(s) of more than 50% of the principal
amount of the Senior Loan (or if none of the Persons holding a direct interest own more than 50%, then the holder of a plurality
of such interests) shall designate by written notice to Senior Lender one of such Persons (the “Directing Senior Lender”)
to act on behalf of all such Persons holding an interest in the Senior Loan. The Directing Senior Lender shall have the sole right
to receive any notices which are required to be given or which may be given to Senior Lender pursuant to this Agreement and to
exercise the rights and power given to Senior Lender hereunder, including any approval rights of Senior Lender; provided, that
until the Directing Senior Lender has been so designated, the last Person known to the Mezzanine Lender to hold more than a 50%
direct interest in the Senior Loan (or if none of the Persons holding a direct interest own more than 50%, then the last Person
known to the Mezzanine Lender to hold a plurality of such interests) shall be deemed to be the Directing Senior Lender. Once the
Directing Senior Lender has been designated hereunder, Mezzanine Lender shall be entitled to rely on such designation until it
has received written notice from the holder(s) of more than 50% of the principal amount of the Senior Loan (or if none of the Persons
holding a direct interest own more than 50%, then the Person holding a plurality of such interests) of the designation of a different
Person to act as the Directing Senior Lender. Notwithstanding the foregoing, in the event of a syndication or Securitization of
the Senior Loan, the Directing Senior Lender shall be designated in accordance with the terms of any co-lender agreement or pooling
and servicing agreement entered into in connection with such syndication or Securitization, and shall have the rights afforded
to it thereunder.

Section
5.                Foreclosure
of Separate Collateral. (a) Mezzanine Lender shall not exercise any rights it may have under the Pledge Agreement and the
other Mezzanine Loan Documents or applicable law with respect to a foreclosure or other realization upon the Equity
Collateral (including, without limitation, obtaining title to the Equity Collateral or selling or otherwise transferring the
Equity Collateral) without a Rating Agency Confirmation unless (i) the transferee of title to the Equity Collateral is a
Qualified Transferee, (ii) the Premises will be managed by a Qualified Manager within thirty (30) days after the transfer of
title to the Equity Collateral, and (iii) if not in place prior to the transfer of title to the Equity Collateral, hard cash
management and adequate reserves for taxes, insurance, debt service, ground rents, capital repair and improvement expenses,
tenant improvement expenses and leasing commissions and operating expenses will be implemented under the Senior Loan promptly
after the transfer of title to the Equity Collateral (upon the same terms and conditions set forth in the Senior Loan
Documents as of the date hereof); provided, that the implementation of such hard cash management and reserves would not cause
a “significant modification” of the Senior Loan, as such term is defined in Treasury Regulations Section
1.860G-2(b). Additionally, if a non-consolidation opinion was delivered in connection with the closing of the Senior
Loan, the transferee of the Equity Collateral shall deliver a new non-consolidation opinion relating to the transferee
acceptable to the Rating Agencies within fifteen (15) Business Days after the transfer of title to the Equity Collateral. The
Mezzanine Lender shall provide notice of the transfer and an officer’s certificate from an officer of Mezzanine Lender
certifying that all conditions set forth in this Section 5(a) have been (or will be) satisfied to Senior Lender and
the Rating Agencies upon consummation of any transfer of the Equity Collateral pursuant to this Section 5(a). Senior
Lender may request reasonable evidence that the foregoing requirements have been satisfied. Additionally, as a condition
precedent to the completion of a foreclosure or other realization upon the Equity Collateral, (A) an Acceptable New Guarantor
(hereinafter defined)

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shall, at its own cost and expense,
(i) execute and deliver to Senior Lender, a guaranty (each, a “New Guaranty”), in each case, in a form
substantially similar to the Senior Guaranty, pursuant to which the Acceptable New Guarantor shall undertake the obligations set
forth therein with respect to events first arising from and after the date of such transfer of title to the Equity Collateral,
and (ii) if there are Certificates then outstanding, deliver (or cause to be delivered) to Senior Lender and each Rating Agency,
an opinion of counsel that the issuance by the Acceptable New Guarantor of a New Guaranty and/or substitution of the original guarantor
and the original Senior Guaranty with a substitute Acceptable New Guarantor and a substitute New Guaranty, would not cause a “significant
modification” of the Senior Loan, as such term is defined in Treasury Regulations Section 1.860G-2(b), (B) Acceptable New
Guarantor shall, at its own cost and expense, (i) execute and deliver to Senior Lender, such indemnities, pledge agreements or
other agreements as are necessary to provide for the obligations of such obligor, in each case in a form substantially similar
to the indemnities, pledge agreements or other agreements entered into in connection the origination of the Senior Loan (each such
indemnity, pledge agreement or other agreement, other than the Senior Guaranty, a “Third Party Agreement”),
pursuant to which the Acceptable New Guarantor shall undertake the obligations set forth in such Third Party Agreements with respect
to events first arising from and after the date of such transfer of title to the Equity Collateral, and (ii) if there are Certificates
then outstanding, deliver (or cause to be delivered) to Senior Lender and each Rating Agency, an opinion of counsel that the issuance
by the Acceptable New Guarantor of a Third Party Agreement and/or the substitution of the original obligor and such original guaranty,
indemnity or agreement with a substitute Third Party Agreement, would not cause a “significant modification” of the
Senior Loan, as such term is defined in Treasury Regulations Section 1.860G-2(b), and (C) all defaults under the Senior Loan which
remain uncured prior to the commencement of any Equity Collateral Enforcement Action shall have been cured by the Qualified Transferee
prior to or simultaneously with (and as a condition precedent to) the occurrence of such Equity Collateral Enforcement Action,
except for non-monetary defaults that are not susceptible of being cured by such Qualified Transferee, so long as such non-monetary
defaults which are not susceptible of being cured do not materially impair the value, use or operation of the Premises or Senior
Lender’s interests, rights and remedies under the Senior Loan Documents. As used herein, an “Acceptable New Guarantor”
means a Person that owns a direct or indirect ownership interest in the transferee of title to the Equity Collateral that (i) satisfies
the net worth and/or liquid asset threshold tests provided in the Senior Guaranty, or if the Senior Guaranty does not so provide,
such Person shall have a Net Worth equal to or greater than the Net Worth of guarantors/indemnitors of mortgage loans owned by
the Senior Lender that are of a similar size and type to the Senior Loan, (ii) is Controlled by a Qualified Transferee; (iii) has
never been indicted or convicted for a Patriot Act Offense and is not on any Government List (as such terms are defined in the
Senior Loan Agreement), and (iv) is not then the subject of a voluntary or involuntary (to the extent the same has not been discharged)
bankruptcy proceeding.

(b)  
Nothing contained herein shall limit or restrict the right of Mezzanine Lender to exercise its rights and remedies, at law,
in equity or otherwise, in order to realize on any Separate Collateral that is not Equity Collateral and to apply the proceeds
therefrom as it deems appropriate in its discretion, including exercising any remedy against any guarantor pursuant to any guaranty
or indemnity granted to Mezzanine Lender. Notwithstanding anything to the contrary contained in this Agreement, if a guarantor
under a Senior Guaranty (each, a “Senior

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Loan Guarantor”)
has agreed to be personally liable for any obligations of Mezzanine Borrower to Mezzanine Lender or Senior Loan Guarantor is otherwise
a party to any Mezzanine Loan Document, then Mezzanine Lender, may commence an action or proceeding against such Senior Loan Guarantor
in connection with the Mezzanine Loan or otherwise seek to collect any amounts or otherwise assert or enforce any judgement against
such Senior Loan Guarantor in connection with the Mezzanine Loan (a “Guaranty Claim”), provided,
however, Mezzanine Lender agrees not to commence an enforcement of a judgment against a Senior Loan Guarantor unless it
has provided prior written notice to Senior Lender thereof and (i) for so long as Senior Lender is exercising any rights and remedies
that it may have against such Senior Loan Guarantor under any such Senior Loan guaranty with respect to the same action, omission,
event or occurrence that gave rise to the Guaranty Claim, or (ii) if Senior Lender has notified Mezzanine Lender in writing that
Senior Lender has a claim against such Senior Loan Guarantor based on the same action, omission, event or occurrence that gave
rise to the Guaranty Claim and Senior Lender commences any action regarding such claim within forty-five (45) days after the delivery
of such notice, then Mezzanine Lender shall not pursue the enforcement of any judgments against such Senior Loan Guarantor pursuant
to this Section 5(b) (but shall not be precluded from obtaining a judgment in any event) nor accept or receive payments in respect
of a Guaranty Claim prior to the date that all obligations of such Senior Loan Guarantor to Senior Lender under any Senior Guaranty
are paid in full pursuant to this Section 5(b) and any enforcement actions, judgments and payments related to such Guaranty Claim
shall be subordinate to the rights and claims of Senior Lender, provided further that, in each case, Mezzanine Lender is subrogated
to such claim of Senior Lender. In the event Mezzanine Lender receives any payment contrary to the provisions of this Section
5(b), any such payment shall be promptly paid over to Senior Lender.

(c)   
In the event Mezzanine Lender (or its designee or nominee) or any purchaser that is a Qualified Transferee at a UCC sale
obtains title to the Separate Collateral, Senior Lender hereby acknowledges and agrees that (i) any such Transfer shall not constitute
a breach, default or Event of Default under the Senior Loan Documents and the Senior Loan shall not become due solely as a result
of such Transfer, provided the conditions in this Section 5 are met and all reasonable expenses incurred by Senior Lender
directly in connection with such Transfer shall be paid by Mezzanine Lender and/or any such Qualified Transferee, (ii) any transfer
or assumption fee in the Senior Loan Agreement shall be waived in connection with such Transfer and (iii) Senior Lender shall be
deemed to have consented to (x) such Transfer and the admission of Mezzanine Lender or its designee or nominee or such purchaser
that is a Qualified Transferee at a UCC sale as the member of Borrower and (y) the amendment of the Senior Loan Documents to reflect
the revised organizational structure of Borrower, so long as such revised structure continues to render Borrower a single purpose
bankruptcy remote entity as required by the Senior Loan Documents. Senior Lender also acknowledges and agrees that the requirement
to cure any Default or Event of Default (including, without limitation, the failure to pay the Senior Loan in full on the maturity
date thereof) shall not be a condition precedent hereunder to the consummation of any such Transfer in accordance with the terms
hereof, provided, however, that nothing in this sentence is intended to be a waiver of or by Senior Lender of any such Default
or Event of Default or any rights and remedies, at law or in equity, Senior Lender may have relating thereto pursuant to the Senior
Loan Documents. Senior Lender further acknowledges and agrees that it will not impose any unreasonable fees or delays in connection
with such Transfer.

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(d)  
 Notwithstanding anything to the contrary in the Senior Loan Documents, in the event that Mezzanine Lender (or its nominee
or designee) forecloses or otherwise realizes on the Equity Collateral in accordance with the terms and provisions of this Agreement,
thereafter Mezzanine Lender or such designee or nominee, in the capacity as the managing member of Borrowers, shall have the right
without the consent of any Person, to amend the operating agreements of Borrowers and any managing members of Borrowers to expressly
permit any transfers that are permitted under the Senior Loan Documents. Mezzanine Lender shall promptly deliver to Senior Lender
certified copies of any and all amendment documents executed in accordance with the foregoing.

(e)   
The Qualified Transferee that acquires the Equity Collateral in accordance with the provisions and conditions of this Agreement
shall acquire the same subject to the Senior Loan and the terms, conditions and provisions of the Senior Loan Documents for the
balance of the term thereof, which shall not be accelerated by Senior Lender solely due to such acquisition and shall remain in
full force and effect; provided, however, that such Qualified Transferee shall have caused Borrower to reaffirm in writing, subject
to such exculpatory provisions as shall be set forth in the Senior Loan Documents, all of the terms, conditions and provisions
of the Senior Loan Documents on Borrower’s part to be performed.

(f)   
In the event of a Transfer of the Equity Collateral pursuant to the provisions of this Section 5, the transferee
of such Equity Collateral shall (i) have the right to cure within ninety (90) days any non-monetary default under the Senior Loan
that remains uncured as of the date of such Transfer and was not susceptible to cure by Mezzanine Lender without foreclosure of
the Equity Collateral, so long as (A) such transferee is continuously and diligently pursuing a cure of such non-monetary default,
(B) such default is not caused by a Proceeding of Borrower, and (C) during the period in which such transferee is pursuing such
cure in accordance with this Section 5(f), there is no material impairment to the value, use or operation of the Premises taken
as a whole as reasonably determined by Senior Lender in good faith as a result of such non-monetary default (unless such non-monetary
default is of a nature that cannot be cured within such ninety (90) days, in which case, Mezzanine Lender shall have such additional
time as is reasonably necessary to cure such non-monetary default, and provided that, (I) nothing in this Section 5(f) is intended
as (x) a waiver by Senior Lender of any such Event of Default or of any rights or remedies Senior Lender may have as a result of
such Event of Default or otherwise under the Senior Loan Documents at law or in equity or (y) any agreement on the part of Senior
Lender to extend the term of the Senior Loan or otherwise modify any of the Senior Loan Documents in any respect except as expressly
set forth herein, and (II) there shall be no further cure period with respect to any subsequent occurrence of any such defaults
on the part of such transferee after the date of the Transfer except as expressly set forth in the Senior Loan Documents), and
(ii) have no obligation to cure any non-monetary default under the Senior Loan which (X) remains uncured as of the date of such
Transfer, and (Y) is not susceptible of being cured by such transferee, provided that there is no material impairment to the value,
use or operation of the Premises taken as a whole as reasonably determined by Senior Lender in good faith and provided, further,
that there shall be no further waiver of any subsequent occurrence of any such defaults on the part of such transferee after the
date of the Transfer.

(g)  
Nothing contained in this Section 5 is intended to (i) limit a Loan Pledgee’s rights under its financing documents
with Mezzanine Lender to foreclose against Mezzanine

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Lender, provided that Loan Pledgee complies
with the applicable provisions of Section 15, or (ii) if any such Loan Pledgee has foreclosed under its financing documents as
aforesaid, to limit such Loan Pledgee’s right to foreclose against the mezzanine Borrower’s interest in the Equity
Collateral, provided that Loan Pledgee complies with the applicable provisions of this Section 5.

Section 6.               
Notice of Rating Confirmation. Mezzanine Lender promptly shall notify Senior Lender of any intended action relating
to the Mezzanine Loan which would require Rating Agency Confirmation pursuant to this Agreement and shall cooperate with Senior
Lender in obtaining such confirmation. Senior Lender promptly shall notify Mezzanine Lender of any intended action relating to
the Senior Loan which would require Rating Agency Confirmation pursuant to this Agreement and shall cooperate with Mezzanine Lender
in obtaining such confirmation. The party whose actions necessitate or require Rating Agency Confirmation shall pay all fees and
expenses of the Rating Agencies in connection with such request.

Section 7.               
Modifications, Amendments, Etc.

(a)   
Senior Lender shall have the right without the consent of Mezzanine Lender in each instance to enter into any amendment,
deferral, extension, modification, increase, renewal, replacement, consolidation, supplement or waiver (collectively, a “Senior
Loan Modification”) of the Senior Loan or the Senior Loan Documents provided that no such Senior Loan Modification
shall (i) increase the interest rate or principal amount (except for increases in principal to cover Protective Advances) of the
Senior Loan, (ii) increase in any other material respect any monetary obligations of Borrower under the Senior Loan Documents,
(iii) extend or shorten the scheduled maturity date of the Senior Loan (except that Senior Lender may permit Borrower to exercise
any extension options in accordance with the terms and provisions of the Senior Loan Documents), (iv) convert or exchange the Senior
Loan into or for any other indebtedness or subordinate any of the Senior Loan to any indebtedness, (v) amend or modify the provisions
limiting transfers of direct or indirect interests in the Borrower or the Premises, (vi) waive, modify or amend (other than
to correct a scrivener’s error) the terms and provisions of the Senior Loan Cash Management Agreement or any of the other
Senior Loan Documents with respect to the manner, timing, priority, amounts, conditions for release or methods of the application
of payments or reserves under the Senior Loan Documents, (vii) cross default the Senior Loan with any other indebtedness, (viii)
consent to a higher strike price with respect to any new or extended interest rate cap agreement entered into in connection with
the extended term of the Senior Loan or waive any requirement for any future or replacement cap agreement, (ix) obtain any direct
or indirect equity interest, contingent interest, additional interest or so-called “kicker” measured on the basis of
the cash flow or appreciation of the Premises, (or other similar equity participation), (x) extend the period during which
voluntary prepayments are prohibited or during which prepayments require the payment of a prepayment fee or premium or yield maintenance
charge or increase the amount of any such prepayment fee, premium or yield maintenance charge, (xi) release the lien on all
or any material portion of the Premises or the Leases and Rents (each as defined in the Senior Loan Documents) or any other material
portion of the collateral originally granted under the Senior Loan Documents (except as may be required in accordance with the
terms of the Senior Loan Documents), (xii) impose any financial covenants on Borrowers (or if such covenants exist, impose more
restrictive financial covenants on Borrowers), (xiii) modify, amend or add any default provision, including the definitions of
“Default” and “Event of Default”, or delete or shorten any notice, cure or grace periods available

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to Borrower, (xiv) waive or materially
modify or amend any material insurance requirements (including any deductibles, limits, qualifications of insurers or terrorism
insurance requirements), or any material casualty or condemnation provisions, (xv) impose any new or additional fees on Borrower
that would be required to be paid on a periodic or regular basis that are not provided for in the Senior Loan Documents in effect
on the date hereof, (xvi) waive, amend or modify in any material respect any requirement of Borrower with respect to alterations
under the Senior Loan Agreement, (xvii) release in any material respect any guarantor under any Senior Guaranty, (xviii) intentionally
omitted, (xix) modify or amend the definitions of “Cash Management Period”, “Debt Service Coverage Ratio”
or “Net Operating Income” (as such terms are defined in the Senior Loan Agreement), and any of the terms used within
such definitions or the covenants relating thereto, in effect on the date hereof, or (xx) spread the lien of the Senior Mortgage
to encumber additional real property, or otherwise accept a grant of lien on or a security interest in any collateral or any property
of Borrower or any other Person not originally granted or contemplated to be granted under the Senior Loan Documents(except to
the extent expressly contemplated by the Senior Loan Documents) provided, however, that after the later of (I) expiration
of the applicable Monetary Cure Period or Non-Monetary Cure Period, and (II) the date that is thirty (30) days after Mezzanine
Lender has been given notice of a Purchase Option Event, as applicable, Senior Lender shall not be obligated to obtain Mezzanine
Lender’s consent to a Senior Loan Modification in the case of a work-out or other surrender, extension, compromise, release,
renewal, or indulgence relating to the Senior Loan during the existence of a Continuing Senior Loan Event of Default, except that
under no circumstance shall modifications as described in clause (i) (with respect to increases in principal amount
only), clause (v) (to the extent such modification would cause the exercise of remedies and realization upon the Equity
Collateral by Mezzanine Lender or a Loan Pledgee in accordance with the terms hereof to constitute an Event of Default under the
Senior Loan Documents), clause (x) or clause (xv) (except for any workout fees or liquidation fees payable to the
servicer of the Senior Loan following a Securitization) be made without the written consent of Mezzanine Lender, which consent
shall not be unreasonably withheld, conditioned or delayed. In addition and notwithstanding the foregoing provisions of this Section
7, any amounts funded by the Senior Lender under the Senior Loan Documents as a result of (A) the making of any Protective
Advances or other advances by the Senior Lender, or (B) interest accruals or accretions and any compounding thereof (including
default interest), shall not be deemed to contravene this Section 7(a).

(b)  
Mezzanine Lender shall have the right without the consent of Senior Lender in each instance to enter into any amendment,
deferral, extension, modification, increase, renewal, replacement, consolidation, supplement or waiver (collectively, a “Mezzanine
Loan Modification”) of the Mezzanine Loan or the Mezzanine Loan Documents provided that no such Mezzanine Loan Modification
shall (i) increase the interest rate or principal amount (except for increases in principal to cover Protective Advances) of the
Mezzanine Loan, (ii) increase in any other material respect any monetary obligations of Mezzanine Borrower under the Mezzanine
Loan Documents, (iii) extend or shorten (other than by way of acceleration) the scheduled maturity date of the Mezzanine Loan (except
that Mezzanine Lender may permit Mezzanine Borrower to exercise any extension options in accordance with the terms and provisions
of the Mezzanine Loan Documents), (iv) convert or exchange the Mezzanine Loan into or for any indebtedness or subordinate any of
the Mezzanine Loan to any indebtedness of Mezzanine Borrower, (v) provide for any additional contingent interest, additional interest
or so-called

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“kicker” measured on the
basis of the cash flow or appreciation of the Premises, (vi) cross default the Mezzanine Loan with any other indebtedness, (vii)
accept a grant of any lien on or security interest in any collateral or property of Mezzanine Borrower or any other Person not
originally granted or contemplated to be granted under the Mezzanine Loan Documents, unless (x) such collateral or property is
owned by a Person other than Mezzanine Borrower or any Senior Loan Guarantor or Acceptable New Guarantor or affiliate thereof and
is not collateral for the Senior Loan and (y) the consent of Senior Lender is obtained if such consent is required pursuant to
the Senior Loan Documents, (viii) spread the lien and security interest of the Pledge Agreement to encumber additional collateral,
(ix) amend or modify the provisions in the Mezzanine Loan Documents limiting transfers or encumbrances of interests in Borrower,
Mezzanine Borrower or the Premises, (x) impose any financial covenants on Mezzanine Borrower (or if such covenants exist, impose
more restrictive financial covenants on Mezzanine Borrower), (xi) modify, amend or add any default provision, including the definitions
of “Default” and “Event of Default”, or delete or shorten any notice, cure or grace periods available to
Mezzanine Borrower or (xii) impose any new or additional fees on Mezzanine Borrower that would be required to be paid on a periodic
or regular basis that are not provided for in the Mezzanine Loan Documents in effect on the date hereof. Notwithstanding anything
to the contrary contained herein, if an Event of Default exists under the Mezzanine Loan Documents, Mezzanine Lender shall be permitted
to modify or amend the Mezzanine Loan Documents in connection with a work-out or other surrender, compromise, release, extension,
renewal or modification of the Mezzanine Loan without the Senior Lender’s consent except that under no conditions shall modifications
as described in clause (i), with respect to increases in principal amounts only, clause (ii), clause (iii)
(with respect to shortening the maturity only), clause (iv) or clause (v) (unless the Kicker Conditions have been
satisfied) be made without the written consent of the Senior Lender, which consent shall not be unreasonably withheld, conditioned
or delayed. In addition and notwithstanding the foregoing provisions of this Section 7(b), the following shall not be deemed
to contravene this Section 7(b); (A) any amounts funded by the Mezzanine Lender under the Mezzanine Loan Documents as a result
of (I) the making of any Protective Advances or other advances by the Mezzanine Lender, or (II) interest accruals or accretions
and any compounding thereof (including default interest), or (B) if an Event of Default under the Mezzanine Loan Documents has
occurred and is continuing and to the extent there is no Continuing Senior Loan Event of Default, any retention by Mezzanine Lender
of excess net cash flow that would otherwise be payable to Borrower or application of such excess net cash flow by Mezzanine Lender
to amortize the principal balance of the Mezzanine Loan.

(c)   
Senior Lender shall deliver to Mezzanine Lender copies of any and all modifications, amendments, extensions, consolidations,
spreaders, restatements, alterations, changes or revisions to any one or more of the Senior Loan Documents (including, without
limitation, any side letters, waivers or consents entered into, executed or delivered by Senior Lender) within a reasonable time
after any of such applicable instruments have been executed by Senior Lender.

(d)  
Mezzanine Lender shall deliver to Senior Lender copies of any and all modifications, amendments, extensions, consolidations,
spreaders, restatements, alterations, changes or revisions to any one or more of the Mezzanine Loan Documents (including, without
limitation, any side letters, waivers or consents entered into, executed or delivered by Mezzanine

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Lender) within a reasonable time after
any of such applicable instruments have been executed by Mezzanine Lender.

Section 8.               
Subordination of Mezzanine Loan and Mezzanine Loan Documents.

(a)   
Except as otherwise expressly provided herein, Mezzanine Lender hereby subordinates and makes junior the Mezzanine Loan,
the Mezzanine Loan Documents and the liens and security interests created thereby, and all rights, remedies, terms and covenants
contained therein to (i) the Senior Loan, (ii) the liens and security interests created by the Senior Loan Documents and (iii)
all of the terms, covenants, conditions, rights and remedies contained in the Senior Loan Documents, and no amendments, extensions,
consolidations, supplements, replacements, restatements or modifications to the Senior Loan Documents or waivers of any provisions
thereof that are permitted pursuant to Section 7(a) shall affect the subordination thereof as set forth in this Section
8(a). Mezzanine Lender hereby acknowledges and agrees that the Mezzanine Loan is not secured by a lien on the Premises or any
of the other collateral securing the Senior Loan or any other assets of the Borrower.

(b)  
Except with respect to the Separate Collateral, every document and instrument included within the Mezzanine Loan Documents
shall be subject and subordinate to each and every document and instrument included within the Senior Loan Documents and all extensions,
modifications, consolidations, supplements, amendments, replacements and restatements of and/or to the Senior Loan Documents to
the extent such extensions, modifications, consolidations, supplements, amendments, replacements and restatements are permitted
by the terms hereof.

(c)   
This Agreement shall not be construed as subordinating and shall not subordinate or impair Mezzanine Lender’s first
lien priority right, estate and interest in and to the Separate Collateral and Senior Lender hereby acknowledges and agrees that
Senior Lender does not have and shall not hereafter acquire, any lien on, or any other interest whatsoever in, the Separate Collateral,
or any part thereof, and that collection from any such Separate Collateral (including the sale by Mezzanine Lender of all or any
of its interest in the Mezzanine Loan in accordance with the terms and conditions of this Agreement and the related sales proceeds),
the exercise of remedies and realization upon the Separate Collateral by Mezzanine Lender or a Loan Pledgee and the application
of proceeds therefrom (including the proceeds from any sale of Mezzanine Lender’s interest in the Mezzanine Loan) as Mezzanine
Lender deems appropriate in its sole discretion are permitted hereunder in accordance with the terms and provisions of this Agreement
shall not constitute a default or an Event of Default under the Senior Loan Documents. Notwithstanding anything contained in this
Section 8 or elsewhere under this Agreement to the contrary, provided there is no Continuing Senior Loan Event of Default,
Mezzanine Lender may, at any time, accept, retain and apply any payment from any Affiliate of Mezzanine Borrower or any other party
(other than Borrower or any SPE Constituent Entity) to the extent such payment is (x) made from such Person’s own funds (or
the funds of any other Affiliate of Mezzanine Borrower or any other party other than Borrower and any SPE Constituent Entity),
(y) not prohibited under the terms and conditions of the Senior Loan Documents or the Mezzanine Loan Documents, and (z) not revenue
derived from the Premises, insurance, condemnation proceeds, reserve/escrow amounts or the other collateral for the Senior Loan
except to the extent the same was distributed or dividend to Mezzanine Borrower or

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Affiliate thereof (other than a distribution
or dividend in violation of applicable terms and conditions of the Senior Loan Documents).

Section 9.               
Payment Subordination.

(a)   
Except (i) as otherwise expressly provided in this Agreement and (ii) in connection with the exercise by Mezzanine Lender
of its rights and remedies with respect to the Separate Collateral in accordance with the terms of this Agreement and the application
of proceeds therefrom as Mezzanine Lender deems appropriate in its sole discretion, all of Mezzanine Lender’s rights to payment
of the Mezzanine Loan and the obligations evidenced by the Mezzanine Loan Documents are hereby subordinated to all of the Senior
Loan Liabilities and all of Senior Lender’s rights to payment by Borrower of the Senior Loan and the obligations secured
by the Senior Loan Documents, and Mezzanine Lender shall not accept or receive payments (including, without limitation, whether
in cash or other property and whether received directly, indirectly or by set-off, counterclaim or otherwise, but excluding proceeds
of Separate Collateral, which proceeds may be retained by Mezzanine Lender) from Borrower and/or from the Premises prior to the
date that all Senior Loan Liabilities have been paid in full. If a Proceeding shall have occurred or a Continuing Senior Loan Event
of Default shall have occurred and be continuing, Senior Lender shall be entitled to receive payment and performance in full of
all amounts due or to become due to Senior Lender before Mezzanine Lender is entitled to receive any payment on account of the
Mezzanine Loan (other than payments with respect to the Separate Collateral, including the proceeds of any enforcement, sale or
liquidation of any Separate Collateral conducted in accordance with the terms of this Agreement, which may be retained by Mezzanine
Lender). All payments, prepayments or distributions upon or with respect to the Mezzanine Loan which are received by Mezzanine
Lender contrary to the provisions of this Agreement or any of the Senior Loan Documents shall be received and held in trust by
the Mezzanine Lender for the benefit of Senior Lender and shall be paid over to Senior Lender in the same form as so received (with
any necessary endorsement) to be applied (in the case of cash) to, or held as collateral (in the case of non-cash property or securities)
for, the payment or performance of the Senior Loan in accordance with the terms of the Senior Loan Documents. Nothing contained
herein shall prohibit the Mezzanine Lender from making Protective Advances (and adding the amount thereof to the principal balance
of the Mezzanine Loan) notwithstanding the existence of a default under the Senior Loan at such time.

(b)  
Notwithstanding anything to the contrary contained in this Agreement, including, without limitation, Section 9(a):

(i)           
provided that no Continuing Senior Loan Event of Default shall then exist under the Senior Loan Documents and provided that
the maturity date of the Senior Loan has not occurred or been accelerated and provided further that no Proceeding shall have occurred,
Mezzanine Lender may accept payments and prepayments which do not violate the terms of the Senior Loan Documents (together with
any Prepayment Premium, or Exit Fee, as such terms are defined in the Mezzanine Loan Agreement) of any amounts due and payable
from time to time which Mezzanine Borrower is obligated to pay Mezzanine Lender in accordance with the terms and conditions of
the Mezzanine Loan Documents and Mezzanine Lender shall have no obligation to pay over to Senior Lender any such amounts;

    26

    	 

    

(ii)           
 subject to Section 5(b), nothing contained in this Agreement shall prohibit Mezzanine Lender from accepting and
retaining payments from Mezzanine Borrower, Senior Loan Guarantor or any of their Affiliates (other than Borrower) to the extent
that such payments are sourced from Mezzanine Borrower’s, such Senior Loan Guarantor’s or such Affiliate’s own
funds and are not directly or indirectly derived from the Premises or any other collateral for the Senior Loan or any proceeds
thereof (it being understood and agreed that Mezzanine Lender shall in any event be entitled to retain funds sourced or derived
from the Premises to the extent the same have previously been distributed to Mezzanine Borrower, Senior Loan Guarantor or Affiliate
(other than Borrower) provided such distribution did not violate any provision of the Senior Loan Documents or this Agreement),
and nothing contained in this Agreement shall prohibit Mezzanine Lender from accepting and retaining any such payment notwithstanding
the existence of any Event of Default that shall then exist under the Senior Loans;

(iii)           
If funds are deposited into Mezzanine Lender’s account for the Mezzanine Loan, or otherwise paid to Mezzanine Lender,
Senior Lender agrees that, absent clear evidence of error, such amounts shall be deemed to have been properly paid to Mezzanine
Lender and may be accepted and retained by Mezzanine Lender, provided that such funds were not deposited or otherwise paid in violation
of any provision of the Senior Loan Documents or this Agreement; and

(iv)           
Mezzanine Lender may accept and retain amounts received in connection with the exercise of its rights and remedies with
respect to the Separate Collateral in accordance with the terms of this Agreement notwithstanding the existence of an Event of
Default under the Senior Loan but subject to Section 5(b).

(c)   
Mezzanine Lender may take any Equity Collateral Enforcement Action which is permitted under Section 5 hereof; provided,
however, that (i) Mezzanine Lender shall, prior to commencing any Equity Collateral Enforcement Action, give the Senior
Lender written notice of the default which would permit Mezzanine Lender to commence such Equity Collateral Enforcement Action,
and (ii) Mezzanine Lender shall provide Senior Lender with copies of any and all material notices, pleadings, agreements,
motions and briefs served upon, or delivered to any party to any Equity Collateral Enforcement Action and otherwise keep Senior
Lender reasonably apprised as to the status of any Equity Collateral Enforcement Action and (iii) if and to the extent that Mezzanine
Lender or any Qualified Transferee acquires all of the ownership interest in Borrower pursuant to an Equity Collateral Enforcement
Action in accordance with the terms of this Agreement, then upon, from and after the vesting of title thereto, subject to Section
29 hereof, this Agreement shall terminate with respect to Mezzanine Lender or such Qualified Transferee.

(d)  
In the event of a casualty to the buildings or improvements constructed on any portion of the Premises or a condemnation
or taking under a power of eminent domain of all or any portion of the Premises, Senior Lender shall have a first and prior interest
in and to any payments, awards, proceeds, distributions, or consideration arising from any such event (the “Award”).
If the amount of the Award is in excess of all amounts owed to Senior Lender under the Senior Loan Documents, however, and either
the Senior Loan has been paid in full or Borrower is entitled to a remittance of same under the Senior Loan Documents other than
to

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restore the Premises, such excess Award
or portion to be so remitted to Borrower shall, to the extent permitted in the Senior Loan Documents, be paid to or at the direction
of Mezzanine Lender, unless other Persons have claimed the right to such awards or proceeds, in which case Senior Lender shall
only be required to provide notice to Mezzanine Lender of such excess Award and of any other claims thereto. In the event of any
competing claims for any such excess Award, Senior Lender shall continue to hold such excess Award until Senior Lender receives
an agreement signed by all Persons making a claim to the excess Award or a final order of a court of competent jurisdiction directing
Senior Lender as to how and to which Person(s) the excess Award is to be distributed. Notwithstanding the foregoing, in the event
of a casualty or condemnation, Senior Lender shall release the Award from any such event to the Borrower if and to the extent required
by the terms and conditions of the Senior Loan Documents in order to repair and restore the Premises in accordance with the terms
and provisions of the Senior Loan Documents. Any portion of the Award made available to the Borrower for the repair or restoration
of the Premises shall not be subject to attachment by Mezzanine Lender; provided that this shall not otherwise affect the lien,
if any, that Mezzanine Lender may have on any proceeds distributed to Mezzanine Borrower in accordance herewith. Senior Lender
shall use commercially reasonable efforts to promptly notify Mezzanine Lender of any requests by Borrower for a release of any
portion of an Award, and provide Mezzanine Lender with any documentation delivered by Borrower to Senior Lender with respect to
any such request (provided that in no event shall the failure by Senior Lender to provide such notice or documentation to Mezzanine
Lender constitute a default hereunder or otherwise or impair Senior Lender’s rights and/or remedies hereunder or under the
Senior Loan Documents).

Section 10.           
Rights of Subrogation; Bankruptcy.

(a)   
Each of Mezzanine Lender and Senior Lender hereby waives any requirement for marshaling of assets thereby in connection
with any foreclosure of any security interest or any other realization upon collateral in respect of the Senior Loan Documents
or the Mezzanine Loan Documents, as applicable, or any exercise of any rights of set-off or otherwise. Each of Mezzanine Lender
and Senior Lender assumes all responsibility for keeping itself informed as to the condition (financial or otherwise) of Borrower,
Mezzanine Borrower, the condition of the Premises and all other collateral and other circumstances and, except for notices expressly
required by this Agreement, neither Senior Lender nor Mezzanine Lender shall have any duty whatsoever to obtain, advise or deliver
information or documents to the other relative to such condition, business, assets and/or operations. Mezzanine Lender agrees that
Senior Lender owes no fiduciary duty to Mezzanine Lender in connection with the administration of the Senior Loan and the Senior
Loan Documents and Mezzanine Lender agrees not to assert any such claim. Senior Lender agrees that Mezzanine Lender owes no fiduciary
duty to Senior Lender in connection with the administration of the Mezzanine Loan and the Mezzanine Loan Documents and Senior Lender
agrees not to assert any such claim.

(b)  
No payment or distribution to Senior Lender pursuant to the provisions of this Agreement and no Protective Advance by Mezzanine
Lender shall entitle Mezzanine Lender to exercise any right of subrogation in respect thereof prior to the payment in full of the
Senior Loan Liabilities, and Mezzanine Lender agrees that, except with respect to the enforcement of its remedies under the Mezzanine
Loan Documents permitted hereunder, prior to the satisfaction of all Senior Loan Liabilities it shall not acquire, by subrogation
or otherwise, any lien, estate, right

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or other interest in any portion of
the Premises or any other collateral now securing the Senior Loan or the proceeds therefrom that is or may be prior to, or of equal
priority to, any of the Senior Loan Documents or the liens, rights, estates and interests created thereby.

(c)   
Subject to Section 30 of this Agreement, the provisions of this Agreement shall be applicable both before and after
the commencement, whether voluntary or involuntary, of any case, proceeding or other action against Borrower, or any SPE Constituent
Entity under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors
(a “Proceeding”). For as long as the Senior Loan shall remain outstanding, Mezzanine Lender shall not,
and shall not solicit any person or entity to, and shall not direct or cause Mezzanine Borrower to direct or cause either the Borrower
or any entity which Controls Borrower (the “Borrower Group”) to: (i) commence any Proceeding; (ii) institute
proceedings to have Borrower or any SPE Constituent Entity adjudicated a bankrupt or insolvent; (iii) consent to, or acquiesce
in, the institution of bankruptcy or insolvency proceedings against Borrower or any SPE Constituent Entity; (iv) file a petition
or consent to the filing of a petition seeking reorganization, arrangement, adjustment, winding-up, dissolution, composition, liquidation
or other relief by or on behalf of Borrower or any SPE Constituent Entity; (v) seek or consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator, custodian or any similar official for Borrower or any SPE Constituent Entity, the
Premises (or any portion thereof) or any other collateral securing the Senior Loan (or any portion thereof); (vi) make an assignment
for the benefit of any creditor of Borrower or any SPE Constituent Entity; (vii) seek to consolidate the Premises or any other
assets of the Borrower or any SPE Constituent Entity with the assets of the Mezzanine Borrower or any member of the Borrower Group
in any proceeding relating to bankruptcy, insolvency, reorganization or relief of debtors; or (viii) take any action in furtherance
of any of the foregoing. The terms and provisions of this Section 10(c) apply to Mezzanine Lender solely in its capacity
as Mezzanine Lender. If Mezzanine Lender commences an Equity Collateral Enforcement Action against Mezzanine Borrower, and pursuant
to such Equity Collateral Enforcement Action, Mezzanine Lender takes title to the Equity Collateral, from and after the date title
to such Equity Collateral is vested in Mezzanine Lender, Mezzanine Lender shall be bound by the terms and provisions of the respective
organizational documents of Borrower and Mezzanine Borrower regarding bankruptcy and all matters requiring the vote of the independent
directors/managers/members of Mezzanine Borrower and not by the terms of this Section 10(c).

(d)  
If Mezzanine Lender is deemed to be a creditor of Borrower or any SPE Constituent Entity in any Proceeding (i) Mezzanine
Lender hereby agrees that it shall not make any election, give any consent, commence any action or file any motion, claim, obligation,
notice or application or take any other action in any Proceeding by or against the Borrower or any SPE Constituent Entity without
the prior consent of Senior Lender, except to the extent necessary to preserve or realize upon Mezzanine Lender’s interest
in the Equity Collateral; provided, however, that any such filing shall not be as a creditor of the Borrower, (ii)
Senior Lender may vote in any such Proceeding any and all claims of Mezzanine Lender, and Mezzanine Lender hereby appoints the
Senior Lender as its agent, and grants to the Senior Lender an irrevocable power of attorney coupled with an interest, and its
proxy, for the purpose of exercising any and all rights and taking any and all actions available to the Mezzanine Lender in connection
with any case by or against the Borrower or any SPE Constituent Entity in any Proceeding, including without limitation, the right
to file and/or prosecute any claims, to vote to accept or reject a plan,

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to make any election under Section 1111(b)
of the Bankruptcy Code, provided with respect to any proposed plan of reorganization including Borrower, Mezzanine Borrower, or
any SPE Constituent Entity (including any consolidated entity that includes Borrower, Mezzanine Borrower, or any SPE Constituent
Entity) in respect of which creditors are voting, Senior Lender may vote on behalf of Mezzanine Lender only if the proposed plan
of reorganization would result in Senior Lender’s claims or interests being “impaired” (as such term is defined
in the Bankruptcy Code) with respect to Borrower (iii) Mezzanine Lender shall not challenge the validity or amount of any
claim submitted in such Proceeding by Senior Lender in good faith or any valuations of the Premises or other Senior Loan collateral
submitted by Senior Lender in good faith, in such Proceeding or take any other action in such Proceeding, which is adverse to Senior
Lender’s enforcement of its claim or receipt of adequate protection (as that term is defined in the Bankruptcy Code); (iv)
Mezzanine Lender waives any right to object to, and shall be deemed to have consented to: (A) Borrower’s use of any cash
collateral to the extent of any consent thereto given by Senior Lender, (B) any request by Senior Lender for adequate protection
(as that term is defined in the Bankruptcy Code), (C) any debtor-in-possession financing provided to Borrower by Senior Lender,
by any Affiliate of Senior Lender, or by any third party with Senior Lender’s consent, (D) any motion by Senior Lender for
dismissal of the Proceeding or for relief from the automatic stay (as defined in the United States Bankruptcy Code), (E) any request
by Senior Lender for post-petition interest, and (F) any sale of Borrower’s assets to the extent that Senior Lender has consented
thereto, and (v) without Senior Lender’s consent, Mezzanine Lender shall not, and waives any and all rights to: (A) request
adequate protection (as that term is defined in the Bankruptcy Code) (and in the event any such adequate protection is awarded
to Mezzanine Lender, any adequate protection in the form of cash is hereby assigned to Senior Lender and any adequate protection
in the form of a lien on or security interest in the Premises or any other collateral for the Senior Loan is hereby subordinated
to all of Senior Lender’s rights, liens, or security interests in or to the Premises and such collateral), (B) provide
debtor-in-possession financing to Borrower (unless such debtor-in-possession financing shall pay the Senior Loan in full), (C) file
or support any motion for dismissal of the Proceeding or relief from the automatic stay (as defined in the Bankruptcy Code), (D)
request any post-petition interest, (E) request any sale of Borrower’s assets, or (F) file, propose, support, accept, or
reject any plan of reorganization of Borrower. Mezzanine Lender shall not be bound by the provisions of this Section 10(d)
during any period of time that any portion of the Senior Loan is held by an Affiliate of Borrower.

(e)               
To the extent any payment under the Senior Loan Documents (whether by or on behalf of Borrower, as proceeds of security
or enforcement of any right of setoff or otherwise) is declared to be fraudulent or preferential, set aside or required to be paid
to a trustee, receiver or other similar party under any bankruptcy, insolvency, receivership or similar law, then if such payment
is recovered by, or paid over to, such trustee, receiver or other similar party, the Senior Loan or part thereof originally intended
to be satisfied shall for all purposes of this Agreement be deemed to be reinstated and outstanding as if such payment had not
occurred.

(f)               
The terms and provisions of Sections 10(c) and 10(d) apply to Mezzanine Lender solely in its capacity as a
Mezzanine Lender; upon any foreclosure or other realization upon the Equity Collateral, the provisions of the Senior Loan Documents
prohibiting a Proceeding by or against Borrower shall continue to remain applicable from and after any such foreclosure or other
realization with respect to such Equity Collateral.

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Section 11.           
Rights of Cure.(a)Notices and Cure Periods. Prior to Senior Lender commencing any Enforcement Action under
the Senior Loan Documents, Senior Lender shall provide written notice of the default which would permit the Senior Lender to commence
such Enforcement Action to Mezzanine Lender and any Loan Pledgee entitled to notice thereof pursuant to Section 15 of this
Agreement, whether or not Senior Lender is obligated to give notice thereof to Borrower (each, a “Senior Loan Default
Notice”) and shall permit, except in connection with Borrower’s failure to repay the Senior Loan in full in
cash on the maturity date thereof, Mezzanine Lender an opportunity to cure such default in accordance with the provisions of this
Section 11(a) and shall not take any Enforcement Action during the pendency of such cure period. In the event Borrower
fails to repay the Senior Loan in full on the maturity date thereof, Mezzanine Lender shall have the right to purchase the Senior
Loan (and all rights thereunder) pursuant to the terms, and subject to the conditions, set forth in Section 13(a). In the
event Senior Lender has delivered a Senior Loan Default Notice that has not been cured by Mezzanine Lender pursuant to this Section
11, Senior Lender shall provide Mezzanine Lender with copies of any and all material notices relating to such Event of Default,
and otherwise upon request keep Mezzanine Lenders reasonably apprised as to the current status of any Enforcement Action. If the
default is a monetary default relating to a liquidated sum of money, Mezzanine Lender shall have until ten (10) Business Days
after the later of (i) the receipt (or deemed receipt) by Mezzanine Lender of the Senior Loan Default Notice and (ii) the expiration
of Borrower’s cure provision, if any (a “Monetary Cure Period”) to cure such monetary default;
provided, however, in the event it elects to cure any such monetary default, Mezzanine Lender shall (x) with respect
to any such monetary default cured by Mezzanine Lender after the Monetary Cure Period, pay, defend and hold harmless Senior Lender
for all cost, expenses, losses, liabilities, obligations, damages, penalties, costs, and disbursements arising under the pooling
and servicing agreement for the Senior Loan, to the extent imposed on, incurred by or asserted against Senior Lender due to or
arising from such Monetary Cure Period and (y) without duplication of the foregoing, reimburse Senior Lender for any interest
charged by Senior Lender on any required (pursuant to applicable pooling and servicing agreement) advances for monthly payments
of principal and/or interest on the Senior Loan and/or on any Protective Advances for amounts which Borrower would be obligated
to pay under the Senior Loan Documents together with payment of all other amounts then due under the Senior Loan Documents after
giving effect to the Event of Default (excluding any late charges or late fees or default interest in the case of the first cure
by Mezzanine Lender and, in the case of all subsequent cures, excluding such late charges or late fees and default interest only
if the full cure payment is made by Mezzanine Lender to Senior Lender within two (2) Business Days following the applicable payment
date under the Senior Loan Documents) and (z) with respect to any liquidated sum of money due and payable pursuant to the Senior
Loan Documents after the delivery of a Senior Loan Default Notice, Mezzanine Lender shall pay such amount on the due date with
respect to such amount pursuant to the Senior Loan Documents, subject only to any grace period with respect to such amount provided
in the Senior Loan Documents and without the additional ten (10) Business Day grace period applicable to the initial monetary
default (provided that if payment of all outstanding amounts sufficient to cure such monetary Event of Default is made within
ten (10) Business Days (including any late charges and default interest), Senior Lender shall accept such monetary Event of Default
cure). Mezzanine Lender shall not have the right to cure as hereinabove set forth with respect to monthly scheduled debt service
payments on the Senior Loan for a period of more than six (6) consecutive months unless Mezzanine Lender has

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commenced and is continuing to diligently
pursue its rights against the Separate Collateral; provided, that, in no event shall Mezzanine Lender have the right to cure as
hereinabove set forth with respect to monthly scheduled debt service payments on the Senior Loan for more than twelve (12) months,
in the aggregate, over the entire term of the Senior Loan. Notwithstanding the foregoing, Mezzanine Lender shall not be required,
in order to effect a cure hereunder to pay any interest at the Default Rate or late charges under the Senior Loan Documents, and
no interest at the Default Rate or late charges shall accrue against Mezzanine Lender prior to expiration of the Monetary Cure
Period. If the default is of a non-monetary nature, Mezzanine Lender shall have until the later of (A) thirty (30) days after the
receipt (or deemed receipt) by Mezzanine Lender of the Senior Loan Default Notice and (B) the expiration of Borrower’s cure
period under the Senior Loan Documents to cure such non-monetary default, if any (a “Non-Monetary Cure Period”);
provided, however, if such non-monetary default is susceptible of cure but cannot reasonably be cured within the
Non-Monetary Cure Period and if curative action was commenced within the applicable cure period and is being continuously and diligently
pursued by Mezzanine Lender (or with respect to a non-monetary default that is not susceptible of cure without the foreclosure
of its Equity Collateral, if Mezzanine Lender shall be diligently and continuously pursuing the foreclosure of the Equity Collateral
and the other conditions in this Section 11 are satisfied), Mezzanine Lender shall be given an additional period of time
as is reasonably necessary for Mezzanine Lender in the exercise of due diligence to cure such non-monetary default (or to foreclose
on the Equity Collateral if the non-monetary default is not susceptible of cure without the foreclosure of the Equity Collateral)
for so long as (i) Borrower or Mezzanine Lender makes or causes to be made timely payment of Borrower’s regularly scheduled
monthly principal and/or interest payments under the Senior Loan and any other amounts due under the Senior Loan Documents as and
when the same are due thereunder (i.e., without additional cure or grace periods), (ii) such additional period of time does
not exceed ninety (90) days, unless such non-monetary default is of a nature that cannot be cured within such ninety (90) days,
in which case, Mezzanine Lender shall have such additional time as is reasonably necessary to cure such non-monetary default, subject
to the satisfaction of the other conditions of this Section 11, (iii) such default is not caused by a bankruptcy, insolvency
or assignment for the benefit of creditors of Borrower and (iv) during such non-monetary cure period, there is no material impairment
to the value, use or operation of the Premises. Any non-monetary and/or additional cure period granted to the Mezzanine Lender
hereunder shall automatically terminate upon the bankruptcy (or similar insolvency) of the Borrower.

(b)  
Qualified Transferees. To the extent that any Qualified Transferee acquires the Equity Collateral in accordance with
the provisions and conditions of this Agreement, such Qualified Transferee shall acquire the same subject to the Senior Loan and
the terms, conditions and provisions of the Senior Loan Documents for the balance of the term thereof, which shall not be accelerated
by Senior Lender solely due to such acquisition and shall remain in full force and effect; provided, however, that
(i) such Qualified Transferee shall have caused Borrower to reaffirm in writing, subject to such exculpatory provisions as shall
be set forth in the Senior Loan Documents, all of the terms, conditions and provisions of the Senior Loan Documents on Borrower’s
part to be performed and (ii) all defaults under the Senior Loan, other than a failure to pay the Senior Loan upon the maturity
or acceleration thereof, which remain uncured as of the date of such acquisition have been cured by such Qualified Transferee or
waived by Senior Lender except for defaults that are not susceptible of being cured by such Qualified Transferee; provided, that
such defaults which are not susceptible of being cured do not materially impair the

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value, use or operation of the Premises,
as determined by Senior Lender in its sole but reasonable discretion.

(c)   
No Senior Loan Event of Default. So long as no Continuing Senior Loan Event of Default shall have occurred and be
continuing under the Senior Loan Documents, all funds held and applied pursuant to the Senior Loan Cash Management Agreement, shall
continue to be applied pursuant thereto and shall not be applied by Senior Lender to prepay outstanding principal balance of the
Senior Loan.

(d)  
Cure Payments. In the event that Mezzanine Lender makes a cure payment in accordance with this Section 11
and all or any portion of such amount is paid by Borrower or any other Person on Borrower’s behalf to Senior Lender and is
specifically designated by Borrower or such other Person making such payment, and so long as no other payment is then due and owing
pursuant to the Senior Loan Documents and no Enforcement Action is ongoing, then Senior Lender shall promptly remit such payment
(or such portion of such payment up to the amount paid by Mezzanine Lender in connection with the applicable cure) to Mezzanine
Lender.

(e)   
Copies of Default Notices.

(i)           
Simultaneously with giving such notices to Borrower, Senior Lender shall give Mezzanine Lender written notice of any notice
of Event of Default, acceleration of the Senior Loan, transfer of the Senior Loan to “special servicing” or the commencement
of an Enforcement Action under the Senior Loan Documents.

(ii)           
Simultaneously with giving such notices to Mezzanine Borrower, Mezzanine Lender shall give Senior Lender notice of any notice
of Event of Default, acceleration of the Mezzanine Loan and the commencement of any Equity Collateral Enforcement Action under
the Mezzanine Loan Documents.

Section 12.           
No Actions; Restrictive Provisions. Senior Lender consents to Mezzanine Lender’s right, pursuant to the Mezzanine
Loan Documents, under certain circumstances, to cause the termination of the Property Manager. In the event both Mezzanine Lender
and Senior Lender shall have such rights at any time, and Senior Lender shall fail to exercise such rights, Mezzanine Lender may
exercise such rights, provided such exercise may be superseded by any subsequent exercise of such rights by Senior Lender pursuant
to the Senior Loan Documents. Upon the occurrence of any event which would entitle Mezzanine Lender to cause the termination of
the Property Manager pursuant to the Mezzanine Loan Documents, Mezzanine Lender shall have the right to select, or cause the selection,
of a replacement property manager (including any asset manager) or leasing agent for the Premises, which replacement manager, asset
manager and/or leasing agent shall either (a) be subject to Senior Lender’s reasonable approval and, if any Certificates
are then outstanding, be subject to a Rating Agency Confirmation or (b) be a Qualified Manager. Notwithstanding anything in this
Section 12 to the contrary, if a Continuing Senior Loan Event of Default under the Senior Loan then exists or any other event shall
have occurred pursuant to which Senior Lender has the right to select any replacement manager, asset manager and/or leasing agent
pursuant to the Senior Loan Documents, Senior Lender shall have the sole right to select any replacement manager, asset manager
and/or leasing agent, whether or not a new manager or agent was retained by

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Mezzanine Lender provided that any
such replacement manager and/or asset manager shall be a Qualified Manager unless otherwise consented to by Mezzanine Lender and
any such leasing agent shall be a reputable leasing agent possessing experience in leasing space within first class retail in
the same geographic location where the Premises is located.Section 13.Right to Purchase Senior Loan.

(a)   
If (1) Borrower has become a debtor in any Proceeding and as a result thereof an Event of Default under the Senior Loan
exists, (2) the Senior Loan has been accelerated, (3) any Enforcement Action described in clauses (i) or (ii) of the
definition of Enforcement Action has been commenced, or (4) any Continuing Senior Loan Event of Default with respect to a
monetary Event of Default or material non-monetary Event of Default is continuing for a period of at least sixty (60) days or (5)
the Senior Loan becomes a specially serviced loan (each of the foregoing, a “Purchase Option Event”),
Senior Lender shall provide prompt written notice thereof to Mezzanine Lender and upon ten (10) Business Days prior written notice
to Senior Lender (the “Purchase Option Notice”), Mezzanine Lender shall have the right to purchase, in
whole but not in part, the Senior Loan for a price equal to the sum of (without duplication) (i) the outstanding principal balance
thereof, together with all accrued interest, and other amounts due thereon, (ii) any Protective Advances, monthly advances of principal
and interest or “servicing advances” made by Senior Lender or the Senior Loan servicer and any interest charged by
Senior Lender on any advances for monthly payments of principal and/or interest on the Senior Loan and/or on any Protective Advances),
(iii) any workout fee or liquidation fee payable under any applicable pooling and servicing agreement, (iv) post-petition interest
and (v) all costs and expenses (including special servicing fees and reasonable legal fees and expenses) actually incurred by Senior
Lender in enforcing the terms of the Senior Loan Documents, any fees and expenses payable or reimbursable to any servicer, trustee,
fiscal agent or special servicer including, without limitation, interest on any advances made by any of them and any workout, securitization,
liquidation or similar fees paid or payable to any of them, but specifically excluding (x) any prepayment fees or premiums, yield
maintenance fees, late charges, default interest (other than interest on advances as set forth above) and/or exit fees and (y)
in the event that Mezzanine Lender purchases the Senior Loan within ninety (90) days of the date it receives notice of the applicable
Purchase Option Event, any special servicing, securitization, workout, liquidation or other similar fees (collectively, the “Loan
Purchase Price”). Concurrently with payment to the Senior Lender of the Loan Purchase Price, Senior Lender shall
deliver or cause to be delivered Mezzanine Lender all Senior Loan Documents held by or on behalf of Senior Lender and all amounts
then held in any reserve or escrow account controlled by or held on account of the Senior Lender and will execute in favor of Mezzanine
Lender or its designee assignment documentation, in form and substance reasonably acceptable to Mezzanine Lender, at the sole cost
and expense of Mezzanine Lender to assign the Senior Loan and its rights under the Senior Loan Documents (without recourse, representations
or warranties, except for representations as to the outstanding balance of the Senior Loan the amounts held in reserves and escrows
held under the Senior Loan, the power and authority of the Senior Lender to enter into the applicable assignment documentation,
as to Senior Lender’s ownership and not having assigned, transferred, participated or encumbered its rights in the Senior
Loan other than with respect to any participation, encumbrance or other action which will be satisfied or released as of the transfer).
The right of Mezzanine Lender to purchase the Senior Loan shall automatically terminate (i) upon a transfer of the Premises
by foreclosure sale, sale by power of sale or delivery of a deed in lieu of foreclosure or (ii) with respect to a specific

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Purchase Option Event, if such Purchase
Option Event ceases to exist; provided, however, that in no event shall Mezzanine Lender have less than thirty (30)
days to deliver a Purchase Option Notice following receipt of notice by Senior Lender of the occurrence of a Purchase Option Event.

(b)  
With regard to Senior Lender’s right to accept a deed in lieu of foreclosure of the Premises, notwithstanding anything
to the contrary contained herein, but subject to the last sentence of this Section 13(b), Senior Lender and Mezzanine Lender
agree that the following procedures shall control:

(i)           
Senior Lender shall not accept (or enter into any agreement to accept, or cause any nominee or designee to accept) a deed
in lieu of foreclosure without first providing Mezzanine Lender with at least sixteen (16) Business Days prior written notice (a
“DIL Notice”) of Senior Lender’s good faith intention to accept a deed in lieu of foreclosure within
the thirty (30) day period following delivery of such DIL Notice, provided, however, a DIL Notice may not be issued
by Senior Lender prior to the occurrence of a Purchase Option Event and delivery of a Purchase Option Notice;

(ii)           
for fifteen (15) Business Days following the delivery of a DIL Notice, Mezzanine Lender or its designee shall have the right
to notify Senior Lender that Mezzanine Lender or its designee desires to purchase the Senior Loan for the Loan Purchase Price and
otherwise in accordance with the above provisions of this Section 13;

(iii)           
if Mezzanine Lender fails to consummate the purchase described in the immediately preceding subparagraph (ii) within
the fifteen (15) Business Day period following delivery of a DIL Notice (other than by reason of the default of Senior Lender),
Senior Lender shall have the right, for thirty (30) days after the expiration of such fifteen (15) Business Day period, to accept
such deed-in-lieu of foreclosure; and

(iv)           
if Senior Lender does not accept such deed-in-lieu of foreclosure prior to the expiration of such thirty (30) day period
described in the preceding subparagraph (iii), Senior Lender shall thereafter not accept a deed-in-lieu of foreclosure without
again complying with all of the provisions of this Section 13(b).

(c)   
Mezzanine Lender covenants not to enter any agreement with the Borrower or any Affiliate thereof to purchase the Senior
Loan pursuant to subsection (a) above or in connection with any refinancing of the Senior Loan in any manner designed to
avoid or circumvent the provisions of the Senior Loan Documents which require the payment of a prepayment fee or yield maintenance
charge in connection with a prepayment of the Senior Loan by the Borrower.

Section
14.            Additional
Understandings. For as long as the Mezzanine Loan remains outstanding: (a) Notices of Transfer; Consent. Senior
Lender promptly shall notify Mezzanine Lender if Borrower seeks or requests a release of the lien of the Senior Loan or seeks
or requests Senior Lender’s consent to, or takes any action in connection with or in furtherance of, a sale or transfer
of all or any material portion of the Premises, the granting of a further mortgage, deed of trust or similar encumbrance
against the Premises or a prepayment or refinancing of the Senior

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Loan. In the event of a request by the
Borrower for Senior Lender’s consent to either (i) the sale or transfer of all or any material portion of the Premises or
any direct or indirect interest in Borrower, or (ii) the granting of a further mortgage, deed of trust or similar encumbrance against
the Premises, Senior Lender shall, if Senior Lender has the right to consent, obtain the prior written consent of Mezzanine Lender
prior to Senior Lender’s granting of its consent or agreement thereto.

(b)  
Annual Budget. The Mezzanine Lender shall have the right to approve the annual operating budget of Borrower in accordance
with the terms of the Mezzanine Loan Documents. In the event the Mezzanine Lender objects to any such proposed budget, the Mezzanine
Lender shall advise the Senior Lender of such objections, along with its suggestions for changes, within ten (10) days after its
receipt of such budget in accordance with the Mezzanine Loan Documents. Senior Lender agrees to consult with the Mezzanine Lender
with respect to such objections and suggestions but such consultation shall not be binding on Senior Lender.

(c)   
Intentionally Omitted.

(d)  
Requests for Disbursements. Senior Lender hereby agrees to use commercially reasonable efforts to promptly (x) notify
Mezzanine Lender of any requests by Borrower for disbursements of funds from the Senior Loan reserves or a release of net Proceeds
(as defined in the Senior Loan Documents) and (y) provide Mezzanine Lender with any documentation delivered by Borrower to Senior
Lender with respect to any such request by Borrower for a disbursement of funds from the Senior Loan reserves or release of such
net Proceeds (provided that in no event shall the failure by Senior Lender to provide such notice or documentation to Mezzanine
Lender constitute a default hereunder or otherwise limit the rights and/or remedies of Senior Lender hereunder or under the Senior
Loan Documents).

(e)   
Cash Management. Senior Lender agrees to use commercially reasonable efforts to cause the Deposit Bank to perform,
its obligations under the Cash Management Agreement in accordance with the terms and provisions of the Cash Management Agreement
(provided that in no event shall the failure by Senior Lender to do so constitute a default hereunder or otherwise limit the rights
and/or remedies of Senior Lender hereunder or under the Senior Loan Documents).

(f)   
No New Mezzanine Loan.

(i)           
In no event shall Senior Lender (i) create or implement (or cause or permit Borrower to create or implement) any new mezzanine
indebtedness secured by any direct and/or indirect equity or ownership interest in Borrower or Mezzanine Borrower or (ii) convert
(or cause or permit Borrower to convert) any portion of the Senior Loan into mezzanine indebtedness, in each case without the consent
of Mezzanine Lender (which consent may be withheld or granted in Mezzanine Lender’s sole and absolute discretion), unless
the Mezzanine Loan is paid in full in accordance with the Mezzanine Loan Documents.

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(ii)           
 In no event shall Mezzanine Lender (i) create or implement (or cause or permit Borrower or Mezzanine Borrower to create
or implement) any new mezzanine indebtedness secured by any direct and/or indirect equity or ownership interest in Borrower or
Mezzanine Borrower or (ii) convert (or cause or permit Borrower or Mezzanine Borrower to convert) any portion of the Mezzanine
Loan into additional or new mezzanine indebtedness, in each case without the consent of Senior Lender (which consent may be withheld
or granted in Senior Lender’s sole and absolute discretion), unless the Senior Loan is paid in full in accordance with the
Senior Loan Documents.

Section
15.            Financing
of Mezzanine Loan. (a) Notwithstanding any other provision hereof, Senior Lender consents to Mezzanine Lender’s
sale in connection with a repurchase agreement facility or pledge (each, a “Pledge”) of the
Mezzanine Loan and of the Separate Collateral to any entity which has extended a credit facility including, without
limitation, credit in the form of a repurchase agreement facility, to Mezzanine Lender that is a Qualified Transferee or a
financial institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each
Rating Agency (a “Loan Pledgee”), on the terms and conditions set forth in this Section 15.
The sale by Mezzanine Lender of the Mezzanine Loan to a Qualified Transferee and the simultaneous agreement by Mezzanine
Lender to repurchase the Mezzanine Loan under an arrangement documented as a repurchase agreement shall qualify as a Pledge,
provided that all applicable terms and conditions of this Section 15 are complied with, and provided that a Loan
Pledgee which is not a Qualified Transferee may not take title to the Equity Collateral without a Rating Agency Confirmation.
Upon written notice by Mezzanine Lender to Senior Lender that the Pledge has been effected, Senior Lender agrees to
acknowledge receipt of such notice and thereafter agrees: (i) to give Loan Pledgee written notice of any default by
Mezzanine Lender under this Agreement of which default Senior Lender has actual knowledge; (ii) to allow Loan Pledgee
a period of ten (10) days (in respect of a monetary default) and a period of thirty (30) days (in respect of a non-monetary
default) to cure a default by Mezzanine Lender in respect of its obligations to Senior Lender hereunder, but Loan Pledgee
shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination of this
Agreement shall be effective against Loan Pledgee without the written consent of Loan Pledgee, which consent shall not be
unreasonably withheld; (iv) that Senior Lender shall give to Loan Pledgee copies of any Senior Loan Default Notice
simultaneously with the giving of same to the Mezzanine Lender and accept any cure thereof by Loan Pledgee made in accordance
with the provisions of Section 11 of this Agreement as if such cure were made by the Mezzanine Lender; (v) that Senior
Lender shall deliver to Loan Pledgee such estoppel certificate(s) as Loan Pledgee shall reasonably request; provided,
however, that any such estoppel certificate(s) shall be in the form contemplated by Section 19; and (vi) that,
upon written notice (a “Redirection Notice”) to Senior Lender by Loan Pledgee that Mezzanine Lender
is in default, beyond applicable cure periods, under Mezzanine Lender’s obligations to Loan Pledgee pursuant to the
applicable credit agreement between Mezzanine Lender and Loan Pledgee (which notice need not be joined in or confirmed by
Mezzanine Lender), and until such Redirection Notice is withdrawn or rescinded by Loan Pledgee, Senior Lender shall remit to
Loan Pledgee and not to Mezzanine Lender, any payments that Senior Lender would otherwise be obligated to pay to Mezzanine
Lender from time to time pursuant to this Agreement, any Senior Loan Document, any Mezzanine Loan Document or any other
agreement between Senior Lender and Mezzanine Lender that relates to the Senior Loan or Mezzanine Loan. Mezzanine Lender
hereby unconditionally and absolutely releases Senior Lender from any liability to Mezzanine Lender on

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account of Senior Lender’s compliance
with any Redirection Notice believed by Senior Lender to have been delivered by Loan Pledgee. Loan Pledgee shall be permitted to
fully exercise its rights and remedies against Mezzanine Lender, and realize on any and all collateral granted by Mezzanine Lender
to Loan Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law. In
such event, the Senior Lender shall recognize Loan Pledgee (and any transferee which is also a Qualified Transferee at any foreclosure
or similar sale held by Loan Pledgee or any transfer in lieu of such foreclosure), and its successors and assigns, as the successor
to Mezzanine Lender’s rights, remedies and obligations under this Agreement and the Mezzanine Loan Documents and any such
Loan Pledgee or Qualified Transferee shall assume in the writing the obligations of the Mezzanine Lender hereunder accruing from
and after such Transfer and agrees to be bound by the terms and provisions hereof (it being agreed that notwithstanding anything
to the contrary contained herein, such Loan Pledgee shall not be required to assume the Mezzanine Lender’s obligations hereunder
prior to realization upon its collateral). The rights of Loan Pledgee under this Section 15 shall remain effective unless
and until Loan Pledgee shall have notified the Senior Lender in writing that its interest in the Mezzanine Loan has terminated.

(b)  
Notwithstanding any provisions herein to the contrary, if a conduit (“Conduit”) which is not a
Qualified Transferee provides financing to Mezzanine Lender then such Conduit will be a permitted “Loan Pledgee” despite
the fact it is not a Qualified Transferee if the following conditions are satisfied:

(i)           
The loan (the “Conduit Inventory Loan”) made by the Conduit to Mezzanine Lender to finance the
acquisition and holding of its interest in Mezzanine Loan will require a third party (the “Conduit Credit Enhancer”)
to provide credit enhancement;

(ii)           
the Conduit Credit Enhancer will be a Qualified Transferee;

(iii)           
Mezzanine Lender will pledge its interest in the Mezzanine Loan to the Conduit as collateral for the Conduit Inventory Loan;

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

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

    38

    	 

    

Section 16.           
Intentionally Omitted. 

Section 17.           
Obligations Hereunder Not Affected. (a) All rights, interests, agreements
and obligations of Senior Lender and Mezzanine Lender under this Agreement shall remain in full force and effect irrespective
of:

(i)           
any lack of validity or enforceability of the Senior Loan Documents or the Mezzanine Loan Documents or any other agreement
or instrument relating thereto;

(ii)           
any taking, exchange, release or non-perfection of any other collateral, or any taking, release or amendment or waiver of
or consent to or departure from any guaranty, for all or any portion of the Senior Loan or the Mezzanine Loan;

(iii)           
any manner of application of collateral, or proceeds thereof, to all or any portion of the Senior Loan or the Mezzanine
Loan, or any manner of sale or other disposition of any collateral for all or any portion of the Senior Loan or the Mezzanine Loan
or any other assets of Borrower or Mezzanine Borrower or any other Affiliates of Borrower;

(iv)           
any change, restructuring or termination of the organizational structure or existence of Borrower or Mezzanine Borrower
or any other Affiliates of Borrower; or

(v)           
any other circumstance which might otherwise constitute a defense available to, or a discharge of, Borrower, Mezzanine Borrower
or a subordinated creditor or a Senior Lender subject to the terms hereof.

(b)  
This Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment of all or
any portion of the Senior Loan or the Mezzanine Loan is rescinded or must otherwise be returned by Senior Lender or Mezzanine Lender
upon the insolvency, bankruptcy or reorganization of Borrower or Mezzanine Borrower or otherwise, all as though such payment had
not been made.

Section 18.           
Notices. All notices, demands, requests, consents, approvals or other communications required, permitted, or desired
to be given hereunder shall be in writing sent by facsimile (with answer back acknowledged) or by registered or certified mail,
postage prepaid, return receipt requested, or delivered by hand or reputable overnight courier addressed to the party to be so
notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance with
the provisions of this Section 18. Any such notice, demand, request, consent, approval or other communication shall be deemed to
have been received: (a) three (3) Business Days after the date mailed, (b) on the date of sending by facsimile (with electronic
answer back acknowledged) if sent during business hours on a Business Day (otherwise on the next Business Day), (c) on the date
of delivery by hand if delivered during business hours on a Business Day (otherwise on the next Business Day) and (d) on the next
Business Day if sent by an overnight commercial courier, in each case addressed to the parties as follows:To Senior Lender:

 

Argentic Real Estate Finance LLC

31 West 27th Street, 12th
Floor

New York, New York 10001

    39

    	 

    

Attention: Ryan Supple

Facsimile No. (646) 560-1713

 

With a copy to:

 

Kelley Drye &
Warren LLP

One Jefferson Road

Parsippany, New
Jersey 07054

Attention: Stephen
G. Hauck, Esq.

Facsimile No. (973) 503-5950

 

 

To Mezzanine Lender:

Kore Fund Ltd.

1501 Corporate Drive, Suite 120

Boynton Beach, FL 33426

Attn: Gary Kosinski

E-mail: gkosinski@korecapital.com

with copies to:

IP Capital Partners, LLC

225 NE Mizner Boulevard, Suite 400

Boca Raton, FL 33432

Attn: Jason Isaacson

E-mail: jason@ipcappartners.com

Bilzin Sumberg Baena Price & Axelrod LLP

1450 Brickell Avenue, 23rd Floor

Miami, Florida  33131

Attention: Adam D. Lustig

E-mail: alustig@bilzin.com

 

Section 19.           
Estoppel.

(a)   
Mezzanine Lender shall, within ten (10) days following a request from Senior Lender, provide Senior Lender with a written
statement setting forth the then current outstanding principal balance of the Mezzanine Loan, the aggregate accrued and unpaid
interest under the Mezzanine Loan, and stating whether to Mezzanine Lender’s knowledge any default or Event of Default exists
under the Mezzanine Loan.

(b)  
Senior Lender shall, within ten (10) days following a request from Mezzanine Lender, provide Mezzanine Lender with a written
statement setting forth the then current outstanding principal balance of the Senior Loan, the aggregate accrued and unpaid interest
under the Senior Loan, and stating whether to Senior Lender’s knowledge any default or Event of Default exists under the
Senior Loan.

    40

    	 

    

(c)   
 Any statement provided pursuant to this Section 19 may be relied upon by any Loan Pledgee, prospective purchaser,
assignee or transferee of the Senior Loan or the Mezzanine Loan (or any interest therein), but may not be relied upon by Borrower,
Mezzanine Borrower or any guarantor of the Senior Loan or the Mezzanine Loan.

Section 20.           
Further Assurances. So long as all or any portion of the Senior Loan or the Mezzanine Loan remains unpaid and the
Senior Mortgage encumbers the Premises or any Mezzanine Loan Document encumbers any Equity Collateral, Mezzanine Lender and Senior
Lender will each execute, acknowledge and deliver in recordable form and upon demand of the other, any other instruments or agreements
reasonably required in order to carry out the provisions of this Agreement or to effectuate the intent and purposes hereof.

Section 21.           
No Third Party Beneficiaries; No Modification. The parties hereto do not intend the benefits of this Agreement to
inure to Borrower, Mezzanine Borrower or any other Person not a party to this Agreement other than, with respect to Section 15,
a Loan Pledgee. This Agreement may not be changed or terminated orally, but only by an agreement in writing signed by the party
against whom enforcement of any change is sought. If any Certificates are outstanding, this Agreement shall not be amended in any
manner that is materially adverse to Senior Lender unless a Rating Agency Confirmation has been obtained with respect to such amendment.
Neither Senior Lender nor Mezzanine Lender may provide a copy of this Agreement, or disclose the contents hereof, to Borrower,
Mezzanine Borrower, Senior Loan Guarantor, or any Affiliate of Borrower or Mezzanine Borrower or Senior Loan Guarantor (other than
an Affiliated Mezzanine Loan Lender).

Section 22.           
 Successors and Assigns. This Agreement shall bind all successors and permitted assigns of Mezzanine Lender and Senior
Lender and shall inure to the benefit of all successors and permitted assigns of Senior Lender and Mezzanine Lender.

Section 23.           
Counterpart Originals. This Agreement may be executed in counterpart originals, each of which shall constitute an
original, and all of which together shall constitute one and the same agreement.

Section 24.           
Legal Construction. In all respects, including, without limitation, matters of construction and performance of this
Agreement and the obligations arising hereunder, this Agreement shall be governed by, and construed in accordance with, the internal
laws of the State of New York applicable to agreements intended to be wholly performed within the State of New York.

Section 25.           
No Waiver; Remedies. No failure on the part of the Senior Lender or Mezzanine Lender to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder
preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative
and not exclusive of any remedies provided by law.

Section 26.           
No Joint Venture. Nothing provided herein is intended to create a joint venture, partnership, tenancy-in-common or
joint tenancy relationship between or among any of the parties hereto.

    41

    	 

    

Section 27.           
Captions. The captions in this Agreement are inserted only as a matter of convenience and for reference, and are
not and shall not be deemed to be a part hereof.

Section 28.           
Conflicts. In the event of any conflict, ambiguity or inconsistency between the terms and conditions of this Agreement
and the terms and conditions of any of the Senior Loan Documents or the Mezzanine Loan Documents, the terms and conditions of this
Agreement shall control.

Section 29.           
No Release. Nothing herein contained shall operate to release Borrower or any guarantor or indemnitor from (a) its
obligation to keep and perform all of the terms, conditions, obligations, covenants and agreements contained in the Senior Loan
Documents or (b) any liability of Borrower or any guarantor or indemnitor under the Senior Loan Documents or to release Mezzanine
Borrower or any guarantor or indemnitor from (x) its obligation to keep and perform all of the terms, conditions, obligations,
covenants and agreements contained in the Mezzanine Loan Documents or (y) any liability of Mezzanine Borrower or any guarantor
or indemnitor under the Mezzanine Loan Documents.

Section 30.           
Continuing Agreement. This Agreement is a continuing agreement and shall remain in full force and effect until the
earliest of (a) payment in full of the Senior Loan, (b) transfer of the Premises by foreclosure of the Senior Mortgage
or the exercise of the power of sale contained therein or Senior Lender’s acceptance of a deed-in-lieu of foreclosure, (c) transfer
of title to the Mezzanine Lender of all of the Equity Collateral or (d) payment in full of the Mezzanine Loan; provided, however,
that any rights or remedies of either party hereto arising out of any breach of any provision hereof occurring prior to such date
of termination shall survive such termination.

Section 31.           
Severability. In the event that any provision of this Agreement or the application hereof to any party hereto shall,
to any extent, be invalid or unenforceable under any applicable statute, regulation, or rule of law, then such provision shall
be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform to such statute, regulation
or rule of law, and the remainder of this Agreement and the application of any such invalid or unenforceable provisions to parties,
jurisdictions or circumstances other than to whom or to which it is held invalid or unenforceable, shall not be affected thereby
nor shall same affect the validity or enforceability of any other provision of this Agreement.

Section 32.           
Expenses.

(a)   
To the extent not paid by Borrower or out of or from any collateral securing the Senior Loan which is realized by Senior
Lender, Mezzanine Lender agrees upon demand to pay to Senior Lender the amount of any and all reasonable expenses, including, without
limitation, the reasonable fees and expenses of its counsel and of any experts or agents, which Senior Lender may incur in connection
with the (i) exercise or enforcement of any of the rights of Senior Lender against Mezzanine Lender hereunder to the extent that
Senior Lender is the prevailing party in any dispute with respect thereto or (ii) failure by Mezzanine Lender to perform or observe
any of the provisions hereof.

    42

    	 

    

(b)  
 To the extent not paid by Mezzanine Borrower out of or from any collateral securing the Mezzanine Loan which is realized
by Mezzanine Lender, Senior Lender agrees upon demand to pay to Mezzanine Lender the amount of any and all reasonable expenses,
including, without limitation, the reasonable fees and expenses of its counsel and of any experts or agents, which Mezzanine Lender
may incur in connection with the (i) exercise or enforcement of any of the rights of Mezzanine Lender against Senior Lender hereunder
to the extent that Mezzanine Lender is the prevailing party in any dispute with respect thereto or (ii) failure by Senior Lender
to perform or observe any of the provisions hereof.

Section 33.           
Injunction. Senior Lender and Mezzanine Lender each acknowledge (and waive any defense based on a claim) that monetary
damages are not an adequate remedy to redress a breach by the other hereunder and that a breach by either Senior Lender or Mezzanine
Lender hereunder would cause irreparable harm to the other. Accordingly, Senior Lender and Mezzanine Lender agree that upon a breach
of this Agreement by the other, the remedies of injunction, declaratory judgment and specific performance shall be available to
such non-breaching party.

Section 34.           
Mutual Disclaimer.

(a)   
Each of Senior Lender and Mezzanine Lender are sophisticated lenders and/or investors in real estate and their respective
decisions to enter into the Senior Loan and the Mezzanine Loan is based upon their own independent expert evaluation of the terms,
covenants, conditions and provisions of, respectively, the Senior Loan Documents and the Mezzanine Loan Documents and such other
matters, materials and market conditions and criteria which each of Senior Lender and Mezzanine Lender deem relevant. Each of Senior
Lender and Mezzanine Lender has not relied in entering into this Agreement, and respectively, the Senior Loan, the Senior Loan
Documents, the Mezzanine Loan or the Mezzanine Loan Documents, upon any oral or written information, representation, warranty or
covenant from the other, or any of the other’s representatives, employees, Affiliates or agents other than the representations
and warranties of the other contained herein. Each of Senior Lender and Mezzanine Lender further acknowledges that no employee,
agent or representative of the other has been authorized to make, and that each of Senior Lender and Mezzanine Lender have not
relied upon, any statements, representations, warranties or covenants other than those specifically contained in this Agreement.
Without limiting the foregoing, each of Senior Lender and Mezzanine Lender acknowledges that the other has made no representations
or warranties as to the Senior Loan or the Mezzanine Loan (other than those specifically contained in this Agreement) or the Premises
(including, without limitation, the cash flow of the Premises, the value, marketability, condition or future performance thereof,
the existence, status, adequacy or sufficiency of the leases, the tenancies or occupancies of the Premises, or the sufficiency
of the cash flow of the Premises, to pay all amounts which may become due from time to time pursuant to the Senior Loan or the
Mezzanine Loan).

(b)  
Each of Senior Lender and Mezzanine Lender acknowledges that the Senior Loan and the Mezzanine Loan are distinct, separate
transactions and loans, separate and apart from each other.

    43

    	 

    

Section 35.           
Release. Absent bad faith by Senior Lender, Senior Lender shall have no liability whatsoever to Mezzanine Lender
by reason of any error in the amount or timing of any funds deposited into the Subordinate Deposit Account (as such term is defined
in the Senior Loan Cash Management Agreement), or by reason of the failure to make any such deposit; Mezzanine Lender hereby releases
Senior Lender from any all claims that the releasing party might have by reason of any such error or failure, absent bad faith
on the part of Senior Lender.

Section 36.           
Venue. Any legal suit, action or proceeding against Senior Lender or Mezzanine Lender arising out of or relating
to this Agreement may be instituted in any federal or state court in New York, and each of Senior Lender and Mezzanine Lender waives
any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding, and Senior Lender
and Mezzanine Lender each hereby irrevocably submits to the non-exclusive jurisdiction of any such court in any suit, action or
proceeding.

Section 37.           
NO TRIAL BY JURY. EACH OF THE PARTIES HERETO, TO THE FULLEST EXTENT THAT THEY MAY LAWFULLY DO SO, HEREBY WAIVES TRIAL
BY JURY IN ANY ACTION OR PROCEEDING BROUGHT BY ANY PARTY HERETO WITH RESPECT TO THIS AGREEMENT OR THE MATTERS COVERED HEREBY.

Section 38.           
Special Condition. Notwithstanding anything in this Agreement to the contrary, in the event that at any time the
Mezzanine Loan (or any portion thereof or interest therein) is held by an Affiliated Mezzanine Loan Lender, such Person shall have
no rights under Sections 4 (other than a transfer in accordance with the terms thereof), 5, 7, 9, 11, 12, 13, or 14 hereof, may
not take an Equity Collateral Enforcement Action and may not engage in a Mezzanine Loan Modification without Senior Lender’s
prior written consent, which may be withheld in its sole discretion.

[NO FURTHER TEXT
ON THIS PAGE]

    44

    	 

    

IN WITNESS WHEREOF,
Senior Lender and Mezzanine Lender have executed this Agreement as of the date and year first set forth above.

	 	SENIOR LENDER:
	 	ARGENTIC REAL ESTATE FINANCE LLC,
	 	a Delaware limited liability company
	 	 	 	 
	 	By:     	Argentic Investment Management LLC,
	 	 	its Investment Manager
	 	 	 	 
	 	 	 	 
	 	 	By: 	 /s/ Ryan Supple
	 	 	 	Name: Ryan Supple
	 	 	 	Title:   Authorized Signatory

 

 

 

[Signature Page to Intercreditor Agreement]

 

     

    	 

    

 

	 	MEZZANINE LENDER:
	 	KORE FUND LTD., 
	 	a company organized under the laws of the Cayman Islands
	 	 	 
	 	 	 
	 	By: 	 /s/ J. Gary Kosinski
	 	 	Name: J. Gary Kosinski
	 	 	Title:   Investment Manager

 

 

 

[Signature Page to Intercreditor Agreement]

 

     

    	 

    

EXHIBIT A

Legal Description

All that tract or parcel of land, lying and being in the 90th Georgia Militia District of Richmond County, State of Georgia, being
more particularly described as follows:

 

To find the True Point of Beginning, commence
at a 1/2" re-bar found where the Northerly mitered intersection of Wrightsboro Road intersects the Northeasterly 60 feet right
of way of Marks Church Road, thence proceeding along the aforementioned Northeasterly 60 feet right of way of Marks Church Road
North 46 degrees 25 minutes 44 seconds West for a distance of 190.44 feet to a railroad spike found, being the True Point of Beginning,
thence along the Northeast 60 feet right-of-way of Marks Church Road, North 46 degrees 14 minutes 59 seconds West for a distance
of 30.64 feet to a 1/2" re-bar found; thence leaving the Northeast 60 feet right-of-way of Marks Church Road, North 38 degrees
11 minutes 35 seconds East for a distance of 280.98 feet to a 1/2" re-bar set; thence North 28 degrees 19 minutes 48 seconds
West for a distance of 188.77 feet to a 1/2" re-bar found with a cap; thence North 09 degrees 48 minutes 06 seconds West for
a distance of 417.77 feet to a 1/2" re-bar found with a cap on the South East 50 feet right-of-way of Beaver Drive; thence
along the South East 50 feet right-of-way of Beaver Drive, North 80 degrees 15 minutes 59 seconds East for a distance of 106.27
feet to a 5/8" re-bar found; thence continuing along the South East 50 feet right-of-way of Beaver Drive, North 80 degrees
17 minutes 01 seconds East for a distance of 212.35 feet to a 1/2" re-bar found with a cap; thence leaving the Southeast 50
feet right-of-way of Beaver Drive, South 09 degrees 39 minutes 24 seconds East for a distance of 227.64 feet to a 5/8" re-bar
with cap; thence South 09 degrees 39 minutes 15 seconds East for a distance of 266.43 feet to a 5/8" re-bar with cap; thence
South 80 degrees 35 minutes 24 seconds West for a distance of 44.60 feet to a 5/8" re-bar with cap; thence South 09 degrees
15 minutes 05 seconds East for a distance of 133.62 feet to a Mag Nail found in asphalt; thence South 80 degrees 35 minutes 34
seconds West for a distance of 65.00 feet to a Mag Nail set in asphalt; thence South 80 degrees 35 minutes 19 seconds West for
a distance of 133.15 feet to a 1/2" re-bar set; thence North 09 degrees 21 minutes 01 seconds West for a distance of 0.95
feet to a 1/2" re-bar set; thence South 38 degrees 09 minutes 16 seconds West for a distance of 274.63 feet to a Railroad
Spike Found, The True Point of Beginning.

 

Shown as 4.461 acres on ALTA/ACSM Land Survey
for Hare Krishna Augusta, LLC, Chicago Title Insurance Company and First Partners Bank prepared by Houston Engineering, Inc. under
seal of John Charles Parish, Georgia RLS #2705, dated December 4, 2014 and last revised March 17, 2015.

 

Together with easement rights pursuant to the
following documents:

 

Easement(s) contained in that certain Warranty
Deed from Edwin L. Douglass, Jr., Thomas G. Douglass, Finley H. Merry and Frances F. O'Connor to Waffle House, Inc. dated October
1978, filed for record December 12, 1978, recorded in Realty Reel No. 103, Page 1568, aforesaid Records.

 

    A-1 

    	 

    

Reciprocal Easement Agreement by and between
Del Taco Corporation, Augusta Federal Savings and Loan Association, Edwin L. Douglass, Jr., Thomas G. Douglass, Frances F. O'Connor,
and Finley H. Merry, dated April 30, 1979, filed for record May 31, 1979, recorded in Realty Reel No. 110, Page 2396, aforesaid
Records; and

 

Easement Agreement by and between Waffle House,
Inc., and Edwin L. Douglass, Jr., Thomas G. Douglass, Francis F. O'Connor, Finley H. Merry, dated April 17, 1979, filed for record
October 1, 1985, recorded in Realty Reel No. 212, Page 1145, aforesaid Records.

 

Sign Easement Agreement by and between Waffle
House, Inc., a Georgia corporation and Augusta, Inc., a Georgia corporation, dated as of November 23, 1999, filed for record December
1, 1999 at 2:10 p.m., recorded in Deed Book 668, Page 1423, aforesaid Records.

 

Said property contains 4.461 acres.

 

Property Address:

3421 Wrightsboro Road

Augusta, GA 30909

Map No. 0411066000

 

All that tract or parcel of land, lying and
being in Land Lots 299 and 308 of the 18th District, City of Chamblee, DeKalb County, Georgia and being more particularly described
as follows:

 

Beginning at an iron pin found (5/8”
rb) on the northwesterly right-of-way line of Peachtree Industrial Boulevard (State Highway 141) (having a 150’ right-of-way)
a distance of 301.61’ southwesterly along said right-of-way line from its intersection with the southwesterly right-of-way
line of Pierce Drive, said point being the POINT OF BEGINNING; thence south 48°17’37” west for a distance of 51.86’
to a point; thence south 48°38’25” west for a distance of 107.67’ to an iron pin found 1⁄2” rb;
thence north 12°16’00” west for a distance of 139.11’ to an iron pin found 1⁄2” rb; thence north
39°41’05” west for a distance of 55.07’ to a 1⁄2” iron pin set 1⁄2” rb; thence north
88°56’40” west for a distance of 176.24’ to iron pin set 1⁄2” rb; thence north 89°05’57”
west for a distance of 110.00’ to an iron pin found 1⁄2” rb; thence north 00°57”42’ east for a
distance of 106.93’ to an iron pin found 1⁄2” rb; thence north 26°03’12” east for a distance of
148.58’ to an iron pin found 1⁄2” rb; thence along a curve to the left having a radius of 50.00’ and an
arc length of 84.59’, being subtended by a chord north 70°37’31” east for a distance of 74.86’ to a
mark on sidewalk; thence south 45°13’03” east for a distance of 168.70’ to a point; thence south 44°46’57”
west for a distance of 8.95’ to a point; thence south 45°13’03” east for a distance of 309.03’ to an
iron pin found 5/8” rb at the TRUE POINT OF BEGINNING.

 

Shown as 1.828 acres on ALTA/ACSM Survey for
Hare Krishna Chamblee Hotel, LLC, First Partners Bank, Chicago Title Insurance Company, prepared by Patrick & Associates, Inc.,
bearing the seal and certification of James S. Hull, Jr., Georgia Registered Land Surveyor No. 2856, dated December 12, 2014, revised
March 16, 2015.

 

 

 

    A-2 

    	 

    

Property Address:

5280 Peachtree Industrial Blvd

Chamblee, GA 30341

Map No. 18 299 01 003

 

All that tract or parcel of land lying and
being known as Lot "A" of a recombination of Lots 14, 15 and the South 75 feet of Lots 24 and 25, Somerset Park Subdivision,
in the City of Savannah, Chatham County, Georgia, being plat recorded in Plat Book 18-S, Page 57B, and being more particularly
described as follows:

 

To find the Point of Beginning, begin at the
intersection of the Easterly right-of-way line of Abercorn Street with the Northerly right-of-way line of Montgomery Cross Road
(having a variable width right-of-way), thence travel along the Northerly right-of-way line of Montgomery Cross Road South 75 degrees
35 minutes 59 seconds East a distance of 411.0 feet to a 5/8" rebar set, said point being the Point of Beginning; thence travel
North 17 degrees 37 minutes 13 seconds East along the East boundary line of Lot 16 a distance of 410.06 feet to a concrete monument
found; thence travel North 17 degrees 31 minutes 57 seconds East along the East boundary line of Lot 23 a distance of 75.23 feet
to a 5/8" rebar found; thence travel South 72 degrees 25 minutes 00 seconds East a distance of 200.00 feet to a 5/8"
rebar set; thence travel South 17 degrees 31 minutes 59 seconds West along the West boundary line of Lot 26 a distance of 75.00
feet to a 5/8" rebar set; thence travel South 17 degrees 37 minutes 21 seconds West along the West boundary line of Lot 13
a distance of 399.17 feet to a 5/8" rebar found; thence travel North 75 degrees 35 minutes 59 seconds West along the Northerly
right-of-way line of Montgomery Cross Road a distance of 200.30 feet to a 5/8" rebar set and the Point of Beginning.

 

Bounded on the West by Lots 16 and 23, on the
North by Lot "B" on the East by Lots 13 and 26 and on the South by the Northerly boundary line of Montgomery Cross Road;
said parcel containing 2.20 acres as shown on Plat of Lot "A" of a Recombination of Lots 14, 15, 24 and 25, Somerset
Park, Savannah, Chatham County, Georgia, for Savannah Georgia Inc., Empire Financial Services, Inc., Specialized Title Services,
Inc. and Stewart Title Guaranty Company, prepared by J. Whitley Reynolds, bearing the seal and certification of James Whitley Reynolds,
Georgia Registered Land Surveyor No. 2249, dated May 8, 2002.

 

Property Address:

60 West Montgomery Cross Road

Savannah, GA 31406

Map No. 20590 03026

 

 

PARCEL ONE - FEE SIMPLE:

 

ALL that certain piece, parcel or lot of land
situate, lying and being in the County of Greenville, State of South Carolina, on the western side of Wade Hampton Boulevard (U.S.
Hwy. 29), and being described more particularly below, to-wit:

 

    A-3 

    	 

    

Commencing at a 1/2 inch solid pin (found)
located at the intersection of the western right-of-way of Wade Hampton Boulevard, Tract C (as shown on a survey for Greenville
Hotel, Inc., by C.O. Riddle Surveying Co., Inc., dated March 22, 1999) and a joint property line with Grady J. Miller, Jr.; thence
leaving said right of way and continuing along said joint property line between Tract C and Grady J. Miller, Jr. North 47-52-14
West for 202.88 feet to a 1/2 inch crimp top iron (set) being the true point of beginning; thence continuing along said joint property
line North 47-52-14 West for 402.56 feet to a 1/2 inch solid bar (found) located on the eastern right of way of Pine Knoll Drive;
thence leaving said joint property line and continuing along said right of way North 18-18-21 East for 199.71 feet to a 1/2 inch
open top iron pin (found) being located on a joint property line with Grady J. Miller, Jr.; thence leaving said right of way and
continuing along said point property line South 49-16-00 East for 483.37 feet to a 1/2 inch crimp top iron pin (set); thence leaving
said joint property line and continuing along a joint property line with Tract B (as shown on a survey for Greenville Hotel, Inc.,
by C.O. Riddle Surveying Co., Inc. dated March 22, 1999) South 42-07-45 West for 164.47 feet to a 1/2 inch crimp top iron pin (set);
thence leaving said joint property line and continuing along said Tract C South 42-07-45 West for 30.00 feet to a 1/2 inch crimp
top iron pin (set) being the point of beginning. Said tract contains 1.923 acres, more or less.

 

PARCEL TWO - EASEMENT

 

Together with an easement for ingress and egress
granted in the Deed dated March 29, 1999, and recorded in the Office of the Register of Deeds for Greenville County, South Carolina
in Deed Book 1828 at Page 111 appurtenant to the above described Tract A to and from Wade Hampton Boulevard (U. S. Highway No.
29) in, over, and through that certain strip of land being more fully described as follows:

 

ALL that certain piece, parcel or lot of land
situate, lying and being in the Country of Greenville, State of South Carolina, on the western side of Wade Hampton Boulevard (U.S.
Hwy 29), and being described more particularly below, to-wit:

 

BEGINNING at a 1⁄2 inch solid pin (found)
located at the intersection of the western right of way of Wade Hampton Boulevard and a joint property line with Grady J. Miller,
Jr.; thence along said property line North 47-52-14 West for 202.88 feet to a 1⁄2 inch crimp top iron pin (set); thence leaving
said joint property line and continuing along a joint property line with Tract A (as shown on a survey for Greenville Hotel, Inc.
by C O. Riddle Surveying Co., Inc., dated March 22, 1999) North 42-07-45 East for 30.00 feet to a 1⁄2 inch crimp top iron
pin (set); thence South 47-52-14 East for 203.34 feet to a 1⁄2 inch crimp top iron pin (set); being thence South 43-00-09
West for 30.00 feet to a 1⁄2 inch crimp top iron pin (set); the point of BEGINNING. Said tract contains 0.140 acres, more
or less.

 

The above property is shown as Tract C on a
plat of survey recorded in the Office of the Register of Deeds for Greenville County, South Carolina in Plat Book 39-V at Page
13 A & B.

 

PARCEL THREE - EASEMENT

 

    A-4 

    	 

    

Together with an easement for remote parking
as set forth in that certain Remote Parking Easement Agreement dated December 15, 1999, and recorded in the Office of the Register
of Deeds for Greenville County, South Carolina, in Book 1828 at Page 104.

 

 

    A-5 

    	 

    

EXHIBIT B

Senior Loan Documents

		1.	Loan Agreement made by and between Argentic Real Estate Finance LLC, a Delaware limited liability
company (“Senior Lender”), and Shiv Savannah Hotel, LLC, Hare Krishna Augusta Hotel, LLC, Hare Krishna Chamblee
Hotel, LLC and Hare Krishna Greenville Hotel, LLC, each a Georgia limited liability company (“Senior Borrower”).

		2.	$16,000,000.00 Promissory Note made by Senior Borrower paid to the order of Senior Lender.

		3.	Mortgage made by Hare Krishna Greenville Hotel, LLC, as mortgagor, to Senior Lender, as mortgagee,
to be recorded in the Greenville County Clerk/Register of Deeds Office in South Carolina (the “Greenville Register’s
Office”).

		4.	Assignment of Leases and Rents made by Hare Krishna Greenville, Hotel, LLC, as assignor, to Senior
Lender, as assignee, to be recorded in the Greenville Register’s Office.

		5.	Deed to Secure Debt made by Hare Krishna Chamblee Hotel, LLC, as mortgagor, to Senior Lender, as
mortgagee, to be recorded in the DeKalb County Clerk/Register of Deeds Office in Georgia (the “DeKalb Register’s
Office”).

		6.	Assignment of Leases and Rents made by Hare Krishna Chamblee, Hotel, LLC, as assignor, to Senior
Lender, as assignee, to be recorded in the DeKalb Register’s Office.

		7.	Deed to Secure Debt made by Hare Krishna Augusta Hotel, LLC, as mortgagor, to Senior Lender, as
mortgagee, to be recorded in the Richmond County Clerk/Register of Deeds Office in Georgia (the “Richmond Register’s
Office”).

		8.	Assignment of Leases and Rents made by Hare Krishna Augusta, Hotel, LLC, as assignor, to Senior
Lender, as assignee, to be recorded in the Richmond Register’s Office.

		9.	Deed to Secure Debt made by Shiv Savannah Hotel, LLC, as mortgagor, to Senior Lender, as mortgagee,
to be recorded in the Chatham County Clerk/Register of Deeds Office in Georgia (the “Chatham Register’s Office”).

		10.	Assignment of Leases and Rents made by Shiv Savannah, Hotel, LLC, as assignor, to Senior Lender,
as assignee, to be recorded in the Chatham Register’s Office.

		11.	UCC-1 Financing Statement naming Hare Krishna Greenville Hotel, LLC, as debtor, and Senior Lender,
as secured party, to be recorded in the Greenville Register’s Office.

		12.	UCC-1 Financing Statement naming Hare Krishna Chamblee Hotel, LLC, as debtor, and Senior Lender,
as secured party, to be recorded in the DeKalb Register’s Office.

    B-1 

    	 

    

		13.	UCC-1 Financing Statement naming Hare Krishna Augusta Hotel, LLC, as debtor, and Senior Lender,
as secured party, to be recorded in the Richmond Register’s Office.

		14.	UCC-1 Financing Statement naming Shiv Savannah Hotel, LLC, as debtor, and Senior Lender, as secured
party, to be recorded in the Chatham Register’s Office.

		15.	UCC-1 Financing Statement naming Senior Borrower, as debtor, and Senior Lender, as secured party,
to be filed with the Georgia Secretary of State (“GA SOS”).

		16.	Assignment of Agreements, Licenses, Permits and Contracts made by Senior Borrower to Senior Lender.

		17.	Consent and Subordination of Manager made by Global Hotel Group & Management LLC, a Georgia
limited liability company (“Manager”), and agreed and consented to by Senior Borrower, for the benefit of Senior
Lender.

		18.	Deposit Account Control Agreement (Soft Lockbox) made by and among Hare Krishna Greenville Hotel,
LLC, Senior Lender and Signature Bank, a New York state chartered bank (“Signature”).

		19.	Deposit Account Control Agreement (Soft Lockbox) made by and among Hare Krishna Chamblee Hotel,
LLC, Senior Lender and Signature.

		20.	Deposit Account Control Agreement (Soft Lockbox) made by and among Hare Krishna Augusta Hotel,
LLC, Senior Lender and Signature.

		21.	Deposit Account Control Agreement (Soft Lockbox) made by and among Shiv Savannah Hotel, LLC, Senior
Lender and Signature

		22.	Cash Management Agreement (Springing) made by and among Senior Borrower, Senior Lender and Wells
Fargo Bank, National Association.

		23.	Guaranty of Recourse Obligations made by Subhash Patel and Vijaykumar Patel, each an individual
(“Guarantor”), in favor of Senior Lender.

		24.	Certificate Re “Recycled” Special-Purpose Entity by Senior Borrower for the benefit
of Senior Lender.

		25.	Borrower’s Certificate by Senior Borrower and Subhash Patel for the benefit of Senior Lender.

 

 

    B-2 

    	 

    

EXHIBIT C

Mezzanine Loan Documents

 

		1.	Hare Krishna Chamblee Mezz, LLC, a Delaware limited liability company, Hare Krishna Augusta Mezz,
LLC, a Delaware limited liability company, Shiv Savannah Mezz, LLC, a Delaware limited liability company, and Hare Krishna Greenville
Mezz, LLC, a Delaware limited liability company (“Mezzanine Borrower”) and Kore Fund Ltd., a company
organized under the laws of the Cayman Islands (in such capacity, “Mezzanine Lender”).

		2.	$3,000,000.00 Mezzanine Promissory Note, made by Mezzanine Borrower in favor of Mezzanine Lender.

		3.	UCC-1 Financing Statement, naming Hare Krishna Chamblee Mezz, LLC as debtor and Mezzanine Lender
as secured party, to be filed with the Delaware Secretary of State.

		4.	UCC-1 Financing Statement, naming Hare Krishna Augusta Mezz, LLC as debtor and Mezzanine Lender
as secured party, to be filed with the DE SOS.

		5.	UCC-1 Financing Statement, naming Hare Krishna Greenville Mezz, LLC as debtor and Mezzanine Lender
as secured party, to be filed with the DE SOS.

		6.	UCC-1 Financing Statement, naming Shiv Savannah Mezz, LLC as debtor and Mezzanine Lender as secured
party, to be filed with the DE SOS.

		7.	Pledge and Security Agreement made by Mezzanine Borrower for the benefit of Mezzanine Lender.

		8.	Membership Interest Certificate evidencing 99% of interests in Hare Krishna Greenville Hotel, LLC
held by Hare Krishna Greenville Mezz, LLC.

		9.	Membership Interest Certificate evidencing 99% of interests in Hare Krishna Chamblee Hotel, LLC
held by Hare Krishna Chamblee Mezz, LLC.

		10.	Membership Interest Certificate evidencing 99% of interests in Hare Krishna Augusta Hotel, LLC
held by Hare Krishna Augusta Mezz, LLC.

		11.	Membership Interest Certificate evidencing 99% of interests in Shiv Savannah Hotel, LLC held by
Shiv Savannah Mezz, LLC.

		12.	Membership Interest Certificate evidencing 100% of interests in Hare Krishna Greenville Mortgage,
LLC held by Hare Krishna Greenville Mezz, LLC.

		13.	Membership Interest Certificate evidencing 100% of interests in Hare Krishna Augusta Mortgage,
LLC held by Hare Krishna Augusta Mezz, LLC.

    C-1 

    	 

    

		14.	Membership Interest Certificate evidencing 100% of interests in Hare Krishna Chamblee Mortgage,
LLC held by Hare Krishna Chamblee Mezz, LLC.

		15.	Membership Interest Certificate evidencing 100% of interests in Shiv Savannah Mortgage, LLC held
by Shiv Savannah Mezz, LLC.

		16.	Membership Interest Power made by Hare Krishna Augusta Mezz, LLC to blank and undated (Hare Krishna
Augusta Hotel, LLC).

		17.	Membership Interest Power made by Mezzanine Borrower to blank and undated (Hare Krishna Greenville
Hotel, LLC).

		18.	Membership Interest Power made by Hare Krishna Chamblee Mezz, LLC to blank and undated (Hare Krishna
Chamblee Hotel, LLC).

		19.	Membership Interest Power made by Shiv Savannah Mezz, LLC to blank and undated (Shiv Savannah Hotel,
LLC).

		20.	Membership Interest Power made by Shiv Savannah Mezz, LLC to blank and undated (Shiv Savannah Mortgage,
LLC).

		21.	Membership Interest Power made by Hare Krishna Greenville Mezz, LLC to blank and undated (Hare
Krishna Greenville Mortgage, LLC).

		22.	Membership Interest Power made by Hare Krishna Chamblee Mezz, LLC to blank and undated (Hare Krishna
Chamblee Mortgage, LLC).

		23.	Membership Interest Power made by Hare Krishna Augusta Mezz, LLC to blank and undated (Hare Krishna
Augusta Mortgage, LLC).

		24.	Acknowledgement of Pledge made by Shiv Savannah Hotel, LLC, Hare Krishna Augusta Hotel, LLC, Hare
Krishna Chamblee Hotel, LLC and Hare Krishna Greenville Hotel, LLC, each a Georgia limited liability company to Mezzanine Lender.

		25.	Acknowledgement of Pledge made by Shiv Savannah Mortgage, LLC, Hare Krishna Augusta Mortgage, LLC,
Hare Krishna Chamblee Mortgage, LLC and Hare Krishna Greenville Mortgage, LLC, each a Delaware limited liability company to Mezzanine
Lender.

		26.	Consent and Subordination of Manager, made by Global Hotel Group & Management LLC, a Georgia
limited liability company (“Property Manager”), and agreed and consented to by Mezzanine Borrower.

		27.	Mezzanine Guaranty of Recourse Obligations, made by Subhash Patel and Vijaykumar Patel, each an
individual (“Guarantor”) in favor of Mezzanine Lender.

 

 

 

    C-2 

    	 

    

EXHIBIT D

Permitted Fund Managers

		1.	Apollo Real Estate Advisors, L.P.

		2.	Blackrock, Inc.

		3.	The Blackstone Group International, Ltd.

		4.	Clarion Partners

		5.	iStar Financial Inc.

		6.	Lonestar Opportunity Fund

		7.	Walton Street Capital LLC

		8.	Westbrook Partners

		9.	Colony Capital, Inc.

		10.	Praedium Group

		11.	Starwood Financial Trust

		12.	Prime Financial

		13.	Cerberus Capital Management

		14.	Centerbridge Capital Partners

		15.	KSL Capital Partners

		16.	Oak Tree Capital Partners

		17.	The Carlyle Group

		18.	Normandy Real Estate Partners

		19.	Guggenheim Partners

		20.	Goldman Sachs Real Estate Mezzanine Partners

		21.	Rialto Capital

 

    D-1Exhibit 4.10

EXECUTIVE VERSION

 

 

Crescent Gateway

 

 

 

CO-LENDER AGREEMENT

Dated as of March 10, 2021

by and between

BSPRT CMBS Finance, LLC

(Note A-1 Holder)

and

BSPRT CMBS Finance, LLC

(Note A-2 Holder)

 

 

    	 		 

    	 

    

 

TABLE OF CONTENTS

Page

	1.   Definitions; Conflicts.	1
	2.   Servicing of the Mortgage Loan.	13
	3.   Priority of  Notes.	15
	4.   Workout.	15
	5.   Accounts; Payment Procedure.	15
	6.   Limitation on Liability.	16
	7.   Representations of the Holders.	16
	8.   Independent Analyses of each Holder.	17
	9.   No Creation of a Partnership or Exclusive Purchase Right.	17
	10.   Not a Security.	18
	11.   Other Business Activities of the Holders.	18
	12.   Transfer of Notes.	18
	13.   Registration of Transfer.	20
	14.   Registration of Note A-1 and Note A-2.	20
	15.   Statement of Intent.	21
	16.   Exercise of Remedies by the Servicer.	21
	17.   Rights of the Directing Holder.	23
	18.   Appointment of Special Servicer.	24
	19.   Rights of the Non-Directing Holder.	25
	20.   Advances; Reimbursement of Advances.	26
	21.   Provisions Relating to Securitization.	27
	22.   Governing Law; Waiver of Jury Trial.	32
	23.   Submission To Jurisdiction; Waivers.	33
	24.   Modifications.	33
	25.   Successors and Assigns; Third Party Beneficiaries.	33
	26.   Counterparts.	34
	27.   Captions.	34
	28.   Notices.	34
	29.   Severability.	34
	30.   Entire Agreement.	34
	31.   Withholding Taxes.	34
	32.   Custody of Mortgage Loan Documents.	35
	33.   Certain Matters Affecting the Agent.	35
	34.   Termination of Agent.	36

 

    		-i-	 

    	 

    

 

THIS CO-LENDER
AGREEMENT (the “Agreement”), dated as of March 10, 2021, is by and between BSPRT CMBS Finance, LLC, a
Delaware limited liability company (“BSP”), having an address at 1345 Avenue of the Americas, Suite 32A, New
York, New York 10105, as the holder of Note A-1, BSP in its capacity as initial agent, the “Initial Agent”
and BSP, as the holder of Note A-2.

W I T N E S S E T H:

WHEREAS, BSP has
made a mortgage loan in the original principal amount of $48,000,000 (the “Mortgage Loan”) to Bradley Arlington,
LLC (the “Borrower”) pursuant to a loan agreement between the Borrower, as borrower, and BSP, as lender, dated
as of February 3, 2021 (the “Loan Agreement”), which Mortgage Loan was evidenced by a single promissory note
in the original principal amount of $48,000,000 (the “Original Promissory Note”);

WHEREAS, the Mortgage
Loan is secured by a first mortgage lien (the “Mortgage”) on the Borrower’s fee interest in the property
known as Crescent Gateway, 6917, 6931, 6933 and 6937 Arlington Road, Bethesda, Maryland (the “Mortgaged Property”);

WHEREAS, the Mortgage
Loan is presently evidenced by the following promissory notes: Promissory Note A-1 in the original principal amount of
$32,000,000 and Promissory Note A-2 in the original principal amount of $16,000,000 (“Note A-1”
and “Note A-2” respectively and individually, each, a “Note” and collectively
the “Notes”);

WHEREAS, BSP intends
to sell, transfer and assign all of its right, title and interest in and to Note A-1 to Barclays Commercial Mortgage Securities
LLC (“BBCMS”), as depositor, pursuant to a Mortgage Loan Purchase Agreement dated as of February 17, 2021, among
BBCMS, as purchaser, Benefit Street Partners Realty Trust, Inc. and BSP, as seller, and BBCMS, as purchaser, intends to transfer
its right, title and interest in and to Note A-1 to Wells Fargo Bank, National Association, as trustee for the BBCMS Mortgage Trust
2021-C9 under a pooling and servicing agreement, dated as of March 1, 2021 (the “Note A-1 PSA”), between BBCMS,
as depositor, Midland Loan Services, a Division of PNC Bank, as master servicer and as special servicer, Wells Fargo Bank, National
Association, as certificate administrator and as trustee and Park Bridge Lender Services LLC, as operating advisor and as asset
representations reviewer (such sales, transfers and assignments, the “Note A-1 Securitization”);

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

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

    	 		 

    	 

    

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

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

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

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

“Affiliate”
shall mean, with respect to any specified Person, any other Person Controlling or Controlled by or under common Control with such
specified Person.

“Agent”
shall mean the Initial Agent or such Person to whom the Initial Agent shall delegate its duties hereunder, and from and after the
Note A-1 Securitization Date shall mean the Master Servicer in its role as “Companion Paying Agent” (or equivalent
term) under the Servicing Agreement.

“Agent Office”
shall mean the designated office of the Agent in the State of New York, which office at the date of this Agreement is located at
1345 Avenue of the Americas, Suite 32A, New York, New York 10105, and which is the address to which notices to and correspondence
with the Agent should be directed. The Agent may change the address of its designated office by notice to the Holders.

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

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

“Asset Status
Report” shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in
the Servicing Agreement.

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

“BSP”
shall mean BSPRT CMBS Finance, LLC, and its successors in interest.

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

    	 		 

    	 

    

 

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

“CLO”
shall have the meaning assigned to such term in the definition of “Qualified Transferee.”

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

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

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

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

“Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of an entity, whether through the ability to exercise voting power, by contract or otherwise, and the terms “Controlling”
and “Controlled” have meanings correlative to the foregoing.

“CREFC®
Investor Reporting Package®” shall have the meaning assigned to such term or an analogous term in the
Servicing Agreement.

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

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

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

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

    	 		 

    	 

    

 

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

“Excluded
Amounts” shall mean:

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

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

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

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

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

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

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

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

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

“Lead Note”
shall mean Note A-1.

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

“Lead Securitization”
shall mean the trust established under the Note A-1 Securitization.

“Lead Securitization
Trust” shall mean the trust established under the Note A-1 Securitization.

    	 		 

    	 

    

 

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

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

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

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

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

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

“Master Servicer
Remittance Date” shall mean:

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

(ii)              
with respect to Note A-2, the earlier of (a) the “Master Servicer Remittance Date” (or analogous term) as defined
in the Servicing Agreement or (b) the first Business Day after the “determination date,” as such term or a similar
term is defined in the Note A-2 PSA, provided, however, that no remittance is required to be made until two Business Days after
receipt of the scheduled monthly payment with respect to the Mortgage Loan.

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

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

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

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

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

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

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

    	 		 

    	 

    

 

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

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

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

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

“Non-Directing
Holder” shall mean the Note A-2 Holder or, if Note A-2 is included in a Securitization, the holders of Certificates representing
the specified interest in the class of Certificates designated as the “controlling class” or the duly appointed representative
of the holders of such Certificates or such other party otherwise entitled under the Note A-2 PSA, to exercise the rights granted
to the Non-Directing Holder in this Agreement. If Note A-2 is no longer in a Securitization, the Non-Directing Holder
with respect to such Note will be the then-current Holder of such Note.

“Non-Exempt
Person” shall mean any Person other than a Person who is either (i) a U.S. Person or (ii) has on file with the Agent
for the relevant year such duly-executed form(s) or statement(s) which may, from time to time, be prescribed by law and which,
pursuant to applicable provisions of (A) any income tax treaty between the United States and the country of residence of such Person,
(B) the Code or (C) any applicable rules or regulations in effect under clauses (A) or (B) above, permit Note A-1 Holder to
make such payments free of any obligation or liability for withholding.

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

“Non-Lead
Note” shall mean Note A-2.

“Non-Lead
Note Holder” shall mean the holder of the Non-Lead Note.

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

“Non-Lead
Servicing Agreement” shall mean the Note A-2 PSA.

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

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

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

    	 		 

    	 

    

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    	 		 

    	 

    

 

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

“Note A-2
Trust Fund” shall mean the trust formed pursuant to the Note A-2 PSA.

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

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

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

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

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

“Permitted
Fund Manager” shall mean any Person (a) listed on Exhibit C attached hereto or (b) that on the
date of determination is (i) a other nationally-recognized manager of investment funds investing in debt or equity interests
relating to commercial real estate, (ii) investing through one or more funds with committed capital of at least $100,000,000
and (iii) not subject to a proceeding, whether voluntary or involuntary, relating to the bankruptcy, insolvency, reorganization
or relief of debtors.

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

“Pro Rata
and Pari Passu Basis” shall mean with respect to the Notes and each Holder, (i) for purposes of allocating payments
of interest among the Notes, each Note or Holder, as the case may be, is allocated its respective pro rata share based on the interest
accrued on such Note at the respective Mortgage Interest Rate of such Note based on the outstanding principal balance of such Note
and (ii) for all other purposes, the allocation of any particular payment, collection, cost, expense, liability or other amount
between such Notes or such Holders, as the case may be, without any priority of any such Note or any such Holder over another Note
or Holder, as the case may be, and in any event such that each Note or Holder, as the case may be, is allocated its respective
pro rata share based on the principal balance of its Note in relation to the principal balance of the entire Mortgage Loan of such
particular payment, collection, cost, expense, liability or other amount.

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

    	 		 

    	 

    

 

“Qualified
Servicer” shall mean any nationally recognized commercial mortgage loan servicer (1) rated at least “CSS3,”
in the case of a special servicer, or at least “CMS2,” in the case of a master servicer, by Fitch, (2) on the
S&P Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable,
(3) as to which neither Moody’s nor KBRA has cited servicing concerns of such servicer as the sole or material factor
in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a
ratings downgrade or withdrawal) of securities in any CMBS transaction rated by Moody’s or KBRA, as applicable, and serviced
by such servicer prior to the time of determination, (4) a servicer that (i) during the 12-month period prior to the date
of determination, acted as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization rated
by Morningstar and (ii) Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or
more classes of such certificates citing servicing concerns with the servicer or special servicer, as applicable, as the sole or
material factor in such rating action and (5) in the case of DBRS, that within the twelve (12) month period prior to the date of
determination such servicer was acting as servicer or special servicer, as applicable, in a commercial mortgage loan securitization
that was rated by DBRS and DBRS has not downgraded or withdrawn the then current rating on any class of commercial mortgage securities
or placed any class of commercial mortgage securities on watch citing the continuation of such servicer as servicer or special
servicer, as applicable, of such commercial mortgage securities as a material reason for such downgrade or withdrawal. For purposes
of this definition, for so long as any Note is included in a Securitization, the ratings or actions of any Rating Agency that is
not rating any such Securitization(s) shall not be considered.

“Qualified
Transferee” shall mean:

(a) an Affiliate of
BSP, Rialto Real Estate Fund III - Debt, LP or an Affiliate, Natixis, New York Branch, or one or more of the following (other than
the Borrower or any entity which is an Affiliate of the Borrower):

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

(ii)              
an investment company, money management firm or a “qualified institutional buyer” within the meaning of Rule
144A under the Securities Act of 1933, as amended, or an “accredited investor” within the meaning of Rule 501(a)(1),
(2), (3) or (7) of Regulation D under the Securities Act of 1933, as amended, that regularly engages in the business of making
or owning investments of types similar to the Mortgage Loan, or

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

(iv)               
a Qualified Trustee (or, in the case of a CLO, a single purpose bankruptcy remote entity that contemporaneously assigns
or pledges a Note, or a participation interest therein (or any portion thereof) to a Qualified Trustee) in

    	 		 

    	 

    

 

connection with (a) a securitization
of, (b) the creation of collateralized debt obligations (“CLO”) secured by, or (c) a financing through
an “owner trust” of, a Note or any interest therein (any of the foregoing, a “Securitization Vehicle”),
provided that either (1) one or more classes of securities issued by such Securitization Vehicle is initially rated
at least investment grade by at least two nationally recognized credit rating agencies; (2)  the special servicer for the
Securitization Vehicle is a Qualified Servicer at the time of transfer; or (3) in the case of a Securitization Vehicle that
is a CLO, the CLO Asset Manager and, if applicable, each Intervening Trust Vehicle that is not administered and managed by a CLO
Asset Manager that is a Qualified Transferee, are each a Qualified Transferee under clauses (i), (ii) or (iii) of this definition,
or

(v)              
an investment fund, limited liability company, limited partnership or general partnership in which a Permitted Fund Manager
acts as the general partner, managing member, or the fund manager responsible for the day to day management and operation of such
investment vehicle, or

(vi)               
 an institution substantially similar to any of the foregoing, or

(vii)              
any Person that is otherwise a Qualified Transferee but is acting in an agency capacity in connection with a lending syndicate,
so long as more than fifty percent (50%) of the lenders in the lending syndicate (by loan balance or committed loan amounts) are
Qualified Transferees,

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

(b) any entity approved
by the Rating Agencies hereunder as a Qualified Transferee for purposes of this Agreement, or as to which the Rating Agencies have
stated they would not review such entity in connection with the subject transfer; or

For purposes of this
definition only, “Control” means the ownership, directly or indirectly, in the aggregate of more than fifty
percent (50%) of the beneficial ownership interests of an entity and the possession, directly or indirectly, of the power to direct
or cause the direction of the management or policies of an entity, whether through the ability to exercise voting power, by contract
or otherwise (“Controlled” has the meaning correlative thereto).

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

    	 		 

    	 

    

 

unsecured debt is then rated in one
of the top two rating categories of each of the applicable Rating Agencies.

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

“Rating Agency
Confirmation” shall mean each of the applicable Rating Agencies for each Securitization shall have confirmed in writing
that the occurrence of the event with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade,
qualification or withdrawal of the applicable rating or ratings ascribed by such Rating Agency to any of the Certificates then
outstanding. In the event that no Certificates are outstanding or none of the Notes are included in a Securitization, any action
that would otherwise require a Rating Agency Confirmation shall require the consent of the Note A-1 Holder, which consent
shall not be unreasonably withheld, conditioned or delayed.

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

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

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

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

    	 		 

    	 

    

 

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

“Securitization”
shall mean the Note A-1 Securitization and the Note A-2 Securitization, as the context requires.

“Securitization
Servicing Agreement” shall mean the Note A-1 PSA.

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

“Servicing
Agreement” shall mean the Securitization Servicing Agreement or subsequent servicing agreement entered into pursuant
to Section 3(d).

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

“Servicing
Fee Rate” shall have the meaning applied to such term in the Servicing Agreement, being the rate per annum which, when
applied to the Mortgage Loan Principal Balance (which may be a different rate with respect to each of the Notes), will determine
the servicing fee payable to the Master Servicer under the Servicing Agreement.

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

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

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

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

“Special
Servicing Fee” shall have the meaning given to such term or an analogous term in the Servicing Agreement.

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

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

    	 		 

    	 

    

 

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

2.                 
Servicing of the Mortgage Loan. (a) Each Holder acknowledges and agrees that, subject in each case to the specific
terms of this Agreement, the Mortgage Loan shall be serviced by the Note A-1 Master Servicer and the Note A-1 Special Servicer
pursuant to the terms of this Agreement and the Note A-1 PSA. Each Holder agrees to reasonably cooperate with each Servicer
with respect to its exercise of its rights and obligations under the Servicing Agreement.

(b)              
The Note A-1 PSA and Note A-2 PSA shall contain terms and conditions that are customary for securitization transactions
involving assets similar to the Mortgage Loan and that are otherwise (i) required by the Code relating to the tax elections
of the Note A-1 Trust Fund and the Note A-2 Trust Fund, (ii) required by law or changes in any law, rule or regulation
or (iii) requested by the Rating Agencies rating the Note A-1 Securitization or the Note A-2 Securitization. In addition,
the Note A-1 PSA and Note A-2 PSA shall have such additional provisions as are set forth in Section 21. The Note A-1
Holder shall have the right to designate the Master Servicer and Special Servicer for the Note A-1 Securitization as long as each
such party is a Qualified Servicer.

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

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

    	 		 

    	 

    

 

(e)              
 Notwithstanding anything to the contrary contained herein (including Sections 4 and 16(a)), each Servicing
Agreement shall provide that the Servicer shall be required to service and administer the Mortgage Loan in accordance with the
Servicing Standard as set forth in such Servicing Agreement, and any Holder who is not the Borrower or an Affiliate of the Borrower
shall be deemed a third-party beneficiary of such provisions of the Servicing Agreement that run to the benefit of such Holder.
It is understood that the Non-Lead Note Holder may separately appoint a servicer for the Non-Lead Note, by itself or together with
other assets, but any such servicer will have no responsibility hereunder and shall be compensated solely by the Non-Lead Note
Holder from funds payable to it hereunder or otherwise.

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

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

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

3.                 
Priority of Notes. Note A-1 and Note A-2 shall be of equal priority, and no portion of any of Note A-1
or Note A-2 shall have priority or preference over any portion of the other Note or security therefor. Except for the
Excluded Amounts, all amounts tendered by the Borrower or otherwise available for payment on the Mortgage Loan, whether received
in the form of Monthly Payments, a balloon payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other
instrument serving as security on the Mortgage Loan, proceeds under title, hazard or other insurance policies or awards or settlements
in respect of

    	 		 

    	 

    

 

condemnation proceedings or similar
exercise of the power of eminent domain shall be distributed by the Master Servicer and applied to Note A-1 and Note A-2
on a Pro Rata and Pari Passu Basis.

The Servicing Agreement
may provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to (i) pay the Master Servicer,
the Trustee or the Special Servicer for interest accrued on any Property Advances, (ii) to pay the parties to any Securitization
for interest accrued on any P&I Advance, (iii) to pay certain other expenses incurred with respect to the Mortgage Loan
and (iv) to pay to the Master Servicer and/or the Special Servicer as additional servicing compensation, except that, for
so long as Note A-2 is not included in a Securitization, any Penalty Charges allocated to Note A-2 that are not
applied pursuant to clauses (i)-(iii) above shall be remitted to the respective Holder and shall not be paid to the Master Servicer
and/or the Special Servicer without the express consent of such Holder.

4.                 
Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the
Servicing Agreement and Section 16 of this Agreement, and the obligation to act in accordance with the Servicing Standard,
if the Lead Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms
thereof such that (i) the Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced, (iii) payments
of interest or principal on Note A-1 or Note A-2 are waived, reduced or deferred or (iv) any other adjustment
is made to any of the payment terms of the Mortgage Loan, such modification shall not alter, and any modification of the Mortgage
Loan Documents shall be structured to preserve, the equal priorities of Note A-1 and Note A-2 as described in
Section 3.

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

If any Servicer holding
or having distributed any amount received or collected in respect of Note A-1 or Note A-2 determines, or a court
of competent jurisdiction orders, at any time that any amount received or collected in respect of Note A-1 or Note A-2
must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Borrower or
paid to the Note A-1 Holder, the Note A-2 Holder, or any Servicer or paid to any other Person, then, notwithstanding
any other provision of this Agreement, no Servicer shall be required to distribute any portion thereof to the Note A-1 Holder or
the Note A-2 Holder, as

    	 		 

    	 

    

 

applicable, and the Note A-1 Holder
or the Note A-2 Holder, as applicable, shall promptly on demand repay to such Servicer the portion thereof that has been distributed
to the Note A-1 Holder or the Note A-2 Holder, as applicable, together with interest thereon at such rate, if any, as such Servicer
shall have been required to pay to the Borrower, the Note A-1 Holder, the Note A-2 Holder, any Servicer or such
other person or entity with respect thereto. Each of the Note A-1 Holder and the Note A-2 Holder agrees that
if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan in excess of its distributable
share thereof, it will promptly remit such excess to the Master Servicer. The Master Servicer shall have the right to offset any
amounts due hereunder from the Note A-1 Holder or the Note A-2 Holder, as applicable, with respect to the Mortgage
Loan against any future payments due to the Note A-1 Holder or the Note A-2 Holder, as applicable, under the
Mortgage Loan, provided, that the obligations of the Note A-1 Holder and the Note A-2 Holder under this
Section 5 are separate and distinct obligations from one another and in no event shall any Servicer enforce the obligations
of any Holder against any other Holder. The obligations of the Note A-1 Holder and the Note A-2 Holder under
this Section 5 constitute absolute, unconditional and continuing obligations and each Servicer shall be deemed a third-party
beneficiary of these provisions.

6.                 
Limitation on Liability. Subject to the terms of the Servicing Agreement, no Holder (including the Master Servicer
or the Special Servicer on its behalf) shall have any liability to any other Holder with respect to any Note, except (1) with
respect to the Advance reimbursement provisions set forth in Section 20 and (2) with respect to losses actually
suffered due to the gross negligence, willful misconduct or material breach of this Agreement on the part of such Holder (including
the Master Servicer or the Special Servicer on its behalf, except that the Master Servicer’s or Special Servicer’s
liability may be further limited or expanded as set forth in the Servicing Agreement).

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

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

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

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

    	 		 

    	 

    

 

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

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

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

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

(viii)           
It is a Qualified Transferee.

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

9.                 
No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken
pursuant hereto, shall be deemed to constitute among any Holder (or the Master Servicer, Special Servicer or Trustee on its behalf)
and any other Holder a partnership, association, joint venture or other entity. Each Holder (or the Master Servicer, Special Servicer
or Trustee on its behalf) shall have no obligation whatsoever to offer to the other Holder the opportunity to purchase notes or
interests relating to any future loans originated by such Holder or any of its Affiliates, and if any Holder chooses to offer to
the other Holder, the opportunity to purchase notes or interests in any future mortgage loans originated by such Holder or its
Affiliates, such offer shall be at such purchase price and interest rate as such Holder chooses, in its sole and absolute discretion.
Neither Holder shall have any obligation whatsoever to purchase from the other Holder any notes or interests in any future loans
originated by the other Holder or any of its Affiliates.

    	 		 

    	 

    

 

10.             
 Not a Security. Neither of Note A-1 nor Note A-2 shall be deemed to be a security within the meaning
of the Securities Act of 1933 or the Securities Exchange Act of 1934.

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

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

(b)              
Except for a Transfer made in connection with a Securitization or a Transfer made by an initial Holder to (i) an Affiliate
or (ii) Rialto Real Estate Fund III - Debt, LP or an Affiliate, the transferring Holder shall provide to the other Holder and,
if any Certificates are outstanding, to the Rating Agencies, a certification that such transfer will be made in accordance with
this Section 12, such certification to include (1) the name and contact information of the transferee and (2) if
applicable, a certification by the transferee that it is a Qualified Transferee.

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

    	 		 

    	 

    

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

    	 		 

    	 

    

 

similar agreement between the pledging
Holder and the Note Pledgee and this Agreement. In such event, or if the pledging Holder otherwise assigns its interests to the
Note Pledgee, the other Holder and the Servicer shall recognize such Note Pledgee (and any transferee other than the Borrower or
any Affiliate thereof that is also a Qualified Transferee at any foreclosure or similar sale held by such Note Pledgee or any transfer
in lieu of foreclosure), and its successor and assigns, as the successor to the pledging Holder’s rights, remedies and obligations
under this Agreement, and any such Note Pledgee or Qualified Transferee shall assume in writing the obligations of the pledging
Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note Pledgee) and
agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 12(d) shall
remain effective as to any Holder (and any Servicer) unless and until such Note Pledgee shall have notified such Holder (and any
Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

13.             
Registration of Transfer. In connection with any Transfer of a Note (but excluding any Note Pledgee unless and until
it realizes on its Pledge), except for transfer of a participation interest, a transferee shall execute an assignment and assumption
agreement whereby such transferee assumes all of the obligations of the applicable Holder hereunder with respect to such Note thereafter
accruing and agrees to be bound by the terms of this Agreement, including the restriction on Transfers set forth in Section
12, from and after the date of such assignment. Notwithstanding the preceding sentence, a Trustee shall not be required to
execute an assignment and assumption agreement in connection with any Transfer of a Note if the obligations are assumed pursuant
to the Servicing Agreement. No transfer of a Note may be made unless it is registered on the Note Register, and the Agent shall
not recognize any attempted or purported transfer of any Note in violation of the provisions of Section 12 and this Section 13.
Any such purported transfer shall be absolutely null and void and shall vest no rights in the purported transferee. Each Holder
desiring to effect such transfer shall, and does hereby agree to, indemnify the Agent and any other Holder against any liability
that may result if the transfer is not made in accordance with the provisions of this Agreement. Upon a Securitization of Note
A-1, the Certificate Administrator shall automatically become and be the Agent.

14.             
Registration of Note A-1 and Note A-2. The Agent shall keep or cause to be kept at the Agent Office books (the “Note
Register”) for the registration and transfer of the Notes. The Agent shall serve as the initial Note registrar and the
Agent hereby accepts such appointment. The names and addresses of the holders of the Notes, the principal amount (and stated interest)
of the Notes owing to each Holder and the names and addresses of any transferee of any Note of which the Agent has received notice,
in the form of a copy of the assignment and assumption agreement referred to in Section 13, shall be registered in the Note
Register. The Person in whose name a Note is so registered shall be deemed and treated as the sole owner and holder thereof for
all purposes of this Agreement, except in the case of the initial Note A-1 Holder and the initial Note A-2 Holder who may hold
their Notes through a nominee. Upon request of a Holder, the Agent shall provide such party with the names and addresses of the
Holders. To the extent another party is appointed as Agent hereunder, the Note A-1 Holder and the Note A-2 Holder hereby designates
such person as its agent under this Section 14 solely for purposes of maintaining the Note Register.

    	 		 

    	 

    

 

15.             
 Statement of Intent. The Agent and each Holder intend that the Notes be classified and the arrangement hereby be
maintained, in a manner consistent with rules applicable to a grantor trust under subtitle A, chapter 1, subchapter J, part I,
subpart E of the Code that is a fixed investment trust within the meaning of Treasury Regulation §301.7701-4(c), and the parties
will not take any action inconsistent with such classification. It is neither the purpose nor the intent of this Agreement to create
a partnership, joint venture, “taxable mortgage pool” or association taxable as a corporation among the parties.

16.             
Exercise of Remedies by the Servicer. (a)  Subject to the terms of this Agreement and the Servicing Agreement
and subject to the rights and consents, where required, of the Directing Holder, the Servicer shall have the sole and exclusive
authority with respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including,
without limitation, the sole and exclusive authority to (i) modify or waive any of the terms of the Mortgage Loan Documents,
(ii) consent to any action or failure to act by the Borrower or any party to the Mortgage Loan Documents, (iii) vote
all claims with respect to the Mortgage Loan in any bankruptcy, insolvency or other similar proceedings and (iv) to take legal
action to enforce or protect the Holders’ interests with respect to the Mortgage Loan or to refrain from exercising any powers
or rights under the Mortgage Loan Documents, including the right at any time to call or waive any Events of Default, or accelerate
or refrain from accelerating the Mortgage Loan or institute any foreclosure action, and the Holders shall have no voting, consent
or other rights whatsoever with respect to the Servicer’s administration of, or exercise of its rights and remedies with
respect to, the Mortgage Loan other than as provided in the Servicing Agreement. Subject to the terms and conditions of the Servicing
Agreement, the Servicer shall have the sole and exclusive authority to make Property Advances with respect to the Mortgage Loan.
Except as otherwise provided in this Agreement, each Holder agrees that it shall have no right to, and hereby presently and irrevocably
assigns and conveys to the Servicer the rights, if any, that such Holder has to (A) call or cause the Servicer to call an
Event of Default under the Mortgage Loan, or (B) exercise any remedies with respect to the Mortgage Loan or the Borrower,
including, without limitation, filing or causing the Lead Note Holder or such Servicer to file any bankruptcy petition against
the Borrower. Each Holder shall, from time to time, execute such documents as any Servicer shall reasonably require to evidence
such assignment with respect to the rights described in clause (iii) of the first sentence in this Section 16(a).

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

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

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

    	 		 

    	 

    

 

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

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

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

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

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

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

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

The authority of
the Lead Note Holder to sell the Non-Lead Note, and the obligations of the Non-Lead Note Holder to execute and deliver instruments
or deliver the Non-Lead Note upon request of the Lead Note Holder, shall terminate and cease to be of any further force or effect
upon the date, if any, upon which the Lead Note is repurchased by BSP, as the initial Note A-1 Holder from the trust fund
established under the Servicing Agreement in connection with a material breach of representation or warranty made by the initial
Note A-1 Holder with respect to the Lead Note or material document defect with respect to the documents

    	 		 

    	 

    

 

delivered by BSP, as the initial
Note A-1 Holder with respect to the Lead Note upon the consummation of the Lead Securitization.

(d)              
Notwithstanding anything to the contrary contained herein, the exercise by the Servicer on behalf of the Holders of its
rights under this Section 16 shall be subject in all respects to any section of the Servicing Agreement governing REMIC
administration, and in no event shall the Servicer be permitted to take any action or refrain from taking any action if taking
or failing to take such action, as the case may be, would violate the laws of any applicable jurisdiction, breach the Mortgage
Loan Documents or be inconsistent with the Servicing Standard or violate any other provisions of the Servicing Agreement or violate
the REMIC provisions of the Code or any regulations promulgated thereunder, including, without limitation, the provisions of Section 2(g) of
this Agreement.

17.             
Rights of the Directing Holder.(a) (a) The Directing Holder shall be entitled to exercise the rights and powers granted
to the Directing Holder hereunder and the rights and powers granted to the “Directing Holder,” “Controlling Class
Certificateholder,” “Controlling Class Representative”, “Owner” or similar party under, and as defined
in, the Servicing Agreement with respect to the Mortgage Loan. In addition, the Directing Holder shall be entitled to advise (1) the
Special Servicer with respect to all matters related to a Specially Serviced Mortgage Loan and (2) the Special Servicer with
respect to all matters for which the Master Servicer must obtain the consent or deemed consent of the Special Servicer, and, except
as set forth below (i) the Master Servicer shall not be permitted to take any Major Action unless it has obtained the prior
written consent of the Special Servicer and (ii) the Special Servicer shall not be permitted to consent to the Master Servicer’s
taking any Major Action nor will the Special Servicer itself be permitted to take any Major Action as to which the Directing Holder
has objected in writing within ten (10) Business Days (or 30 days with respect to an Acceptable Insurance Default) after receipt
of the written recommendation and analysis and such additional information requested by the Directing Holder as may be necessary
in the reasonable judgment of the Directing Holder in order to make a judgment with respect to such Major Action. The Directing
Holder may also direct the Special Servicer to take, or to refrain from taking, such other actions with respect to the Mortgage
Loan as the Directing Holder may deem advisable, subject to the terms of the Servicing Agreement.

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

(c)              
In the event that the Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by the
Servicing Agreement to take such action), as applicable, determines that immediate action, with respect to the foregoing matters,
or any other matter requiring consent of the Directing Holder is necessary to protect the interests of the Holders (as a collective
whole) and the Special Servicer has made a reasonable effort to contact

    	 		 

    	 

    

 

the Directing Holder, the Master Servicer
or the Special Servicer, as the case may be, may take any such action without waiting for the Directing Holder’s response.

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

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

The Holders acknowledge
that the Servicing Agreement may contain certain provisions that give an operating advisor certain non-binding consultation rights
with respect to Major Actions.

18.             
Appointment of Special Servicer. Subject to the terms of the Servicing Agreement, the Directing Holder shall have
the right at any time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to
the Mortgage Loan and appoint a Qualified Servicer as the replacement Special Servicer in lieu thereof. The Directing Holder shall
designate a Person to serve as Special Servicer by delivering to the other Holder and the parties to the Note A-1 PSA
and the Note A-2 PSA a written notice stating such designation and by satisfying the other conditions required under the Servicing
Agreement (including, without limitation, a Rating Agency Confirmation, if required by the terms of the Servicing Agreement), if
any.

The Directing Holder
agrees and acknowledges that the Special Servicer could be terminated under the Servicing Agreement in connection with a “servicer
termination event” thereunder, or otherwise based on a recommendation by the operating advisor under the Servicing Agreement
if (1) the operating advisor determines, in its sole discretion exercised in good faith, that (a) the Special Servicer has failed
to comply with the Servicing Standard and (b) a replacement of the Special Servicer would be in the best interest of the holders
of Certificates

    	 		 

    	 

    

 

issued under the Servicing Agreement
(as a collective whole) and (2) the affirmative vote of the requisite certificate holders is obtained. The Directing Holder will
retain its right to remove and replace the Special Servicer, but the Directing Holder may not restore a Special Servicer that has
been removed in accordance with the preceding sentence.

19.             
Rights of the Non-Directing Holder. (a)  The Servicing Agreement shall provide that the Servicer shall
be required:

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

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

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

(c)              
In addition to the foregoing non-binding consultation rights, the Non-Directing Holder shall have the right to annual conference
calls with the Master Servicer or the Special Servicer, upon reasonable notice and at times reasonably acceptable to the Master

    	 		 

    	 

    

 

Servicer or the Special Servicer, as
applicable, in which servicing issues related to the Mortgage Loan are discussed.

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

(e)              
Any Non-Directing Holder that is the Borrower or an Affiliate of the Borrower shall not be entitled to any of the rights
set forth in this Section 19.

20.             
Advances; Reimbursement of Advances. (a)  From time to time, (i) pursuant to terms of the Servicing
Agreement, the Lead Servicer and/or the related Trustee may be obligated to make (1) Property Advances with respect to the
Mortgage Loan or the Mortgaged Property and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the
terms of the Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated to
make P&I Advances with respect to the Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make
any P&I Advance with respect to the Non-Lead Note and the related Non-Lead Master Servicer and/or the related Trustee will
not be required to make any P&I Advance with respect to any Lead Note or any Property Advance. The Lead Servicer, the Non-Lead
Master Servicer and any Trustee will be entitled to interest on any Advance made in the manner and from the sources provided in
the Note A-1 PSA and the Note A-2 PSA, as applicable.

(b)              
The Lead Servicer and the related Trustee, as applicable, will be entitled to reimbursement for a Property Advance, first
from the Collection Account established with respect to the Mortgage Loan, and then, if such Property Advance is a Nonrecoverable
Advance, if such funds on deposit in the Collection Account are insufficient, from general collections of the Lead Securitization
as provided in the Servicing Agreement.

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

(d)              
The parties to each of the Note A-1 PSA and the Note A-2 PSA shall each be entitled to make their own recoverability
determination with respect to a P&I Advance based

    	 		 

    	 

    

 

on the information that they have on
hand and in accordance with the Note A-1 PSA and the Note A-2 PSA, as applicable.

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

21.             
Provisions Relating to Securitization.  

(a)              
 For so long as BSP or an Affiliate of BSP (an “Initial Note A-2 Holder”) is the owner of Note A-2, such
Initial Note A-2 Holder shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute
amended and restated notes or additional notes (in either case, the “New A-2 Notes”) reallocating the principal
of Note A-2 among other New A-2 Notes; reducing the Interest Rates of such New A-2 Notes or severing the Note A-2 into one or more
further “component” notes in the aggregate principal amount equal to the then outstanding principal balance of Note
A-2, provided that (i) the aggregate principal balance of the New A-2 Notes following such amendments is no greater than
the principal balance of the original Note A-2 prior to such amendments, (ii) all New A-2 Notes continue to have the same interest
rate as the original Note A-2 prior to such amendments, (iii) all New A-2 Notes pay pro rata and on a pari passu
basis and such reallocated or component notes shall be automatically subject to the terms of this Agreement and (iv) the entity
holding the New A-2 Notes shall notify the parties to the Servicing Agreement and Non-Lead Servicing Agreement in writing of such
modified allocations and principal amounts. In connection with the foregoing, (1) the Master Servicer is hereby authorized to execute
amendments to the Loan Agreement and this Agreement (or to amend and restate the Loan Agreement and this Agreement) on behalf of
either of the Holders solely for the purpose of reflecting such reallocation of principal or such severing of Note A-2, (2) if
Note A-2 is severed into “component” notes, such component notes shall each have their same rights as the respective
original Note and (3) the definition of the term “Securitization” and all of the related defined terms may be amended
(and new terms added, as necessary) to reflect the New A-2 Notes. Rating Agency Confirmation shall not be required for any amendments
to this Agreement required to facilitate the terms of this Section 21(a). The Holder whose Note is being reallocated or
split pursuant to this Section 21(a) shall reimburse the other Holder for all costs and expenses incurred by the other Holder
in connection with the reallocation or split.

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

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

(ii)           
if the applicable master servicer, special servicer or trustee determines that a proposed P&I Advance, if made, or any
outstanding P&I Advance previously made, would be, or is, as applicable,
a nonrecoverable advance, the master servicer shall

    	 		 

    	 

    

 

provide the other servicers written notice of such determination within 2 Business
Days after such determination was made;

(iii)           
in the event the Non-Lead Note Holder is responsible for its proportionate share of any Nonrecoverable Advances (or any
other portion of a Nonrecoverable Advance) (and advance interest thereon) or other fee or expense pursuant to Section 20,
and funds received with respect to the Non-Lead Note are insufficient to cover such amounts, (x) the related master servicer
will be required to pay the Master Servicer, Special Servicer or Lead Trustee under the Servicing Agreement, as applicable, out
of general funds in the collection account (or equivalent account) established under the Non-Lead Servicing Agreement and (y) if
the Lead Servicing Agreement permits the Master Servicer, Special Servicer or Lead Trustee to pay itself from the Lead Securitization
Trust’s general account then the master servicer under the Non-Lead Servicing Agreement will be required to reimburse the
Lead Securitization Trust out of general funds in the collection account (or equivalent account) established under the Non-Lead
Servicing Agreement;

(iv)           
each of the Master Servicer and the Special Servicer shall be indemnified (as and to the extent the Lead Securitization
Trust is required to indemnify each such party) against any claims, losses, penalties, fines, forfeitures, legal fees and related
costs, judgments and any other costs, liabilities, fees and expenses, incurred in connection with any PSA that relate solely to
its servicing of the Mortgage Loan, as applicable, and the master servicer under the Non-Lead Servicing Agreement will be required
to reimburse the Master Servicer, Special Servicer or Lead Trustee under the Servicing Agreement, as applicable, out of general
funds in the collection account (or equivalent account) established under the Non-Lead Servicing Agreement;

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

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

    	 		 

    	 

    

 

(c)              
The Note A-2 Holder shall provide the Depositor, the Servicer and the Special Servicer under the Note A-1 PSA (as of the
Note A-2 Securitization Date) (provided such party is not also a party to the Note A-1 PSA) notice of the Note A-2 Securitization
in writing (which may be by email) prior to or promptly following the Note A-2 Securitization Date. Such notice shall contain contact
information for each of the parties to the Note A-2 PSA and the identity of the Controlling Class Representative under such Note
A-2 PSA. In addition, after the Note A-2 Securitization Date, the Note A-2 Holder shall send a copy of the Note A-2 PSA to the
Depositor, the Servicer and the Special Servicer under the Note A-1 PSA (as of the Note A-2 Securitization Date) provided such
party is not also a party to the Note A-1 PSA.

(d)              
The Note A-1 PSA shall provide that:

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

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

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

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

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

    	 		 

    	 

    

 

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

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

(vii)           
the Master Servicer shall withdraw from the related Collection Account and remit to the Holder of the Non-Lead Note, within
two (2) Business Days of receipt of properly identified funds, any amounts that represent late collections or principal prepayments
on such Non-Lead Note or any successor REO Property with respect thereto (exclusive of any portion of such amount payable or reimbursable
to any third party in accordance with this Agreement), unless such amount would otherwise be included in the monthly remittance
to the Holder of such Non-Lead Note for such month; provided, however, that to the extent any such amounts are received
after 3:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to remit
such late collections or principal prepayments to the Non-Lead Master Servicer within one Business Day of receipt of properly identified
funds;

(viii)           
the Non-Lead Note Holder is an intended third-party beneficiary in respect of the rights afforded it under the Servicing
Agreement and each master servicer under a Non-Lead Servicing Agreement will be entitled to enforce the rights of the related Trustee
with respect to such Non-Lead Note under this Agreement and the Servicing Agreement;

(ix)           
 each master servicer and special servicer under any Non-Lead Servicing Agreement shall be a third-party beneficiary of
the Servicing Agreement with respect to all provisions therein expressly relating to compensation, reimbursement or

    	 		 

    	 

    

 

indemnification
of such master servicer or special servicer, as the case may be, and the provisions regarding coordination of Advances;

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

(xi)           
satisfy Moody’s rating methodology as of the closing date of the Lead Securitization related to permitted investments
and eligible accounts applicable to securities rated “Aaa” by Moody’s;

(xii)           
in connection with (A) any amendment of the Servicing Agreement, a party to such Servicing Agreement is required to provide
a copy of the executed amendment to the depositor under the Non-Lead Servicing Agreement and one or more parties to the related
Non-Lead Servicing Agreement (which may be by e-mail), together with a copy of such amendment in electronic format, no later than
the effective date of such amendment, and (B) the termination, resignation and/or replacement of the Master Servicer or Special
Servicer under the Servicing Agreement, the replacement “master servicer” or replacement “special servicer”,
as applicable, is required to provide to the depositor under the Non-Lead Servicing Agreement and one or more parties to the related
Non-Lead Servicing Agreement all disclosure about itself that is required to be included in Form 8-K no later than the date of
effectiveness thereof;

(xiii)           
“servicer termination events” (or any analogous term under the Servicing Agreement) include customary market
termination events with respect to failure to make advances, failure to remit payments to the Non-Lead Note Holder as required,
failure to deliver (or cause to be delivered) materials or information required in order for the Non-Lead Note Holder or the depositor
under the Non-Lead Servicing Agreement to timely comply with its obligations under the Exchange Act, the Securities Act or Form
SF-3, and for rating agency triggers with respect to any Certificates, subject to customary grace periods (provided that, in the
case of failures related to the securities laws, such grace periods will not cause a depositor under the Non-Lead Servicing Agreement
to fail to comply with the applicable provisions of such securities laws);

(xiv)           
if the Non-Lead Note becomes the subject of an “asset review” under the Non-Lead Servicing Agreement, the applicable
parties to the Servicing Agreement are required to reasonably cooperate with the related asset representations reviewer or other
applicable party to the Non-Lead Servicing Agreement in connection with such asset review, including with respect to providing
access to related underlying documents to the extent the asset representations reviewer or such other applicable party to the Non-Lead
Servicing Agreement has not obtained such documents from the Non-Lead Note Holder and such documents are in the possession of the
applicable party to the Servicing Agreement; and

(xv)           
 shall have provisions materially consistent with those set forth in market-standard CMBS servicing agreements with respect
to:

    	 		 

    	 

    

 

(1)              
 servicing transfer events that would result in the transfer of the Mortgage Loan to special servicing status;

(2)              
the authority of the servicers in the Note A-2 Securitization to grant or agree or consent to material modifications, waivers
and amendments to the Mortgage Loan, or to approve material assignments and assumptions or material additional indebtedness in
connection with the Mortgage Loan;

(3)              
requirements to obtain an appraisal or appraisal update following a transfer of the Mortgage Loan to special servicing status
and periodic updates thereof;

(4)              
duties of the special servicer in respect of foreclosure and the management of REO property; and

(5)              
subject to various adjustments and caps provided for in the Note A-1 PSA (which shall be substantially similar to those
set forth in the Note A-2 PSA), primary servicing, special servicing, workout and liquidation fees (and, in any event, the fees
at which such compensation accrue or are determined shall not exceed 0.0025% per annum, 0.35% per annum, 1.00% and 1.00%, respectively),

provided, however, that
(1) this clause (xv) shall not be construed to prohibit differences in timing, control or consultation triggers or thresholds,
terminology, allocation of ministerial duties between multiple servicers or other service providers or certificate holder or investor
voting or consent thresholds, or to prohibit or restrict additional approval, consent, consultation, notice or rating agency confirmation
requirements; and (2) in the event of any conflict between this sentence and any other provision of this Agreement, such other
provision of the Agreement shall control.

(e)              
If any provision required to be included in the Note A-1 PSA or the Note A-2 PSA is not included therein as required
in this Agreement, each Holder agrees that each such provision shall be deemed to be incorporated as a provision of and made a
part of the Note A-1 PSA or the Note A-2 PSA, as the case may be.

22.             
Governing Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS
AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

    	 		 

    	 

    

 

23.             
Submission To Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

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

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

(c)              
AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED
OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH HEREIN OR AT SUCH OTHER
ADDRESS OF WHICH A PARTY HEREIN SHALL HAVE BEEN NOTIFIED; AND

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

24.             
Modifications. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed
by the parties hereto. Additionally, from and after a Securitization, except to cure any ambiguity or to correct any error or as
set forth in Section 21(a), (b) and (c) of this Agreement may not be modified unless a Rating Agency Confirmation
has been delivered with respect to each Securitization, except that no Rating Agency Confirmation shall be required in connection
with a modification to cure any ambiguity or to correct or supplement any provision herein that may be defective or inconsistent
with any other provisions herein or with the Servicing Agreement.

25.             
Successors and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and assigns. Each of the Master Servicer, Special Servicer, Non-Lead Master
Servicer, Non-Lead Special Servicer and related Trustee is an intended third-party beneficiary of this Agreement. Except as provided
in Section 5 and the preceding sentence, none of the provisions of this Agreement shall be for the benefit of or enforceable
by any Person not a party hereto.

26.             
 Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts shall together
constitute one and the same instrument,

    	 		 

    	 

    

and the words “executed,” “signed,” “signature,” and
words of like import as used above and elsewhere in this Agreement or in any other certificate, agreement or document related to
this Agreement shall include, in addition to manually executed signatures, images of manually executed signatures transmitted by
facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”)
and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically
associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of
electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent,
communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually
executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and
any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the
Uniform Commercial Code.

27.             
Captions. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference
only and are not intended to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration
in the construction of this Agreement.

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

29.             
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable laws,
such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

30.             
Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject
matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

31.             
Withholding Taxes.

(a)              
 If the Note A-1 Holder or the Borrower shall be required by law to deduct and withhold Taxes from interest, fees or other
amounts payable to the Note A-2 Holder with respect to the Mortgage Loan as a result of the Note A-2 Holder constituting a Non-Exempt

    	 		 

    	 

    

Person, the Note A-1 Holder, in its capacity as servicer, shall be entitled to do so with respect to the Note A-2 Holder’s
interest in such payment (all withheld amounts being deemed paid to the Note A-2 Holder), provided that the Note A-1 Holder
shall furnish the Note A-2 Holder with a statement setting forth the amount of Taxes withheld, the applicable rate and other information
which may reasonably be requested for purposes of assisting the Note A-2 Holder to seek any allowable credits or deductions for
the Taxes so withheld in each jurisdiction in which the Note A-2 Holder is subject to tax.

(b)              
The Note A-2 Holder shall and hereby agrees to indemnify the Note A-1 Holder against and hold the Note A-1 Holder harmless
from and against any Taxes, interest, penalties and reasonable attorneys’ fees and disbursements arising or resulting from
any failure of the Note A-1 Holder (or the Servicer on its behalf) to withhold Taxes from payment made to the Note A-2 Holder in
reliance upon any representation, certificate, statement, document or instrument made or provided by the Note A-2 Holder to the
Note A-1 Holder in connection with the obligation of the Note A-1 Holder to withhold Taxes from payments made to the Note A-2 Holder,
it being expressly understood and agreed that the Note A-1 Holder shall be absolutely and unconditionally entitled to accept any
such representation, certificate, statement, document or instrument as being true and correct in all respects and to fully rely
thereon without any obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity,
correctness or validity of the same.

(c)              
Contemporaneously with the execution of this Agreement and from time to time as reasonably requested by the Note A-1 Holder
or Servicer during the term of this Agreement, the Note A-2 Holder shall deliver to the Note A-1 Holder or Servicer, as applicable,
evidence satisfactory to the Note A-1 Holder substantiating whether the Note A-2 Holder is a Non-Exempt Person and whether the
Note A-1 Holder is obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan or otherwise
under this Agreement. Without limiting the effect of the foregoing, (i) if the Note A-2 Holder is created or organized under the
laws of the United States, any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence
by furnishing to the Note A-1 Holder an Internal Revenue Service Form W-9 and (ii) if the Note A-2 Holder is not created
or organized under the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest
or other amounts by the Borrower is treated for United States income tax purposes as derived in whole or part from sources within
the United States, the Note A-2 Holder shall satisfy the requirements of the preceding sentence by furnishing to the Note A-1 Holder
Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN or Form W-8BEN-E, as applicable,
or successor forms, as may be required from time to time, duly executed by the Note A-2 Holder. The Note A-1 Holder shall not be
obligated to make any payment hereunder to the Note A-2 Holder in respect of the Note A-2 or otherwise until the Note A-2 Holder
shall have furnished to the Note A-1 Holder the requested forms, certificates, statements or documents.

32.             
 Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than Note A-2) will
be held by the Note A-1 Holder (or by a custodian on its behalf) on behalf of all of the Holders.

    	 		 

    	 

    

 

33.             
Certain Matters Affecting the Agent.

(a)              
The Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any officer’s
certificate or assignment and assumption agreement delivered to the Agent pursuant to Section 13;

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

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

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

(e)              
The Agent shall not be bound to make any investigation into the facts or matters stated in any officer’s certificate
or assignment and assumption agreement delivered to the Agent pursuant to Section 13; and

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

34.             
Termination of Agent. The Agent may be terminated at any time upon ten (10) days prior written notice from the Note
A-1 Holder. In the event that the Agent is terminated pursuant to this Section 34, all of its rights and obligations under
this Agreement shall be terminated, other than any rights or obligations that accrued prior to the date of such termination.

The
Agent may resign at any time upon notice, so long as a successor Agent, reasonably satisfactory to the Holders, has agreed to
be bound by this Agreement and perform the duties of the Agent hereunder. BSP, as Initial Agent, may transfer its rights and
obligations to the Servicer, as successor Agent, at any time without the consent of any Holder. BSP, as Initial Agent, shall
promptly and diligently attempt to cause such Servicer to act as successor Agent, and, if such Servicer declines to act in
such capacity, shall promptly and diligently attempt to cause a similar servicer to act as successor Agent. The termination
or resignation of such Servicer, as Servicer under the Servicing Agreement, shall be deemed a termination or resignation of
such Servicer as Agent under this Agreement. Notwithstanding the to the contrary in this Agreement, upon a Securitization of
Note A-1, the Certificate Administrator shall automatically become and be the Agent.

[NO FURTHER TEXT ON THIS PAGE]

    	 		 

    	 

    

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

 

	 	Note A-1
Holder and Initial Agent:
	 	 
	 	BSPRT
CMBS Finance, LLC
	 	 
	 	 By:  	/s/  Micah Goodman
	 	 	Name:   Micah Goodman	
	 	 	Title:    Authorized Signatory	 
	 	 	 	 

	 	Note A-2
Holder:
	 	 
	 	BSPRT
CMBS Finance, LLC
	 	 
	 	 By:  	/s/  Micah Goodman
	 	 	Name:   Micah Goodman	
	 	 	Title:    Authorized Signatory	 
	 	 	 	 

 

    	 	BBCMS 2021-C9: CRESCENT GATEWAY CO-LENDER AGREEMENT	 

    	 

    

EXHIBIT A

MORTGAGE LOAN SCHEDULE

A.       Description of
Mortgage Loan

	Mortgage Loan:	Crescent Gateway
	Borrower:	Bradley Arlington, LLC
	Mortgage Loan Origination Date:  	February 3, 2021
	Initial Principal Amount of Mortgage Loan:	$48,000,000
	Location of Mortgaged Property:	Bethesda, Maryland
	Current Use of Mortgaged Property:	Mixed Use/Office/Retail
	Mortgage Interest Rate:	4.03%
	Maturity Date:	February 6, 2031

    	 	A-1	 

    	 

    

B.       Description of
Notes

	Mortgage Loan Origination Date:	February 3, 2021
	Initial Note A-1 Principal Balance:	$32,000,000
	Initial Note A-2 Principal Balance:	$16,000,000
	Initial Note A-1 Percentage Interest:	66.7%
	Initial Note A-2 Percentage Interest:	33.3%
	Note A-1 Interest Rate:	4.03%
	Note A-2 Interest Rate:	4.03%
	Note A-1 Default Interest Rate:	A rate per annum equal to the lesser of  (i) the maximum rate permitted by applicable law, or (ii) 5% above the Note A-1 Interest Rate, compounded monthly
	Note A-2 Default Interest Rate:  	A rate per annum equal to the lesser of  (i) the maximum rate permitted by applicable law, or (ii) 5% above the Note A-2 Interest Rate, compounded monthly

    	 	A-2	 

    	 

    

EXHIBIT B

Note A-1 Holder and Note A-2 Holder:

BSPRT CMBS Finance, LLC

1345 Avenue of the Americas, Suite 32A

New York, New York 10105

Attention: Micah Goodman

    	 	B-1	 

    	 

    

 

EXHIBIT C

PERMITTED FUND MANAGERS

Westbrook Partners

iStar Financial Inc.

Capital Trust

Archon Capital, L.P.

Whitehall Street Real Estate Fund, L.P.

The Blackstone Group

Normandy Real Estate Partners

Dune Real Estate Partners

AllianceBernstein

Rockwood

RREEF Funds

Hudson Advisors

Artemis Real Estate Partners

Apollo Real Estate Advisors

Colony Capital, Inc.

Praedium Group

Fortress Investment Group, LLC

Lonestar Opportunity Funds

Clarion Partners

Walton Street Capital, LLC

Starwood Financial Trust

BlackRock, Inc.

Eightfold Real Estate Capital, L.P.

Rialto Capital Management, LLC

Rialto Capital Advisors, LLC

Raith Capital Partners, LLC

 

    	 	C-1

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